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How America Backstabbed Iran at Hormuz (Part-II)

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Paris (Imran Y. CHOUDHRY) :- Former Press Secretary to the President, Former Press Minister to the Embassy of Pakistan to France, Former MD, SRBC Mr. Qamar Bashir analysis : When a superpower publicly discusses controlling a distant maritime chokepoint, boasts of secretly moving enormous oil volumes through it and subsequently supports a rival transit arrangement during an interim peace understanding, the other party is entitled to question whether it is negotiating with a peace partner or confronting an empire. Iran appears to have reached its own conclusion.
The attacks on commercial vessels were dangerous and, if deliberately directed against civilian shipping, legally indefensible. No political grievance automatically transforms an LNG tanker or crude carrier into a legitimate military target. Iran cannot demand respect for international law while disregarding the protection owed to civilian maritime traffic, and Tehran must answer for any deliberate attacks proven to have been carried out by its forces.
Condemning those attacks, however, does not require intellectual dishonesty about their strategic context. The vessels appear to have become instruments in a much larger confrontation. Iran was not necessarily attacking commercial ships because it regarded Qatar, Saudi Arabia or civilian crews as its principal enemies. Tehran appears to have been sending a brutal message that no alternative Hormuz navigation system could be operationalised by completely bypassing Iranian authority.
The ships were physically on the water, but the strategic message was directed at Washington. The United States responded with overwhelming military force, again attacking Iranian coastal radars, air defences, naval installations and IRGC assets. President Trump then declared the interim understanding effectively dead, reducing the fragile MoU to little more than a diplomatic memory.
Washington now presents this sequence as evidence that Iran cannot be trusted. Tehran, however, can legitimately ask the opposite question: at what stage was the United States trustworthy? Was it trustworthy when Trump claimed that millions of barrels of oil had been quietly moved through Hormuz while negotiations were developing and then publicly boasted about the operation?
Was Washington acting in good faith when Iran agreed to free commercial passage for 60 days and the United States subsequently backed a transit mechanism capable of neutralising Iran’s negotiating leverage? Was it respecting the spirit of an interim peace arrangement when President Trump repeatedly threatened to destroy Iranian bridges, energy supplies and critical infrastructure while negotiations towards a final agreement were still expected to continue?
A Memorandum of Understanding is not merely a collection of isolated sentences waiting to be exploited by clever lawyers. International agreements possess an object and purpose and create an expectation of good faith between the parties.
If Iran committed to opening Hormuz temporarily so that a permanent settlement could be negotiated, Washington could not reasonably expect Tehran to remain indifferent while the United States used the interim period to make Iran’s role in that permanent settlement increasingly irrelevant.
The United States may argue that Article 5 did not explicitly prohibit an alternative route through Omani waters. That is technically convenient but strategically incomplete.
The MoU also did not expressly authorise Washington and Oman to establish a separate American-protected passage capable of circumventing Iran’s approved system. The absence of an explicit prohibition cannot automatically become a licence for strategic sabotage of the agreement’s negotiating purpose.
This is where American power repeatedly collides with the international order Washington claims to lead. The United States invokes international law when demanding restraint from adversaries, yet when American strategic interests are involved, legal principles are frequently stretched around military realities.
Freedom of navigation becomes American naval supervision, regional security becomes permanent American military presence, deterrence becomes bombing, and negotiation becomes an opportunity to reduce an adversary’s leverage before the final bargain is reached.
Then, when the weaker state reacts, Washington begins the history of the conflict from the moment of reaction. Iran attacked the ships; therefore America bombed Iran. End of story.
Such selective chronology may serve political messaging, but a serious analysis of international affairs cannot erase the actions, threats and strategic manoeuvres that created the conditions for confrontation.
The Hormuz crisis is the consequence of accumulated actions by all parties. Iran must answer for attacks on civilian vessels, but the United States must equally answer for attempting to insert itself as the decisive military power in the management of a waterway where it possesses neither coastline nor territorial sovereignty.
Hormuz belongs geographically to the region, although its safe navigation is undeniably an international concern.
Iran and Oman are the two coastal states and should therefore form the core of a transparent maritime management system. Other Gulf states should participate wherever their legitimate commercial and security interests are involved, while international maritime institutions can provide technical assistance, monitoring and verification. What cannot be accepted as a permanent arrangement is the transformation of the U.S. Navy into the de facto government of the Strait of Hormuz.
America must therefore de-escalate, and de-escalation must mean more than suspending one round of air strikes. Washington should withdraw its direct armed enforcement role from the management of Hormuz and begin reducing the enormous military footprint through which the Middle East has become a permanent theatre of American power. Iran is not located off the coast of Florida, nor did it sail an invasion fleet towards California.
If the confrontation returns to full-scale war, America and Israel may destroy more Iranian infrastructure. Much of Iran’s military capacity has already suffered heavy attacks, meaning a further escalation could increasingly threaten power systems, oil installations, gas infrastructure, transportation networks and the foundations of civilian economic life. Iran would undoubtedly suffer immense pain.
Iran, however, would not suffer alone. American bases across the Middle East could come under attack, Israel would remain a primary Iranian target, Gulf infrastructure could be endangered and Hormuz could again become nearly impassable. Oil and gas prices could surge, shipping insurance could become prohibitive, supply chains could fracture and inflation could sweep through economies already struggling with debt and poverty.
Millions of people who have never seen Hormuz would pay for the war through higher prices for fuel, electricity, food and transportation. Iran does not claim to be the leader of the global economic order; the United States does. Leadership carries responsibility, and a country claiming guardianship of the international system must consider the global consequences of military actions undertaken thousands of miles from its own territory.
There remains time for diplomacy, and Pakistan should once again intervene. Islamabad should bring Washington and Tehran back towards negotiations and insist that the Hormuz dispute be separated from the wider military confrontation. Iran must stop attacks on commercial shipping, while the United States must stop bombing Iran and place the alternative Omani-side arrangement before negotiators rather than enforcing it through military power.
Iran and Oman should negotiate a single transparent navigation mechanism with the participation of concerned Gulf states and appropriate international maritime institutions. There should be no secret routes, no unilateral Iranian coercion, no American-controlled corridor and no military power acting as a toll collector. Above all, no superpower should pretend that aircraft carriers have transformed it into a coastal state.
The United States had an opportunity to make the MoU work. Instead, it appears to have treated Iranian restraint as a strategic opening through which Tehran’s last major bargaining asset could be weakened. Iran saw the emerging trap and reacted brutally; America answered with bombs, and once again the world is being told that the fire began only when Iran struck back.
The truth is harder. Washington did not merely lose Iran’s trust at Hormuz. It took an agreement designed to create peace, extracted the strategic benefit it wanted, moved towards bypassing the leverage Iran expected to negotiate and then reached again for overwhelming military force when Tehran refused to accept the emerging reality.
That is not the defence of an international order. It is the conduct of a hegemon increasingly convinced that agreements bind the weak while military power liberates the strong. If the United States genuinely wants peace, it must leave the management of Hormuz principally to the states that actually border it and support a lawful regional navigation arrangement.
If Washington instead wants control, it should stop pretending that resistance to its domination is unexpected. International law cannot remain a sermon delivered by the powerful to the weak. Either the law binds every state—including the United States—or Hormuz may become the place where the world finally admits that military power, not law, has become the true ruler of the international system.

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America’s Midterms: Every Candidate “Dangerous”

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Paris (Imran Y. CHOUDHRY) :- Former Press Secretary to the President, Former Press Minister to the Embassy of Pakistan to France, Former MD, SRBC Mr. Qamar Bashir analysis : Watching television in Michigan, I hear one election advertisement after another describe an opposing candidate as dangerous. The names change, the parties change, but the warning remains. Across the advertisements I encounter, nobody seems to be spared. If these campaigns are to be believed, Americans are preparing to send dangerous people into the House and Senate. What, then, will become of the country and the families whose future these representatives will decide?
Before coming to the United States, I associated such relentless mudslinging largely with developing countries. In Pakistan, I had watched political differences descend into insults, allegations of betrayal and character assassination. I expected greater restraint from an established democracy. Instead, I have encountered a familiar practice supported by an exceptionally powerful advertising industry.
One candidate appears as a threat to public safety, another as a servant of wealthy interests, another as fundamentally dishonest. Then the next commercial reverses the accusation. The person presented as the country’s protector becomes its supposed danger when the opponent’s advertisement begins.
The audience faces an unsettling dilemma. Accept these portrayals and distrust the people seeking office; reject them and question the honesty of those financing the messages. Either response can weaken confidence in politics. A candidate may win an election while helping destroy the credibility needed to govern afterwards.
The attacks extend into debates, rallies and social media. The Hill’s October 25 account of seven particularly bitter campaign moments documents exchanges across states and parties. In Ohio, Vivek Ramaswamy’s campaign featured Amy Acton’s estranged mother calling her daughter a liar. In Texas, attacks on James Talarico targeted his masculinity, former veganism and supposed sexuality. Such personal ridicule tells voters little about governing ability.
In Georgia, Jon Ossoff called Mike Collins a bigot and invoked Nazi imagery over his office’s staffing, amid controversy about antisemitic posts by people connected to Collins. Collins condemned racism and antisemitism. In Maine, Troy Jackson told Susan Collins to “shut up” after she attributed a debate interruption to one of his supporters; Jackson denied knowing the protester.
Michigan provided examples within and between parties. Mike Rogers sought to associate Abdul El-Sayed with the Muslim Brotherhood, which El-Sayed disavowed. During the Democratic primary, Haley Stevens faced online mockery of her appearance and voice. El-Sayed himself disparaged her speaking ability before later urging supporters to stop personal mockery and focus on issues.
In Ohio’s Senate contest, Sherrod Brown and Jon Husted each invoked the other’s donations from people linked, closely or loosely, to Jeffrey Epstein. FactCheck.org identified omissions in both presentations. Financial relationships merit scrutiny, but an insinuation of shared guilt can travel much further than the evidence supporting it.
These incidents are not interchangeable. Criticism of documented misconduct differs from religious insinuation; an insult differs from a criminal accusation. Nevertheless, responsibility for truthful, proportionate campaigning belongs to every party. The standard must follow the conduct, whoever engages in it.
Nor should genuine misconduct disappear behind complaints about mudslinging. The House Ethics Committee found inappropriate conduct by Republican Chuck Edwards towards female staff members and announced a review of allegations involving Republican Max Miller, who denies abuse accusations. Democratic politician Sheila Cherfilus-McCormick has faced charges over the alleged diversion of $5 million in disaster funds, including money allegedly used for campaigning. She has denied wrongdoing.
An ethics finding, an investigation and a criminal charge represent different stages of accountability. None should be misrepresented. Parties must resist both manufactured disgrace and the protection of misconduct. Faster, fairer investigations, safeguards against retaliation and clear public findings would help voters distinguish substantiated concerns from electoral insinuation.
The resources shaping public impressions are enormous. AdImpact data analysed by the Wesleyan Media Project recorded Senate advertising expenditure of $56.95 million in Michigan, $90.21 million in Ohio and $112.58 million in Texas between September 8 and 27. Outside groups supplied approximately 69, 77 and 83 percent respectively. These totals cover all advertising, not exclusively attacks, but demonstrate the scale of the contest for public attention.
Corporate interests, wealthy donors and advocacy organisations all deserve scrutiny. AIPAC and its affiliated United Democracy Project belong within that examination, alongside other influential groups. Voters should know who pays for political messages, what interests sponsors advance and whether candidates’ commitments serve their constituents.
The law must also be described accurately. Foreign governments cannot lawfully finance American election campaigns. Corporations generally cannot contribute treasury funds directly to federal candidates, although eligible corporate funding can support independent spending through super PACs. Foreign-agent registration does not override election-finance restrictions. Enforcing these rules and improving transparency are essential to meaningful public oversight.
My experience in public service suggests a troubling contrast. Military personnel, bureaucrats, lawyers and corporate leaders often protect their professions’ standing despite internal disagreements. Politicians repeatedly damage their collective reputation for individual advantage. Yet professional solidarity must never become a shield against accountability. What deserves protection is the integrity of public service, not immunity for those who abuse it.
Both major parties should adopt a public campaign code with meaningful internal consequences. Serious factual accusations should carry accessible evidence. Religious identity, appearance and family vulnerability should not become substitutes for evaluating public conduct. False claims should receive prominent corrections, and candidates should repudiate misleading outside advertisements supporting them.
Criticism cannot reasonably wait for a criminal conviction. Journalism and public scrutiny often uncover wrongdoing before courts act. The necessary discipline is accuracy: distinguish association from complicity, allegations from findings, and policy disagreement from hostility towards the nation. Congress should strengthen disclosure and enforcement within constitutional protections for political speech.
A vibrant democracy should continually refine its practices. Elections should test whether candidates understand the problems confronting their communities, states and country. Integrity is indispensable, but voters must also assess competence, judgement and the ability to turn promises into results. A clean reputation alone does not establish the capacity to govern.
Candidates should explain what they intend to accomplish, what it will cost, which powers their office actually provides and when citizens can expect progress. Plans for affordable healthcare, reliable infrastructure, safer neighbourhoods and stronger public services should include measurable goals and realistic deadlines. Legislators should specify the laws, funding and oversight they will pursue rather than promise outcomes they cannot deliver alone.
That is the standard a mature democracy should set for itself and offer to the world. Families deserve representatives who make their country stronger, safer and more prosperous, and who can be judged against commitments made before election day.
Calling every opponent dangerous cannot answer those needs. America’s candidates should tell voters how they will solve the country’s problems and accept responsibility for the results. The lasting measure of an election is not how thoroughly its contestants destroy one another, but how well its winners serve the people.

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America’s Households Work; Corporate America Collects (Part-II)

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Paris (Imran Y. CHOUDHRY) :- Former Press Secretary to the President, Former Press Minister to the Embassy of Pakistan to France, Former MD, SRBC Mr. Qamar Bashir analysis : For households, however, both principal and interest still have to be found each month. Principal repayment may build ownership, but it cannot simultaneously buy groceries or meet an emergency. The family lives through cash flow, not accounting classifications.
Then comes the subscription economy. EMARKETER forecast $46.4 billion in U.S. paid retail membership fees for 2025. Shopping clubs sell access to savings; software sells continued access to tools; streaming platforms sell entertainment; newspapers and magazines sell information; security businesses sell monitoring and reassurance.
Our research identified approximately $56.66 billion in separately reported worldwide subscription revenue across just seven companies for their annual periods labelled 2025: Adobe, Disney’s entertainment streaming business, SiriusXM, Dropbox, Peloton, The New York Times’ digital products and Duolingo. Spotify separately reported €15.35 billion in Premium revenue.
Netflix reported $45.18 billion in worldwide revenue, predominantly from memberships but also including advertising and other sources. Amazon’s $49.62 billion subscription-services category combined Prime and other digital subscriptions. Newspapers beyond the Times, magazines, tabloids, other apps and private platforms add further charges. OnlyFans illustrates another variation: approximately $7.2 billion in worldwide customer payments in fiscal 2024 generated about $1.41 billion in platform revenue, with payments encompassing more than subscription fees.
These figures cannot honestly be added into a single measure of American household extraction. They cover different countries, reporting periods and revenue definitions, and some overlap. Their significance lies in the breadth of the business model: an increasing range of activities carries a continuing payment obligation.
The consequences of this structure became personal when my family moved from Pakistan to Michigan. In Pakistan, I could educate my children, meet household expenses, pay my dues and still save for the future. In the United States, several members of my family work, savings accumulated over a lifetime continue to supplement our earnings, and the month still ends with little room to breathe. The American dollar is stronger. Our household’s financial security feels weaker.
Since moving to the United States in 2025, I have experienced how a higher-earning economy can leave a working household with less financial breathing room.
After a career in public service, my income in Pakistan provided purchasing power that its dollar equivalent—roughly $1,500 to $1,800 a month by my recollection—fails to convey. I could meet an education bill of approximately Rs100,000 for my two children, buy groceries, obtain medical care and maintain a reserve for unforeseen expenses. Over the years, I also built assets intended to protect my wife, my children and myself.
Today, my wife works two jobs. I work, and our 18-year-old daughter and 16-year-old son also work. Yet the combined effort of our household, supplemented by savings brought from Pakistan, has not produced the financial comfort we expected.
Groceries, by my estimate, account for only about 10 to 15 percent of our spending. Our son attends public school, while our daughter’s education is being financed through a loan. That loan postpones a burden; it does not make education free. The remaining income is absorbed by housing, utilities, transportation, insurance, debt payments, memberships and other recurring charges. We are working to keep the account current, while the future waits.
My experience cannot represent every Pakistani or American household. My professional standing and accumulated assets mattered in Pakistan; migration created new costs in America. Pakistan’s lower-paid workers face severe hardship, and affordable care is neither universally available nor consistently adequate. But those differences do not invalidate the question our experience raises: why does a family require so many earners merely to maintain an ordinary life in a wealthy country?
My experience in Pakistan was different. Many routine medical consultations, medicines and vehicle repairs could be paid from ordinary savings. Lower wages and operating costs help explain that difference; it cannot all be attributed to corporate conduct. Still, the practical consequence matters: an affordable repair lets a household solve a problem directly. An unaffordable repair can turn the same problem into a financing agreement, a protection contract or another claim on future income.
An optional streaming service is not equivalent to necessary medical treatment. Cancelling subscriptions can help a budget. But cancelling entertainment cannot repair an unaffordable housing market, make a car-dependent commute disappear or bring hospital prices within reach. Advice to economize becomes inadequate when it treats small discretionary charges as the main explanation for structural costs.
Donald Trump has recognized the political force of that pressure. In January 2026, his administration proposed a healthcare framework addressing drug prices, insurance accountability, middlemen and price transparency. Those proposals acknowledge that Americans face serious affordability problems. Announcing them, however, is different from delivering household relief.
The test of Trump’s economic leadership must be the money and security left with families after essential bills are paid. Corporate growth and rising asset values cannot substitute for that test. If several members of a household must work while long-accumulated savings are consumed simply to remain current, declarations of prosperity do not describe that household’s reality.
Discipline must begin where costs are largest: healthcare pricing, housing supply and financing, transportation, insurance and expensive consumer debt. Competition rules should confront abusive market power. Medical prices should be understandable before treatment where feasible. Insurance should provide clear coverage and fair claims handling. Repair markets should offer affordable alternatives. Subscription cancellation should be as straightforward as enrolment. Public transport should make employment possible without multiplying vehicle costs.
These reforms would preserve useful services while challenging prices and practices that leave families dependent and financially exposed. The objective should be a household capable of saving, choosing and planning.
I did not bring a lifetime of savings to America merely to watch it disappear between payment deadlines. I came with the hope that work would improve our security and give our children a stronger future.
A prosperous country should allow that hope to survive the monthly bills. When parents work, teenagers work and savings still shrink, the measure of success must extend beyond the balance sheets of the companies collecting the payments. The American promise must be judged by what remains in the household—and what that household can still hope to become.

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America’s Households Work; Corporate America Collects (Part-1)

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Paris (Imran Y. CHOUDHRY) :- Former Press Secretary to the President, Former Press Minister to the Embassy of Pakistan to France, Former MD, SRBC Mr. Qamar Bashir analysis : Across America, millions of households are working to exhaustion while banks, insurers, lenders and corporate platforms collect their share before the family can put anything aside. The mortgage falls due. The car payment follows. Insurance premiums, utility bills, credit-card interest, protection plans and subscriptions arrive in succession. By the time the household has paid for the right to remain housed, mobile, connected and protected, little may remain for savings, a child’s education or a secure retirement. Work continues; financial freedom retreats.
At the other end of these payment chains, wealth accumulates on a scale almost impossible for an ordinary wage earner to imagine. The contrast is stark: families calculate which bill can wait, while the fortunes at the top expand by billions. America has become extraordinarily successful at creating immense private fortunes. Its greater failure is allowing so many people who sustain that prosperity to live with persistent financial insecurity.
Forbes’ March 2026 ranking placed 15 of the world’s 20 richest people in the United States. Its September assessment valued America’s 400 wealthiest people at a combined $8 trillion, up from $6.6 trillion a year earlier. The richest 20 Americans alone held approximately $4 trillion. Those estimates measure assets, not cash taken directly from households, but they reveal the extraordinary concentration of economic power at the summit.
Meanwhile, the Census Bureau counted 34.5 million Americans below the official poverty line in 2025, or 10.2 percent of the population. Its broader Supplemental Poverty Measure, which accounts for taxes, benefits and expenses including medical and work costs, put poverty at 13.1 percent. Financial insecurity extends beyond these thresholds. A household can earn too much to be classified as poor and still have too little left after essential bills to withstand illness, unemployment or a major repair.
That is the dividing line this article examines: the difference between earning an income and retaining enough of it to build a life. The Federal Reserve found that 91 percent of adults were concerned about prices in 2025. Only 63 percent said they could cover a $400 emergency entirely with cash or its equivalent, and 26 percent reported skipping medical care because of cost. A wealthy national economy can coexist with deeply insecure household budgets.
The pressure is cumulative. Housing ties income to rent or a long mortgage. Employment may require a car, which brings financing, insurance, fuel and repairs. High medical prices make protection indispensable, yet insurance itself requires premiums and may leave further out-of-pocket bills. Credit covers the shortfall and creates another interest charge. Subscriptions and service contracts then add smaller claims on what remains. Each institution sees its own transaction; the family must survive their combined demand.
The question is how much income a household can retain after buying the necessities of participation in American life. When essential services become increasingly expensive and access depends on continuing payments, corporate revenue can rise while the people supplying that revenue lose their capacity to save.
Housing is the first claim on income. According to the U.S. Census Bureau, median monthly owner costs for households with a mortgage reached $2,035 in 2024, including selected costs such as insurance, taxes and utilities. Median gross rent was $1,487. These are national figures; individual households can face much higher bills. Before a family purchases food or saves for a child, shelter has already taken a substantial share of its earnings.
Transportation creates another chain of obligations. Where we live and work in Michigan, available public transport does not adequately connect our family’s different workplaces and schedules. Four people travelling in different directions can create pressure for several vehicles. Each brings some combination of a purchase payment, fuel, registration, repairs and insurance. Transportation becomes part of the cost of holding a job.
Michigan requires no-fault insurance for vehicles driven legally. A lender may also require additional protection for a financed car. Homeowners insurance is generally a mortgage condition, while life insurance, extended warranties and shopping memberships are ordinarily optional. These distinctions matter. Nevertheless, the household experiences the cumulative bill, regardless of whether each component originates in legislation, a lending contract or a personal decision.
The Bureau of Labor Statistics offers a revealing national comparison. In 2024, housing accounted for 33.4 percent of average consumer expenditure and transportation another 17 percent. Together, they absorbed just over half of spending. Food accounted for 12.9 percent. Our experience of groceries being a relatively small part of the pressure is therefore entirely plausible: the larger burdens often arrive before the shopping begins.
Healthcare makes that pressure more formidable. KFF found that average annual premiums for employer-sponsored family health coverage reached $26,993 in 2025. Workers contributed $6,850 on average, with employers paying the balance. The entire premium does not come directly out of the worker’s paycheck, but the employer’s contribution remains part of the cost of employing that worker.
Even after coverage is purchased, deductibles, copayments and uncovered services may remain. Dental and vision benefits are frequently arranged separately. A family can therefore pay repeatedly for protection and still face a significant bill when it actually needs treatment.
Insurance provides real protection against losses that savings alone may not cover. A year without a claim does not mean the protection had no value. The deeper problem is that when treatment, repairs or replacement become prohibitively expensive, households become increasingly dependent on intermediaries to afford the underlying service. Lowering the price of care would strengthen both insured families and those struggling to obtain coverage.
The scale of the American financial machinery is enormous. The NAIC’s report covering 2024 recorded 6,228 domestic insurance companies and approximately $3.65 trillion in premiums and deposits. That figure includes commercial business, annuities and deposit-type funds; it is neither household spending alone nor industry profit. Yet it demonstrates how much economic activity passes through institutions selling financial protection.
Protection is then sold in additional layers. Industry estimates put U.S. home-warranty providers at 78 businesses and $4.3 billion in revenue in 2024. Auto extended-warranty providers numbered approximately 287 in 2024, with their market estimated at $22 billion in 2025. Appliance, electronics and phone protection plans extend the model further. Their prices may appear modest beside a mortgage, but each is another recurring commitment competing with savings.
Credit supplies relief today by reserving part of tomorrow’s earnings. At the end of 2025, 4,336 FDIC-insured banks and savings institutions and 4,287 federally insured credit unions operated in the United States. Their combined reported net income was approximately $314.4 billion. Their activities include business lending and other services, so this cannot be presented as profit extracted exclusively from households. But it establishes the scale of the institutions through which families finance major purchases and manage shortfalls.
Mortgages require the same accounting discipline. The latest official dataset covered 4,782 institutions reporting 2025 mortgage activity. The Mortgage Bankers Association’s October 2026 forecast put that year’s single-family mortgage originations at approximately $2.1 trillion. The principal advanced is not lenders’ revenue. Interest, fees, servicing and loan-sale income are the relevant earnings streams. United Wholesale Mortgage, for example, originated $163.4 billion in loans in 2025 and reported $3.16 billion in revenue.

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