We have one last chance at 'jump starting' this economy and that can only be done from below where 95% of lower to middle income citizens consume by purchasing products and services that are produced by the global economy. Nothing will be accomplished by throwing more and more money at Wall Street in an attempt to get the credit markets lending again because once the investment community became aware of the extent of consumer and business leverage they lost a certain amount of confidence in all facets of the U.S. economy. Both foreign and domestic credit markets are not freezing up but what is actually occurring is a natural reaction to the discovery that U.S. businesses and consumers have overextended themselves in an un-concerted attempt at maintaining a level of economic expansion (lifestyle or revenue stream) that is unsustainable given the continuing drop in consumption spending by consumers as a result of their declining incomes.
Now that both businesses and consumers are facing the reality of the real market economic forces that act to stabilize out of balance conditions, all facets of the economy are crying for immediate relief even those such as the financial institutions that will just have to write off or write down most of the over valued credit assets that their customers both businesses and citizens are unable to continue to carry.
Until the 95% of low to middle income U.S. citizens are afforded a substantial increase in income (equated to all the lost income never received from years of productivity gains) the global economy will continue to tank. No other option remains - either use the $700 billion (more required) to 'jump start' this dying income starved economy or watch it decline to the point of no return.
Also, we shouldn't believe everything pandered by the sensationalist media parrots especially when it regards Economics. Investors moved back into the markets today mainly to acquire 'dirt cheap' bargain stocks and investment instruments not simply because they even remotely expect help in the form of a bailout from the U.S. Congress or that if it did transpire would have any effect on confidence anyway. Therefore, what all of us should attempt to do is maintain a link to reality based upon the facts of each day and not take credence in any neoclassical Economic ideology predictions that are rooted in policies that have brought us to this calamitous point in time.
Moving our economy back to a higher level of consumption spending that is not based upon consumers who are over leveraged and businesses that are equally overleveraged because their income is being drained off by greedy executives and board members must be the goal for our nation. Draining more income from the 95% of low to middle income citizen taxpayers in order to invest in worthless debt related assets that would be better purged from our economic system entirely does not lead to a sustainable economic system nor does it help in resolving our current chronic income crisis - it only makes matters worse. We need to invest in America not throw what may be our last remaining dollars that haven't yet been devalued (given time) to the point of being worthless up into the wind, only to be blown across a fast encroaching economic desert.
We have the power to thoughtfully address the income crisis which is the root cause of our economic calamity but only if we remain open-minded to all approaches that are centered upon getting substantial income in the hands of average Americans who will faithfully spend (representing 2/3's of GDP) it on products and services. Not only is it the economically sensible thing to do but the morally right thing to do.
http://structuralEconIssues.blogspot.com/
In Politics, the goal is to get elected for the next term. Everything you do will determine (or should) whether you get re-elected. Politicians rely on ignorance. Whether or not you vote on bad decisions, or good. Either way, you're vote should represent the people in your district. They will do anything in order to convince you to vote for them. If they lie, the cost to call you out by your opponent would need to be extremely high in order to reach enough people. I can only guess that most people don't pay any attention to c-span. But I try to catch it as often as possible, and this deal smells like crap. The body language of the Sec. of Treasury and Federal Reserve Banks.
Either way... both will manipulate through media. That includes these committee meetings and interviews. No provision of this bill will make a difference. If there isn't a full audit of these corporations, and a full audit of the 'assets' they wish to offload onto the people, then there is no reason to even consider such a thing. Both have been opposed by the writers of the plan. Manipulating the public is the goal. If this "Bill" ends up like FISA, then this means that nobody truly cares about the people, and care more about their own safety (financial and physical) at the cost of our General Welfare.
....Continued.... Read More »
If you have no patience to wait for your payday to get money then adopt another loan which is made particularly for immediate and short term purpose. These loans are generally known as the instant payday loans. As the name suggests it works as a substitute for your payday. However, these are easy to pay off on your payday.
For repaying these paydayloans you can easily adjust the repayment date with your payday. As result the payable amount will get transferred from your bank account on you payday. Thus, you will not have to take any extra tension regarding its repayment. It will further save you from being late in the repayment and hence you will not have to pay any extra monetary fine.
No one finds any reason to get dissatisfied with the amount offered in these loans. The amount it offers is $100 to $1500 and you can pay it back within 14 to 31 days. However, for availing this amount you would have to have certain qualities. These are like 18 years of age, $1000 as minimum monthly income and a bank account. If you possess all these in you, your way to get it will be much smoother.
Good to be adopted at anytime, these fast cash loans assist one in handling his immediate and small financial requirements. Certain expenses are there which arises almost every month but sometimes you fail to manage money from your salary for these. Under such circumstances the amount received from these payday loan will be of good use. So, you will be able to pay your electricity bill, medical bill, repair your car, pay home installments or your child�s examination fees.
Basically, the U.S. Dollar is worth whatever a dollar is worth because the U.S. government has promised to keep taxing its citizens - a situation that basically only benefits the banking industry. The following info is from Wikipedia:
"The terms fiat currency and fiat money relate to types of currency or money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but only from a government's order (fiat) that it must be accepted as a means of payment....."
"Historically, societies have relied on monetary systems where currency used in trade was either composed of a physical commodity (such as gold coin-- see commodity money) or else if not directly composed of the commodity, was exchangeable for a predetermined amount of a physical commodity. This could be a precious metal such as gold, silver, or copper, although some systems had money that was redeemable for other commodity items such as crops, beasts of burden, or food."
Fiat money is a subset of general credit money, but a special one in which a government, often through a central bank or reserve bank, has taken the responsibility (monetary authority) of being the major creditor backing the currency.... An economy may function on credit money which is not fiat money, such as United States paper currency during periods when the U.S. did not have a central bank...."
"Usually, a fiat-money currency loses value once the government which acts as the creditor refuses to further guarantee its value through taxation...."
"After World War II, the Bretton Woods system was set up, which pegged the value of the United States dollar to 1/35th of a troy ounce (888.671 milligrams) of gold (the “gold standard”) and other currencies to the U.S. dollar. The U.S. promised to redeem dollars in gold to other central banks. Trade imbalances were corrected by gold reserve exchanges or by loans from the International Monetary Fund. This system collapsed when the United States government ended the convertibility of the US dollar for gold in 1971...."
"Global capitalism, wherein a currency is widely traded as a commodity in itself, is more likely to rely on credit money which can reflect both (commodity) supplies and protections of supplies (by states’ military fiats). It is not held stable by any one state but rather by tension between states, as investment migrates from currency to currency in an open “money market....”
"The regime of asset-based money, or credit-based money — in which banks create currency as intermediaries and governments, in turn, back the banking system — produces a different series of problems. In no small part because it is not immediately easy to differentiate sound currencies from unsound ones, and it is possible to convert credit-based money into fiat money by a legal act or regulation. The question of confidence dominates credit-based money,..."
With the recent taxpayer funded bailout of $35 billion to Bear Stearns Bank, it's the least the Democrats and the rest of our government leaders could do for the average American is making this outrageous interest on credit cards deducitble for individuals.
While both are to blame (consumers and lenders) for the easy credit they extended, the ones appearing to benefit are the creditors and not the consumers.
The creditors can charge upwards of 30% interest on credit cards. These creditors stand on campus while 18 year old freshmen are wondering around with little to no money in their pockets. They give them a t-shirt and a credit card with a small $500 limit. By the time the average student graduates they will have over $20,000 of credit extended to them, in addition to the student loans.
Think about it. Would you lend someone who made $1,000 a year $10,000? If you did, and they did not pay, you would be a fool. However, creditors do the exact same thing and then it takes the average person, especially college graduates, forever to pay off these debts.
But the problem is deeper than just giving credit to easy prey. It starts with education. Schools teach students English, Math, Science, History, Social Studies, even Home Economics, in some cases, but they fail to teach Basic Finance. Something that we all use every single day.
We need to start making this a part of the curriculum for every single student at a young age (elementary school), so we may educate our youth and future about the dangers of credit cards. Moreso, we need to take a stance against creditors who lend credit to those who should not have it.
What is done is done, however, our Democratic Leaders, should be working for the people in making this a top priority (demanding we allow credit card interest as a deduction on personal tax returns). This would allow for the consumer who was put into debt to climb out of it faster and to be able to spend their money and save their money on the American Dream items we have been told if we work hard enough for we will get: a home, financial security and everything else that comes with working towards the American Dream.
Please write your Senators, Congressmen and Congresswomen and demand they start to take this issue seriously and it's an issue the Democratic platform must address for the future of our country.
yay!! another concrete plan from the only candidate who puts forth concrete plans instead of lofty rhetoric. this is MY kind of candidate! look, karen. she's giving you relief!!! clinton 08!!
I have been wordering lately how many people in the government would really be concerned about the subprime mortgage crisis and economy had it not been an election year. It seems Bush and his crew jumped in quickly to prevent a recession. Now we even have a democratic house and senate agreeing with the republican party.
What a great momemnt in history. But one has to wonder how this will play out if the economic stimulus package does not work. In some respect banks will make the recession worse because they have tightened up their standards.
For instance just the other day I went to get motorcycle financing and was told by the dealer that motorcycle lenders have tightened up their standards significantly. The dealer said lenders use to buy poor credit motorcycle loans last year but this year they no longer will do credit scores below 650.
So if the economic stimulus package puts more money in peoples hands but they can not get approved for additional credit does it really work? Or does the average consumer spend their money to pay down debt, which does not stimulate any short term demand?
Hopefull for our sake it works, but I am a skeptic.
having worked in the auto industry, i saw first-hand how willing the banks were to finance people who DID NOT EVEN HAVE JOBS. anything to make a buck!! that's america for ya!! i am sure the same held true for the banks putting people into houses with ARMs and little money down. and now their evil deeds are coming back to haunt us. i just wonder if we american taxpayers will have to absorb this blow, or if it will be directed at the monsters who made millions off the suffering of others: the banking industry.
Its been awhile, how you been. Sorry I have been away for awhile, but I am back not and I will try to make it up.
But, before I begin, I just want to check, we are still the party of the average citizen, right? oh, ok good...
Well then, there are just a few issues I want to bring up.
1. Pension: I have been noticing that some fat cats at some companies are forcing the companies in to banruptcy to bail on pension plan that worker build up over 30 years and to zero out small shareholders.
And after 60 years of court rulings the barkrupcy court finally ruled the for the fat cats who ended up owning the companies(making billions on their poor management) like modern day robber barrons. Workers and share holders--Idustrial peasants.
Since we control the congress, could we fix this loophole in the Bankruptcy Court.
2. Strong Dollar policy: Could we turn the country back to a strong dollar policy. I could go on and list 100 facts. But really, let push legislation to lower the deficit, and balance the trade exchange. Import based inflation, including oil are killing us...Its getting embarrassing....really, come on, you know its true...Let go of the nipple of multi business...
3. Housing: Get off your ass Miss Pelosi and have someone draw up a rescue plan for the Sub-Prime mortgage holders. Yes, we are helping people we were not smart enough to see through bad banking practices. But we would be helping people save there homes. I would sugguest a massive refinance plan, giving people a 2 to 3 year window at a Fed Offered intered rate of prime plus 3. Use a interest plus 1/2 capital payment and make applicants pay a filing fee.
That way it is not a Gift or a free ride, just a refinace. It they still default, So be it, but for 90% of the people in a jam, we wil help them keep their homes and in the process stablize the Housing industry and eliminate the capital crunch.
---Call me MS Speaker. I will write it for you. I am near by. Night for now.
jack Read More »
No man is an island.
No man stands alone.
Each man’s joy is joy to me;
Each man’s grief is my own.
We need one another, so I will defend,
Each man as my brother each man as my friend
Words without action have little meaning. I am ask that We create an organization that works for our communities. What can you and I do to make a real defference within our town, city and nation. Please review and give feedback. If you know of, or are a member of a not-for-profit organization please consider. This includes local organized democratic memberships. You can contact me via tempest112@hotmail.com or swilkinson@shareddebtrelief.com Read More »
I needed this job so bad, because I had suffered Death in the family, and needed to get back to Normal.
This gave me Mixed Feelings: Angry, Mad, Hurt, Betrayal, all of it.
Yet and still, people who can't even speak English, or Un-educated can walk in and get jobs....here I am with 30 yrs. of Experience in lots of different fields, and I am denied a job...because my Credit is not A+. HELP!
Also, Prior to this incident, it has been AGE Discrimination..because all my skill were in place for lots of jobs....but they have acted like because I am over 50, I don't know anything....I have never had this type of Rejection...because I am Fast & Good.
Also, They love to Discriminate on AGE, if you have a Business Idea too.
HELP, somebody!
Also, they way that Sr Citizens are treated like 3rd Class citizens and NOT given the Benefits that are needed....makes me very mad. When are we going to start Caring about each other, and Love one another with Neighborly Love, as in the years gone by? WHEN? If we don't, we are not going to make it....Please let's Pull together and CONTINUE to go forward wtih all our Strength we have into the Future!
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