Finally, the Election Season is over and the Super Droll of Politics is behind us as the magical number of 270 placed Barak Obama as Commander-in-Chief, President of the United States! American citizens chose to bring back en vogue Life, Liberty and the Pursuit of Happiness! The election of an African-American proves this is still The Land of Opportunity! Pledge allegiance to the Grand Old Flag!
It’s time to go on with views on other news.
Unemployment, the big bad bear of Wall Street continues to claw and shred the economy with vengeance. There’ll be no hibernation this winter with the frigid chill of reality bringing with it a financial ice age and a snowy landslide of plummeting degrees. The spring back to a positive gain in employment figures may have to wait a number of months before workforces once again grow the economy in green pastures. Without refined regulations of financial institutions the bear may become grizzly.
Awash in debt, private, corporate and government, with job losses over 1.2 million thru October, there’s nary a glimmer of hope that the recession will ebb anytime soon. Some predictions cast doubt that “things”, as in “multiple factors”, will get worse before they get better; in all probability, a distant two years. Was that a whisper suggesting three?
Look forward to the blockbuster thriller, "2010: A Financial Odyssey", coming to your financial worries sooner than you think.
The first decade of The New Millennium has been pretty nasty; an economy that was good just a few years ago has, within a matter of months, brought us, and a super majority of every other country in the world, free market to its knees. It’s not us little guys who created this mess; it’s the Power of Corporate and Political demonizations, each with their own groups of special interests.
Of late, news releases have given us facts and figures damaging to the psyche of low and middle class workers/consumers. Right there, before our very eyes we glare at October numbers telling us that 240,00 non-farm payroll jobs fell by 240,000 which follow the 284,00 jobs in September (revised after initial numbers put it at 175,000) and another 127,00 in August. The past three months' job losses more than doubled the previous seven months' fingures.
Through the first ten months of 2008, 1.2 million jobs have been lost but it doesn’t tell the tale of the real tally that puts the number of unemployed at 10.1 million workers. In the past 12-month period 2.8 million jobs have gone away, some forever, many for a very long time.
Check out the U.S. Department of Labor facts and figures at http://www.bls.gov/news.release/empsit.nr0.htm.
I fudge not on what’s the scoop.
And yet, those who control the pocket books of all Americans, namely financial institutions, were given bailouts nearing $1-trillion. Some are hoarding these funds, thanks to the rushing sound of Congress giving in to their real constituents, hastily passing a bill that showed little faith that we, who desperately need our own bailouts, would filter moneys up the financial ladder to the unrepentant money mongers. Please, go figure; I'm too biased since I'm among the unappreciated contributors to the money flow.
At least some of us would just as soon allow the auto industry, in particular, and other business failings. Let them bankrupt, reorganize or become as one, if necessary, but let them not convince the Federal Government to slide billions upon billions of our dollars their way. However long it takes to right the economy, if America is still at the forefront of innovations, the youth of corporate auto executives leave the safety of the herd and bring their own visions of competition face-to-face with the leftovers of the Big Three. The free market is not fair to all. It’s survival of the fittest.
We, the people of lost jobs and dreams, were not at fault for what caused such economic despair and yet we’re left with the hard labor of bailing out this, that and every other failed the others of little foresight. Don’t they understand our buckets have holes in them? The next two generations are faced with paying off the over the top $10 trillion national debt; their unfair shares are over $80,000 per bread earner who, in turn, may have to supplement their diminishing meals with bread and water to sustain their poorer lives. Whole milk and whole wheat bread are healthier but the cost of staples have us stapled to proverbial wooden stakes.
I assume (instead of “ass-u-me”, it really says “ah!-sue-me”) the darker side view of days to come, primarily because it cushions my anticipated falls if worst really is the worst, and springs me back from the doomsday mood if the best is yet to come. Overall, it give me a positive mindset as I reassess my expenses and use common sense to keep me from excesses.
It needs to be everyone’s New Year’s Resolution. Put those written words on every page of the checkbook, always right there facing your determination and commitment. Simple words will work best. “SAVE”. “BILLS ONLY”. “REASSESS”. “ARE YOU SURE?”. “GUILTY?”.
Remember, if you don’t do it yourself, NOBODY WILL! NOBODY CAN!
Remember, too, however fortunate you are right now, others are not as well off; you’re reading this, whereby others may not have electricity.
Hopefully, it’ll be an easy fall with stubbed toes and bruised knees, with a recoil as with the strength and fortitude of a football player catching the touchdown pass and making a goal!
We have a new quarteback, a commander for changes to come. A winning season?
RAH! RAH! RAH! For Home Team America!
Touchdown?
Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts
Sunday, November 9, 2008
Wednesday, October 29, 2008
So Indebted To Debt
The economic situation that we’re experiencing in the United States won’t get much better any time soon. Just when Wall Street suggests we might soon hit bottom to the tumult, my notions put the economy high on the Richter scale of continued shaky financial ground.
Credit card debt is biting at the heels of stability of the banking industry with lenders writing off over $20B of unsecured consumer loans during the first six months of the year, with a strong likelihood that year-end figures of defaulted credit card debt will more than double. Credit card debt is the next ticking time bomb of financial doom.
I continue to get more offers for plastic than my wallet could possibly hold. I already have a number of cards that, if I were to carry all of them in my back pocket, they would give me a one-sided bubble-butt!
The banking industry has already done a good job to snag me into their web of irresponsible spending. Although I only carry one card at any given time, I typically only use it when absolutely necessary, using the debit card in most transactions; as I make entries into the checkbook, the balance shows me how seriously I must to do some penny-pinching.
On a recent timeout from the real life, I did some spending unbecoming of my pocketbook. From past experiences I've learned that there's little likelihood I'll revisit places I’ve been, although I did fall in love with the Black Hills with the mountains, rolling hills, canyons and the desert conditions of the Badlands. It may be another thirteen years before I visit other natural wonders in these United States. The Grand Tetons, Yellowstone and the Rocky Mountains are on my mind, just the other side of South Dakota. I can't disguise my yearning.
I splurged, within reason, by eating out every day and night, not willing to domesticate what was a time of freedom from everyday food preparations. I brought back a few souvenirs and momentos that I would never have the opportunity to cherish otherwise. Temporary housing was the major source of charges.
The bills are now due. The means of payment? They go on another credit card account, one that gives me a transaction fee of 3% and an "intoductory" interest rate of 0% through the billing period in July 2009. This was my “budgeting plan" for the trip. If I fail to make the minimum monthly payment or go over the credit limit, the default rate is over 25%. Depending on a person's credit score, the standard credit card company charges the prime lending rate plus 14% with the same aforementioned default rate. I’ve already made other charges toward auto and home insurance premiums. Property taxes will likely be next in line. It adds up quickly. And so do interest fees.
Keep in mind, if you believe you're doing the right thing by canceling a credit card, it's a negative effect on your credit score. Cut it up and feel empowered to negotiate with the lender a means to pay off the balance, if necessary. Consumer aren't meant to get too far ahead, just like indentured servants in the 17th and 18th centuries.
Just as payday loan sharks snag the workingman with exorbitant fees of 30%, so does the banking industry with rates not much less severe. The recent bailout of large financial institutions that's intended to ease borrowing between banks won’t help the little guy much toward meeting their monthly shortcomings of cash; those Big Government dollars are meant for businesses with that tricky trickle-down expectation.
Hopefully, the bailout success is just around the next bend and the unemployed will get back tens of thousands of jobs, again giving them a means to be consumers, who are the ultimate source for economic growth through spending, the very same source that will fund the bailout.
I was wrong earlier this year to believe oil futures would reach $200 per barrel by years’ end but who knew an alarm through financial markets would grind the wheels of transportation to a near halt? “The squeaky wheel gets the grease” but only if the driver pays attention to the warning signals. It didn’t happen, so the grease slick sent the economy slip-slidin’ away, now flat on its back. Where’s an honest chiropractic mechanic when you need one?
I’m not a financial swami, but more ongoing foreclosures and job losses will continue to lead people to max out their high-interest credit cards, declaring bankruptcy and leaving lenders in another round of what will be a further meltdown in this and world economies.
Hopefully, Election Day 2009 will bring leadership that will prompt changes in credit card interest rate lending practices that create too challenging an obstacle for consumers to pay off their debts. Consumers need a clean slate before they can give a real boost to the economy by, once again, using their credit cards. Indeed, it's a revolving door of credit debt.
Credit card debt is biting at the heels of stability of the banking industry with lenders writing off over $20B of unsecured consumer loans during the first six months of the year, with a strong likelihood that year-end figures of defaulted credit card debt will more than double. Credit card debt is the next ticking time bomb of financial doom.
I continue to get more offers for plastic than my wallet could possibly hold. I already have a number of cards that, if I were to carry all of them in my back pocket, they would give me a one-sided bubble-butt!
The banking industry has already done a good job to snag me into their web of irresponsible spending. Although I only carry one card at any given time, I typically only use it when absolutely necessary, using the debit card in most transactions; as I make entries into the checkbook, the balance shows me how seriously I must to do some penny-pinching.
On a recent timeout from the real life, I did some spending unbecoming of my pocketbook. From past experiences I've learned that there's little likelihood I'll revisit places I’ve been, although I did fall in love with the Black Hills with the mountains, rolling hills, canyons and the desert conditions of the Badlands. It may be another thirteen years before I visit other natural wonders in these United States. The Grand Tetons, Yellowstone and the Rocky Mountains are on my mind, just the other side of South Dakota. I can't disguise my yearning.
I splurged, within reason, by eating out every day and night, not willing to domesticate what was a time of freedom from everyday food preparations. I brought back a few souvenirs and momentos that I would never have the opportunity to cherish otherwise. Temporary housing was the major source of charges.
The bills are now due. The means of payment? They go on another credit card account, one that gives me a transaction fee of 3% and an "intoductory" interest rate of 0% through the billing period in July 2009. This was my “budgeting plan" for the trip. If I fail to make the minimum monthly payment or go over the credit limit, the default rate is over 25%. Depending on a person's credit score, the standard credit card company charges the prime lending rate plus 14% with the same aforementioned default rate. I’ve already made other charges toward auto and home insurance premiums. Property taxes will likely be next in line. It adds up quickly. And so do interest fees.
Keep in mind, if you believe you're doing the right thing by canceling a credit card, it's a negative effect on your credit score. Cut it up and feel empowered to negotiate with the lender a means to pay off the balance, if necessary. Consumer aren't meant to get too far ahead, just like indentured servants in the 17th and 18th centuries.
Just as payday loan sharks snag the workingman with exorbitant fees of 30%, so does the banking industry with rates not much less severe. The recent bailout of large financial institutions that's intended to ease borrowing between banks won’t help the little guy much toward meeting their monthly shortcomings of cash; those Big Government dollars are meant for businesses with that tricky trickle-down expectation.
Hopefully, the bailout success is just around the next bend and the unemployed will get back tens of thousands of jobs, again giving them a means to be consumers, who are the ultimate source for economic growth through spending, the very same source that will fund the bailout.
I was wrong earlier this year to believe oil futures would reach $200 per barrel by years’ end but who knew an alarm through financial markets would grind the wheels of transportation to a near halt? “The squeaky wheel gets the grease” but only if the driver pays attention to the warning signals. It didn’t happen, so the grease slick sent the economy slip-slidin’ away, now flat on its back. Where’s an honest chiropractic mechanic when you need one?
I’m not a financial swami, but more ongoing foreclosures and job losses will continue to lead people to max out their high-interest credit cards, declaring bankruptcy and leaving lenders in another round of what will be a further meltdown in this and world economies.
Hopefully, Election Day 2009 will bring leadership that will prompt changes in credit card interest rate lending practices that create too challenging an obstacle for consumers to pay off their debts. Consumers need a clean slate before they can give a real boost to the economy by, once again, using their credit cards. Indeed, it's a revolving door of credit debt.
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