The magnetic strip on the back of the driver’s license is more than just a means for law enforcement to validate your history of traffic violations. It gives access to a whole slew of data – personal data. Much of the information is helpful to identify a person’s medical history. Other data includes the name, the given address (it may have changed without notification to the DMV), physical characteristics and organ donor information. It also makes available a person’s age to verify they are of drinking age, used by restaurants, bars and liquor stores. In that respect, it provides a way for an establishment, say a dance hall, to get the person through the door, on the floor and imbibe du jour, the ultimate goal for profitable patronage.
A quick wipe of the card is supposed to be confidential, not available to be used illegally by recording the encoded data, although it can by supplemented to look up personal details through other data collection services such as Experian and Choicepoint, including other agencies that collect and retain personal consumer information.
No matter what a person buys or where they apply their purchase power, it’s well known there are tracking methods that give creditors a view of past items charged with plastic money. It’s only a marketing tool, right? For the most part, yes, but the risk of computer hackers to use private information for fraud and identify theft is of major concern. But when you use that credit card, or debit card, you should already know that a good part of the data is transferred to other links in the financial interests unless the opt-out box is checked on the application. Still, within the vast network of subsidiaries of any given banking establishments it can be, and will be, shared. Either way, they’re happy to be included on your preferred list of trusted creditors.
Websites are a specific point where the tracking of a person’s purchases (and previously viewed items) can direct you to similar selections of interest. They know where you’ve been and where you should go to further spend your consumer-driven credit. Of course, it’s all in your best interest… and theirs. Many sites even offer their own credit cards with a one-time discount and selective perks if more widely used; hook, line and sinker.
Wouldn’t you just love to list your own Terms and Conditions, and more important, make up your very own Privacy Notice? Consumer’s rights are restricted to purchasing power.
So, your personal data and past purchases are very well tracked. So are those entries in the likes of Facebook, YouTube and MySpace. If the sole intention is to keep in touch with friends and relatives, you still bare a bit of your soul with written words, pictures and videos. Once you’ve made such an imprint on the Web and you don’t know for sure where else it may wind up in the worldwide network. I call it the Inet: the information network.
To what other extremes have information technologies taken away the privacy of an individual’s life? The GPS system that has transformed the safety of a driver and steer him in the right direction also makes it available for interested parties to track every stop and turn along a journey through SPOT satellite GPS messenger service. It comes at a price but it allows friends and family access to a traveler’s whereabouts anywhere around the world, unlike the limitations of cellular service. And it’s updated every five minutes! It provides the driver with general information assistance and emergency services through local police, state highway patrols and the Coast Guard. It’s got ya covered!
Satellites provide a whole different range of opportunities that invade upon the privacy of people, places and things. GOOGLE and Yahoo! each have a network of satellites that zoom in on locations just about anywhere, most of which is not “real time” imagery; some are years in the past so don’t expect to see yourself waving to the camera in the sky.
GOOGLE makes the most use of geographic information system technology. You’ve got Google Maps with high-definition images from aerial photography, with anything from zoom to wide-angle views of a designated location.
My Maps let’s users and businesses create an overlay that can assist in the planning of a subdivision or a business of any size and nature. Just think how Wal-Mart at this very moment may be in the process to position itself for a location between a rock and a hard-place – Wal-Mart can move mountains, right?, or at the very least do what it can to fit in any environment it chooses.
GOOGLE can blur out military installations and other areas of security, the White House for instance. The National Weather Service even uses GOOGLE services for local weather forecasting. GOOGLE Transit can plan a whole trip using public transportation routes. Street View gives a 360-degree panoramic street level view of various U.S. cities, with Canada in near eyesight. Technology marches on.
Otherworldly-views at GOOGLE Moon (www.google.com/moon) show Apollo landing site images and pinpoints astronaut activities. As if that’s too close to home and you want a bit more adventure, GOOGLE Mars (www.google.com/mars) shows a color-coded elevation screen. You can zoom in on mountains, canyons, dunes, craters and more, then take a moment to gather information on when the photo was taken by whatever mission. On either site, if you drag the hand cursor in any direction you’re on your way along the celestial body’s surface!
Satellites provide some pretty amazing stuff but technology marches on in different directions.
Take for instance unmanned aerial vehicles (UAVs). Going back to 1883 when an Englishman was the first to take photos from the wings of a kite as a novelty, drones have been increasingly used for military surveillance and gathering of meteorological data. Although big and bulky in today’s world of high-end technology, the US has developed an MAV (micro aviation vehicle) to a weight of 2-ounces and a dimension of 6-inch square, called the Black Widow.
MAVs are a relatively new technology. They’re small, some the size of dragonflies, and some of those with spheres as small as berries attached to the tails, and at times seen maneuvering in unison in what appears to be a flight formation – very uncharacteristic of insects. They don’t look quite lifelike yet with metallic casings and mechanical but movable antennae; synthetic wings buzz at the speed of 120 flaps per second.
Live insects have been imbedded with silicon computer chips and used to keep surveillance on suspected felons, navigate through collapsed building in search of survivors. Rather than relying on batteries, liquid fuel is turned into a gas that increases the range of deployment and reliability for reuse. Which doesn’t mean they can’t get eaten by birds and caught in spider webs.
There’s no telling for sure what the next steps technical engineering will develop. Most likely, small will become miniature, then transformed into tiny if not microscopic. Don’t be fooled, someday you might find yourself purchasing a high-definition television with nearly invisible dots that watch your every move, with audio sensors that eavesdrop on your private conversations, streamlining through data cable to a control center hundreds of miles away. Yes, your every move you make will become a target of surveillance.
By George, it’s all Orwellian! Don’t you just wish could go back to 1984 and regain a little bit of your the privacy? But then again, going back to an era long in the past, the Trojan Horse was a telltale sign of things to come.
Showing posts with label credit cards. Show all posts
Showing posts with label credit cards. Show all posts
Tuesday, December 2, 2008
Friday, November 28, 2008
The Screaming of America
In 1970, Charles A. Reich, a Professor at Yale Law School, authored The Greening of America, appearing on the New York Times Best Seller List, taking a concept through chapters of progressive intuition how modernization would transform society into one that would put corporate success as the perceived champion of family values. Dr. Reich painstakingly took the reader on a journey that emphasized how the corporate state would transform society from the simplistic ‘50a and 60s to years of corporations offering a helping hand for the best of times. Enticements were plentiful.
During the ‘70s consumers were prompted to feed on their desires, betting on upward climbing salaries and accumulated property wealth to afford them the means to continue their materialistic spending. Baby boomers were the first recipients of this ideology.
Keeping up with the Joneses also meant that kids had to have whatever the kid across the street had. ‘I want’ begat ‘give me’. It remains so today. The goal is to have bigger and better (homes and autos), smaller and faster (electronics and autos).
Going back the ‘20s, in-store credit accounts were identified on imprinted metal “cards”, similar to dog tags, and kept by the merchant. It wasn’t until 1950 that Diner’s Club founded the first charge card that required payment in full upon receipt. By 1958, Carte Blanche and American Express helped create a worldwide credit card network.
Bank of America created what would evolve from the BankAmericard (1958) to Visa (1976) and Master Charge (1969) became MasterCard (1979). Sears introduced The Discover Card (1985) and became a part of Dean Witter, then Morgan Stanley, until Discover Financial Services became an independent company (2007). Many stores now offer their own credit cards but accept more widely used cards for consumer convenience. Americans became ensnared in a wonderland of plastic fortunes.
One premise of The Greening of America was to define the influences that corporations would have on family values, how to “spend” leisure time and show how, thanks in large part to labor unions, a person’s wealth would be an accumulation of funds so they could continue spending in retirement.
Over the years, the size and extent of businesses have instilled in people a continuity of society. Restaurants. Grocery stores. Drug stores. Department stores also became mainstays for everyone, everywhere. TV, the I-net, flashy neon lights, mobile communications and even the commerciality in public schools contributed to a very controlled society.
Eventually, corporations overextended their influence over political interests. It had to happen. It’s all a part of the ring around the federal government money tree.
As an analogy, in it’s infancy, creditors extended their palms open wide to consumers with a warm, fuzzy feeling of prosperity. As decades passed, slowly but surely their palms curled into fists, now with too firm a grip, strangling the victim. Today, banks are lending very cautiously because they over-lent these past few years and the odds aren’t currently in their favor; it’s too risky a business.
Now, people aren’t buying because they too spent beyond their means. Banks are hoarding money, as do consumers. In the short term, people won’t likely be fooled again and will be conservative with their money, putting more value on maintaining a roof over their heads, food on the table and savings accounts to take control of their financial destinies. When consumers don’t spend, businesses fail and workers lose jobs, further limiting spending.
People distrust corporations because of exorbitant executive salaries, reduced benefits and flat-line wages. Employers have abandoned America by hiring undocumented workers and sending jobs overseas. This is a “redistribution of wealth” from the American economy to emerging markets.
Credit card companies, all “lenders” inclusive, are telling “lendees” they must pay short-term, unsecured loans in a timely manner or a ruined credit rating will result in higher interest rates.
The Greening of America took the reader through Consciousness Levels I, II and III: the eagerness to comply with new traditions; materialism that plays into the manipulative greed of corporations; the enlightenment of the populous to reject decades of false promises and return to the roots of individually and self-destiny. Americans are, in essence, screaming for an equitable balance of prosperity.
So, you say you want a revolution of consumer awareness? Level III is upon us!
During the ‘70s consumers were prompted to feed on their desires, betting on upward climbing salaries and accumulated property wealth to afford them the means to continue their materialistic spending. Baby boomers were the first recipients of this ideology.
Keeping up with the Joneses also meant that kids had to have whatever the kid across the street had. ‘I want’ begat ‘give me’. It remains so today. The goal is to have bigger and better (homes and autos), smaller and faster (electronics and autos).
Going back the ‘20s, in-store credit accounts were identified on imprinted metal “cards”, similar to dog tags, and kept by the merchant. It wasn’t until 1950 that Diner’s Club founded the first charge card that required payment in full upon receipt. By 1958, Carte Blanche and American Express helped create a worldwide credit card network.
Bank of America created what would evolve from the BankAmericard (1958) to Visa (1976) and Master Charge (1969) became MasterCard (1979). Sears introduced The Discover Card (1985) and became a part of Dean Witter, then Morgan Stanley, until Discover Financial Services became an independent company (2007). Many stores now offer their own credit cards but accept more widely used cards for consumer convenience. Americans became ensnared in a wonderland of plastic fortunes.
One premise of The Greening of America was to define the influences that corporations would have on family values, how to “spend” leisure time and show how, thanks in large part to labor unions, a person’s wealth would be an accumulation of funds so they could continue spending in retirement.
Over the years, the size and extent of businesses have instilled in people a continuity of society. Restaurants. Grocery stores. Drug stores. Department stores also became mainstays for everyone, everywhere. TV, the I-net, flashy neon lights, mobile communications and even the commerciality in public schools contributed to a very controlled society.
Eventually, corporations overextended their influence over political interests. It had to happen. It’s all a part of the ring around the federal government money tree.
As an analogy, in it’s infancy, creditors extended their palms open wide to consumers with a warm, fuzzy feeling of prosperity. As decades passed, slowly but surely their palms curled into fists, now with too firm a grip, strangling the victim. Today, banks are lending very cautiously because they over-lent these past few years and the odds aren’t currently in their favor; it’s too risky a business.
Now, people aren’t buying because they too spent beyond their means. Banks are hoarding money, as do consumers. In the short term, people won’t likely be fooled again and will be conservative with their money, putting more value on maintaining a roof over their heads, food on the table and savings accounts to take control of their financial destinies. When consumers don’t spend, businesses fail and workers lose jobs, further limiting spending.
People distrust corporations because of exorbitant executive salaries, reduced benefits and flat-line wages. Employers have abandoned America by hiring undocumented workers and sending jobs overseas. This is a “redistribution of wealth” from the American economy to emerging markets.
Credit card companies, all “lenders” inclusive, are telling “lendees” they must pay short-term, unsecured loans in a timely manner or a ruined credit rating will result in higher interest rates.
The Greening of America took the reader through Consciousness Levels I, II and III: the eagerness to comply with new traditions; materialism that plays into the manipulative greed of corporations; the enlightenment of the populous to reject decades of false promises and return to the roots of individually and self-destiny. Americans are, in essence, screaming for an equitable balance of prosperity.
So, you say you want a revolution of consumer awareness? Level III is upon us!
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.
Monday, March 17, 2008
The Buck Falls Right Here
When I first heard about JP Morgan Chasing the Bear, I immediately got goose bumps and had a sense of vertigo. I didn’t feel good at all. The implications have yet to be fully realized and I fear the worst is yet to come.
The United States and The New World Order may find America of lesser influence in globalization than anyone could have imagined. We don't have oil, we don't have the funds and we don't have jobs.
Americans are debt-ridden, as is the Federal Government, and neither has a means to overcome the mismanagement of funds. The world community is unlikely to have the means, nor the notion, to resolve what has occurred. Bush’s War watered down the dollar bill and political scandals and financial crooks during the Bush years won’t bring us much sympathy.
Most of the planet has anticipated the end of the Bush Regime but neither John McCain nor the Clinton/Obama outcome suggests strong economic policies. Each of these candidates has shown that they put their own self-interest and ego above considerate direction that America must take for the future. Of course, in the weeks and months to come, they’ll all be touting how their personal expertise will bring sunshine and rainbows back into everyone’s life.
Perhaps American politics could take another course whereby the candidates are actually candid about their means of achieving their intended goals. With whom will they entrust their legacy? Who will be the vice presidential choice? Who will be given the all-important post of Secretary of State? Why should it be a voter’s guessing game as to who might be given positions in the President’s Cabinet? Why not bring forward the intended Secretary of the Treasury and A Plan?
It’s impossible to foresee which Presidential candidate is best for America when promises aren't meant to be honored or when professed experience belies the resume of a career. Who of us wouldn’t feel a sense of security with a future leader if names and faces were placed on the game board of a new administration? As unlikely the prospect would be, a coalition of minds and philosophies could remove much of the guesswork of a doubtful voter.
The current economic turmoil with America’s financial institutions is highly unlikely to be resolved prior to Election Day. No one can predict with any certainty how Wall Street will react to the New Year and a new President. The best of hope will see the choice as decisive, not divisive. The Fed can print as much money as it will but there’s still going to be a debt to pay and the payees are we, the people. We have been grossly disrespected by the very institutions that have relied on our generosity to support their well-being by overextending our limits of economic credibility.
The Greening of America, as expressed by author Charles Reich in the early 70s, has brought about a monster whereby corporations have consistently prompted consumers to acquire all the materialistic rewards that “funny money” could buy. Big business has taken too many pieces of the pie, feeling secure that global employment wouldn’t leave us without a means to maintain ever-increasing credit limits.
The piggy bank is broken. Goodtime Charlie’s got the blues but you can’t put the full blame on the poor chump; he was taught reading, writing and arithmetic but, when it came to responsible financial planning, the teacher was daydreaming about a new pair of shoes, an electronic device or a road toy.
Employers aren’t especially effective in promoting healthy savings plans for its employees either. The truth is, it’s not their responsibility nor should it be but it’s a catch-22 when the hardworking schmuck must seek a financial adviser. His stubborn self-righteousness convinces him that it’s a waste of money because if it were an important facet of life, then it would have been taught in school.
This economic meltdown puts Social Security’s future further in doubt. Also, corporations will likely limit their coverage to employee healthcare. Hillary’s health plan is a mindset that will most likely speed that process along. The most basic of life’s needs are in jeopardy: security in personal health and finance.
So, Russia and China are the future’s major global players of influence and economic stability. Neither Barack, Hillary nor John can turn the wheel of fortune back in America’s favor within whoever’s Presidency lays before him/her.
The Fed’s printing press is busy but invisible ink won’t put the bucks back into American’s pockets.
The bad news? It’s not just the banks that are in trouble, it’s you and me and we.
The embarrassing news? If the goal of the terrorists is to bring the United States to economic ruin then we have become our own enemy and accomplished what they haven’t done themselves.
The United States and The New World Order may find America of lesser influence in globalization than anyone could have imagined. We don't have oil, we don't have the funds and we don't have jobs.
Americans are debt-ridden, as is the Federal Government, and neither has a means to overcome the mismanagement of funds. The world community is unlikely to have the means, nor the notion, to resolve what has occurred. Bush’s War watered down the dollar bill and political scandals and financial crooks during the Bush years won’t bring us much sympathy.
Most of the planet has anticipated the end of the Bush Regime but neither John McCain nor the Clinton/Obama outcome suggests strong economic policies. Each of these candidates has shown that they put their own self-interest and ego above considerate direction that America must take for the future. Of course, in the weeks and months to come, they’ll all be touting how their personal expertise will bring sunshine and rainbows back into everyone’s life.
Perhaps American politics could take another course whereby the candidates are actually candid about their means of achieving their intended goals. With whom will they entrust their legacy? Who will be the vice presidential choice? Who will be given the all-important post of Secretary of State? Why should it be a voter’s guessing game as to who might be given positions in the President’s Cabinet? Why not bring forward the intended Secretary of the Treasury and A Plan?
It’s impossible to foresee which Presidential candidate is best for America when promises aren't meant to be honored or when professed experience belies the resume of a career. Who of us wouldn’t feel a sense of security with a future leader if names and faces were placed on the game board of a new administration? As unlikely the prospect would be, a coalition of minds and philosophies could remove much of the guesswork of a doubtful voter.
The current economic turmoil with America’s financial institutions is highly unlikely to be resolved prior to Election Day. No one can predict with any certainty how Wall Street will react to the New Year and a new President. The best of hope will see the choice as decisive, not divisive. The Fed can print as much money as it will but there’s still going to be a debt to pay and the payees are we, the people. We have been grossly disrespected by the very institutions that have relied on our generosity to support their well-being by overextending our limits of economic credibility.
The Greening of America, as expressed by author Charles Reich in the early 70s, has brought about a monster whereby corporations have consistently prompted consumers to acquire all the materialistic rewards that “funny money” could buy. Big business has taken too many pieces of the pie, feeling secure that global employment wouldn’t leave us without a means to maintain ever-increasing credit limits.
The piggy bank is broken. Goodtime Charlie’s got the blues but you can’t put the full blame on the poor chump; he was taught reading, writing and arithmetic but, when it came to responsible financial planning, the teacher was daydreaming about a new pair of shoes, an electronic device or a road toy.
Employers aren’t especially effective in promoting healthy savings plans for its employees either. The truth is, it’s not their responsibility nor should it be but it’s a catch-22 when the hardworking schmuck must seek a financial adviser. His stubborn self-righteousness convinces him that it’s a waste of money because if it were an important facet of life, then it would have been taught in school.
This economic meltdown puts Social Security’s future further in doubt. Also, corporations will likely limit their coverage to employee healthcare. Hillary’s health plan is a mindset that will most likely speed that process along. The most basic of life’s needs are in jeopardy: security in personal health and finance.
So, Russia and China are the future’s major global players of influence and economic stability. Neither Barack, Hillary nor John can turn the wheel of fortune back in America’s favor within whoever’s Presidency lays before him/her.
The Fed’s printing press is busy but invisible ink won’t put the bucks back into American’s pockets.
The bad news? It’s not just the banks that are in trouble, it’s you and me and we.
The embarrassing news? If the goal of the terrorists is to bring the United States to economic ruin then we have become our own enemy and accomplished what they haven’t done themselves.
Saturday, March 8, 2008
Let's not take too long of a recess
Stocks have fallen to their worst levels since October 2006.
Consumer debt is heading toward 3 trillion dollars.
Job losses are at their worst in five years.
The housing industry has burst.
Lending institutions are broke.
To top it off, inflation in China is nearly out of control and expected to worsen, which means much higher prices on all those comfort goodies American consumers just gotta have.
It’s really bad when consumer confidence is as low as their savings account balances because the earnings on those accounts aren’t worth the interest. It’s a poor philosophy, but “spend it while you got it” can keep you going until you end up in financial ruin. In time, it may be the reality of many Americans.
And yet The Bush Boy has expectations that he can stimulate American buying power with a few bucks down the road when, in reality, he may suspect the middle class will use their credit cards now and then. It’s that typical mentality that says “I’ll get the check in time to pay off what I just charged.” The problem with that reasoning: it probably will become a truth in spending.
When a society is conditioned to spend now and spend later with the notion that being in debt is an acceptable behavior then, guess what?, they’re gonna do just that. This time around a family has little choice but to follow in those same habits just to make ends meet.
Time and time again economists and smart fellows are adamant that a recession is avoidable, as if it hasn’t already arrived to those homeowners who have received foreclosure notices. Careful, economic prophets, don’t let those stalagmites of financial discontent creep up your pantaloons – they are growing upward at a pace representative of the increase in consumer indebtedness.
Careful now, if the populous finds its buying power takes a recess for too long a period of time, consumers may become upset and, eventually, economically depressed.
Consumer debt is heading toward 3 trillion dollars.
Job losses are at their worst in five years.
The housing industry has burst.
Lending institutions are broke.
To top it off, inflation in China is nearly out of control and expected to worsen, which means much higher prices on all those comfort goodies American consumers just gotta have.
It’s really bad when consumer confidence is as low as their savings account balances because the earnings on those accounts aren’t worth the interest. It’s a poor philosophy, but “spend it while you got it” can keep you going until you end up in financial ruin. In time, it may be the reality of many Americans.
And yet The Bush Boy has expectations that he can stimulate American buying power with a few bucks down the road when, in reality, he may suspect the middle class will use their credit cards now and then. It’s that typical mentality that says “I’ll get the check in time to pay off what I just charged.” The problem with that reasoning: it probably will become a truth in spending.
When a society is conditioned to spend now and spend later with the notion that being in debt is an acceptable behavior then, guess what?, they’re gonna do just that. This time around a family has little choice but to follow in those same habits just to make ends meet.
Time and time again economists and smart fellows are adamant that a recession is avoidable, as if it hasn’t already arrived to those homeowners who have received foreclosure notices. Careful, economic prophets, don’t let those stalagmites of financial discontent creep up your pantaloons – they are growing upward at a pace representative of the increase in consumer indebtedness.
Careful now, if the populous finds its buying power takes a recess for too long a period of time, consumers may become upset and, eventually, economically depressed.
Saturday, January 26, 2008
A Crazy Game of Cards
Government and financial institutions expect people to use their credit cards to keep the economy goin, but many times the debtor fails to submit payment for the full balance due. Making the minimum payment keeps the user’s credit rating in good standing, but failure to cover the accrued interest perpetuates a vicious cycle that extends the indebtedness for months on end.
Interest rates, alone, should be an incentive to limit the use of credit cards for emergencies. When the prime rate goes down, bans are still charging a minimum interest of 9.9% above the prime rate. Making the minimum payment keeps the user’s credit rating in good standing, but
There have been countless studies that have shown how Americans in general do not save what is necessary to have sufficient funds to cover times of adverse financial conditions. Moneys invested for retirement are as dismal. This suggests further stress on social services at a time when alarms indicate the insolvency of Social Security within 30 years.
Uncontrolled use of credit cards to make ends meet undermines what is professed to show stability of American consumerism.
In December, Washington passed legislation that gave corporations the option of discontinuing supplementary health insurance to retirees. Private insurers are sure to follow suit since the liability would further stress employee/retiree benefits. As the years pass, every American should expect to pay higher medical deductibles and be prepared to foot additional charges not covered.
Medicare has already implemented denial of payment to medical institutions deemed the cause of post-operative infections. Patients have the options to seek a resolution with the health care provider, pay the charges or seek legal representation. Yes, lawyers are sure to reap some hefty bucks, creating even higher service charges for future medical treatments as doctors and hospitals pay settlement fees.
Many patients are already forced to cover medication expenses by incurring further debt with higher credit card balances.
The average American carries a credit card balance of $8,000! The disturbing reality is that there are many who have a figure much higher as indicated by the word average. There’s no doubt some of the charges are something other than necessary purchases. Corporations instill into peoples minds and lifestyles to upgrade what becomes implied obsolete products as newer, improved models entice the need of those whose quest is to participate on maintaining an edge on products, services and technology.
Most consumers have multiple credit cards. The variety is tempting with banks, department stores, online sites and gas companies doing their best to entice the buyer with introductory rates, bonus points for a multitude of products and services, and balance transfers from higher paying creditors.
Homeowners are the cream of the crop to be targeted by financial institutions. Loan consolidation, refinancing and second, or third, mortgages offer the consumer to free up their credit cards for additional purchases. There are a lot of people who just can’t control their spending. It starts out as a convenience, graduates to a habit and eventually ends up as a psychological disease.
Americans are given little guidance for management of money and financial responsibility. Individuals must take it upon themselves save and plan for economic security for both short term and long term needs. Most corporations offer options for 401k accounts, possibly matching a percentage of the employee’s contribution.
Payroll deduction is the safest and easiest means of saving for the future but many feel intimidated by the risk factor of investment. With an established tendency to fulfill their needs of material possessions, their first thought is garnishing their wages for immediate use.
People are also leary of seeking the assisstance of a financial advisor, in fear they will be responsible for paying transaction fees. More often than not, they are afraid to loose the control they have to spend as they wish. They would rather be irresponsible about their responsibilities. When hard pressed for cash, their tendency to dip a little here and little there costs them dearly with early withdrawals. A professional advisor can allocate funds to accomodate the specific needs of every investor.
People supplement their purchasing power by taking the disadvantage of the convenience of charging items. They view it as a safer alternative to carrying cash or personal checks wherever they happen to shop. The convenience is, well, too convenient. So goes, too, those convience checks.
The best anyone could do is cut up all but one or two cards. And reduce the credit limit to a reasonable amount. A faithful payment history will allow you to increase the amount if necessary in the future. If you call the creditor to cancel even one card, it has an adverse effect on your credit rating! It sounds like a poor scoring method, but that’s the rules of the game.
Inevitably there will always be a time and occasion when the credit card will not only come in handy, but also necessary, such as a car rental and a secondary identification.
Go ahead and keep the card on hand. Just don’t keep it in your hand.
Interest rates, alone, should be an incentive to limit the use of credit cards for emergencies. When the prime rate goes down, bans are still charging a minimum interest of 9.9% above the prime rate. Making the minimum payment keeps the user’s credit rating in good standing, but
There have been countless studies that have shown how Americans in general do not save what is necessary to have sufficient funds to cover times of adverse financial conditions. Moneys invested for retirement are as dismal. This suggests further stress on social services at a time when alarms indicate the insolvency of Social Security within 30 years.
Uncontrolled use of credit cards to make ends meet undermines what is professed to show stability of American consumerism.
In December, Washington passed legislation that gave corporations the option of discontinuing supplementary health insurance to retirees. Private insurers are sure to follow suit since the liability would further stress employee/retiree benefits. As the years pass, every American should expect to pay higher medical deductibles and be prepared to foot additional charges not covered.
Medicare has already implemented denial of payment to medical institutions deemed the cause of post-operative infections. Patients have the options to seek a resolution with the health care provider, pay the charges or seek legal representation. Yes, lawyers are sure to reap some hefty bucks, creating even higher service charges for future medical treatments as doctors and hospitals pay settlement fees.
Many patients are already forced to cover medication expenses by incurring further debt with higher credit card balances.
The average American carries a credit card balance of $8,000! The disturbing reality is that there are many who have a figure much higher as indicated by the word average. There’s no doubt some of the charges are something other than necessary purchases. Corporations instill into peoples minds and lifestyles to upgrade what becomes implied obsolete products as newer, improved models entice the need of those whose quest is to participate on maintaining an edge on products, services and technology.
Most consumers have multiple credit cards. The variety is tempting with banks, department stores, online sites and gas companies doing their best to entice the buyer with introductory rates, bonus points for a multitude of products and services, and balance transfers from higher paying creditors.
Homeowners are the cream of the crop to be targeted by financial institutions. Loan consolidation, refinancing and second, or third, mortgages offer the consumer to free up their credit cards for additional purchases. There are a lot of people who just can’t control their spending. It starts out as a convenience, graduates to a habit and eventually ends up as a psychological disease.
Americans are given little guidance for management of money and financial responsibility. Individuals must take it upon themselves save and plan for economic security for both short term and long term needs. Most corporations offer options for 401k accounts, possibly matching a percentage of the employee’s contribution.
Payroll deduction is the safest and easiest means of saving for the future but many feel intimidated by the risk factor of investment. With an established tendency to fulfill their needs of material possessions, their first thought is garnishing their wages for immediate use.
People are also leary of seeking the assisstance of a financial advisor, in fear they will be responsible for paying transaction fees. More often than not, they are afraid to loose the control they have to spend as they wish. They would rather be irresponsible about their responsibilities. When hard pressed for cash, their tendency to dip a little here and little there costs them dearly with early withdrawals. A professional advisor can allocate funds to accomodate the specific needs of every investor.
People supplement their purchasing power by taking the disadvantage of the convenience of charging items. They view it as a safer alternative to carrying cash or personal checks wherever they happen to shop. The convenience is, well, too convenient. So goes, too, those convience checks.
The best anyone could do is cut up all but one or two cards. And reduce the credit limit to a reasonable amount. A faithful payment history will allow you to increase the amount if necessary in the future. If you call the creditor to cancel even one card, it has an adverse effect on your credit rating! It sounds like a poor scoring method, but that’s the rules of the game.
Inevitably there will always be a time and occasion when the credit card will not only come in handy, but also necessary, such as a car rental and a secondary identification.
Go ahead and keep the card on hand. Just don’t keep it in your hand.
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