This could be considered an addendum to the previous blog SO INDEBTED TO DEBT posted two days ago. http://parcelpost08.blogspot.com/2008/10/so-indebted-to-debt.html
On this day of Halloween celebration, Associated Press reports that Chase, Bank of America, Discover, Citicorp, American Express and other large credit card lenders are urging the Federal Government to allow as many as 50,000 people deep in the doo-doo of credit card debt be forgiven of up to 40% of their balances.
With all this freaky financial turmoil continuing to undermine America’s free market ideology, you might wonder ‘When or will it ever end?’ With the deep, dark, bottomless pit of worldwide failing economies, is that an echo we hear reverberating downward in an abyss of person desperation asking in a helpless voice, “Help me! Help me! Help me! Help me! Please... Somebody help me!?
Financial institutions are asking that this bailout of individual debt be a pilot program, meant to become a permanent practice.
The rest of us should be asking, ‘What’s in it for me?’, sure to deduce that somewhere along the way we’ll be the ones to ultimately shoulder the expense from adopting such a program.
The proposal seems to put us on a path that will lead the country to BIGGER government, a welfare state and to taking measures suggestive of a socialist government. This is the very claim that presidential candidate John McCain proclaims we will find ourselves from the proposed policies of his rival Barak Obama, but we’re already well on our way so socialism as a result of the too-long a period of time from the policy of the Bush administration giving exorbitant tax breaks to the wealthy and corporations.
The balance of scales has tipped in the wrong direction for low and middle class families. They’ve endured eight years of flat-line wages and reduced benefits for taxpayers earning less than $200,000 per year, a figure referenced from the words of Obama. At this point, lower taxes will make little difference to this segment of the workforce – it will only get worse because one bailout after another puts an endless future of paying off the added national debt.
It’s a shame that the U.S. Government still suggests we’re on the verge of a recession, with much of the media in alignment, while the Grand Poobah of world financial gurus, The Economist, specifically calls the goblin what it is. Let’s hope this deity of financial messengers tells no tale that the ghost of future days is upon us. It would too depressing.
Showing posts with label recession. Show all posts
Showing posts with label recession. Show all posts
Friday, October 31, 2008
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.
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