I am appalled at some of the things being said about many homeowners in this country. First of all anyone with any smarts knows that the housing crisis is at the root of the economic disaster. The only way that the market is going to stabilize at all is to begin to fix the housing market which has caused a domino effect on so many industries such as home improvement stores where they are laying off people by the thousands because business has slowed to a mere crawl. This in turn affects the suppliers and their workers also, not to mention the truck drivers who transport the materials. The list of workers just in this particular case involves many more support people also. Everyday people are losing their homes and those still in them have no equity to refinance for improvement or even just to take advantage of lower interest rates.
What bothers me is how some people, through the news media are able to live fairly well and keep up with their mortgage payments are now bellyaching because some of those folks who are at risk or about to lose their homes will be helped. The general conclusion from the whiners is that why should I have to help those who got homes who couldn’t afford them, with my tax dollars. Well guess what; those at risk homeowners have paid taxes and are still paying too. Many of the people who are struggling have lost jobs, suffered from the cost of living that has skyrocketed , suffered with health issues and many other contributing factors that has caused their plight. Each family is different and each families income level and expenses from time to time differ. Some of the families that have already lost homes had owned their homes for 10, 15 or 20 years, and because of personal issues due to health or even doing just necessary upgrades to their homes had to refinance which typically raises the monthly payment. How did they even know the powers to be on Wall street, deceptive business practices , greed and corruption was taking place and would someday prevent them from being able to refinance to a lower interest rate because their home is now under water. This is why many people are having problems, and they are being portrayed as “idiots in the media. One financial reporter went as far as saying that the government is promoting bad behavior. That is an asinine statement if there ever was one. People are pointing fingers and making assumptions when they don’t have a clue on individual situations. I would really hope more compassion would be given if they did. But honestly I don’t know any more. It is not mine or your decision to say what is right or wrong. The fact of the matter is that the housing crisis and the economy really needs monetary intervention , compassion , and understanding from all of us. Everyone’s positive energy needs to go into this matter for the sake of the country, the world,our children and grandchildren’s future and success.
Let’s stop saying everyone in a housing crisis is irresponsible because I personally know many people who are responsible, but because of a combination of bad luck, due to job loss, cut in pay, and other factors are suffering just as I stated earlier. These people did not asked for what has happened to them and are hard working.
Getting off track somewhat, I remember when the country was attacked on 9/11/ 2001, and yes it was horrific, everyone came together as an entire human race to help one another out. It did not matter who you were, where you lived, or how much money you earned. None of that mattered as it should have been. Well I dare not compare 9/11 with our economy, but in a sense our entire country and what it has stood for is under attack by a crisis that has never been seen before. If nothing is done about
housing, the auto industry, joblessness and more, then I just can’t even fathom what may happen. I can honestly tell you that my feeling is not good.
This article is not about our former president, or current President Obama, it is about our nation and all people to unite for the good of our country. I want to say to the politicians in Washington to put the pettiness and partisanship aside and focus on our good morals and principles that we are blessed with as Human Beings. Let’s stop foreclosures now.
Saturday, February 21, 2009
Wednesday, November 19, 2008
Main Street and Wall Street
Banks are being bailed out, and I realized it not entirely their fault; the government needs to step in with some measures to help people who want to stay in their homes. Not everyone was irresponsible in buying what they couldn't afford. The point is fact is there are other factors like job loss, high fuel costs, and price increases in just about every goods and services which has been a contributing factor in people getting into mortgage trouble. The ripple effect throughout the economy is hitting more than we have seen yet. My feeling on the government bailout and the way it's being handled by the treasury is going to faulter and cause horrendous problems in the near future. A depression is not out of the question.
As far as the auto industry goes, yes they probably need help but so many people's credit who won't be able to by vehicles. Yes it's going to hell in a hand cart, and nobody but the ones left with decent credit and the wealthy will be able to buy vehicles. The economy cannot survive when so many folks will be basically "out of Service". Concessions are going to have to be made to bail out Main Street as well as Wall Street. There may not be two sides to every street, but in the case of our country and it's prosperity, help is needed on "All Streets".
As far as the auto industry goes, yes they probably need help but so many people's credit who won't be able to by vehicles. Yes it's going to hell in a hand cart, and nobody but the ones left with decent credit and the wealthy will be able to buy vehicles. The economy cannot survive when so many folks will be basically "out of Service". Concessions are going to have to be made to bail out Main Street as well as Wall Street. There may not be two sides to every street, but in the case of our country and it's prosperity, help is needed on "All Streets".
Monday, November 17, 2008
Fairness Doctrine and Talk Radio Right
The fairness doctrine is fine,but some of the hate and what I called ridicule of the way someone speaks as Rush Limbaugh does mocking Rev Jesse Jackson is awful. This is only one that he defames. Also I find it just senseless in our great nation that Limbaugh calls our president -Elect a Thug. I can go on and on. There are other rightwingers just as bad. My point is that has to be a line drawn when hate and what I see as racism by Limbaugh goes out on the airways. I cannot see how our nation will ever be as one when idots follow idiots and are paid ridiculously high salaries by advertisers because of there media draw.
Sunday, November 2, 2008
Senator Barack Obama-Issue Points
The Economic Crisis
Senator Obama has consistently called for federal mortgage and banking regulations that will protect consumers and avoid an economic crisis that we are in today.
He also argues that any deal to restore the U.S. financial sector with public funds must include independant accountability and oversight. It must also be structured in a way where taxpayers will be able to recoup their investments.
Veterans
Co-sponsored a bill that increased veteran's health care funding by $1.5 billion.
Voted for the 21st century GI Bill "to provide every returning veteran a real option to afford a college education.
Sponsored the Dignity for Wounded Warriors Act to improve care at military hospitals
Requested assignment to the Veterans Affairs Committee.
Family & Education
Will fully fund "No Child Left Behind" and fix it's problems. He does not believe that teachers should be forced to spend the academic year preparing students to fill in bubbles in standarized tests".
Wants to expand the Family and Medical Leave Act (FMLA), to cover workers at businesses with 25 workers.(the current limit is 50). Senator Obama also wants FMLA to cover elder care and also allow 24 hours a year leave for children's school activities so parents can attend.
Senator Obama will expand Early Head Start and Head Start programs by quadrupling the number of at-risk infants and toddlers with access to the program.
Senator Obama supported the Lily Ledbetter Fair Pay Act that ensures that women who discover they have been paid less for equal work have recourse in the courts.
Proposes a $4,000 tax credit and proposals to streamline the financial aid process to help families pay for college.
Senator John McCain-Issue Points
The Economic Crisis
Senator McCain supported banking deregulation his entire Senate career until the meltdown of Wall Street in September 2008. His closest economic advisor is former Texas Senator Phil Gramm, the architect of deregulation that led to the economic crisis.
Senator McCain is now calling for more transparency and accountability on Wall Street, completely opposite of his Senate record.
Veterans
For 4 straight years, starting in 2004 he voted against increased funding for veterans' health care.
Senator McCain, a decorated military POW, opposed the bipartisan 21st century GI Bill, saying its educational benefits would "encourage more people to leave the military."
Voted against a trust fund to improve military hospitals and health facilities because it would have been paid for by repealing some of the Bush tax cuts for people making more than $1 million a year.
Surprisingly, Senator McCain never served on the Veterans' Affairs Committee his entire Senate career.
Family & Education
Senator McCain has repeatedly voted against increased funding for Head Start Programs.
In his bid to become President, McCain now says he will fully fund "No Child Left Behind", but in the senate he constantly voted against funding. This action left schools with strict requirements to meet, but few resources.
Senator McCain voted for the original FMLA bill in 1993 after trying to cut out many of its provisions. He firmly opposes any expansion of coverage.
In regards to equal pay for woman as outlined in the Lily Ledbetter Fair Pay Act, Senator McCain is against it and says,"it opens us up for lawsuits,for all kinds of problems and difficulties.
Finally John McCain has voted against changes in student aid and loan programs to make it easier for college to be affordable. In 2007, he voted "no" on the College Cost Education and Access Act, which increased access to Pell Grants, lowered interest rates on Stafford loans and provided grant funds for teachers.
The Economic Crisis
Senator Obama has consistently called for federal mortgage and banking regulations that will protect consumers and avoid an economic crisis that we are in today.
He also argues that any deal to restore the U.S. financial sector with public funds must include independant accountability and oversight. It must also be structured in a way where taxpayers will be able to recoup their investments.
Veterans
Co-sponsored a bill that increased veteran's health care funding by $1.5 billion.
Voted for the 21st century GI Bill "to provide every returning veteran a real option to afford a college education.
Sponsored the Dignity for Wounded Warriors Act to improve care at military hospitals
Requested assignment to the Veterans Affairs Committee.
Family & Education
Will fully fund "No Child Left Behind" and fix it's problems. He does not believe that teachers should be forced to spend the academic year preparing students to fill in bubbles in standarized tests".
Wants to expand the Family and Medical Leave Act (FMLA), to cover workers at businesses with 25 workers.(the current limit is 50). Senator Obama also wants FMLA to cover elder care and also allow 24 hours a year leave for children's school activities so parents can attend.
Senator Obama will expand Early Head Start and Head Start programs by quadrupling the number of at-risk infants and toddlers with access to the program.
Senator Obama supported the Lily Ledbetter Fair Pay Act that ensures that women who discover they have been paid less for equal work have recourse in the courts.
Proposes a $4,000 tax credit and proposals to streamline the financial aid process to help families pay for college.
Senator John McCain-Issue Points
The Economic Crisis
Senator McCain supported banking deregulation his entire Senate career until the meltdown of Wall Street in September 2008. His closest economic advisor is former Texas Senator Phil Gramm, the architect of deregulation that led to the economic crisis.
Senator McCain is now calling for more transparency and accountability on Wall Street, completely opposite of his Senate record.
Veterans
For 4 straight years, starting in 2004 he voted against increased funding for veterans' health care.
Senator McCain, a decorated military POW, opposed the bipartisan 21st century GI Bill, saying its educational benefits would "encourage more people to leave the military."
Voted against a trust fund to improve military hospitals and health facilities because it would have been paid for by repealing some of the Bush tax cuts for people making more than $1 million a year.
Surprisingly, Senator McCain never served on the Veterans' Affairs Committee his entire Senate career.
Family & Education
Senator McCain has repeatedly voted against increased funding for Head Start Programs.
In his bid to become President, McCain now says he will fully fund "No Child Left Behind", but in the senate he constantly voted against funding. This action left schools with strict requirements to meet, but few resources.
Senator McCain voted for the original FMLA bill in 1993 after trying to cut out many of its provisions. He firmly opposes any expansion of coverage.
In regards to equal pay for woman as outlined in the Lily Ledbetter Fair Pay Act, Senator McCain is against it and says,"it opens us up for lawsuits,for all kinds of problems and difficulties.
Finally John McCain has voted against changes in student aid and loan programs to make it easier for college to be affordable. In 2007, he voted "no" on the College Cost Education and Access Act, which increased access to Pell Grants, lowered interest rates on Stafford loans and provided grant funds for teachers.
Friday, October 17, 2008
Obama- Why is He Doubted like no other Presidential Candidate In histroy?
Is it really necessary to think that Senator Obama has deceptive motives? Everything he says to some people has to be questioned. This has never happened to any other Presidential Candidate in the history of OUR Country, yes a country for all Americans. I know there is alot of passive racism in this country and it comes through every day in this election cycle. Senator Obama is a stately, intelligent human being and because of his cultural makeup, in some people's minds, he's not good enough or up to sometime or not patriotic. To tell anyone who is taking the time to read this, "I am just sick and tired of it. All the ignorance should stop because if it does not, our country will continue to suffer on many fronts. We are all created the same and are children of our maker. Just what good is it for the constant divison and hateful atmosphere that is present in this nation of ours?
Thursday, October 2, 2008
Manange Your Personal Finances
Coming up with 10 ways to keep personal finances in check is not difficult if a plan is written out as a personal contract to yourself. I came up with a list which I think is practical and sensible. Maybe the “Fat Cats” who got the U.S. Economy in the mess it's in today can heed some of this advice.
1. Start Saving-This may sound all to obvious, but the best way to avoid getting into debt is to have a back-up savings plan. People get into debt because they feel they can never get ahead so they out of frustration start spending more than they can afford. Stop the unnecessary buying. This behavior makes you feel better but is only short-lived once the bills start coming in.The bottom line is only buy what you can afford.
2. Put the freeze on your credit Cards-Having plastic empowers people to spend just because they have a credit line.You don't have to take money out of your wallet or purse and give it to somebody in random spending. Shopping with credit is pretty painless until the bill hits the mailbox. Stop this practice.
3. Plan Expenses-Have a monthly budget planned out for every bill that's due. This includes the mortgage or rent, insurance, utilities, groceries and so on. Don't forget to pay yourself by saving. Any extra money can go for something like a movie or dinner. With a plan like this, at least you know where you stand on spending any extra money.
4.Have Designated Savings-Have a special savings accounts for emergencies like car or home repairs. Have a Holiday Club account for Holiday shopping at the end of the year. These things will keep you out of debt if you follow your own plan.
5. Don't keep up with the Joneses-We all have friends or acquaintances that may have more material possessions than we have, but many of them are probably deep in debt. This does not make them better people than us. Be happy with what you have and live within your means.
6. Don't leverage too high-if you have financial assets that are in good shape try not to take loans out on them to purchase other assets. In the 1990s many people took out loans against their stocks to buy more stocks and when the stock market fell, they lost big. Be Smart.
7. From debt to equity-once you've paid off a car, credit card or even a mortgage, take that payment money and set up a mutual fund or investment fund and build up your net worth. (On this one you may want to watch from the sidelines until our economy picks up.)
8. Food and Household Goods Shopping-When grocery shopping, clip coupons from newspapers and magazines. Join coupon websites for even more savings. It's free. Do comparison shopping in store ads before going out to shop.The most important factor in shopping is to make a list and stick to it.
9. Clothing, shoes and other apparel-Plan ahead and buy when items are on sale . Don't wait until the prices go up . Don't be ashame to head straight to the clearance rack in Department Stores where items are significantly marked down. If you have Outlet Stores nearby go there for deals on almost everything for your family and home.
10. STOP Impulse Buying-Last but not least.....don't impulse buy something when you go shopping for specific items. If you just buy things just because you like it, but never had it in mind until you actually saw it, then "YOU DON'T NEED IT!
* Bonus Tip
Cool-down Period for big Purchases-If you're in the market for a new vehicle,appliances,or furniture, don't make the purchase right away because you have a good salesperson and it seems as though you are getting the best deal ever. Go home and talk about it with your partner, a friend,or someone you have confidence in to help you make a sound decision.
1. Start Saving-This may sound all to obvious, but the best way to avoid getting into debt is to have a back-up savings plan. People get into debt because they feel they can never get ahead so they out of frustration start spending more than they can afford. Stop the unnecessary buying. This behavior makes you feel better but is only short-lived once the bills start coming in.The bottom line is only buy what you can afford.
2. Put the freeze on your credit Cards-Having plastic empowers people to spend just because they have a credit line.You don't have to take money out of your wallet or purse and give it to somebody in random spending. Shopping with credit is pretty painless until the bill hits the mailbox. Stop this practice.
3. Plan Expenses-Have a monthly budget planned out for every bill that's due. This includes the mortgage or rent, insurance, utilities, groceries and so on. Don't forget to pay yourself by saving. Any extra money can go for something like a movie or dinner. With a plan like this, at least you know where you stand on spending any extra money.
4.Have Designated Savings-Have a special savings accounts for emergencies like car or home repairs. Have a Holiday Club account for Holiday shopping at the end of the year. These things will keep you out of debt if you follow your own plan.
5. Don't keep up with the Joneses-We all have friends or acquaintances that may have more material possessions than we have, but many of them are probably deep in debt. This does not make them better people than us. Be happy with what you have and live within your means.
6. Don't leverage too high-if you have financial assets that are in good shape try not to take loans out on them to purchase other assets. In the 1990s many people took out loans against their stocks to buy more stocks and when the stock market fell, they lost big. Be Smart.
7. From debt to equity-once you've paid off a car, credit card or even a mortgage, take that payment money and set up a mutual fund or investment fund and build up your net worth. (On this one you may want to watch from the sidelines until our economy picks up.)
8. Food and Household Goods Shopping-When grocery shopping, clip coupons from newspapers and magazines. Join coupon websites for even more savings. It's free. Do comparison shopping in store ads before going out to shop.The most important factor in shopping is to make a list and stick to it.
9. Clothing, shoes and other apparel-Plan ahead and buy when items are on sale . Don't wait until the prices go up . Don't be ashame to head straight to the clearance rack in Department Stores where items are significantly marked down. If you have Outlet Stores nearby go there for deals on almost everything for your family and home.
10. STOP Impulse Buying-Last but not least.....don't impulse buy something when you go shopping for specific items. If you just buy things just because you like it, but never had it in mind until you actually saw it, then "YOU DON'T NEED IT!
* Bonus Tip
Cool-down Period for big Purchases-If you're in the market for a new vehicle,appliances,or furniture, don't make the purchase right away because you have a good salesperson and it seems as though you are getting the best deal ever. Go home and talk about it with your partner, a friend,or someone you have confidence in to help you make a sound decision.
Monday, September 29, 2008
Failed Wall Street Bailout and the Housing Crisis
How's it going? I'm watching the bailout bill vote on the house floor and it's not passing.....the voting time is up and now apparently there is a lot of tension going down trying to sway members to change their votes but the numbers are not budging. The Dow Jones at one point dropped almost 700 points. I don't know how long it will be before they call the voting off today if nothing changes....I also heard that if the stock market drops 1200 points then everything ceases and what that means, I don’t know.....I’ll keep you posted. The vote is 207 YEA and 226 Nay......a simple majority is all that is needed to pass....... it’s not going to happen.
I had a feeling a day like this would come ever since the mortgage crisis began. I am not going to get into the controversy on whether people bit off more than they could chew in buying a home because not one of us knows personal circumstances that may have caused the housing crisis today. What I do feel is that the financial institutions that held the notes on mortgages were not and are not willing to work with people who for one reason or another fell behind on their payments. I feel in my heart that many financial institutions set you up for failure. When many sub-prime mortgages went from a low fixed-rate payment to a variable interest rate, payments went up to the maximum rate as stated in the original loan. The economy was already in trouble, therefore folks couldn’t handle a jump of sometimes 400 to 600 dollars more a month to meet the mortgage. I know people who tried to negotiate a loan modification and were put off and eventually denied one by their banks. I heard members of Congress working on the bailout plan talk about mortgage forbearance. If a bank did grant you a forbearance, all that does is increase your monthly payment for as long as it takes you to catch up on your past due payments before foreclosure. How in the world can that help you if you can’t make the payment that you already have?
In a nutshell financial institutions were not willing to modify loans to help people stay in their homes. Didn’t they realize a long time ago what would happen? At least they would be getting payments as opposed to getting none because they basically kicked folks out on the streets and many neighborhoods are starting to look like wastelands. The further consequences of the housing mess are the depreciation of home values. I don’t see how many Americans can take pride in their home and neighborhoods when houses are so upside-down in value.
There were no provisions in the bailout plan that failed today for distressed homeowners. Was this one of the reasons why the plan failed? All I can say is “why reward banks and “Wall Street” for gross mistakes and greed and turn the other cheek to “Main Street” America when something could have been done in the housing market over three years ago. I knew something was going to happen and I’m not an economist. Someone’s been asleep at the wheel and now the U.S. Economy is falling over the cliff. We’ll all have to pay the price.
I had a feeling a day like this would come ever since the mortgage crisis began. I am not going to get into the controversy on whether people bit off more than they could chew in buying a home because not one of us knows personal circumstances that may have caused the housing crisis today. What I do feel is that the financial institutions that held the notes on mortgages were not and are not willing to work with people who for one reason or another fell behind on their payments. I feel in my heart that many financial institutions set you up for failure. When many sub-prime mortgages went from a low fixed-rate payment to a variable interest rate, payments went up to the maximum rate as stated in the original loan. The economy was already in trouble, therefore folks couldn’t handle a jump of sometimes 400 to 600 dollars more a month to meet the mortgage. I know people who tried to negotiate a loan modification and were put off and eventually denied one by their banks. I heard members of Congress working on the bailout plan talk about mortgage forbearance. If a bank did grant you a forbearance, all that does is increase your monthly payment for as long as it takes you to catch up on your past due payments before foreclosure. How in the world can that help you if you can’t make the payment that you already have?
In a nutshell financial institutions were not willing to modify loans to help people stay in their homes. Didn’t they realize a long time ago what would happen? At least they would be getting payments as opposed to getting none because they basically kicked folks out on the streets and many neighborhoods are starting to look like wastelands. The further consequences of the housing mess are the depreciation of home values. I don’t see how many Americans can take pride in their home and neighborhoods when houses are so upside-down in value.
There were no provisions in the bailout plan that failed today for distressed homeowners. Was this one of the reasons why the plan failed? All I can say is “why reward banks and “Wall Street” for gross mistakes and greed and turn the other cheek to “Main Street” America when something could have been done in the housing market over three years ago. I knew something was going to happen and I’m not an economist. Someone’s been asleep at the wheel and now the U.S. Economy is falling over the cliff. We’ll all have to pay the price.
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