The Next Financial Mess!!
Originally published 2008-09-25 05:41:19 -1000. Promoted by Roxy.
Dealing in Debt!!
Everyone, almost, is in a complete Rage at what is happening, and has been allowed to happen by not only soft regulation but the ease on any regulation in the Banking Industry, Morgage Industry, Wall Street, and in a Rage you should be.
But want a better picture of the who got us here any why, leave your computer and go to the nearest mirror and take a Good Hard Long Look at the reflection coming back, Yep Folks, it's most of you, and the rest of the shit hasn't yet hit the fan, but it's quickly coming!
Remember the clowns you hire to represent you in Washington, and local and state, are your clowns, you pay them.
Have been wondering why this hasn't been touched on in the Financial Crisis and Greed that's bringing down the House of Cards known as Wall Street!
Are Credit Card Companies Dealing in Debt? MBNA Insiders Question Former Employers' Practices.
But they only cover one side of this coin, the side us individuals only want to see, the other side.
You hear about the mortgage meltdown all the time, but as more and more Americans become saddled with huge credit card debt they cannot pay, the next crisis point may come in plastic. Last night, we brought you exclusive interviews with former credit card company employees trained to lead customers to take on more debt -- even if they couldn't handle it. Tonight, ABC News correspondent Vicki Mabrey takes a close look at what consumers need to do to protect themselves from a credit card crisis.
You can find the same video at the 'ABC Night Line' site link above.
Colombo said employees worked 10-hour shifts, four days a week and had set goals -- sell $25,000 an hour, which translates to $250,000 a day, $1 million a week, $4 million a month.
While these snakes go about their business, admit it folks, some of you welcome these offers of jacking up your line of credit, or quick borrowing, makes you feel richer and able to pickup more crap, or do things, that you don't need or couldn't do nor thought of doing.
How many of you have the newest do-dad that just came down the pike and is agressively advertised as a must have without telling you the why you must have while charging you a monthly fee that you seem to always be going over.
Americans owe $960 billion in credit card debit, according to the consumer advocacy group Americans for Fairness in Lending
While some are extremely wasteful it causes others to get into financial trouble just trying to exist:
On the other end of the phone were people like Josh and Jennifer Grant, parents of two young girls, Sierra and Sydney, who live in Waterville, Maine. Josh Grant is a self-employed trucker, Jennifer Grant works at a local hospital. They're $28,000 in debt.
Sitting at the family's kitchen table, Josh Grant pulled out his latest bill -- every few days he spends hundreds of dollars on fuel for his 22-wheel truck. He pays his bill weekly -- a total of $6,600 last month. But he spent $7,299 on fuel. That's how his bill grows -- not from spending on lavish dinners or expensive vacations, but from the high cost of diesel as he tries to make a living.
As he's showing"Nightline" the bill, we discover that he has gone $54 over his $21,000 credit limit -- and been charged a $39 over-limit fee.
"I didn't even see that, to be honest with you," he said. "When you get charged for being $50 over it's tough to swallow." They hope to pay off their debt in five to ten years. "That would be a good scenario," Jennifer Grant said.
Everyones got their stories and those are growing in numbers, rapidly, in the negative territory, and will only keep growing!
Those who fall for these economic policies, especially coming from the Right, Reagonomics, Trickle Down, Applauding the Wealthy as economic hero's as they grow even more so, are either totally ignorant of how this country and it's economy was built or understand that but think there's an easier way, with alot less physical and mental work, and we can spend spend spend without worries of bills bills bills.
Even the fools in residence, the White House and Much of Congress, thinks the World is always going to be Economically Rosy, No Problems.
Have a devestating Criminal Terrorist Attack, killing and maiming, "Hey Go Shopping Folks!".
Have Wars of Choice and Total Destruction of Others while Occupying, killing and maiming, "Hey Go Shopping Folks!".
Have everything Finally start collapsing, the house of empty air and cards falling, "Hey Go Shopping Folks!".
We once had an economy and workforce that was the envy of the world, we still live like we have that, actually we live and act like we have even more than that, but the facts prove different, but "Hey Go Shopping Folks!"
There's two political parties that share the power, which one preaches the false economics now collapsing, and have for years and implemented as they had the power, and which one enables!!