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!

ABC 'Nightline' finally brings it out in the light of day

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!!

No votes yet


But what bothered Colombo most, she said, was being discouraged from telling military families that they were eligible -- by law -- to have their interest rates frozen at prime, currently 5 percent.

"We were told you cannot offer the Soldiers and Sailors Act rate unless they specifically ask. They must say 'Hi, I'm calling, my husband's on active duty, I'm aware of Soldiers and Sailors Act. What do I need to do?' But most Americans aren't aware of it," Colombo said.

Do We Need Change, You're Damn Right We Do, And The World Needs Us To Change, Now!!

"The wise man points to the stars and the fool sees only the finger - and discusses it 24/7 on cable."

do you want to wager that MBNA was selling a list of these customers to mortgage companies who would then use high pressure sales pitches to get people to roll over their high credit card balances into a new or second home mortgage? Heck, MBNA may have had their own unit that was writing mortgages.

I hope the bottom of this crisis is higher than the depth of outright greed that got us into this mess.

We have had this dream world we've been living in, and many of us oldies have been watching evolve, and the dream looks like it's over, nightmare time.

Like this:

We once had an economy and workforce that was the envy of the world,

For the most part we had a Bottom Up economy, wealth was made, people were rewarded for their work, better living conditions were created, and most people actually Saved on their own!!

Do We Need Change, You're Damn Right We Do, And The World Needs Us To Change, Now!!

"The wise man points to the stars and the fool sees only the finger - and discusses it 24/7 on cable."

It is important that you remind us that the economic crisis is not something that just involves the current "bailout", which only deals with one narrow aspect.

It is to do with personal debt, negative equity in a falling housing market etc etc. Underlying it all are two words "economic depression"

The bailout barely addresses these issues.

and we have folks, like ConnecticutMan1, who have lost their homes to foreclosures. I guess some of the rage you see here is how close to home it has been for all of us.

In my thread about US standing abroad I added a comment which was largely a report on reaction, particularly French reaction, at the UN.

Bernard Koucher, the French Foreign Minister, committed what is normally regarded as a diplomatic sin by allowing himself to comment on the domestic policies of a foreign country. He couldn't contain his feelings:

"No rules!" Kouchner exclaimed, his voice rising. "People were not protected!"

If only we had more politicians who would express their honest feelings - whether we agree with them or not.

In this case Koucher expresses our anger of which you speak. He is a very interesting man and presents a bit of a puzzle. He has always had liberal sentiments and has been admired for them. His pick by the right wing Sarkozy for Foreign Minister was extraordinary and, possibly because I do not follow the depth of French politics, it is not one that I fully understand.

I do understand his feelings, though, and I hope that ConnecticutMan1 and others know how much their problems are understood and empathised with across the Western world.

are so amazingly defining.

So lucky we are that you share both with us.

About Sarkozy,I remember reading -- somewhere? The New Yorker?? guess my brain is definitely going -- that he has moved progressively (I guess the pun is intended) leftward after election. I replied in your thread about the responses from the world. I think a lot of countries are seeing the "neoliberal" experiment that in some cases was crammed down their throats by the IMF and the Worldbank for what it is... and that may be guiding their reactions and responses.

I don't remember anybody saying that accounting should be mandatory in the schools 30 or 40 years ago.

I don't recall any economists talking about how much Americans lose on the depreciation of automobiles every year and saying how dumb it was to go into debt for junk designed to become obsolete.

So after 50 years of stupidity people want to complain about politicians that can't think their way out of a paper bag? YEAH RIGHT!

We have only lost FOUR TRILLION DOLLARS in depreciation on automobiles since 1995. Have the laws of physics changed since engineers designed planes to do 400+ mph to use in WWII? If not then why should anyone give a damn about making cars look different every year? The consumer isn't king, the consumer is MORON.

Kill an economist for Karl

Kill an economist for Karl

Talking about financial matter?

Payday loan customers applaud the payday loan industry mainly because, when used properly, they are the fastest and safest way to get out of an unexpected financial fallback. An old saying asks the question, "If something isn’t broken, than why fix it?" This is a perfect question to direct to many politicians who are attempting to or have outlawed the entire industry in many states. Of course, many people who are living beyond financial wealth would agree with this action and bond to fix something that isn’t broken. They have even inspired presidential hopeful, Barack Obama, to join their inexplicable motion. On November 4, vote for the peoples’ right to financial freedom and independence.

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Many people have been trapped into massive debt. Some politicians and even banks are condemning Payday Loans industry as one of the reason why debt trouble exploded. Recently, a number of cities and townships are attempting to enforce limitations on where these lawful businesses can operate. Still worse, is that several states, including Georgia and North Carolina, have effectively forced all-out bans on the trade, with several more trying to follow suit.

All can say about this is, debt trouble didn’t explode when payday loans came up, because this was already exploding when payday loan industry came up, hence, I don’t think this is the reason of this country’s debt problem.