Proactive solutions to bad debt, RSmitty's proposal. Consumers are barely treading water in massive debt. Mortgages aside, much of that is tied to credit cards. Univeral default has compounded the problem immensely. Bankruptcy is always an option. Some run to it, others wring their hands, lose sleep, and suffer under tremendous stress over the thought. Even in a seemingly hopeless situation with no light visible, bankruptcy is so much a final option to some people, they won't accept it until literally forced into it. (More after the jump) There are programs available today to help consumers with even minimal ability to make arrangements to pay their creditors with reduced payments and reduced interest. Programs, like the repayment program offered by the Consumer Credit Counseling Service are very good and very trustworthy programs (do your own due diligence, though, there Read more
So was the message of the White House in their latest gambit to instill confidence. President Obama noted that eventually the stocks would become a good deal. That statement alone seems to have given a small boost to the world markets so the White House had to clarify it. Indeed, I would add some stocks are a good deal. As much as I hate to agree with the down in the mouth crew at the White House, I do. In my humble estimation the market could go down to a Dow Jones Industrial Average 5000. If it breaks the technical level of around 6700, watch out. I am not a market expert and quit listening to experts two years ago when it appeared they were either on the take or in a dream world, but given traditional evaluations of price to earnings for the S&P 500, the Dow could be at 6000 and based on earning projections, it has been calculated at 4900. That means the market Read more
The internationalists flipped over the idea that American steel should be prefer for government stimulus projects. Naturally, that should have been amended to say North American because of NAFTA. Didn't it make sense? Why borrow money to stimulate someone else's economy? We were not talking about trade barriers or some other insanity. We were just talking about choices in the free market. I know American business has been trashed as part of the campaign to trash American institutions, but I still believe that Americans know as business prospers, we all prosper. Maybe Congress can't get it right, but I have determined that I will choose American made products where it makes sense. If I buy plastic cups, buy locally made Solo. If I buy a tape measure, I buy the American made one. No matter what the internationalist say, I still have sovereignty rights over my dollars. We each control our Read more
From the "When it rains..." file. Today, just a smidgen under six-months-to-the-day of receiving settlement, we received a subrogation request from my wife's old health insurance to recover over $1200 worth of claims from the accident they paid for the first handful of hours...due to the settlement we received...you know, the one that didn't cover total costs, after the fees, etc were worked in. Oh yeah, this is good times here. ------(original post starts here - posted on 02/16/09 1:00AM)------ Most of you who know me are quite aware of circumstances my family has dealt with over the last three years. While nothing is concrete, the path seems quite certain. Let me add to that, given what I do, I have a deep, terrified concern over what this could lead to. While my latter concern is over something that legally can not happen, nothing is guaranteed. Of course, this is self-induced Read more
From my Twitter update today:
Bailout America: Since taxpayer money has been used to bailout creditors, why do taxpayers still owe them unsecured debt?
Alan Levin is a great business mind who will serve the state well as Economic Development Director. It looks as Levin's political instincts have paid off after all. It would have been a bad year to run and by not running he ends up serving the state. Mr. Levin brings a significant change in focus to the office. We will now pay as much attention to growing local businesses as trying to attract businesses here. That makes sense. All of Governor Minner's foreign trips gave us nothing but bills. Mr. Levin will bring a sharp, focused approach to moving us ahead. Congratulations are in order to Governor Markell. The man obviously cares more about getting the job done than the political registration of a qualified person. Previous Democrat administrations would rather get an out of stater with a D behind their name than chose a qualified republican. The Governor elect is beyond that and Read more
It is widely assumed that the consumer credit card industry will be the next economic shoe to fall. In an attempt to avert another bailout, I was wondering what could be done by the affected companies, consumers, or both, to avoid, or at least significantly soften, this oncoming blow. This is what I think could temporarily help the consumer and the industry enough in the short term until a more viable environement evolves. Allow consumers to enter into a short period of interest-only payments, with conditions, as follows: Consumer can agree to three-, six-, 12-month programs Terms of account are frozen in place for this period (company can not change rates, except in cases of normal terms of spread + prime (or LIBOR). Credit line remains in place (but suspended for use) for this period Is NOT reportable as negative to credit bureaus Failure to pay on time by consumer unfreezes Read more
Business man and Obama supporter Irving Magic Johnson is a winner. He knows what it takes to succeed in business. He is advising the incoming administration not to raise taxes in this economy. Some of the nuggets in the video: “Get the economy going then I don’t mind if you raise taxes”. On the bailouts, “get a plan first don’t throw money at it (GM)”. “The 700 billion dollar bailout bothers me because it is business as usual”. “Healthcare and the other initiatives should come after putting people to work”. How about the Magic man for Treasury Secretary; I hear there is an opening.
Employment numbers just released… Oct unemployment = 6.5% (highest since 1994) / Sept was 6.1% October non-farm payrolls down 240,000 Manufacturing down 90,000 Service-producing down 108,000 Overall 2008 Payrolls down 1.8 million Well, at least it’s Friday!
...bought out by either eight nine moronic boobs or eight nine world-through-dollar-sign-glasses Senators. So...the GOP-then-controlled Senate actually wanted to regulate Fredde Mac until (excerpted from well within the linked article)... Eight of the targeted senators did sign it: Sens. Rick Santorum of Pennsylvania, Mike Crapo of Idaho, Jim Bunning of Kentucky, Larry Craig of Idaho, John Ensign of Nevada, Lindsey Graham of South Carolina, George Voinovich of Ohio and David Vitter of Louisiana. Santorum, Crapo and Bunning were on the Senate Banking, Housing and Urban Affairs Committee and had voted in favor of sending the bill to the full Senate. Nine of the 17 targeted Republican senators did not sign Hagel's letter: Sens. Mitch McConnell of Kentucky, Christopher "Kit" Bond and Jim Talent of Missouri, Conrad Burns of Montana, Mike DeWine of Ohio, Lamar Alexander of Tennessee, Olympia Read more
UPDATE on Friday, Sept 19th... These are numbers I pulled around 2:45PM...looks like the rebound is on, but I'm concerned it's built upon a foundation of straw. US Treasury Bonds Rates Maturity Yield Yesterday Last Week Last Month 3 Month 0.82 0.05 1.39 1.63 6 Month 1.37 0.61 1.74 1.84 2 Year 2.09 1.64 2.20 2.24 3 Year 1.99 1.55 2.06 2.10 UPDATE on Thursday, Sept 18th... These are numbers I pulled around 1:30PM.... US Treasury Bonds Rates Maturity Yield Yesterday Last Week Last Month 3 Month 0.01 0.01 1.55 1.72 6 Month 0.52 0.69 1.80 1.90 2 Year 1.33 1.56 2.21 2.29 3 Year 1.23 1.41 2.07 2.15 Look at those rates in the change periods from last week to yesterday Read more
note: we aren’t set up on twitter and it’s too late for me to do it, so consider this a twitter-type of message…a quick blurb intended to make you think… If you consider yourself a Fiscal Conservative, can you stand in honor with our White House Administration? My answer in comment #1