Friday, April 20, 2012

Mixed review 4-19-12 (THE PROGRAM THE SYSTUM)

This is no Item this is CRASS!!!!

The 2ed Item of the night is: Two articles from this week’s Willamette weekly; GET OUT OF DEBT NOW!

This is a review I made of an article from the the Willamette weekly entitled Get Out Of Debt , the link to the article is at the end of review so you can read it for your self.

Get Out Of Debt Now, by Jonathan Frochtzwajg starts with a dual between Republicans that supposedly won't buy their kids those coveted X-MEN dolls, and Occupy "brats" (actually the nicest bunch of open minded individuals you’ll ever meet) that astutely point out the inevitability of debt in an over inflated economy where demand out passes real means. To this I say maybe if those republican dads would have bought those action figures back 22 odd years ago, maybe their kids wouldn't be held-up in God knows who's park somewhere. I mean a bed room full of 300 dollar action figures might help with the kid’s tuition. Action figure bubble here we come!

Jonathan tells us that the Fed admits that we consumers are now 2.5 trillion in debt. Well thank you fractional reserve scam Federal Reserve, but of cause this is all good news for the Federal Reserve board of directors and trusties, because that’s just more collateral for the financing of future empires, collateral damage you might say.

There seems to be a chunk missing from the article as the writer admits a mystery "Requisite condescending paragraph chiding you for taking out student loans...(liberal arts)" yada yada yada. Thank you for leaving that out mr. Frochtzwajg we’ve really heard enough of that sort of thing, but doesn’t that reveal a dark underbelly to all this. The student loans are support to be an investment for the banks if you use them to get unprofitable degrees then they’re not going to get their money and that’s going to make them vary unhappy. You better bet that they have those lawns leveraged, probably several times. That's way you can't file bankruptcy on them. There’s nothing real to repossess and they’re using the payments as loan installments on other accounts. (the bank isn’t interested in taking that piece of paper away from you it’s worth less to them then the employers that won't give you a job).

In the 3ed paragraph the writer offers "the" solution, "or a step toward it, at least," ask for a brake. Melody Thompson, the executive director of Financial Beginnings, "a local nonprofit that provides financial education to youth and young adults" suggests that borrowers contact their lenders. I looked up Financial Beginnings web page and they have a section listing the "Business partners" which they say is also a list of business for which their "volunteers" have worked. This list includes big bail out Bank of America, (just hope you don't get the "volunteer" consultant that helped bring the multitrillion dollar institute to the brink of collapse!) The site also has pictures of babies eating money, I don't know what's that about.

Thompson recommends that borrowers let lenders know that their "having trouble making payments. Lenders oftentimes will cut a deal lowering the monthly payment, deferring payments to the end of the loan period or waiving fees in return for partial payment of the principal."

Later Thompson tells us that Student-loan lenders are willing to reduce monthly payments to match the borrower's income. She notes that this might be because "student-loans may not be included in personal bankruptcy." She does not mention that this willingness to lower payments is probably because their still counting on the payments and that this puts the bank in a desperate situation, and that as I mention before these debts are not forgivable because there is no collateral to repossess, but she does later "counsel against making only the minimum payment on the credit bills," because of cause the borrower will end up paying far more in interest in the long run, which I might add only high lights the fact that none of this is actually for any real advantage to the borrower.

In that last paragraph of the article Thompson criticizes "So-called debt-settlement programs" calling them "sketchy" and saying that they can hurt you credit rating. "A less risky option, (she says) if you are over your head" is to contact a credit-counseling organization, (like Financial Beginnings!!)

It sounds like to me that Thompson lad all the cards on the table in this article and it STILL doesn’t look good for the student loan-holders. If you’re a student with debt all you can do is pray that you’re lender will wave your fee, all other options will only put you farther in debt. This is sad real sad. It’s hard to imagine a happy ending to all this. Still I see no harm in trying out some of Thompsons advice, especially the part about keeping in contact with your lender, I also heard somewhere if you continue to pay the debt for a certain amount of time some lenders are more likely wave it.

and a link to the Business Partners of Financial Beginnings:

The 3ed Item is: Federal Reserve: European Megabanks Were Biggest Beneficiaries of Bailouts

This article name drops a bunch of corporations that got bailed out including such names as McDonald’s and Harley-Davidson and foren banks such as Deutsche Bank and Credit Suisse.
One thing that I notest that I'd never realised is that the way the Fed bails out a bank is by buying there bad securities, I mean what else could the this statement mean; "Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds." The Fed bought 290 billion worth of property, so it must own that property and if it owns it then it must plan on selling it at some later date when the value has been recovered. If this is all true the where does the money go? and where does the Fed get the money to... oh yeah they prints it. Then why would they wont to sell the property? Maybe they keep  property.

One thing to note though is that if its true that as this article state The Fed bailed out McDonalds then Ben Bernanke lied to Bernie Sanders when he said that The Fed only lends to banks.(

I don't know??? read the article for your self!:

The 4eth Item is: AIG Trustees Emerge From ‘Shadow’ as Directors Resign (Update2)

The American International Group Inc, panel, which controls votes on asset sales, mergers, and selection of top executives, is under scrutiny for its fraudulent behavior. This article from April 7, 2009 outlines the interactions that shape this alleged fraud and its subsequent investigation.

So that concludes my review for 4-19-12 see yu next time.

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