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Posts Tagged ‘bankruptsy’

       Donald Trump has resigned from the Trump Entertainment Resorts.  He allegedly says that if he can’t manage something, then it isn’t for him.  After he resigned from the board, the company filed a Chapter 11 bankruptsy protection proceeding…this is the third time that they have done that.

        Mr. Trump had allegedly wanted to buy the company and take it private; but, it appears that the bond holders chose not to go that route.  It must be frustrating to have a company that is known by your name, but, have very little control over their actual business decisions.  (more…)

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         Ok, I dont understand this whole financial mess…I admit that.  I am no financial genius.  However, I do know that if you keep spending money that you dont have…you go deeper in debt.  How in the heck is the government going to get money from people who dont have it to give?  From taxpayers….correction…from taxpayers who have JOBS.  What about all of those people who dont have JOBS  or will soon be loosing their JOBS?  The American family is in crisis.  Many dont have jobs or they have to have more than one part time job to make ends meet.   Some don’t even have homes because they have lost them to foreclosures.  Some of their family members dont have jobs or can’t make enough to pay their bills.  But when you are barely making it…you can’t help anyone else out in a meaningful way either.  The Government financial recovery plan (mess) is mirroring our personal lives…they just dont know it yet!  Still, some of the leaders are using fear to try to get people to put their stamp of approval on their plan of action; they are saying that this might not be the right answer…but we have to do something or else!

         Obama’s treasury chief has announced that this country needs 2 trillion dollars to save the banks.  This is on top of the bailouts that have so far shown little return on the investment for the average American citizen.  Where is this whole thing going to end?  Why not give the money to the citizens and let them dig themselves out of their own very deep holes first?   That in turn might just have the added benefit of allowing them to pay off their loans and homes to those banks and businesses that made the bad loans in the first dang place!

          We are being told that all of this lending and loaning may or may not work….that they might make mistakes.  But that doing nothing would be a catastrophe.  How do we know that?  Maybe those businesses and banks should go under.  After all….once this money is loaned to these businesses and banks…they are going to expect tax payers to go into debt once again with these banks and businesses to circulate the money.  Who in their right mind is going to create an even bigger debt load on themselves with such uncertainty hanging over this country’s head?

        After President Obama’s treasurer spoke the Dow Jones dropped 3.5%.  This is traumatic news to everyone.  Confidence is more than shaken….it has suffered severe trauma.  We may never recover from this extreme mess as a nation.  This isn’t some meaningless recession.  We are bleeding money and we dont have the confidence in our leaders, our banks, our businesses to recover from it. 

         Former Presidential candidate, Senator John McCain calls this plan “generational theft”.  He says we are stealing from future generations their hard earned dollars and laying on them debt of incredible proportions.   He is right.  Where will it end?

           The Government thinks it is going to help everyone out by creating JOBS and bailing out banks and certain industry giants.  Helloooooooooooo…is anybody home out there?   How in the world are they going to do this?  By hitting the taxpayers out even more than they have already.  So far, no one has had a solution that has made a positive enough impact to change the direction of this massive financial failure!  What makes them think that throwing more money into the mix is going to make things better?  Can a government file bankruptsy…cause that is what it feels like is happening here…what is the old saying….borrowing from Peter to pay Paul?

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       Surely you have heard the news about the mother in California who gave birth to eight babies this past week; she already has six children; they are all under the age of 8.  The mother, Nadya Suleman, conceived all of her children by invitro fertilization.  She is unemployed and living in a three bedroom home with her parents.  There are so many questions about how an educated woman, could allow herself to get in this position of having 14 children with little or no support.  Many are questioning the ethics involved in allowing a single woman with 6 children and no job to get invitro fertilization in the first place; let alone, get implanted with 8 embryos.

         Part of the conflict is that people are wondering how did she come up with the money for the invitro for any of her pregnancies?  That is not cheap…let alone to have it done so many times.  Also, it is not normal procedure to implant so many embryos for one pregnancy.  Even when 4 or so embryos are implanted…it isn’t expected that all would become viable babies.  That is amazing in itself that all 8 would be viable and born.

        Now, the woman is living in a home with her parents with only three bedrooms.  There are already 6 children in the home.  Where will these babies live when they come home?  Nadya’s father is a contractor who works overseas and probably wont be around to help and the media has been reporting that Nadya’s mother is threatening to leave the home when her daughter comes home from the hospital.  She says that her daughter has been obsessed with having children her whole life; and, at some point received counseling for that obsession. 

     Nadya’s mother is saying that she is leaving.  So, that must be hard for her to even think about…but by staying would that be considered enabling her daughter or supporting her?  At this point, the babies are already here…they have been born.  The mother says that Nadya is out of embryos so that her obsession will have to end.   I think that is a good thing. 

         The question is…if Nadya truly has an obsession…why wasn’t that dealt with before this latest pregnancy?   Will the department of human services get involved to ensure that all 14 children are being cared for properly?  Will a social worker be assigned to the family to co-ordinate some kind of system to make sure that everyone is doing what needs to be done to support this family?  Who will pay for that since Nadya doesn’t work and her parents have filed for bankruptsy within the last couple of years?  The state of California, where she lives, certainly can’t afford to pay for that. 

         The medical expenses alone for this pregnancy will be astronomical.  Babies born prematurely will have huge medical bills from the birth and caregiving alone…not to mention possible life-long disabilities that they could face.  I heard, dont know if it is fact, that one of the older children has possible autistic tendencies.  That too, would be a big financial concern.

         All 14 children were allegedly fathered by the same sperm donor.  Does he bare any legal, financial, or moral responsibility?  Do you think he knows about the children…or do you think it is an annoymous sperm donor?  If he knows about the children…should he be legally forced to help provide physical and financial support?

          News programs were speaking today about the possibility of Nadya selling her “story” to Oprah’s show or maybe even Diane Sawyer for ABC news for something like $2million dollars.  Do you think that is appropriate or inappropriate?

           I at first thought…that is not cool.  She should have to work to provide for those children herself.  But then, reality set in…child care fees alone would take every penny that she makes; and she would still be a drain to the tax payers.  Not to mention…who in their right mind would take the responsibility of providing care for 14 children, all at once?  Another thing, if she was working round the clock to provide for them…she wouldn’t have any time to dedicate to the emotional needs of her children.  If she can’t make money from her “story” then…she would just be another single mother who supported her children from the money the rest of us tax payers pay in…and that is definately not ok with me. 

         As much as I dont like the idea of selling her story to the highest bidder…it is the lessor of two evils.  I dont think the American public (or California tax payers) should foot the financial or medical bills of that family.   Children are a blessing…i do believe in pro-life values.  However, this was a definate abuse of  the system to create a family.  Not the invitro itself…because i think that does provide an avenue for many families who have trouble conceiving children.  However, she already had children…she was not supporting them herself.  That was already a drain on her family and the tax payers assumably.  I do think it was unethical of whatever medical clinic that provided it’s fertility services to her, in her situation. 

         But, on the other hand, once they did enable her to conceive…I heard that she was offered selective termination of some of the fetuses to offer them a better chance of being born without difficulties.  I am glad that she did not terminate any of the babies…because i believe that is murder.  It is a terrible no win situation…but , life is life…and whatever she is able to do to legally support those children should be done.

         I do think if she is indeed offered a large sum of money…she should be court ordered to repay the tax payers for any support or monies that she/her family has received from the tax payers as no one else had the choice about how many children she chose to bring into the world.  I truly would be surprised if some reform or investigation is not performed to question the medical and legal ethics of this situation.  What are your thoughts on this story?

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     I don’t know about you…but, I find it heartbreaking that businesses here in the US are dropping like flies.  Today, it was announced that Circuit City has gotten the go ahead to liquidate their assets, since they were not able to secure a buyout or a refinancing plan.  

     Five hundred and sixty seven Circuit City stores in the US are involved; and, that means that over 30,000 employees are now going to be unemployed soon.  The thing is that the merchandise will now be liquidated and it will unleash an ongoing picking of the bones of merchandise; until that merchandise is sold off to help offset Circuit City’s debt load.  There are always those who will take joy or glee from someone else’s misfortune; or find a way to benefit from it.   Just this past week, Osama Bin Laden released a tape where he appeared to gloat at the United States’ financial chaos.  That just doesn’t sit well.

        I hate to even hear about liquidation sales.  In theory, I don’t like the fact that people will flock to those stores to get “great deals” that most of them really can’t afford; but, can’t seem to resist since the prices are at “rock bottom”.   Often, they really aren’t…it is all in the perception.  Still, those kinds of sales feel like vultures are picking the bones of a carcass on the side of the road to me.   

     I’ve often thought to myself…if all of those people who flock to those liquidation sales would have shopped there previous to the liquidation sales; then, maybe they wouldn’t have had to file bankruptsy, and gone out of  business in the first place.  That might be a bit judgemental…but, it is my opinion…nothing more.    On the other hand, the stuff has to be sold to “help” Circuit City meet the financial demands of their creditors.  Therefore, the liquidators are providing a service to the owners and operators that is badly needed.

          It is still sad though that the stores involved in these situations, often even look like skeletons.  They have the heavy environment of sadness and depression.  The workers that stay- -stay because they need every day on the job that they can get, in this economy; before having to pound the pavement looking for a replacement job or filing for unemployment.  The stores begin to take on the appearance of a person who is terminally ill; but, is fighting to survive no matter the cost.  The shelves are bare in spots and the products are often sold without their boxes or original packaging; and, off of display shelves…meaning they are sold as is…with or without instructions, adaptors, cords, or add-ons.  It is terribly sad.  Eventually, there is nothing left to sell but display racks, shelves, registers and lighting. 

     All in all…it ups the pressure on those trying to steer the economy of the US, as it struggles to regain a foothold on the slippery slope to financial stability.  This sad news will add another 30,000 job seekers to the already saturated job market…and, add burdens to those families who are fearful and struggling to survive the financial woes of our country.   It is bad news to those who hoped that 2009 would be the beginning of  a financial recovery period for those who are trying to earn an honest living.   I wish them well.

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       Actor Willie Ames is famous for his roles on Eight Is Enough (1970’s) and in the show Charles in Charge (1980’s), he has had a large fan following over the years.   Willie also starred  in video’s from 1995-2004 as a superhero named Bibleman; winning a whole new generation of young fans.  He became a Christian and an ordained minister after struggling for years with drug/alcohol addictions.  He appeared to have things together in his life.

        Just this past November Willie, and his second wife Maylo McCaslin Ames, wrote a book together called Grace is Enough.  Shortly after this book was published, on Thanksgiving 2008, Willie Ames allgedly tried to take his own life.  This is why God tells us to keep our eyes on him and not on man ( or woman).  We are vulnerable to attacks by the enemy (Satan) and we can fail one another as role models from time to time.  It is unfair to put someone on a pedestal as an example to follow because they are; for all intents and purposes, human just like us.  Only Jesus is the perfect example to follow.

         It seems that Willie found himself in the position of having to declare bankruptsy, having his vehicle repossesed and having his wife of 22 years ask him for a divorce.  I am sure the fear of failure, rejection, the possibility of an upcoming divorce, slipping back to the pull of his addictions, and the financial difficulties all contributed to his suicide attempt.  When people are overloaded with difficulties that come all at once…that is when escape starts to sound good…it is an illusion that a Christian is tempted with by his spiritual adversary, Satan.  Suicide is not a solution…it is an really just another way to self-destruct; it an attack on that person’s physical and spiritual being.  http://www.suicidepreventionlifeline.org/  It is important to seek help when depression and despair overwhelms a person. 

        Willie is a Christian yes, but he is a human being also.  One who has struggled with these issues of addiction and self-destruction.  He has tried to live in a place of leadership; which is admirable.  From reading excerpts of their book….it sounds as though both Willie and Maylo have allegedly come from previous places of dysfunction.  No one lives a perfect life…Christians are a work in progress; and, some of the same negative circumstances and forces that affect non-Christians, affect Christians as well. 

         I hope that through this time of difficulty, that Willie and his family can receive proper spiritual counseling and emotional counseling to help them sort things out.  Certainly, we wish him well in his healing path.  As anyone who had had to struggle with these kinds of issues…it is important to know that support is very important from family, friends and, health care professionals; when it is needed.

          For those who would condemn or look askance at Willie’s actions and ask incrediously, how a Christian could do such a thing; I would counter that by asking that person to think compassionately.  When people are in despair and going through some of the worst situations that life has to offer …faith is a lifeline… but, faith is a fragile thing sometimes.  We are to encourage one another and lift each other up.  While Willie played a superhero….he is not superhuman…he is a man who has to find his way back to a place of prominence, by putting faith into action once again,. 

          Do you think Christians are immune from depression and confusion; or should they be?  Do you know any other Christian who has struggled with addictions and depression and then been able to build their life back up from that desperate place?  Have you yourself been there?  National Suicide Prevention Lifeline

National suicide prevention lifeline: Suicide hotline, 24/7 free and confidential, 132 crisis centers nationwide               1-800-273-TALK       .
http://www.suicidepreventionlifeline.org/
Update:  you may also want to read:  http://www.people.com/people/article/0,,20268391,00.html

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        Titanic, the US economy & rescue boats; what do they have in common?  Much!  Do you remember seeing the pictures of the Titanic ship as she prepared for her maiden voyage?  It was large, it was the ultimate in luxury and it was celebrated as “unsinkable”.  The US economy has sort of lived in luxury even if it has been on “borrowed/credit” monies.  I think many thought the structure of the US economy was unsinkable as well.  We now know differently because of the financial crisis that many have been working so hard to “rescue”.  It is common sense, if you live outside of your means to pay for it…you will loose it all.

          While i think we will probably be saved from the fate of most of the passengers and crew of the Titanic; there are some who will definately suffer.  This morning on the news programs it was announced that the biparisan effort to “fix” the economy has reached a tenative agreement on the way to do that.

           What we need to do is wait to see the methods that are employed in this fix- it solution.  Waiting feels a bit wrong because things are so very important and desperate for many Americans.  There has been suffering already.  Some of the suffers have already been in extreme situations…loosing their homes, filing bankruptsy, working more than one job trying to make ends meet; some have been successful in changing their financial direction and some were not.  Hearing that taxpayers are going to have to fix this problem with more taxes when they are already pushed against the wall is terrifying.  So, some quick explanations of this “bailout”  is very important to calming the fears of the public.

           It is going to be crucial to learn lessons from the Titanic experience.  Even now, knowing that it sunk, knowing that lives were lost…do you think that if the passengers and crew on that ship had each had a bucket and a will to survive that they would not have made the trip up and down the stairs to make an attempt, several times over, to try to bail out the water in the bowels of that ship?  Of course they would have. 

           Had that ship had more lifeboats (rescue boats in our case) would more lives have been saved?  Certainly.  So, What does the Titanic ship and the US economy have in common…they both needed rescuing, they both carried movers and shakers, people had a vested interest in saving them both, lives were and are at stake in both situations.  Can the US economy survive when the Titanic ship did not?  It is possible!

          Let’s pray that the bi-partisan plan has figured in enough rescue boats to save not ONLY the large banking systems, the mortgage companies, the credit card organizations; but, the people at the base of each of those situations…the taxpayers…the recipients of those services.  The little people who are drowning in the flood as we speak need their own rescue ships; or, the overall plan will fail. The future impact of this bailout is not only important to the US but to the global economy as well.

         We must not forget that any of those businesses cannot possibly make a comeback if the little people can NOT afford to make use of those services…and, they can’t do that if they are loosing their jobs, their homes, their families to the high cost of living!  We all want and need to survive…the will to survive is there; if there are enough rescue ships in this plan, we may just be able to keep the ship of the US economy floating long enough to make it healthy again.  We all may be traveling at a lower level than luxury or first class…but, that is alright…at least we will have the chance to recover.  We just have to adjust how we think and make choices in our day to day lives that are within our means to pay for them…what a novel idea!

            

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