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Posts Tagged ‘banks’

         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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        The Sky is falling…the sky is falling…does anyone remember that saying from the children’s story…Chicken Little?  That is how I am feeling today about the hysteria surrounding the money markets.  The more that the warnings go out…the more hysteria that takes place, which then makes the markets more unstable.  The dow is beginning to resemble a roller coaster ride.

          I fell for it…and i am sure there are others who are biting the bullet as far as the panicked feeling.  Everyone is panicking.  Other countries are panicking too.  Because of it…the instability is contagious.  Everyone needs to stop….take a deep breath and let things settle for a few days.  Don’t sell out of panic…don’t buy out of panic…just stop and let things settle into what they are; do what you normally would do.

          I know the need to protect what you have worked for, i know the need to keep your personal finances bubblewrapped to the best of your ability, i know the fear that won’t let you sleep because you may not be able to send your kids to college, retire, or live without too much heartache with your daily spending.  Truth is, most of us needed to tighten our belts and live the way we were taught which is to save up to buy what you want…not overextend yourself with credit and pay as you go.  This is common sense.  It is also common sense to establish some credit…but you must be vigilant and pay it as it comes due…not let credit become the disaster that it has become.

          Businesses, banks, real-estate companies all are in the position that many of us regular people have been in.  The problem is that they can’t operate if their customers can’t pay.  We can’t pay if we don’t have jobs or homes to live in.  It is a vicious cycle.  Everything needs to stabilize long enough for an honest evaluation of where we are at.  At the moment, it is like a lake that has had a boulder fall from the cliffs into the center of the lake; there are ripples that are still rocking the boat floating on the surface.   The shifting that keeps taking place is definately keeping the extent of the damage unclear.

         Putting measures into effect to try to “correct” the market is just going to continue to keep things out of control.  This whole financial crisis is scary as heck…i won’t deny that.  But, we have no accurate way to measure the actual scope of the damage.  There is something to be said for an old adage such as, moderation in all things. 

         The people & companies that put us in this situation are going to have to make better decisions, they have to have consequences for the mistakes that they have made, and they are going to have to put procedures into place to prevent repeating the same mistakes.  The housing markets, the oil companies, the credit card companies and the banking industry all need to take stock of how they have each added to this disaster, and do a review of business 101.  Make more than you spend, lend less than you can afford to lose, and build trust and relationships with your customers!  What a novel idea…we can all learn from those practices.

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         What a stinking mess we are living with.  Fear smells up a place…we have a huge financial crisis, a huge political crisis; and, it could be a privotal moment of rescue or a plunge into the abyss and truthfully, the whole thing could go either way!

          Huge meetings are taking place in Washington…panic is like a throbbing headache…it is there making it presence known…threatening to turn into something much worse than a mere pain.  Into the frey, we have a bailout plan that was possibly agreed upon, until some say McCain derailed it with the House Republicans who disagreed strongly with parts of the plan. 

          Throw on top of that…a debate that is scheduled for tonight between Sen. McCain and Sen. Barack Obama.  Battle lines have been drawn, in a somewhat blurry manner.  Sen. Obama says he will definately show up for the debate…McCain says…we should reschedule the debate and focus on this immediate crisis with a plan for the financial stabilization for our country.  Our leaders have been in financial denial too long to let this negatively impact our country any longer.  It is time for commitment to understanding the problem and taking action.

          Who is correct…Obama says the debates are important to help the people understand how the Senators would handle things if they were the chosen one for the Presidential office.  McCain says, these meetings in Washington are critical and that they should be involved in them.  This whole thing is larger than a difference of opinion.  Does it say something very basic about Obama’s nature to hold to the plan for the debate when all of the rest of the country is focussed on this crisis?  Does he feel set apart from it all?  Or is he making a statement by letting the others take the action behind the scenes?  Is he right to stay out of it?  Or should he be more involved? If he doesn’t get involved in the planning of the bailout…will he understand best how to run the country if he should win the election?  Will Obama will the voter’s approval in November for not going to Washington at this time? 

        Is McCain right to be in the middle of things?  Should he be in there fighting for the things to be included or excluded in the bailout plan?  If he wins the election will it help him to run the country by being involved in the planning of the bailout?  Should he back out of it and go do the debate?  Will McCain’s involvement hurt his chances for election in November?  Or will he be seen as trying to make a difference?  Does his involvement help or hurt his chances for election?

          What i don’t understand is why they both can’t be right?  Why can’t the debate be moved to Washington and take place there…while the rest of their time could be focussed on the meetings to keep current on what is happening behind closed doors.  Those meeting are going to not only impact the country in deep and profound ways…but, will also impact whoever does end up in the Presidential position!  This is real, this is so much bigger than either of the candidates and they both need to understand that the American people are going to have their decision made for them by the end of this crisis!

          This is no time for game playing, no time for political mud slinging, no time for experimentation…this country is looking for someone to take the helm of this country and be proactive in guiding the ship to a safer, less rocky course than it is on at this very moment in time. 

          Wall Street is in turmoil, the American tax paying public is in no position to fund a bailout when most of it’s residents are barely surviving as it is.  Banks are collapsing, housing is bottoming out, businesses are busting out all over the place, people’s investments and retirements are in jeparody…this is shaky ground; reminescent of what happened in Russia just a few short years ago. 

          Other countries are getting nervous as well.  Beware of the person who says they have all of the answers…because no one possibly can.  This is uncharted areas of expertise.  The last thing we need is a knee jerk policy…however, we need to start doing some major corrective action or things will not be able to recover. 

           Anyone with half of a brain knows that you don’t make crucial decisions when everything is imploding…because you need to make rational choices.  How in the heck did we get this far gone in this country before the “experts” in the markets and financial infrastructure sent up a red flag or a flare?  Couldn’t they see this coming down the road early enough to start changing the direction of this disaster?

           People’s very quality of life is slipping through the cracks of our governing body.  Something has to be done…but, who knows best?  Who do we trust?  Are we going to waste time having a political showdown between the two very people who could possibly be running the government in less than two or three months?  The sky is falling people…the sky is falling…for real this time; we are not crying wolf when we say…we need an immediate comprehensive plan to stop this country from disappearing into a black hole in the universe!  It is time to pray for the leadership of this country and ask that they be given wisdom in their decision making!!!  update:  Breaking news…McCain now says: he WILL attend the debate this evening in Oxford, Mississippi!

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       With all of the economic shake ups taking place in the United States…i was just wondering…is anyone else feeling a rising, fearful sense of dread and panic?  It has building for the last year and a half with the mortgage crisis, rising costs of food, gasoline, home heating fuels, foreclosures, and job downsizings.  Now on top of all of that…we are seeing the fall of the major financial instutions in our country.

       Some Americans, in portions of our country, have been seeing and feeling the economic sense of dread and panic rising for quite some time.  It started with many job markets closing down or moving out of country (outsourcing) and then we started to see the domino effect from credit card lapses, missed mortgage payments, vehicle repossessions and then, foreclosures of homes that probably never should’ve been financed in the first place.  It has been, and continues to be, a chain reaction.

       The culture of over-indulgence, and pay later, mindset has decided to reveal it’s consequences.  There was no safety net in place to cushion the blow.  Once again in America, our quality of life is being threatened in a way that has the potential to bring our country to it’s knees; similar to the Great Depression that we all studied about in history class as children.  It has gone beyond a wake up call and moved to a place of drastic correction.  How are we going to deal with that as a nation?

      Tonight, President Bush is going to be speaking to the American citizens on the economic crisis that this country faces.  Minutes ago, Sen. John McCain made a statement saying that he is suspending his Presidential campaign to go to Washington to help deal with the historical financial crisis; McCain is calling on Sen. Barack Obama to put the campaign aside for the time being to focus on a bi-partisian solution.  Now is not the time for political game playing.  Anyone who dares go there…will loose the election for sure just because of it.  A commitment must be made to work on the issues that we are facing and stop playing word games and power plays to get attention.

        Time is of the essence at the moment; the impact has the potential to deconstruct the global economy.  Not only are our citizens watching and waiting to find a solution…other countries are doing the same.  Is there any possible way that we can as a nation and as individuals recover from this mess?

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      Here we go, the Republican party is gearing up for next weeks Republican National Convention.  Sen. John McCain is ready to announce his running mate.  Conservative supporters are warning that funding and advertising support can, and will, be withdrawn if he chooses a running mate that is pro-abortion.  Two of the people he is considering as a running mate are pro-choice…that is Sen. Joe Lieberman and former Pennsylvania Govenor Tom Ridge. 

       Of course, abortion is only one issue.  There are many issues to consider such as gay rights, health care, the war and bringing home the military men and women, economy, bank failures, terrorism,foreign policy, housing market, joblessness, federal bailouts in the lending and in transportation, education, cost of living and social security issues…but, with many Democrats unhappy with the elimination of Hillary Clinton as a running mate for Sen. Barack Obama…many of her supporters have pledged their support over to John McCain.  All of these issues is important to voters; but the Republican party is typically conservative.  Conservatives are looking for leadership that is going to reinforce the party’s basic standards as well as provide some economic stability in the country; while at the same time, correcting some of the perceived errors in the present administration.

         Also in the realm of possibility is Minnesota Govenor Tim Pawlenty and former Massachusetts Mitt Romney…both anti-abortion proponents.  With all of the difficulties since the last election, it is a little frightening to be standing on the edge of the unknown this time around.

         Sen. John McCain has to be very careful about who he announces as his pick.  He doesn’t want to exchange many of his supporters, with deep pockets, for those unhappy Democratic supporters.  If he is wise in his choosing of a running mate…those Democrats will be additional voters not replacements for those who were supporters in the first place; it could have a big impact.  

          I guess we are about to find out…as it has been announced that Sen. John McCain has picked his running mate and will announce it to the American public on Friday at noon in Ohio.  His running mate will get the word on Thursday!  I don’t think that people have been this anxious about the political arena as they are this year…but then, most people agree…the climate in the American culture hasn’t been as critical as it seems, at this time…for a great many years.  The outcome is terribly important.  Let’s hope that the running mate is a pick that many can get behind without controversy taking away from the issues at hand.        

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       Have you heard about the Presidential Dollar Coins?  The US Mint is honoring our Presidents in the order of their service to our country; by producing coins with their likeness on them.  The goal is to honor the Presidents, and to save the country millions in production costs that the paper dollars incur just by the wear and tear that they receive during their use.  The coins are expected to be more indestructible.   By lasting longer than the traditional paper dollar; it will save the United States, a good chunk of change 🙂  Sorry, I just couldn’t resist saying that!

       This year’s coins are:  Presidents, Monroe, Adams, Jackson and Van Buren.  On the back of each coin is an image of the Statue Of Liberty.  Along the edges of the coins are the words, In God We Trust and the year as well as the minting mark.  You can check out their site here:  http://www.usmint.gov/mint_programs/%241coin/ and there you can find out the release schedule as well as how to direct order the coins and coin boards.  Most banks or credit unions either have the coins or can get them for you as well. 

       I have been seeing television commercials encouraging the use of the Presidential Dollar Coins.  In fact, there seems to be an experiment going on by the US mint to try four test marketing communities.  There are four cities that are being used to test the public’s willingness to use the coins in their daily lives.  Those four cities are:  Austin-Texas, Charlotte- North Carolina, Grand Rapids-Michigan, and Portland-Oregon.  These cities will be urging their citizens to use the coins for everyday tasks; business owners will also be part of the plan of encouragement.  It is hoped that this experiment will increase the demand from other cities to trade paper dollars for coin. 

       I wonder though, if technology will keep up with the experiment.  Will vending machines, automated car washes, pay telephones, parking meters, toll booths, and the like accept the coins, in place of the traditional paper dollar?  Will you be more likely to use the coins, use traditional dollars, or, use the coins for collecting purposes?

       

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