My OperaMan this is gonna hurt...
Wednesday, June 10, 2009 3:48:40 AM
Hey folks. I've never blogged before but figured I'd give a go here and selected the two title, I think appropriately. First, I've never really thought of myself as someone who was part of the establishment but someone who worked for those with no voice. This is probably why I have no material belongings but a wealth of great people around me. My profession is one of helping people with behavioral needs and running a service that helps over a thousand of those families/people a month. I work with 85 people on my team and am afraid even with the government "bail out" I may lose workers and the ability to help the disabled.
Enough exposition, l8r for that.
Man this is gonna hurt:
While most of the media has covered the wonderful things that the governments have done to prop up the mess that is the global economy, I believe that their effort have only really helped the banks and big money and haven't really addressed the need of the rest of us. Mark Twain said, "A banker is a man who will lend you an umbrella when the sun is out but expect it back the moment it rains." I love that line especially today.
So if I have it right here in the good ole USA, Banks were failing on mortgages they insured from AIG. Those loans went into the toilet. When that happened they called their insurer. The insurer, AIG was about to default so USA citizens covered AIG's bad bets. AIG paid their insured interests and the Banks also got bailed out. Where did all that money (banks ot paid twice) go? No wonder the banks are paying back the bailout money... If we didn't limit executive pay, that wouldn't be happening.
MEANWHILE, people got laid off because money got tight. If You missed a payment or just cause you had an account that wasn't paid in full monthly, the loan sharks (banks) raised the interest rates on everything. So even if you have been a good customer, your "account" terms changed. NOW, the government decided that they'd fix this problem by structuring the way credit could be offered and loan terms changed. That dog wont hunt. Those new rules are kicking in after WE addicts are already hooked on credit or are "under water" on what we owe. So BOA or Citi now have a year to put the brass knuckles on and enforce their ridiculous demands before the "reforms" kick in. So if Vito wants to raise your rate... so be it. So just what is being a loan shark?
Too bad the government didn't just give every family in America a guarantee $100,000 fixed interest loan to let families under water get righted. Instead, Citi, BOA and the rest of the loan sharks, made their bets whole with bail out and insurance money then raised interest on their debtors since they need to raise cash and now have a year to restructure the addicts debits so they remain on that "killing line." Am I wrong? Join the conversation.
Enough exposition, l8r for that.
Man this is gonna hurt:
While most of the media has covered the wonderful things that the governments have done to prop up the mess that is the global economy, I believe that their effort have only really helped the banks and big money and haven't really addressed the need of the rest of us. Mark Twain said, "A banker is a man who will lend you an umbrella when the sun is out but expect it back the moment it rains." I love that line especially today.So if I have it right here in the good ole USA, Banks were failing on mortgages they insured from AIG. Those loans went into the toilet. When that happened they called their insurer. The insurer, AIG was about to default so USA citizens covered AIG's bad bets. AIG paid their insured interests and the Banks also got bailed out. Where did all that money (banks ot paid twice) go? No wonder the banks are paying back the bailout money... If we didn't limit executive pay, that wouldn't be happening.
MEANWHILE, people got laid off because money got tight. If You missed a payment or just cause you had an account that wasn't paid in full monthly, the loan sharks (banks) raised the interest rates on everything. So even if you have been a good customer, your "account" terms changed. NOW, the government decided that they'd fix this problem by structuring the way credit could be offered and loan terms changed. That dog wont hunt. Those new rules are kicking in after WE addicts are already hooked on credit or are "under water" on what we owe. So BOA or Citi now have a year to put the brass knuckles on and enforce their ridiculous demands before the "reforms" kick in. So if Vito wants to raise your rate... so be it. So just what is being a loan shark?
Too bad the government didn't just give every family in America a guarantee $100,000 fixed interest loan to let families under water get righted. Instead, Citi, BOA and the rest of the loan sharks, made their bets whole with bail out and insurance money then raised interest on their debtors since they need to raise cash and now have a year to restructure the addicts debits so they remain on that "killing line." Am I wrong? Join the conversation.
