Yes and if Americans are thinking that they are going to be exempt from this race to the bottom, they are delusional. If pundits and intellectuals believe that we may take a hit in the West but China will be the new America, they're fooling themselves. The Chinese or Indian "miracle" is based on very cheap labor. If that changes the miracle is ashes. If techno-junkies believe that technology will save our collective butts they are ignorant of modern history. How many bank workers lost their careers to auto-tellers? Even jobs like radiology are now being outsourced via the internet to docs in India making $5 / hr. The guarantee of getting a good paying job after earning a degree in areas like engineering or even business is becoming nul and void. This final descent into oligarchical feudalism will not be stopped unless we the people force the CEOs and their politician toadies to stand down. And that won't happen unless We The People stand up.
say that if the deficit exceeds 3% of GDP the country in question is forced to cut expenses. However, as of yet, the European Union has failed to enforce those rules. At some point they will need to in order to prop up the currency and enforce discipline.
Yes, Spain has done stimulus. Mostly it was misdirected, like ours, at propping up the housing industry.
That's an honest question. Given all the economic data out there, what exactly is the so-called recovery going to build upon? Exports? Consumer spending? A housing boom? Government tax credits?
I believe that's just future student loans, so what to do with current I honestly don't know. You might call your representative's office to see if they can point to something. A new bill has only passe the House, not the Senate, so you might call your Senator to encourage passage.
I concur with your comment as well. It is true that in many cases the cost is not commensurate with the return.I see a lot of students that did not really get a dream job that they wanted and with that said they owed more than what they are making on their job. Well, i am hoping that this would be reviewed by our Government officials that way we will all be in the right track with a positive future.
Wow!!! This is good news for new college students taking bachelors. I am married with 4 kids now and the fourth one just came this MONTH! Having this private loan is really a burden to us financially and also credit wise. Well, back in 2006-07 taking my bachelors degree, i had 2 more semesters to go to take inorder to graduate but unfortunately i think i had accumulated all my federal loans and the President of the financial department advised me to take a private loan(which at that time did not have any knowledge on how it will impact my financial as a student) so i can continue my school and will be able to graduate that year. I was not approved unfortunately (credit & income wise)and would only get approved for the loan amount ($13000)if i have a co-signer. Lucky enough, my cousin did it for me which is really nice of her but is an issue now since her credit is also at risk!!! Right now, i felt that i was deceived by the institution by not advising the right or appropriate way in terms of private loans. It is so frustrating now when i am thinking about it! I am hoping that the law would allow for me to transfer the private loans i owed with sallimae (w/o the interest)to the current federal loan i have base on the federal bill that passed the house this year. Please advise if this option is possible as i am in financial hardship and would really HELP a lot in the long run. Thanks!
I think is also sky high. It's just more evidence that they are labor arbitraging workers frankly.
These debt loads coming from school are beyond belief. So, take your typical STEM (Science, Technology, Engineering, Mathematics), often those take 5 years to get the 120 credit hrs because the course load is so tough.
So, add to that massive age discrimination, which can start as early as 30 yrs., often 35.
So, your career is cut short and on top of it, you've got to earn a living for a good 5 years to even pay off the debt to get the degree.
It would be nice to show just how much lifetime earnings have been cut short with all of this and we haven't even hit 401k BS scam in place of traditional pensions.
Yes, no doubt about it the Fed did zero, when they were chartered with protecting the consumer.
But back to their new agenda to limit executive pay, Ritholtz wrote up a blog piece in which he saw what I did...
we cannot get any real reforms through Congress, i.e. Congress is the one who repealed Glass-Stegall, congress is so bought and paid for you can't get anything through..
so while the Fed sucks, they can play end runs on Congress.
I guess this shows how bad the situation really is when people, such as Ritholtz (and me in the peanut gallery) realized this and were pointing this out when all of us have been also blasting the Federal Reserve for their complicity in all of this.
During the boom, however, the Fed left those powers largely unused. It imposed few new constraints on mortgage lending and pulled back from enforcing rules that did exist.
The Fed's performance was undercut by several factors, according to documents and more than two dozen interviews with current and former Fed governors and employees, government officials, industry executives and consumer advocates. It was crippled by the doubts of senior officials about the value of regulation, by a tendency to discount anecdotal evidence of problems and by its affinity for the financial industry.
We were providing the Fed with more than 'anecdotal evidence'.
owned subprime lenders and many cases subprime/predatory lenders. And that wasn't enough they were the favorite purchasers of mortgage companies such as New Century Financial.
This was a FMN here, click the link for easy watching.
Then, Wells Fargo and other large banks are moving into payday loans.
I think you nailed it Rebel. These financial institutions have been preying on the U.S. middle class, "consumer" and making huge profits, all the while they have literally ruined lives.
They want to continue to do this and that's the bottom line, somewhere the government must say no, sorry you do not get to make profits through predatory and loan shark style practices.
Yes and if Americans are thinking that they are going to be exempt from this race to the bottom, they are delusional. If pundits and intellectuals believe that we may take a hit in the West but China will be the new America, they're fooling themselves. The Chinese or Indian "miracle" is based on very cheap labor. If that changes the miracle is ashes. If techno-junkies believe that technology will save our collective butts they are ignorant of modern history. How many bank workers lost their careers to auto-tellers? Even jobs like radiology are now being outsourced via the internet to docs in India making $5 / hr. The guarantee of getting a good paying job after earning a degree in areas like engineering or even business is becoming nul and void. This final descent into oligarchical feudalism will not be stopped unless we the people force the CEOs and their politician toadies to stand down. And that won't happen unless We The People stand up.
Trade imbalance
Current Account imbalance
Income inequality
Labor/Management imbalance
federal budget imbalance
Shall I go on?
It is all about jobs - good paying jobs for Americans.
RebelCapitalist.com - Financial Information for the Rest of Us.
say that if the deficit exceeds 3% of GDP the country in question is forced to cut expenses. However, as of yet, the European Union has failed to enforce those rules. At some point they will need to in order to prop up the currency and enforce discipline.
Yes, Spain has done stimulus. Mostly it was misdirected, like ours, at propping up the housing industry.
That's an honest question. Given all the economic data out there, what exactly is the so-called recovery going to build upon? Exports? Consumer spending? A housing boom? Government tax credits?
and none of us said anything either!
I mean this is why the blogs are important, they completely ignored so much of this...
I guess it's good they finally are reporting on it, but for the most part, most of this didn't make the MSM.
Things will pick up eventually. Most likely there will be more jobs available at the start of 2010.
I believe that's just future student loans, so what to do with current I honestly don't know. You might call your representative's office to see if they can point to something. A new bill has only passe the House, not the Senate, so you might call your Senator to encourage passage.
goes over 3% of GDP? -11% gdp and 25% unemployment did I read that right? Thats a nightmare. Has Spain done any stimulus?
Mortgages: New Rules for High-Cost Loans take effect on Oct 1st
Incredible. Thank you Alan Greenspan.
RebelCapitalist.com - Financial Information for the Rest of Us.
Jim,
I concur with your comment as well. It is true that in many cases the cost is not commensurate with the return.I see a lot of students that did not really get a dream job that they wanted and with that said they owed more than what they are making on their job. Well, i am hoping that this would be reviewed by our Government officials that way we will all be in the right track with a positive future.
Regards,
DaveB.
Wow!!! This is good news for new college students taking bachelors. I am married with 4 kids now and the fourth one just came this MONTH! Having this private loan is really a burden to us financially and also credit wise. Well, back in 2006-07 taking my bachelors degree, i had 2 more semesters to go to take inorder to graduate but unfortunately i think i had accumulated all my federal loans and the President of the financial department advised me to take a private loan(which at that time did not have any knowledge on how it will impact my financial as a student) so i can continue my school and will be able to graduate that year. I was not approved unfortunately (credit & income wise)and would only get approved for the loan amount ($13000)if i have a co-signer. Lucky enough, my cousin did it for me which is really nice of her but is an issue now since her credit is also at risk!!! Right now, i felt that i was deceived by the institution by not advising the right or appropriate way in terms of private loans. It is so frustrating now when i am thinking about it! I am hoping that the law would allow for me to transfer the private loans i owed with sallimae (w/o the interest)to the current federal loan i have base on the federal bill that passed the house this year. Please advise if this option is possible as i am in financial hardship and would really HELP a lot in the long run. Thanks!
Sincerely,
Dave B.
I think is also sky high. It's just more evidence that they are labor arbitraging workers frankly.
These debt loads coming from school are beyond belief. So, take your typical STEM (Science, Technology, Engineering, Mathematics), often those take 5 years to get the 120 credit hrs because the course load is so tough.
So, add to that massive age discrimination, which can start as early as 30 yrs., often 35.
So, your career is cut short and on top of it, you've got to earn a living for a good 5 years to even pay off the debt to get the degree.
It would be nice to show just how much lifetime earnings have been cut short with all of this and we haven't even hit 401k BS scam in place of traditional pensions.
Yes, no doubt about it the Fed did zero, when they were chartered with protecting the consumer.
But back to their new agenda to limit executive pay, Ritholtz wrote up a blog piece in which he saw what I did...
we cannot get any real reforms through Congress, i.e. Congress is the one who repealed Glass-Stegall, congress is so bought and paid for you can't get anything through..
so while the Fed sucks, they can play end runs on Congress.
I guess this shows how bad the situation really is when people, such as Ritholtz (and me in the peanut gallery) realized this and were pointing this out when all of us have been also blasting the Federal Reserve for their complicity in all of this.
From WaPo article:
We were providing the Fed with more than 'anecdotal evidence'.
RebelCapitalist.com - Financial Information for the Rest of Us.
H/T to Calculated Risk
As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking
I maybe updating the story.
RebelCapitalist.com - Financial Information for the Rest of Us.
And Robert says it HERE is a national usury law - a cap on interest rate.
Here again is the action item that Robert points out in his post.
RebelCapitalist.com - Financial Information for the Rest of Us.
Basically has to be said "this is wrong, this is illegal" period. To me the reason the Mafia lost power is because corporations moved into their turf.
If it was wrong for organized crime, it should be wrong for corporations.
owned subprime lenders and many cases subprime/predatory lenders. And that wasn't enough they were the favorite purchasers of mortgage companies such as New Century Financial.
State gets subprime loan cuts for 700: Reaches $60m accord with Wall Street giant; Bank played big role in packaging of debt
RebelCapitalist.com - Financial Information for the Rest of Us.
This was a FMN here, click the link for easy watching.
Then, Wells Fargo and other large banks are moving into payday loans.
I think you nailed it Rebel. These financial institutions have been preying on the U.S. middle class, "consumer" and making huge profits, all the while they have literally ruined lives.
They want to continue to do this and that's the bottom line, somewhere the government must say no, sorry you do not get to make profits through predatory and loan shark style practices.
I lifted this from a New York Times article.
it's like a small group of people all with a map of the globe....what's the message? We run the world? This is our dining room table?
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