copyright © 2012 Betsy L. Angert. Empathy And Education; BeThink or BeThink.org
Dearest Mitt . . .
I am unsure if we have had the pleasure of an in-person exchange. I too travel in political circles. However, I do not recall. Perhaps we met in the past. I trust I have done business with you and your firm, Bain Capital. Bravo on your successes.
Please allow me to introduce myself by way of this letter. This morning, I caught a glimpse of your Today Show interview with Matt Lauer. I heard you speak of the exaggerated envy now heard on the campaign trail. Oh, my friend Mitt, how I relate. If I might; well stated my man. People do want what they do not have. First Bain, then the White House. Indeed, one Chief Executive position ensured that you were a world power. The other is but a natural transition. Instead of having a seat at the table of global influence, as President of the United States, you, old man, will own the table.
Posted in Economy Economics, Elections
Tagged Bain Capital, bankruptcy, big business, capitalism, Elections 2012, Envy, Equity Firms, Free Enterprise, Free Market, Gains and Losses, Ill Gotten Gains, income inequality, influence, Matt Lauer, Mitt Romney, money, poverty, Presidential Politics, profits, Rick Perry, Venture Capitalism, Vulture Capitalism, Wealth
By Torrey Shannon
It appears the Veteran’s Administration has been flying under the radar when it comes to their contribution to the homeless veteran population. Due to a backlog in processing thousands of disability claims, military members and their families are forced to live on the streets because of foreclosures and are heading into bankruptcy courts at an alarming rate.
Most of the wounded veterans I know have waited more than six months to get their first disability check from the VA after leaving the military. By the time they got their first payment from the VA, they were bankrupt or had lost their home to foreclosure.
You’re headed for bankruptcy court tomorrow. It’s been a long and difficult road. You and your husband both worked. You made decent money. Then your husband became ill. There was no sick leave because he worked for himself. His disability insurance had a six-month delay and only covered half of the lost income. That was all you could afford. (Image Wikimedia Commons)
His condition was critical and required medication three times a day at a monthly cost of $2500. Your company plan covered your husband but it didn’t cover the medication because the insurance company termed it experimental. It was the sole option for the crippling illness according to the three specialists consulted.
Your husband contributed 40% of the family income. The loss was a big hit but you persevered. You couldn’t sell the house, even if you wanted to. It was $150,000 upside down. There was no federal or bank program to relieve that burden. After four months of cashing in a modest 401(k), it became obvious that you couldn’t make it. You needed relief and time for your husband to get well.
You consulted your accountant. On his advice, you decided to file for bankruptcy.
The ForeclosureGate scandal poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless. (Image)
Foreclosure practices lift the veil on a broader set of interlocking efforts to exploit those hardest hit by the endless economic hard times, citizens who become financially desperate due medical conditions. A 2007 study found that medical expenses or income losses related to medical crises among bankruptcy filers or family members triggered 62% of bankruptcies. There is no underground conspiracy. The facts are in plain sight.
ForeclosureGate represents the sum total illegal and unethical lending and collections activities during the real estate bubble. It continues today. Law professor and law school dean Christopher L. Peterson describes the contractual language for the sixty million contracts between borrowers and lenders as fictional since the boilerplate language names a universal surrogate as creditor (Mortgage Electronic Registration System), not the actual creditor. Other aspects of ForeclosureGate harmed homeowners but the contractual problems that the lenders created on their own pose the greatest threats.
Posted in Economy Economics, Obama and Company
Tagged bankruptcy, big banks, bush, courts, Elite, ForeclosureGate, foreclosures, fraud, mortgage, obama, settlement
By Michael Collins
Not if a state owes you money!
Jeb Bush and Newt Gingrich just published an OpEd in the Los Angeles Times arguing that states would be wise to consider filing bankruptcy to relieve their financial troubles. They cite three states, California, Illinois and New York, while failing to mention the angry elephant in the living room with similar problems, Texas.
Texas faces a $25 billion shortfall for a $95 billion two-year budget. That equals California’s 18-month deficit inherited by the recently inaugurated Governor Jerry Brown.
“So why haven’t we heard more about Texas, one of the most important economy’s [sic] in America? Well, it’s because it doesn’t fit the script. It’s a pro-business, lean-spending, no-union state. You can’t fit it into a nice storyline, so it’s ignored,” said Business Insider.
Posted in Economy Economics, Military, Neoliberalism
Tagged bankruptcy, brown, bush, Debt, gingrich, greed, malthus, money, people, sates