Oh What a Tangled Web We Weave.
Posted: Thursday, November 13, 2008
by straight talk
The destruction of the American economy in my opinion has been brought about by so many entanglements it seems unending. From mortgages, to loans, to credit cards, to investing and the market, etc, etc, etc, the web grows bigger and bigger and the entanglements interwoven throughout every nation. Turn in one direction trapped, go in another caught, backup snared.
So what can one look for as signs? The retail season just one small sign. Well certainly one can look at the new emerging pension threats I spoke to quite awhile back. It seems that those who have those nice fat pensions and heath care may all of a sudden find themselves with nothing or just a fraction of what they have now unless they too are bailed out? Yes and if one wonders why one can plainly see much of it was by their own hand? Yes fact, many of them did not and do not own the very products they made, a GM, Ford or Chrysler car or any other product. Many say they wouldn't own them. Well they have reaped what they have sown. Oh and yes what is really American anyway about these vehicles or any other product but for the name? Is that not evidence enough? Hey there are millions who may be out of work and untold impacts. Yes they will bail them out. They have to no chocie. Oh and yes as they said things have changed and what they thought when they passed the bailout doesn't apply any longer. How strange they promise one thing but deliver another.
Yes and now they are going to "help" homeowners stay out of foreclosure not buy the bad debt. Yes, really, lower their monthly payments, once again I must say, really. I hate to say it over and over again but by fact and experience that is not how they help. Have you ever read my earlier articles on Foreclosure help? Yes 40 years on a lower rate not 30, You will have to pay that special PIP protection which adds about 20% to the top end and yes of course the finance fees, and after all of that you will save about $25.00 a monthly and owe more then you started with. Once again, real help now isn't that? Yes and still stuck with that home worth 1/3 of what you owe. How do I know? Been there done that. No real choice and now I owe more then I did before I started and pay more a month then before because they require PIP and escrow. Hey don't believe me it is only fact. Yes they call it help and sadly many buy into it.
Yes and our very nice governor, a good man at heart, out of my home state telling the GOP to come on down and model his state government. Get this a "common sense approach". Well sorry I have been writing about this state for multiple years and sadly in my opinion this nice man does not get it yet. One of the leading states for foreclosures, low wage jobs, a right to work state which means you work out of fear and intimidation, no to little benefits, hurricane insurance through the roof, need one go on? Please, I say that again, please don't model this state or how it operates or I should say doesn't. You think it does, then all I can say is I pity you and I do not mean that in any disrespectful way.
So what else can one get mad over. Ok once again I will say it yet it doesn't matter, that is, anything being done about usury on Credit Card debt? You can bet you're a _ it isn't and it won't be. Yes help for middle income Americans but not average America, fact. Yes and don't be lulled into that "hardship" program that you may find out you never even had. Yes and that debt forgiveness, it will never happen. They have you by the that and they will squeeze it hard. So the American Dream, please, once again, give me a break, gone. Ok need an example, with 20% down and a really good credit score you can't get a mortgage. I know for fact a person just got a loan on a car. The base price $23,000, now let me ask you, what average American can ever afford that? Do you think that is why they don't sell cars? Do you really think credit is the total answer, really? Let me ask that again, really, for the 50 to 60 million and climbing who can't afford the basics any longer, really? So he puts $7,500 down plus a $500.00 rebate and a trade worth $1000.00 and he still couldn't get the loan. After three days and the dealer begging he got a loan and not with his bank. Hey at what rate and only for 4 years. $400 plus a month. I ask you, no not you making your 80 or 90 k but you as an intelligent person, can any average American afford that? That is any making under $50,000 a year if that? Common now I'm only asking questions.
Jobs, we need jobs. Ok why talk it doesn't matter. What jobs, when and for who? Change where and for who? Negative, pessimist, no realist my friends and it sadly reality will be coming to your local neighborhood real soon if it is not there already.
You know by fact as more lose the situation will grow worse and worse impacting even those who thought they were safe, insulated from it all. However, good news, that is do not fret, change is coming, only not right now. We have to have our new President and Congress, yes all new, sworn in and get established. Why I'll never know they never left. About April, May or June the changes will start to come and hit the street about summer next year. Like I said you will cheer for them. That is you who they will help. Not negative, please understand, many will be too far gone by then.
So, I also recognize it is coming. However, like I just said in my opinion for those lost, cast aside, destroyed, too little, too late. The facts my friends, the sad facts. No please don't get mad at the messenger, face reality for what it is. So like I say keep looking up, don't give up your faith and hope, it is close at hand. Perhaps closer then we all think?
Robert T. Melaccio Sr. 2008 Copyright 2008 Robert Melaccio Sr.
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