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Posts Tagged ‘countrywide’

bail-out-plan

When we used to hear the words “bail out” we would usually associate it with a sentence like, “I just had to bail out my crack addict cousin from jail.”  I find myself wondering if it isn’t a coincidence that such a pairing of words is considered appropriate for what we find being implemented by our government today.

 

Based on the information that we’ve been fed by the media, yes, I believe it was a crime what Bernie Madoff did to his investors. Clearly he was derelict in his duties.  However, I’m wondering why Madoff is a criminal and yet the heads of Goldman Sachs, AIG, Countrywide, and so many others aren’t considered a member of the criminal league? While Madoff is accused of abusing $50 billion, Goldman Sachs, AIG and others are truly guilty of abusing significantly more!  And yet there are no criminal charges brought against these leaders.  Were these professionals derelict in their duties?  Yes.  Were they apathetic towards their handling of others money?  Yes.  In such a world that we live in, there’s simply no excuse NOT to make money with so much money.  Madoff was an idiot not to have succeeded in making a return on investments of over $50 billion as are the heads of so many of these Wall Street companies and banks. Yes, indeed these criminals are being bailed out at the expense of the honest tax paying citizens of this nation.  And all for naught.  Think about it.  Does the bailout for these banks and investment companies do any good financially?  I mean really!  Does anyone think that once the nation has seen how such companies mismanage funds that any sane person is really going to trust these same companies with their retirement money?  This bail out is as insane as throwing money at the Diamond Pet Food company who poisoned so many pets due to dereliction and apathy just so that they could recover from the financial hardship such an error created!  Hey, while were at it, let’s go back in time and bailout all of the dot com companies that caused such a financial hardship for so many investors!

 

Of course we have politicians in favor of such payouts.  Apparently many of them have a problem even acknowledging that such monies are coming from their tax dollars as many of them have not even paid their taxes!

 

automotive-bailoutGeneral Motors and Chrysler just received a portion of this criminal action reward in the form of billions of dollars.  Even more ridiculous is that these companies are already anticipating failure in spite of such a bail out, as they are already projecting a need for another $14 billion!  I’m sorry.  Would that kind of strategy work for any homeowner in the U.S. today?  “Hey. I know you just gave me a loan of $1 million for a home I can’t currently afford.  So in order to make up for the shortfall I need to borrow another $2 million.”

 

Here’s the even more insane aspect of this bailout.  General Motors and Chrysler can STILL declare bankruptcy somewhere down the road and the American taxpayers will never be paid back.  And yet the American people do not have the luxury of declaring bankruptcy as a result of our tax burden.  Nope.  You can file bankruptcy and be relieved of debt for everyone else in the world except the U.S. Government.  You don’t pay them.  You go to jail. 

 

Perhaps if these automakers didn’t promote aggressive price haggling and foreign outsourcing of some of their production process they could have enjoyed more long-term customer loyalty.  While I did not get the opportunity to vote against my tax dollars being used in such a criminally insane manner, I can vote now.  And so should you.  I intend to “vote” by solely rewarding automakers who are fiscally responsible with their companies.  If money can be handled so haphazardly by these automakers, then I can’t help but wonder how conscientious these same automakers are in making my vehicle safe enough to transport my family in.  I vote no more GM or Chrysler.  If GM and Chrysler are willing to sell their soul to the devil (ie: government control in exchange for the money they received) then what are they willing to sell my safety for?

 

Does failure really deserve a reward such as those given on the backs of the taxpayers?  In that case, perhaps the British should still rule our nation.  NOT!

Copyright 2009 Kellene Bishop. All rights reserved.
You are welcome to repost this information so long as it is credited to Kellene Bishop.  

 

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Yup. You may not be able to fix stupid, but in this case, I think it’s perfectly legal to kill it.

Wow! I thought the majority of discrimination had been eliminated nowadays. Clearly I’m wrong and somewhat naïve though. Can you believe it? American Express is now openly admitting that they are lowering their credit exposure to individuals based on whether or not they have a loan with a mortgage lender that ALSO lends to sub-prime candidates and if the client has the audacity to shop at stores where low income individuals also shop. And apparently they aren’t the only ones to enact such insulting practices in the credit card industry.

Wells Fargo used to be one of the most aggressive sub-prime lenders in the nation. They are soon to be poised as one of the largest banks with their takeover of Wachovia, even if only receiving a portion of the assets of that bank. And yet someone who qualifies for an “A Paper, Roll Out the Red Carpet loan” from Wells Fargo could be targeted with less favorable terms because of Wells Fargo’s subprime division.

Countrywide was very aggressive in the subprime market as well. And as you know, Countrywide has bit the dust. Regardless of the fact that A paper, reputable, and financially strong banks have purchased Countrywide’s mortgage assets, you could still be financially penalized because you have a loan with them. Ironic isn’t it? You can pay perfectly on your loan with absolutely no hiccups, but because the company you make your check out to every month has made questionable decisions in their lending practice, your access to credit is compromised?

Is it just me, or is this absolutely ridiculous? (Warning: Sarcastic tirade up ahead) Let’s compound the suffering of the American people by penalizing them for the actions of others yet one more way. And when they try to react to the economic crisis by shopping at Target or Wal-Mart to make their dollars stretch that much more, let’s assume that they should be treated as a trailer trash drug addict and credit derelicts and minimize their accessibility to credit. After all, drug addicts have to shop somewhere, right? And if you’re dumb enough to shop where the financially struggling do, then your access to credit should be minimized, if not taken away all together! And while were at it, we should also be take preemptive measures and round up and put to death anyone who has the name of Charles or Manson or Oswald- just to be safe, you know.

Yup. The dumb keep getting dumber folks. This outlandish decision has three Code Red ailments.

  1. It holds the potential to increase the gap of distance between the wealthy and the other classes. Such a gap can foster a surge in pride and snobbery.
  2. If affects the spending ability of the wealthy. And I’m telling you… the wealthy do not like to be told what to do with their money. The wealthy now have reason to literally FEAR shopping at Target or Wal-Mart. Even if they pronounce either store with a French accent, they could lose their access to credit as a result. Just in case you didn’t know, the wealthy have experienced an inflation ratio of 12% over the last few years which is as much as double or triple what the other classes have been subjected to for the goods and services they buy. Thus the wealthy are now bound to experience an even bigger inflation ratio as they will now be required to buy their everyday goods from more upscale stores, or risk the fate of lowered credit access. With this asinine decision, the wealthy are less likely to change their inflation rate any time soon.
  3. And folks, like it or not, the wealthy provide jobs. That’s the 3rd ailment. So not only does this Nazi-styled discrimination practice harm the middle class in their ability to grow their businesses, it has the ability to affect the lower class as well, in their dependence on the wealthy for employment.

My vote? I choose to stop rewarding stupidity right now by eliminating all of my credit card access. Will it be challenging at first? You betcha! It’s ingrained in me to perform my business transactions this way. But I’ll be darned if I let the Plastic Prince tell where I can or can’t shop. I look at it this way. Benjamin Franklin was one of the wealthiest and most successful business people in history. He did so without the Melamine Methodology, and dog gone it, so will I.

Credit Cards. May they melt in peace.

Copyright 2009 Kellene Bishop. All rights reserved.
You are welcome to repost this information so long as it is credited to Kellene Bishop.  

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