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Apr 21, 2010

Consumers Union  

 

 

Help us keep the calls coming!Thousands of you gave $5 last week to fund our toll-free hotline. If you didn’t yet give, you can donate $5 now so we can keep the calls coming from Americans fed-up with special Wall Street deals!

The stock market is stronger and some companies say they may start hiring again. We all want to be hopeful, but we’re still waiting for the other shoe to drop. 

That’s because the problems with our financial system -- risky mortgages packaged into riskier investments and big bonuses for big gambling -- have not been fixed since Wall Street crashed our economy 18 months ago!

This week the Senate is finally addressing Wall Street reform. They’ve heard for months from slick lobbyists about why the rules shouldn’t change, how they should keep hiding their secret deals, and why they deserve special loopholes. We need you to call your Senators right now and say you’re sick of waiting for the other shoe to drop! Tell your Senators to pass tough rules so we won’t have to endure another economic meltdown!

Call your Senators toll-free – 1 (800) 944-6762 – to vote YES for Wall Street reform that stops the gambling and protects you as a consumer.

Thousands of you last week gave $5 or more to fund this toll-free phone line so real people could get their voices heard in Washington. Now let’s flood the Senate offices with voices of Americans fed-up with the special deals for Wall Street! It’s time we return common-sense to our economy and financial system.

Click on the links for more talking points, or just tell your Senators’ staff you want them to pass a strong Wall Street reform bill that will:

  • Protect consumers from schemes and tricks. An independent watchdog must be created so when financial red flags are spotted they can act quickly to prevent them, rather than deal with the bureaucratic maze regulators do now.
  • End taxpayer bailouts. If a financial institution causes their own mess, they should clean it up. Banks and financial companies should pay into a fund to cover any rescue, not taxpayers. No one should be ‘too big to fail.’
  • Stop the hidden gambling. Eliminate the loopholes that let Wall Street and banks hide the massive, risky side-bets that tanked our economy.
  • Let states protect us. States should have the right to do more than what the Fed says to protect residents from emerging financial schemes.
  • Bring unfair credit card rate hikes back down. Millions of Americans were hit with rate hikes last year before the new credit card law went into effect. A solution should be added to the reform bill that gives consumers a legitimate process to review and rollback unfair rate hikes.

Call 1 (800) 944-6762 now to be directly connected. Tell your Senators to vote YES for reforms that help our economy.

After you call, please forward this to others you know who want our economy to move forward – not back again – so they can lend their voice, too.

Sincerely,
Gail Hillebrand
DefendYourDollar.org, a project of Consumers Union
1535 Mission Street
San Francisco, CA  94103

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Posted: Apr 21, 2010 8:58am
Feb 18, 2009

Alan Greenspan gave an Economic Outlook speech that was shown on C Span.. here are his predictions.......

This is the most gloomy set of statistics he has ever seen in his lifetime. 
Predicting another 10 percent drop in home prices
Says global output is still in free fall, and will take time to recover as inventory that is in excess is sold or disposed of.. In other words, no recovery until this happens. 
No recovery until home prices stabilize.
3 month Libor bank to bank rate is 100 basis points where it should be 10. This is a worrying number... 
If interest rates keep going up, then recovery could be slowed down or stopped. 
Banks will need more bailout money before they can recover. 
Interest rates may increase if money supply is expanded, which is what is happening now, in my view. 
He said that banks used to have 50 of their assets in reserve, but this dropped steadily until now, when assets in reserve were very low. This caused the current crisis... 
In my words, he is saying that banks started gambling and spinning the Roulette Wheel since the 1980s, when money was leveraged about 40 times.. In other words 40 dollars were loaned out for every 1 dollar in deposits in the bank... When those forty dollars went bad and could not be collected, then there was nothing left in the bank to cover the bad loan... This is happening all over the globe, as toxic complicated loans were packaged and sold, after being mixed up with stocks, futures and other garbage that had no value by companies like the ones that recently had to go and get corporate welfare in order to survive. Taxpayers are now being asked to cover the bad debts of gamblers...
 
...
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Posted: Feb 18, 2009 4:35pm
Jan 18, 2008

If anyone knows someone looking for a part time or full time position in a team centered company that REALLY values diversity and offers rapid advancement to management, send them to me or send me a resume, subject line (financial services) with a focus on one of the career paths below.

Our firm is looking for positive, team oriented individuals ages 18 to 70 for our rapidly expanding offices located all across the United States. It is possible to work from home. Free training is offered. A real estate or insurance license is helpful, though not required.
 
Contact me if you are interested in finding out more about a career in the financial services arena, which may include one or more of the following career paths; credit counseling,  legal services, finance, loans, real estate, consulting, counseling, money management, training, management, recruiting, HR, human resources, mortgages, investing, speaker, coaching, sales, marketing, online marketing, wealth management, asset management, property management, loan officer, real estate agent, broker, insurance, or preventing foreclosures.


 

 
 
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Good H.
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