Senator Dick Durbin put out an action alert. He wants you to write your representatives demanding a bankruptcy amendment to allow judges to renegotiate mortgages in bankruptcy court.
This is a really much needed change in the law so I hope you all email your representatives.
He has made it easy for you, just fill out your zip and click send.
"The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public."
- William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg...that I couldn't touch.
Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k's that day made me immediately stop all contributions.
Since then I came to realize that the 401k model is hopelessly flawed and will lead an entire generation to despair.
Author Laurence J. Kotlikoff made two points that were simply too logical for me to ignore:
Even though performance-based bonuses were down last year, the value and prevalence of discretionary bonuses — ones not linked to performance — were up. A result is that C.E.O.’s who have held their jobs for two years received an average total bonus payout of $2.8 million, up 1.1 percent from 2006
We've heard a few buzz words on the campaign trail about green collar jobs but what exactly is behind the rhetoric?
Green For All is a nonprofit looking to create a green economy not only as a way to stop global warming, but also as a path to economic justice for the economically disadvantaged.
FANTASTIC! A multi-dimensional solution that would:
Create New Industry
Generate American Jobs
Increase US exports
Reduce energy imports
Reduce Global Warming
US investment initiatives certainly could create a new industry to bring about economic fairness, especially for US domestic diversity.
Alas, there is a hitch.
While these think tanks claim green collar jobs cannot be outsourced, oh my, think again!
Last week the financial markets swung wildly back and forth between "We're All Going To Die!" and "Hurray! We're Saved!".
At the center of this drama was the buyout of the insolvent investment bank Bear Stearns by JP Morgan Chase. Most of the attention was focused on the fact that JPM bought Bear Stearns for just $2 a share, thus giving current shareholders the shaft.
While this is a worthy characteristic to focus on, I was more interested in the fact that JPM only agreed to this deal after the Federal Reserve offered to shift $30 Billion of Bear Stearns mortgage-backed securities onto its books.
"This is the final blow. It's clear the U.S. economy is in a recession."
- Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Guess what, there is a new website, SEIU Watch, exposing how this union partners with special interests and often advances the corporate agenda at the detriment of it's union members.
4th consecutive monthly loss of private sector jobs in March; virtually ALL new private jobs yr/yr are in bars and restaurants.
Today’s BLS report shows the economy lost -80,000 jobs in March as the private sector lost another -98,000 while 18,000 more government jobs were added – almost entirely in state/local governments for public schools and prisons. This is the 4th consecutive monthly loss of private sector jobs that now total -300,000 since November.
Over the past 12 months the private sector added just 292,000 jobs and 188,000 of these were in restaurants and bars – “food services and eating establishments.” As has been the unique pattern for the past seven years, over the past year the private sector added “Non-supervisory/production” jobs (608,000) while eliminating (-406,000) supervisory/non-production jobs.
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