A Nation in Debt

[Doug Smith SRA]

A terrific article worth wading into:

A Nation In Debt
How we killed thrift, enthroned loan sharks and undermined American prosperity
barbara dafoe whitehead



Link to A Nation in Debt

America now has a two-tier financial institutional system—one catering to the “investor class”, the other to the “lottery class.”

The investor class, with ample access to institutions that foster wealth-building discipline, is served by a bevy of insurance agents, tax lawyers, stockbrokers, tax accountants, deferred compensation experts and investment bankers. They are likely to work in organizations with 401(k) plans, profit-sharing, Keogh plans, deferred income compensation and retirement savings programs. The lottery class, on the other hand, works in jobs that offer few pro-thrift benefits. As of 2004, seventy million of America’s 153 million wage earners worked for employers without a retirement plan. Rather than being courted by investment firms, they are targets of modern-day, made-to-look-respectable loan sharks. Tens of millions of working Americans who might join the class of savers and investors under more favorable circumstances are being recruited into a burgeoning population of debtors and bettors.

Doug

 

[rcsone]

.....bring on multitudes which will create more have some and some having less, but think of the votes and grandiose goodness.......maybe we should all work on legislation to enable REO lotteries for the "un" or "il" homed which would solve the excess inventory or financing problem.......and as appraisers, all of these properties would require valuation to establish Fair Market Give Away Value.... with monetary contributions added to all those outstanding, unpaid loan balances of the investors for those recipients whose lottery results is higher than the established FMGAV......it could be called "Reparations For Lotteries" which would be forgiveable after a long period of time estimated at three consecutive paychecks from a private or public entity......with audited weekly or monthly check stubs(due to concerns of fairness and equity) qualifying for proof of intent to "..contribute to the public good..." property taxes would be forgiven "until they got their feet on the ground"....insurance would be prorated to those who are "more fortunate" ....this would begin the process of becoming a law abiding, contributing, home owning citizen..........best to all.........rs

 

[Greg Bell]

The sad point is all the elites with your money will just shrug when they lose your meager capital in a stock market scheme.Time to but Beans and ammo..