Also, if, God forbid, I go a minute past the minimum payment due date, my default APR will now be the greater of 1) the Prime Rate plus up to 23.99% or 2) up to 29.99%. I'm not even mentioning the increases they … [Read more...]
Another Monday Financial Meltdown, Where is this plan OOPS!
Ok here we are on another Monday Morning with Thousands of foreclosures going on daily coast to coast and we are bailing out another one of the big banks with cash and insurance way beyond the bailout provisions layed out in the … [Read more...]
Five ideas to stop the bleed [also called the economic melt down]
Unless Massachusetts wants to be a third world style backwater, it MUST stop the bleed. What is "the bleed"? Well, for starters, "the bleed" is loss of jobs, loss of the 22-35 age group because they move away in search of jobs and … [Read more...]
Romney might be right. (AAAAGGGHHH!!! It burns!! It burns!!)
Much as it pains me to say it, Mitt Romney's op-ed in today's NY Times is not only a deft political move (drawing on his childhood in Detroit and his father's success in the auto industry as well as his own business turnaround experience), … [Read more...]
NY Times “Dealbook”: Chapter 11 with US-sponsored DIP financing for GM. Is there an echo in here?
First, let's recognize that G.M. doesn't need life support. What it needs is Chapter 11. The bankruptcy process is not a bad thing - indeed, it should be embraced. Bankruptcy allows companies to do tough things they could never do in the … [Read more...]
What Detroit’s own newspapers have to say about bailing out the big three, with links.
Here are some good articles to start with: "Could Bankruptcy Judges save Detroit - or your house?" http://www.freep.com/article/2... "Shared Sacrifice is the way to sell auto bailout" http://m.freep.com/news.jsp?ke... "Further Give Backs … [Read more...]
More on bailing out Detroit: why not Chapter 11, with a federal guarantee of DIP financing?
The Chapter 11 argument has some appeal, because (a) that's what everyone else has to do under these circumstances, so it's not really fair to other struggling businesses to hand mountains of cash over to GM just because GM seems prepared … [Read more...]
Bail Out? Why you ask I say yes and here’s why
What happens when your homes value falls to pre 1980 levels how many owe more then $45,000 on their primary residence what will you say to the bank then? What happens when the unemployment system runs out of money will you the worker … [Read more...]
Green the auto bailout
UPDATE: Looks like pretty much everyone else has had the same thought. Well, this time it's the auto industry with hat in hand, asking for a gov't bailout. And Dems are inclined to give it to them. Automakers already want an … [Read more...]
What if Bush and Paulson had gotten what they asked for?
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS Section 1. Short Title. This Act may be cited as __________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.--The Secretary is … [Read more...]