Jun 30 2009

Credit Card Addicted Nation: How Americans have Pushed Themselves off the Fiscal Cliff. $931 Billion in Credit Card Debt Outstanding.

Credit cards were developed as a form of convenience and not another stream of household income.  The first major use in the United States started in the 1920s when it was used for the purposes of fueling the expanding auto owner population.  Bank of America created the BankAmericard in 1958 which later became the Visa […]

Jun 28 2009

The Country that Punishes Savers: Americans Saving 7 percent of Income Putting nearly $800 Billion Annual Rate on the Sidelines. Banks offering 0 to 0.10 Percent to Borrow Your Money.

Americans are increasingly putting more and more money on the sidelines.  For the month of May Americans put away 6.9 percent of their income into savings.  Not the stock market or real estate but bona fide savings.  This is a stark contrast from the zero rates achieved back in April of 2008.  When we discussed […]

Jun 24 2009

$100,000 a Year Will Make you Go Broke with the California Tax System: Why California is a Fiscal Disaster. Broken Tax Structure built on Bubbles.

It is amazing how little attention on a national scale the California debacle is getting.  California alone is the 8th largest economy in the world and contributes $1.8 trillion a year to the national GDP.  In the mainstream press, all you hear is sound bites of “there goes California” yet the state is teetering on […]

Jun 22 2009

California Foreclosure Prevention Act: Creating an Army of Lifetime Renters in California.

On June 15th California implemented another foreclosure moratorium.  The California Foreclosure Prevention Act (CFPA) was signed into law by Governor Schwarzenegger which adds another 90 days to the foreclosure process.  If you recall, a similar law was put into place in 2008 and turned out to be an utter failure.  So what do we do?  […]

Jun 20 2009

Downey Savings and Loan: The Anatomy of an Option ARM led California Banking Disaster. Other People’s Money Delusion.

On June 15, 2009 the Office of the Inspector General issued their audit report regarding the failure of California’s Downey Savings and Loan Association (Downey).  Now the story of DSL is important because it highlights the entire process of how we came to this financial crisis that now threatens the economic stability of the world.  […]

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