Comments for Economic Crisis in US http://economiccrisis.us news, analytics, recommendations Mon, 01 Feb 2010 23:03:34 -0600 http://wordpress.org/?v=2.9.2 hourly 1 Comment on Top 10 Weird Studies About Money of All Time by jmb27 http://economiccrisis.us/2010/02/top-10-weird-studies-money-time/comment-page-1/#comment-945 jmb27 Mon, 01 Feb 2010 23:03:34 +0000 http://economiccrisis.us/?p=7698#comment-945 Predatory Lending is a major contributor to the economic turmoil we are currently experiencing. Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.) Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM." The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers. http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

]]> Comment on Banks aren’t to blame for economic crisis, consumers are, report says by Jay Banks http://economiccrisis.us/2010/01/banks-blame-economic-crisis-consumers-report/comment-page-1/#comment-927 Jay Banks Wed, 20 Jan 2010 10:17:49 +0000 http://economiccrisis.us/?p=7646#comment-927 I think that the worst is already behind us and at least in Canada the crisis has already reached the bottom. Of course that we cannot expect immediate recovery but at least there are some signs reflecting better situation on the real estate market. According to last data, residential property sales in Greater Vancouver totaled 2,515 in December 2009, an increase of 172.2% from the 924 sales recorded in December 2008. However, not everywhere is the same situation but growing confidence on the market predicts relatively good forecast for 2010. Regards, Jay Banks I think that the worst is already behind us and at least in Canada the crisis has already reached the bottom. Of course that we cannot expect immediate recovery but at least there are some signs reflecting better situation on the real estate market. According to last data, residential property sales in Greater Vancouver totaled 2,515 in December 2009, an increase of 172.2% from the 924 sales recorded in December 2008. However, not everywhere is the same situation but growing confidence on the market predicts relatively good forecast for 2010.

Regards,
Jay Banks

]]> Comment on Crisis probe may hinge on public heartstrings by R. W. Weldon http://economiccrisis.us/2010/01/crisis-probe-hinge-public-heartstrings/comment-page-1/#comment-922 R. W. Weldon Thu, 14 Jan 2010 18:30:49 +0000 http://economiccrisis.us/?p=7616#comment-922 Cause of crisis: Kleptocracy, alternatively cleptocracy or kleptarchy, from Greek kleptes (thieve) and kratos (rule), is a term applied to a government that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves". Not an "official" form of government (such as democracy, republic, monarchy, theocracy) the term is a pejorative for governments perceived to have a particularly severe and systemic problem with the selfish misappropriation of public funds by those in power. Kleptocracies are generally associated with corrupt forms governments in which no outside oversight is possible due to the ability of the kleptocrat(s) to personally control both the supply of public funds and the means of determining their disbursal. A kleptocratic ruler typically treats their country's treasury as though it were their own personal bank account. The effects of a kleptocratic regime or government on a nation are typically adverse in regards to the faring of the state's economy, political affairs and civil rights, the kleptocracy normally embezzles money from its citizens by misusing funds derived from tax payments, a kleptocratically structured political system tends to degrade nearly everyone's quality of life. Cause of crisis: Kleptocracy, alternatively cleptocracy or kleptarchy, from Greek kleptes (thieve) and kratos (rule), is a term applied to a government that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service.

The term means “rule by thieves”. Not an “official” form of government (such as democracy, republic, monarchy, theocracy) the term is a pejorative for governments perceived to have a particularly severe and systemic problem with the selfish misappropriation of public funds by those in power.

Kleptocracies are generally associated with corrupt forms governments in which no outside oversight is possible due to the ability of the kleptocrat(s) to personally control both the supply of public funds and the means of determining their disbursal.

A kleptocratic ruler typically treats their country’s treasury as though it were their own personal bank account.

The effects of a kleptocratic regime or government on a nation are typically adverse in regards to the faring of the state’s economy, political affairs and civil rights, the kleptocracy normally embezzles money from its citizens by misusing funds derived from tax payments, a kleptocratically structured political system tends to degrade nearly everyone’s quality of life.

]]> Comment on Economic crisis drives human trafficking by Bob http://economiccrisis.us/2009/12/economic-crisis-drives-human-trafficking/comment-page-1/#comment-855 Bob Sun, 06 Dec 2009 16:16:12 +0000 http://economiccrisis.us/?p=7461#comment-855 This problem has been resolved by the US of A. let's the world knows that if someone who is victim or potential victim to human trafficking for whatever reasons should come to California where they will be getting free welfare money, foods stamp, medi-Cal. That person also will be giving a granted to stay without troubled from INS. All s/he will need is a paper from any lawyer stating that s/he is a victim of human trafficking and is applying for a T-Visa per the regulation of California welfare code and regulation.If any problems just call the California Department of Social Services. As of today a person of this category does not need proofs of residency nor immigration status for citizenship to obtain the welfare benefit or worry of being deportation. You have become a legal resident immediately. Hurry-up before someone from the laws plug the hole. This problem has been resolved by the US of A. let’s the world knows that if someone who is victim or potential victim to human trafficking for whatever reasons should come to California where they will be getting free welfare money, foods stamp, medi-Cal. That person also will be giving a granted to stay without troubled from INS. All s/he will need is a paper from any lawyer stating that s/he is a victim of human trafficking and is applying for a T-Visa per the regulation of California welfare code and regulation.If any problems just call the California Department of Social Services. As of today a person of this category does not need proofs of residency nor immigration status for citizenship to obtain the welfare benefit or worry of being deportation. You have become a legal resident immediately. Hurry-up before someone from the laws plug the hole.

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