Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘debt’

“Too Big To Fail” Banks Get Bailout, Gave Customers The Shaft

Posted by Warm Southern Breeze on Monday, December 19, 2016

Chalk One Up for the Working Man

By Donald V. Watkins
©Copyrighted and Published (via Facebook) on December 18, 2016
Used with permission

On Thursday, I tried a case for a close friend on mine in the Jefferson County, Alabama District Court in Bessemer, Alabama. My friend is a hard working Bessemer resident and family man whose world was turned upside down when Citibank sold his credit card account to San Diego-based junk debt buyer, Midland Funding, LLC. He is one of millions of bank credit card customers each year whose accounts are bundled in loan pools and then sold to junk debt buyers without the customer’s knowledge.

Midland Funding is one of several mega junk debt buyers in America. This group of financial sharks buys unsecured bank debt for pennies on a dollar and then strong arms debtors who miss one or more of their monthly payments. Midland is part of a multi-billion industry of shady financial predators.

In my friend’s case, Citibank sold his account to Midland Funding. The balance on the account was $6,800. My friend paid his credit card monthly on a regular basis, but had an unexpected hiccup in his monthly cash flow a couple of years after he opened the account. As a result he failed to make a couple of his payments on time. When this occurred Citibank sold my friend’s account to Midland, and Midland eventually sued my friend. This is how my friend became my client.

Remember, Citibank had a similar hiccup during the Great Recession of 2008. The bank requested and received a total of $181.6 billion in federal bailout assistance to keep from collapsing. In fact, Citibank led the banking industry’s “welfare queens” by receiving more financial bailout assistance than any big bank in the U.S.

Citibank’s “Thank You” to the taxpayers like my client, whose tax dollars made the financial bailout possible for these big banks, was the low-down act of selling his credit card account to a shark like Midland Funding. The big banks were quick to take taxpayer-sponsored financial assistance, but slow to give taxpayers similar financial assistance in return.

[Editor’s Note: Alamerica Bank, which is Read the rest of this entry »

Posted in - Business... None of yours, - My Hometown is the sweetest place I know | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Necessary but Not Sufficient: Why Taxing the Wealthy Can’t Fix the Deficit

Posted by Warm Southern Breeze on Thursday, October 4, 2012

NOW OR NEVER | SEPTEMBER 2012

Necessary but Not Sufficient:
Why Taxing the Wealthy Can’t Fix the Deficit

By David Brown, Gabe Horwitz, and David Kendall

In this paper we shatter the myth that taxes on the wealthy can come close to solving our long-term budget problem. We readily acknowledge that raising taxes on top earners is necessary, but it is not sufficient to solve the looming fiscal crisis. And we make clear that if entitlements are left on autopilot, burdensome middle class tax hikes become inevitable.

Even a 50% tax rate on the wealthy can’t fix the deficit.
Even 50% taxe rate on wealthy can't fix deficitThis is the first in a pair of papers that demonstrate that purely ideological fixes will not sufficiently address our fiscal issues. Our other report, Death by a Thousand Cuts: Why Spending Cuts Alone Won’t Fix the Deficit, proves that a cuts-only strategy cannot solve our budget woes without severely compromising our safety, security, and economic growth. Together, these papers make the case that a big and balanced fiscal package is the preferred way to avoid the fiscal cliff, prevent deficits from exploding in the future, and allow our economy to grow.

To stabilize the debt and create a positive economic climate for U.S. growth, most mainstream economists agree that annual deficits must be reduced to 3% of GDP. The question is: how do we get there?

In order to demonstrate that taxes alone cannot solve our budget woes, we explore three budget scenarios, all of which rely solely on Read the rest of this entry »

Posted in - Even MORE Uncategorized!, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

On the Importance of Human Dignity (wherein I attempt an explanation of why we’re in this mess)

Posted by Warm Southern Breeze on Saturday, December 3, 2011

It’s 2011 – very nearly 2012 – and the world seems in an uproar.

The Greek/Euro banking/debt crisis looms. The American banking/debt crisis looms larger yet.

Unemployment is at an all-time high in the United States and abroad. The Arab Spring uprising has deposed dictators in Egypt, Libya and the Middle East. Terror and anti-terror wars in Pakistan, Afghanistan & Iraq have gone on for very nearly a decade.

And the stateside Occupy Wall Street movement has become an international phenomenon with sit-ins/camp-outs/protests/demonstrations in Canada, and other nations, while general labor strikes in London have been, or will be ongoing amidst riotous demonstrations and worldwide unrest which have the potential to destroy any nation’s status quo.

Climatological changes never before witnessed have the scientific community hotly debating whether such changes are cyclical, or whether they’re induced. All the while, the polar ice caps continue a highly-documented and steady erosion by melting directly underneath an ever-increasing hole in the ozone layer – which layer protects the Earth from harmful solar radiation.

Earthquakes and tsunamis in Japan and Southeast Asia – brought about by deep sub-oceanic earthquakes – have destroyed nations’ shore lines and cities in the Far East and elsewhere. Meanwhile, the intensity and frequency of hurricanes, tornadoes, floods and droughts have wreaked havoc at home in the U.S. and abroad.

And fracking – the geological practice of rupturing the Earth very deeply to force out petroleum – is rapidly becoming a commonplace practice in oil exploration efforts in the United States – which practice will doubtlessly spread worldwide.

The increasing democratization of the world enabled by the Internet and social networking tools – among them the almost ubiquitous smartphone – have brought Read the rest of this entry »

Posted in - Did they REALLY say that?, - Even MORE Uncategorized!, - Faith, Religion, Goodness - What is the Soul of a man? | Tagged: , , , , , , , , , , , , , , , , , , , , , | 3 Comments »

 
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