U.S. National News

Over 12 months ago I wrote this article regarding bank fees that they were too high for all these bail outs. The News Media yahoo.com abcnews today did a report on bank fee's and the report was something similar to what happened to me with B of A. I find that the News channels are late on information that I had already investigated and pointed out. The information was out there over a year ago before the bail outs were occurring. This is one reason why the bail outs occurred because the banks showed the government about there charges people did which caused people to overdraw.
But oddly some of these outlets I applied for employment to. This post is edited and in my book the State of the Union 2
ref

National Election/National Economy a National Editorial by www.Jamestowncalif.com

The 700 Billion Dollar Bailout Plan
The 700 Billion Dollar Bailout plan proposed by the Executive and Legislative Branches fell short of the needed votes to pass Monday. The New Proposal all of a sudden has become the National News overshadowing even the Election. Monday, the Stock Market collapsed for its largest point loss in history declining 777.69 points, the 16th largest percentage wise in history. The Blame game is what is going on now amongst the Congressional leaders and President Bush on why this bill is so important for the economy. The Congressional leaders are at their lowest using fear tactics in language on the media spots as we all are witnessing the leaders scramble and sell this ridiculous number for the Bailouts.
Recently AIG was Bailed out as the government approved billions of dollars moneys for the Insurance Company. Freddie Mac Bank and Fannie Mae Banks just recently got approved moneys in the billions for a bail out. Washington Mutual is now gone, and the switch to Chase are all factors of Bank Failures. Each Bank have their own failures. While some Banks recently bought other banks like Wachovia taking over World Savings, it is now more apparent that there is a deeper crisis or issue happening here during the later part of the Bush 2nd Term. Right Before leaving office, all these proposals are back tracking spent moneys from policies taken. At the same time, right at the end of the 2nd Term, one should question why now, rather than a year ago?
It started when the U.S. Administration approved a 1 billion dollar package for Georgia after Russia attacked or invaded the Country. Then the Proposals all came for Banks, Insurance, Agendas, and while the Economy is struggling to recover, this is the worst possible thing to have happened for ordinary working people. People have suffered through these tough times. Some People have had to endure the mere fact that government played a factor in one’s losing jobs by intervening so much in the private sector when the Public Sectors duty and job position is to preserve the Constitution first.
Former President Truman is infamous for saying that "the Buck Stop here". What do you think he meant or what do you think that could have meant down the line? Deficit Spending is what it sounds like as perhaps the statement of the Buck Stop Here means from his position that all moneys and revenues made the prior year will not be squandered away by spending more money than bringing in while at the same time providing a savings account or a profit. That would mean No National Debt if other Presidents respected the peoples money through the generations by not over and over deficit spending, or worse spending more money than needed during a War Time.
Former President John F. Kennedy was famous for his statement: “It’s not what your Country can do for you, but what you can do for your Country”. We are educated to believe that statement after the knowledge that at the time the President of the United States was killed November 1963, and are to mean for all of us to Contribute and serve the Country because the Commander and Chief also serves. In that time, the Vietnam War started right after JFK’s Presidency. I believe, and have always kept those words, that speech in mind while we are taught that JFK was one of the Greatest Presidents by his Character and what he was trying to do. The government at that time in all agencies was changing and has been pretty much influential still today. At the same time, I think it is important to also keep in mind that it works visa versa meaning, it is what your country can do for you when it is the tax revenues from employment and investment making the highest percentage of the contributions for the moneys to circulate for the taxes to be used for spending for the national economy. It is what your country can do for you by staying off your back rather than be on you all the time. The Economy Today is at a ridiculous phase, and it should have never reached this point. It is what you can do for your Country, and it is important that the Country does not attack you economically or physically.
Monday September 29, 2008, the Stock Market took its biggest point plunge in history 777.69 points. Tuesday, the Market gained 485.21. Investors are actually antsy and anxious of the government proposed bail out. People Today bought stocks for cheaper than they would have Monday. People are in crisis, and some are in panic because of all the bank failures happening all at once while the Cash Flow is stagnant. People don’t sell stocks often times because they want to but because they have to just like when one is put in the situation of having to sell your house or property.
So we ask ourselves, how did the economy get to this point where the economy is so bad? The government has not been talking about the raise in gasoline past 4 dollars now at 3.50 which effects productivity. The high price of fuel most of all effects costs to maintain a business, your employers business, and it affects your own expenses if you have to drive to work 30 minutes or more.
The Banks, the Media, and the leaders have put a lot of blame on the consumers, and the homeowners for the Mortgage Crisis and decline. The failing loans, the ARM loans, the raising of interest loans have accumulated to be too costly for some folks and there are a record number of foreclosures this year. In Southern California’s Riverside and San Bernardino Counties, there was a 280% percent increase of foreclosures. Many People lost there homes because they lost there jobs. When you have to find work and go out, it costs for gasoline, and when the price goes up it is tough for so many people. People oftentimes have to choose between fuel or del taco. People that have there jobs in Orange or Los Angeles Counties have to drive 25 dollars worth or more a day. If you own your business and drive, then all gas increases affect owns ability to maintain other bills.
The Mortgage Crisis is one of the main reasons why the Government is proposing the 700 billion dollars to bail out the banks for the faulty loans. The President continues to reiterate how urgent it is for the economy to get this bill pass. Some of the things that are in the bill have not been debated, and some congressional leaders voted yes with some not reading all the paperwork. It is absurd the level of deceit going on with Congressional Leaders and the Executive Branch as they are trying to sell another plan after all the selling they have done that got us all into this mess in the first place. But it was all well calculated, and there is some kind of working together these institutions and the government as they have swindled all the money they can each person, all 280 million of us.
The Homeowner continues to get the most blame for the mortgage crisis and excuse why the Banks are in need for so much money, each one. But there are two ways to look at this situation before blaming the customer. The Customer when he had money was taken advantage of with the way terms were written on the agreements of the loans to buy the home. Sometimes the homeowner doesn’t have good credit, so he pays the extra point, sometimes pays two points so that in two years he can refinance. This is the time when the bank calculated the ARM loans for them to make money, but for the consumer to bust in 5 years on that adjustable. Don’t forget the taxes. On a property at 500,000, your taxes are at 6000.00. Stay in the home for 10 years that is 60000, so when the government boots your out of your house or job, they don’t take that into consideration. They only consider when they need or want the money, and are not concerned about you. In fact, the bank makes money no matter how you look at it. The Mortgage business was a good market and business to be in from 2001-2006. Now the government wants a piece of that monopoly by being the one’s first to bail out certain banks, and second to provide loans to homes that are seized or foreclosed. It is economic warfare going on locally, but the congress leaders don’t take people into consideration when coming up with such hideous proposals.
Say you have a 300,000 loan, and you put down 30,000 to get the loan. If you refinanced with an ARM loan, that adjustable goes up each year, and by the fifth year, the payment would go from a 3000 to 4300 or more. If you pay 3000 a month times 12 months that is 36000 per year you are giving to the bank. In 5 years 36000 each year would be 180000. The Evil is in the Interest and how the Banks double dip each property based on calculating first how people tend to move, work, and immigrate to the U.S. cities. So You have paid 180,000 in 5 years on a 300,000 loan, but don’t owe 120,000, you owe more than the principle because of the way the banks structured the loan basically punishing you for your credit history no matter how you look at it. Now the Congressional leaders want to bail out the banks. There is no homeowner bailout out proposal even attached to this bill. To add what is not being presented is how the bank is the one at fault, and why should the tax payer pay for the bank failure? The Bank collects a good percentage of money for each property although the house is foreclosed. The Bank took the risk by giving these loans when they knew the loans were cheating their customers. Rather than giving homeowners a fair fixed 5% loan, the banks swayed and gave the other loans. They also had their representative sign for those loans, and get paid on those loans. Knowing that the loans could bust the customer, the Bank chose to give it to him anyways knowing that it was in a way cheating. So why does the tax payer have to bail out the banks on the Mortgage Crisis for the faulty loans that they underwrote? One thing that sticks out, the banks gave out some of those loans with the attitude that it didn’t matter almost like they knew they could be reimbursed or bought out by another bank. While people are in terms of one loan with one bank, notices come in all the time to pay for taxes when due when sometimes the bank presented the loan with taxes included when they were not included giving the IRS a reason to bother you. Flat out Cheating people out of money when people were making money before the gas increases came. Looking back the ARM loan the first year was interest only and reduced to where there was some cash flow going into the economy by one thinking he is saving on his house payment when it is only for the first year.
There are other factors that the Congressional leaders and President are not talking about on reasons why they want this bill passed, and passed so soon without much debate.
Is Bank of America Committing Fraud? In My Opinion, Bank of America is committing some sort of Cheat with their customers on how customers are able to use and spend money. Fraud is a tough word, and you decide. A lot of people bank with Bank of America. Recently I had a bad experience with B of A after I discovered my Checking account was Overdrawn 343.00. It became overdrawn first at 168.00 and while I disputed the charges, 4 thirty-five dollar fees, by Monday I received more fees. What B of A does is get you on your charges with the ATM/Credit Card. A lot of people don’t ever bounce a check and would automatically blame the person who bounces a check or uses the card with no money in it. It is always easy to blame the customer. However, what I noticed, is that some ATM charges are not automatically taken out of the account when used. I also noticed that I was able to get 20.00 from the ATM Machine at the bank, use the card for small purchases like buying coffee when I had a certain balance. But if one check comes in and it bounces, rather than charging for the one fee on that check, the bank is back tracking all the prior purchases and uses of the card while there was money in the card. The bank does not stop the card when it gets overdrawn, nor does it properly always notify the customer of an overdraw. But the points of sale that were used when money was in are being charged also when a check comes in and bounces, all the uses are being charged the 35.00 fee. To add, when you buy gas at Shell, the Station is not right away taking the funds out. Some stations first approve for a 1, then approve it again.
Don’t bounce a check, or don’t use the card flat out. But for the many people that this happened to, the end result is while the bank is taking fees money, that money could be and should be going out into the economy. A 1.95 Starbucks Coffee, a Coke for 1.11 at Wall Mart cost me 35 dollars each after one item came in to overdraw the account, the bank back tracks the points of sale. So if you had money on Friday, you may still not be able to use it because if you do and a check bounces, all the uses are being charged. I pleaded and argued my case to the Bank of America Representatives, but they all seemed that they didn’t care. They showed no concern when I said that I can no longer bank with B of A because the way the Bank is charging me to use my money it is costing me more on fees than on bills. 43.00 cost me 343.00. The blame goes to me for banking with Bank of America I thought. When I went to another bank to open an account, I noticed that other banks are also charging these fees on charges of the use of the card.
Most people will bounce a check once a month, but that should be one fee for that check. But the trick is in the card. It poses as an ATM meaning Automatically transferred. Instead it is taking 3 days or more sometimes to clear certain items. So if Star Bucks is taking too long to get paid from B of A, I can’t go to Star Bucks if it is going to cost me 35 dollars because of their machines. Same thing goes for Wall Mart. Shell is a Gas Station, and funds should be transferred automatically. The Bank Rep will mention the card use as a Visa or Credit. But in fact it is not a Visa, nor a Credit card because if anything is paid, your not getting an end of the month statement. Your still getting a 35.00 charge even if you used it when there was positive funds, but something comes in, or takes a while to clear, the other charges are being back tracked, and fees are added. Too many fees. And these are big companies machines that are not automatically transferring the funds. Imagine if you’re an employer, and one check bounces, then the other checks bounce. So if your boss tells you not to cash your check on Thursday just because you got it to wait till Friday there is a reason.
The Iraq War, and the fact that the Iraq Government is buying equipment from private companies while it is the Public's money that has supported the War. The Iraq War has exceeded 700 billion dollars, and by granting 700 billion dollars, it could be the reimbursement of those funds. Rather than being Reimbursed by Iraq’s government for providing duty and security that is not what is happening. It is almost like paying twice. 6 years of the Iraq War, and the mission is still not defined while Presidential Candidates continue to use the Wars Progress as a platform for why you should vote for him. Both Presidential Candidates have had their campaigns affected after President Bush Summoned both of them. It is a diversion, and it hurts Obama because the Democratic Party are such weasels the way they are asking for the money. Senator Dodd has a lot of nerve going up there asking for the money and votes while he received the sweet heart deals for a home loan. All the leaders have a lot of nerve especially Republican Leader Boehner blaming the house or representatives for not passing the bill Monday.
John McCain did not even invite the Governor of California to the Republican Convention. The Governor was faced with the California State Budget crisis that later passed for a 143 billion dollars. The Budget for the State was 143 billion, and the President and Congress want 700 billion dollars to bail out Banks.
Hurricane Katrina sure could have used such quick response and money, but those people were just not considered as important as the banks, CEO's, and private interests lobbyists. 200 Billion would get the city back in order. New Orleans was one of those Port Cities that Dubai Ports World wanted after 9-11-01 before the Hurricane. The President and Congress has not been wise with the funds generated from revenues and taxes.
I think that 100 billion dollars-200 billion dollars should be the most going out in case there is a bail out in my opinion. Anything that this President Proposes should be questioned when the media should have already made there case for the people for impeachment based on the Iraq War lure and WMD’s. What if there was another war and we needed the money to finance ourselves. What if World War 3 happened at our doorstep and that 700 billion was needed for that rather than for this. All the factors are leading to the same denominator, and that is the government is becoming more and more socialist, and communist while there is another war taking place, in on it through their agencies, neglecting the people, and economically attacking them through government policies, war, and the spending of tax funds through deficit spending.
Ironically before the Iraq War, President Bush didn’t really need Congress. There were many times looking back that Congress influence meant nothing. But when Funds are needed, the President is nice to Congress. He was not that nice to the Congress before the Iraq War, but during the War, it has been the opposite. And the disgust of the Democratic Congressional leaders all working hand and hand with the President is also showing that what led up to this point, and what got us all here all looks more and more blatant and deliberate by the day. Everything these leaders say sounds dishonest, and the American People now see through these leaders based from their own experiences. The 280 million U.S. citizens have been neglected in everything, and the money was always there, but now it is not. Not one of those 700 billion has been proposed to get people health insurance. So if you are ill and have no insurance, there is nothing for you. But for the Banks and CEO’s that willingly knew that they are doing some sort of cheating, they would not have tried to get away with it, if they didn’t know they have some kind of back up. And like a Criminal, they are trying to cover their tracks. It is no coincidence that all these bank failures are all happening now, and the foreclosures and short sales are a percentage of the missing money from the mortgage crisis, but there are other reasons why the government leaders are trying so hard to pass this bill.
Then who would print the money, and off what paper. Canadian Paper is what is being used more now for news papers, giveaway slips, and could be used for even money. This proposal is solely to get more tax revenues and cash flow out into the economy for specifically going to certain interest groups in my opinion. If this bill passes for anything more than half, it will be a media failure and if socialism is what our government is becoming then what point is it to tune into the media news stations.
www.jamestowncalif.com www.jamestownjupiter.com www.jamestowncalifornia.wordpress.com www.myspace.com/jamestowncalifornia
Update: The 700 Billion Dollar Bill was passed by the Senate and the House, and Friday was signed by President Bush. The Congressional leaders added other parts of the bill that had nothing to do with the needed funding for the bank and wall street bailout. There were no compromises and no reductions on the amount, and the full amount was agreed. To Think if you gave each person all 280 million U.S. Citizens a million dollars, that would account better for the economy rather the moneys going to the special interests, bank bailouts, and the tax payer is paying for it on a new credit card. I think the media really was disappointing being diverted by the elections more so than this bailout. I think bank fees, bounced checks, and unfair bank practices are reasons why there is this scam going on, and instead of lowering, reducing or taking off the fees, the banks just got bailed out and in another words rewarded. These practices by the government leaders with the private sector have made the U.S. Economy a socialist one. Welcome to the Soviet Union, we live in it, and that is what the truth is. The journalists more like broadcasters have yet to point that out.