I hope you are not tired of hearing about this. While watching the news last night I saw that many people are having to reside in tents that are in tent cities. We must act now. Register to vote, and then vote when the time comes! This is from another e mail I received...... Please read:
I hope that you are all well and do not have much pain and torment in your lives, and that you and your families are healthy and happy. I am writing you today because I am troubled as many of you are about the state of our nation and of the direction that it is going.
As you may or may not know, I have been working in the mortgage loan origination business since 2000 when the government eased up on the lending rules and allowed many new borrowers the opportunity to get a loan and get into a home. I and many other people were very excited about this opportunity to open the door to home ownership to new home seekers, but there was a draw back. These loans were great to “get in the door with”, but REQUIRED the new home owner to correct some problems on their credit as to re finance into a stable loan program after 2 years. These risky loans were stable for 2 -3 years then would increase in rate up to 6% more than the start rate for 3 years after the initial 2-3 years then would remain high for the next 25-28 years. I, like many, presented this opportunity to my clients seeking a loan for a home, but HIGHLY STRESSED the REQUIREMENT to correct the individuals credit and refinance out of this loan in 2 years. Anyway, many have done this, but many did not. And this is the reason that many have had more difficulty making their house payments. A house payment in the beginning for an individual with this “risky loan” would look like this; a $120,000 house would have been about $900 without taxes or insurance, but after the initial 2-3 years could go to $ 1500 in three years (not including taxes or insurance).
This exurbanite payment has broken many people’s budgets and has lead many to an inevitable foreclosure. Anyway, I am writing you today because I have gotten out of the loan business as of May 2007 and I am now in graduate school and will be there for the next 7 years. I left the industry because I was tiered of the difficulty and of the futility of my efforts.
I write you today because I am so upset by the current administrations attempt to bail out the very ones that have taken the risk to make more money by making those loans available to my clients and to the clients of other loan officers and others our country. These loans were a risk from the start. My clients knew these loans were TEMPORARY and were not to be kept, but to be refinanced after they corrected their credit or made other changes. Many of my past clients have not made these corrections and are in need of real help. Real help is not giving the money to the CEO’s of the mortgage companies and banks so they can make new loans, but allow the home owners that are struggling with their mortgage loans now; ex ARM’s ( adjustable rate mortgages), and possibly facing foreclosure to refinance their current loan and allow them to keep their home. This will stop the foreclosure process and decrease their payments so they can make their credit card payment, other loan payments and have the money that is needed for their families. This kind of change will bring more money to the economy and help other financial institutions get payments for loans or credit cards.
Do not give the money to the ones that have been collecting the exurbanite interest for these loans. They have been pocketing the money for 12 years now and will also pocket this money too. If you were a cocaine dealer, you would not put a cocaine addict in charge of your warehouse…
If you help the consumer directly you will help the economy in more meaningful, longer lasting and substantial way. If some of the riskiest banks fail, then they fail because of their practices, management, and greed.
I was inspired to write to you today because of a simple little thing that I read this morning. It was a part of a simple pap let written 160 years ago and because of its relevancy to our current economic and administrational situation it could have been written today, October 1, 2008. It fore tells about the practices that have brought about our current political and economical situation now and it also fore tells what will happen next. Let me share a mind shattering section of it that stopped me immediately in my reading and encouraged me to write to you today. Keep in mind that this was written in 1847.
“ A similar movement is going on before our own eyes. Modern bourgeois * (are members of the upper and merchant class, whose status or power comes from wealth) society with its relations of production, of exchange and of property, a society that has conjured up such gigantic means of production and of exchange, is like the sorcerer, who is no longer able to control the powers of the nether world whom he has called up by his spells. For many a decade past the history of industry and commerce is but the history of the revolt of modern productive forces against modern conditions of production, against the property relations that are the conditions for the existence of the bourgeoisie and of its rule. It is enough to mention the commercial crises that by their periodical return put on trial, each time more threatening, the existence of the entire bourgeois society. In the previously created productive forces, are periodically destroyed. In these crises there break out an epidemic that, in all earlier epochs, would have seemed an absurdity – the epidemic of “over production”. Society suddenly finds itself put back in the state of momentary barbarism; it appears as a famine, a universal war of devastation had cut off supply of every means of subsistence; industry and commerce seem to be destroyed; and why? Because there is too much civilization, too much means of subsistence, too much industry, too much commerce. The productive forces at the disposal of society no longer tend to further development of the conditions of bourgeois property; on the contrary, they have become too powerful for these conditions, by which they are fettered, and soon as they overcome these fetters, they bring disorder into the whole bourgeois society, endanger the existence of bourgeois property. The conditions of bourgeois society are too narrow to compromise the wealth created by them. And how does the bourgeoisie get over these crises? On the one hand by enforced destruction of a mass of productive forces; on the other hand by the conquest of new markets, and the exploitation of the old ones. This is to say, by paving the way for more extensive and more destructive crises, and by diminishing the means whereby crises are prevented”.
Isn’t this exactly what is taking place now.The government is threatening wide spread destruction due to the economic crisis that we are currently in. That your stocks, 401 k’s, employment, your wealth, homes and families are in jeopardy and unless you give them the power to spend tax dollars from the poor and working class that “they” ,the upper classes, wealth will diminish, their stock and wealth will crash and that “ you need to help them” because they own your home, your job, your ability to survive. And if we don’t help them what do you think they will do? What they always do when they want more – invade new markets. What do you think is happening in Iraq, Afghanistan and potentially Iran. Opening up new resources to sell off. Real estate and natural resources.
We can do something about this and it starts by telling them no!
NO to the bail out.
NO to the occupation of foreign countries for the ability to take their resources.
NO to a new arms race to build and sell military weapons, because that is the next move for “them” after this fall out in the housing market. (Side note: isn’t it a funny coincidence about the fall in oil prices over the past few weeks. I thought we had a supply problem???)
NO! NO! NO!
The market needs to slow down.
It needs time.
It needs to adjust.
It needs to correct the policies and practices that got it into this “crisis” that we are faced with.
Let business take care of its self! Isn’t this the motto of the capitalist, the ones who means to profit and pay less, or no taxes. And now they want tax dollars to save them!!! Ridicules…
We need to get a hold of our selves and see where our life styles are taking us. Is it possible to hold off on wanting more and more. We need to realize that it is " we " that are allowing these crisis to continue to happen. "We" have a slave’s mind and a slaves lifestyle and that keeps us killing our self for more and more and by doing this we kill others – literally.
Slow down. And look at your life. What is it that you want, and why do you want it?? Life, is important to me as I am sure it is important to you too, but we have to know what is important to us individually. For example; many say that I need a house to live in, but does that house need to be 5000 sqft , granite this, stainless that, gold plated here, platinum plated there, for 2 – 3 people. What do you NEED. Some where to live, or something to attempt to give you self worth. What about family, what about knowing them, what about using that extra money to create “time”. When you as parents die, your children will not remember the stainless this and that, the gold here and there. They will remember how you were not there. How you were always worried about the accumulation of new wealth and the sustaining of your current debt load.
Where are we going with this. when and where does this quest end. Have we thought about that??? How do you end this lifestyle that has you chasing your tail. What do we sacrifice, and WHY do we sacrifice it??
I love you all and I know that the only way that we can get though this is together, but that means that we all have to stop and re evaluate what we are doing and why we are doing it. Remember the words from that pap let that I shared, well those words ignited a revolution of the minds of the people 160 years ago and they changed what was happening in their life time. We are faced with the same issues even now, and those words are more relevant now then we would wish to believe. It will not stop until we stand together and stop it.
My love to you all.
PS: please share this email with your friends, and more importantly, share your ideas with me and with others. It is only by talking that we can learn about each others needs. Also, this is the phone number to the Senate’s and House of Reps switchboard ( 800- 473 – 6711 o 202 -224-3121). If you care, please call and let your rep in the house and senate know how you feel. I have called 3 times today, but ALL the lines are tied up…… others care too…..
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