Guest Post: If Credit is Not Created Out of Excess...
Rated • 1 review • banking, money, economy • nakedcapitalism.com
A good essay and discussion of the 'great mystery of banking - money creation
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Cityeyrie
Last seen: 14 days ago
Cityeyrie is a woman from London, England, UK
"And what are you, reader, but a Loose fish and a Fast Fish, too?" Herman Melville, Moby Dick
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Back to Business - Wall Street Pursues Profit in Bundles...
Rated • 1 review • business, finance • nytimes.com
Gosh this was back at the beginning of the month and no one flagged this? They're starting the merry-go-round all over again!
"The bankers plan to buy "life settlements," life insurance policies that ill and elderly people sell for cash -- $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to "securitize" these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return -- though if people live longer than expected, investors could get poor returns or even lose money.
Either way, Wall Street would profit by pocketing sizable fees for creating the bonds, reselling them and subsequently trading them. But some who have studied life settlements warn that insurers might have to raise premiums in the short term if they end up having to pay out more death claims than they had anticipated."
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Critical Mass London
Rated • 2 reviews • bicycling • criticalmasslondon.org.uk
The London cops ride with this group, generally friendly -
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McClatchy
Rated • 2 reviews • politics, heatlh • mcclatchydc.com
Thanks sharcat, makes the real point beautifully
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Gaps in Health Insurance: An All-American Problem - The...
Rated • 1 review • health, politics • commonwealthfund.org
Some facts about the US system -
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www.madashelldoctors.com
Rated • 11 reviews • activism, health, politics • madashelldoctors.com
From the page:"The financial cost of health care is killing our citizens, hobbling our economy, crushing small business, and threatening the solvency of our government. In the meantime, the Health Care Industry is spending almost two million dollars a day lobbying Congress and manipulating public opinion to accept "reform" legislation that leaves a vicious, for-profit system intact."
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"I believe that banking institutions are more dangerous...
Rated • 9 reviews • banking, home loans, mortgages • loanworkout.org
More important than Jefferson's quote:
From the page: "The facts are that millions of homeowners are facing foreclosure and out of these millions of people, very few ever contest their foreclosure, let alone show up in court. Many people think that since their lender is foreclosing on them, they owe the money and the bank should to take their home. â€oePrivate debt is a public blessing”, right?
But what if you found out that the entity trying to foreclose on you, in fact did not own your mortgage and when you challenge to see if they do in fact own the mortgage, you discover, that they canâ€t â€oeprove” that they do in fact own the mortgage â€oelegally” by producing the original note that you signed? What if they were acting on a perceived natural right to take outright ownership of your home?
Do you think that you should let them?
Attorneys are expensive and many require an up front retainer for thousands of dollars and then they take 35-40% of whatever the settlement is. Many people simply do not have that kind of money and they feel there is no way that they can represent themselves pro se or pro per in a foreclosure action.
The facts are you can contest your foreclosure, if you have the tools and knowledge where you can represent yourself and either significantly prolong your time in your home or quite possibly win what might possibly be an unlawful foreclosure action."
