Well......THE Bill just passed

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I know what they are saying about the middle class....but what about the poor (or as I like to say credit/cash challenged)?

Hubby was laid off 2 days ago (worked there for several years) whole shift is laid off...all of the guys/gals. We don't use credit. Never ever.......no cell phone, no car on payments, no visa or JCPennys cards, only rent. We both have been this way our entire lives. If I don't have cash for it....I don't buy it. We have to rent from private owners because we have great references....but no credit and they check that in most rental places/agencies. But we have no debt besides month to month (including medical bills...no insurance)

So....how is this going to help us (and others like us). We have 5 kids between the two of us. What do I tell them?

I heard them talk about the middle class....but what about under that.
 
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I truly enjoyed and appreciated that video! Thanks so much for sharing it. It definitely spoke 100% of the truth. You just can't argue with the facts.
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Guess who supports the poor..........The Middle Class. That's why the rich get rich and the poor get poorer. They are eliminating the middle class. We are joining the ranks of the poor. Don't think for a minute that the Rich will support us all. Not even a CRUMB..............
 
Looks to me like there is plenty of blame to go around. Here's some copy from factcheck.org, which is nonpartisan. Just something to think about. I think everyone who bought into inflated markets, used their homes as credit cards and blythely thought that 50% per year increases on their homes were a good thing all bare some of the blame, as do banks who loaned the money to unqualified people....100% financing is crazy!!!!! Unfortunately we will all pay for other people's messes.

When will banks, government and people realize that you borrow more than you bring in. The government is a fine example....the deficit is in the trillions of dollars now. I would rather have tax and spend than borrow and spend.

The Real Deal

So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson
 
Jessika: We were watching the debate Thursday with a bunch of friends and felt very much the same way. What about the working class, or the working poor, or the plain old poor? The answer is, they seek to who they believe will VOTE!

I was especially surprised that Biden, who really was raised under some serious economic adversity and is a totally self-made man, didn't say more to the working poor. And thats a category that will only grown after today's hijinks.

So get your friends and family out to vote. This is a really, really close election. Your vote totally matters. (Of course, my Republican friends, feel free to stay home and drink mint juleps while the rest of us go vote!)
 
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Oh it's coming. It's been predicted by the prophet's of old. Get your food storage in order people and start saving $ outside of the bank where you can. You will need it.
 
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