Bankruptcies Are On The Rise

“In the past, many Chapter 13 debtors have been able to keep their homes through the use of repayment plans that stopped foreclosures or repossessions. However, the 2005 bankruptcy law changes imposed so many additional requirements and restrictions that Chapter 13 no longer is a practical way for many wage earners to save their houses from foreclosure, Mullin said. Also, the extra work required by the new law has caused the typical attorney's fee to double, putting it beyond the reach of most people. ‘The passage of the bankruptcy amendments in 2005 will without a doubt lead to many more foreclosures, distressed sales of real estate, neighborhoods going into decay and families shattered,’ Mullin...

From The Ramparts
Junious Ricardo Stanton
Don’t Expect Any Real Help From Bu$h

“April 5 (Bloomberg) -- The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust. The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005, according to statistics compiled from court records by still Jupiter eSources LLC. At a daily rate, filings in March were 30 percent above the pace in 2007. Rising bankruptcies, together with mounting foreclosures and fewer jobs, are further signs the biggest housing slump in a generation is hurting consumers...

Beware Wall Streeters Baring Solutions

“WASHINGTON - The Bush administration Monday proposed the most far-ranging overhaul of the financial regulatory system since the stock market crash of 1929 and the ensuing Great Depression. The plan would change how the government regulates thousands of businesses from the nation's biggest banks and investment houses down to the local insurance agent and mortgage broker. Treasury Secretary Henry Paulson unveiled the 218-page plan in a speech in Treasury's ornate Cash Room. He declared that a strong financial system was important not just for Wall Street but also for working Americans. The administration's plan was already drawing criticism from Democrats that it does not go far enough to...

The Beat Goes On

“As hindsight is always 20/20, we should take the time to highlight what we can learn from these past tragedies. First off, we should point out that most market volatility is all our fault. In reality, people create most of the risk in the market place by inflating stock prices beyond the value of the underlying company. When stocks are flying through the stratosphere like rockets, it is usually a sign of a bubble. That's not to say that stocks cannot legitimately enjoy a huge leap in value, but this leap should be justified by the prospects of the underlying companies, not just by a mass of investors following each other. The unreasonable belief in the possibility of getting rich quick is the primary reason...

From the Ramparts
Junious Ricardo Stanton
A Hi Tech Lynching

The Clinton’s fiendishly cunning plan to destroy Barack Obama’s non-threatening public image by directly linking him to an outspoken unabashedly pro-black minister is succeeding beyond their widest expectations. This was a calculated and choreographed campaign to destroy Obama in the minds of white folks. The groundwork was laid by Clinton supporters like Geraldine Ferraro and Pennsylvania governor Ed Rendell. Ferraro played the “bad cop” charging Obama was only where he was because he was Black. She was adamant; she refused to back down from her statement and she willingly took the hit. Her resignation helped bolster Clinton’s...