Tapsearch Com EditorHard facts about bankruptcies
January 12th 2012 19:42
The hard facts about personal bankruptcy has not change
President Obama followed President Bush who followed President Clinton with all three acting as one in the global economic arena.
President Obama acts as clean up man in the bail outs of big money and big business while ignoring the severe losses of the common workers.
Not much has changed since 1998. Here is a published letter from that year which can be changed to 2012 because the same free trade economic model still remains.
The hard facts about 'easy' bankruptcies - in a "Disneyland" economy
( This was in response to an editorial in the Cleveland Plain Dealer regarding the surge of bankruptcies. )
... It is not difficult to understand why so many are going bankrupt. In recent years , there has been a massive dislocation of workers - the largest in history .
When they are terminated, they think they will find another job of equal value easily in this "good'" economy. They use their credit cards and credit lines as temporary loans to get them through the period of adjustment. However, as time goes by, they are surprised they cannot find a job of equal value, and that $7 an hour never will pay the same bills as $15 to $20 an hour. Their temporary loans become more permanent, with little hope of paying them off.
Since late 1997, more than 200,000 have lost their jobs at more than 20 major corporations. In recent years, more than a million workers have lost their jobs in the computer field, and more than 100 companies have closed down.
What worker have to understand now is that when they lose their jobs, they have to take those "Mickey Mouse" sooner instead of later in our "Disneyland" economy and not worry so much about saving their homes.
Many also use their credit cards and credit lines to start a business of their own, and failures increased by 16 percent, totaling close to 85,000 businesses failing, Again these people should have live in rental homes and taken the "Micky Mouse" jobs rather than trying to make it on their own. This way our "good" - or as it is described in 2012 - "recovering economy" cam avoid all these bankruptcies.
Ray Tapajna
The following is from an newspaper article dated Jan 31, 1999
Business owners max out credit cards
47 percent of small and medium-sized businesses are maxing out their credit cards to keep afloat.
Much of the same remains today. However the news outlets and our political leaders leave out the history behind our problems and act as if the bad things happened just in the last six or seven years. The big hits came early and not much is left to take any more hits as our economy based on making money on money instead of making things is burning out. President Obama's trillion dollars bail out will fill the void for a time but we all should know the clock is ticking and the next big economic bubble is coming again.
The only answer is to re-shore our production sector and local value added economies. Free trade is the major cause of our economic crisis. The Trade Deficit is something real and not just an economic statistic. It represents the loss of trillions of dollars for all of our society.
President Obama followed President Bush who followed President Clinton with all three acting as one in the global economic arena.
President Obama acts as clean up man in the bail outs of big money and big business while ignoring the severe losses of the common workers.
Not much has changed since 1998. Here is a published letter from that year which can be changed to 2012 because the same free trade economic model still remains.
The hard facts about 'easy' bankruptcies - in a "Disneyland" economy
( This was in response to an editorial in the Cleveland Plain Dealer regarding the surge of bankruptcies. )
... It is not difficult to understand why so many are going bankrupt. In recent years , there has been a massive dislocation of workers - the largest in history .
When they are terminated, they think they will find another job of equal value easily in this "good'" economy. They use their credit cards and credit lines as temporary loans to get them through the period of adjustment. However, as time goes by, they are surprised they cannot find a job of equal value, and that $7 an hour never will pay the same bills as $15 to $20 an hour. Their temporary loans become more permanent, with little hope of paying them off.
Since late 1997, more than 200,000 have lost their jobs at more than 20 major corporations. In recent years, more than a million workers have lost their jobs in the computer field, and more than 100 companies have closed down.
What worker have to understand now is that when they lose their jobs, they have to take those "Mickey Mouse" sooner instead of later in our "Disneyland" economy and not worry so much about saving their homes.
Many also use their credit cards and credit lines to start a business of their own, and failures increased by 16 percent, totaling close to 85,000 businesses failing, Again these people should have live in rental homes and taken the "Micky Mouse" jobs rather than trying to make it on their own. This way our "good" - or as it is described in 2012 - "recovering economy" cam avoid all these bankruptcies.
Ray Tapajna
The following is from an newspaper article dated Jan 31, 1999
Business owners max out credit cards
47 percent of small and medium-sized businesses are maxing out their credit cards to keep afloat.
Much of the same remains today. However the news outlets and our political leaders leave out the history behind our problems and act as if the bad things happened just in the last six or seven years. The big hits came early and not much is left to take any more hits as our economy based on making money on money instead of making things is burning out. President Obama's trillion dollars bail out will fill the void for a time but we all should know the clock is ticking and the next big economic bubble is coming again.
The only answer is to re-shore our production sector and local value added economies. Free trade is the major cause of our economic crisis. The Trade Deficit is something real and not just an economic statistic. It represents the loss of trillions of dollars for all of our society.
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