Category Archives: U.S.

Business/Economics, U.S.

Citi Makes Billions in Profits, Says Forclosure Process “Sound”.

Citigroup, one of the big banks involved in home foreclosures,  is reporting a $2.2 billion profit for the 3rd quarter.

In a Wall Street Journal article, Citigroup officials continue to claim they have done nothing wrong in the country’s foreclosure fiasco, and therefore will not stop seizing homes.   However, in a recent Bloomberg article, it was revealed that Citigroup has suspended dealings with a Florida law firm that was handling its foreclosures in that state.

Citigroup’s profits may be due, in part, to the sale of its stake of student loans, to Discover, and the sale of other assets.

Business/Economics, Opinion, U.S.

Millions of French Continue Strike Against Government. Wake Up America!

For the forth day millions of French people are continuing a country wide strike against their own government.  Why?  Because their government wants to raise the retirement age from 60, to 62.

Private and public sector workers demonstrate over pension reforms in Marseille October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS POLITICS CIVIL UNREST)

Millions of French workers striking over a two year increase in retirement, while Americans continue to take it in the rear with taxpayer bailouts of banks that screwed over the financial industry, banks that are screwing over homeowners with a foreclosure fiasco, a Federal government that is screwing over its citizens in favor of corporations, and state governments that are cutting budgets to the bone because no one seemed to see the coming economic collapse.  Hello!

A man holds a placard which shows a caricature of French President Nicolas Sarkozy and reads Urgent, retired, quickly ! during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: POLITICS EMPLOYMENT BUSINESS CIVIL UNREST EDUCATION)

People, the United States of America was founded by Revolution.  That Revolution inspired other famous revolutions, like the French Revolution.  The French obviously have no problem continuing that tradition.  But what happened to the birth place of modern citizen revolt, called, the United States?  Many of the founders of the United States stressed the importance of periodic Revolution by the people in order to keep government in check.  Yet, it is considered un-American to talk about Revolution.  That is a sure sign that our country has been high jacked, and is being run by people who have no intentions of doing what is right by the People.

Firemen demonstrate over pension reforms in Nice, southeastern France, October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Eric Gaillard (FRANCE - Tags: CIVIL UNREST POLITICS EMPLOYMENT BUSINESS)

Maybe it’s because the People have become too dependent on their governments to solve everything. The proof of that is the election of Barak Obama, because the People hoped he would bring change from the top down.  But here’s what Obama said, several different times: In 2008 “Real change comes from the bottom up, not the top down.” (goqnotes.com), and again in 2010, “Real change comes from the bottom up, and that is why we are here.” (c4ss.org).  Comedian Jay Leno has even questioned Obama’s running for President because of these statements.  After all, if real change comes from the bottom, why did Obama run on the Hope of bringing Change to the United States?  Because the People are lazy, or fearful, and Hope that the government will do it for them. Another way to take Obama’s ‘change comes from the bottom’ statements, is that he is subtly telling us that we, the People, are the ones who need to take action, to Revolution.

French students shout slogans during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: CIVIL UNREST POLITICS EDUCATION EMPLOYMENT BUSINESS)

Or maybe it’s because, despite increasing school budgets year after year, since I finished high school in 1982, the quality of our grade school education has dropped like a rock. Americans are dumbed down. A prime example of our failing education system, both public and private, is the wacko political candidate named Christine O’Donnell.  In a recent debate she stated that we were in Afghanistan to “…finish the job…” against the Soviet Union (www.youtube.com).  What?  I thought it was to get Osama bin Laden because of September 11th, 2001?  She also said we were in Afghanistan in the “…80s and 90s…”.  Nooo, I don’t think so, not officially anyway.  We supported Afghans (Afghans that we are now fighting) in their fight against the Soviets, which ended in 1989.  Also, the Soviet Union ceased to exist in 1991.  There is an old saying: Stupid is as stupid does. (Maybe she really is a witch because her supporters seem to be under a spell)

A small group of police stand on alert during a march through the streets protesting the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

Or maybe it’s because our government is actually spending our taxpayer dollars to spy on those of us who do stand up and challenge the system. Yes, the state of Pennsylvania revealed that they hired a company, co-owned by Israelis, to spy on activists.  They spent 103,000 taxpayer dollars to do so.  It was part of a Homeland Security operation.  The result?  Pennsylvania Bureau of Criminal Investigations chief, George Bivens, said the Israeli-American company’s spy report on the activists “…is unsubstantiated gossip.” (english.aljazeera.net).  So they just took the taxpayer money and ran?

A demonstrator wearing a mask of French President Nicolas Sarkozy marches through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks. UPI/David Silpa Photo via Newscom

People of the United States, we can not afford to act like the proverbial frog in a pot of water, that is slowly heated until it’s too late to escape, and we are boiled alive.  Wake up!

Business/Economics, Idaho, U.S.

Idaho in Top 5 for Foreclosures, Right Behind California

The latest Realty Trac survey puts Idaho in the top five states for home foreclosures.  Idaho is ranked number 5, right behind California at number 4.

Realty Trac says Idaho saw a 13.67% increase over the same time last year, and a 19.74% increase since the 2nd quarter of this year. For the 3rd quarter of 2010, one out of 86 homes in Idaho are in some stage of foreclosure.  California, while seeing a drop in foreclosures, still has one out of 70 homes in foreclosure.

LOS ANGELES, CA - AUGUST 12: A 'bank foreclosure sale' sign is posted in front of townhomes on August 12, 2010 in Los Angeles, California. U.S. banks repossessed homes at a near record pace to drive up July foreclosures. (Photo by Kevork Djansezian/Getty Images)

The top 5 states, Nevada, Arizona, Florida, California and Idaho, make up 50% of foreclosures in the United States.

This news comes as the big banks involved in the foreclosure fiasco are reporting big profits for the same quarter.

Business/Economics, Idaho, U.S.

Idaho Investigating Foreclosure Fiasco

Officials from 50 states, including Idaho, along with the District of Columbia, announced they were launching investigations into possible foreclosure abuses.  Today, one of the biggest banks involved announced a $4.4 billion profit in the 3rd quarter.

There is growing evidence that bank employees falsified information on foreclosure paperwork.  RealityTrack says more than 2.7 million homes have been lost to foreclosure since 2007.

CHICAGO - JULY 15: A demonstrator protests outside the offices of JPMorgan Chase July 15, 2010 in Chicago, Illinois. He was demonstrating in support of families being evicted from an apartment building because the building has been deemed uninhabitable by the city. Residents claim the building was not maintained after the bank took over the building following a 2008 foreclosure. Residents are required to be out of the building by Saturday. (Photo by Scott Olson/Getty Images)

JP Morgan Chase, Bank of America and Ally Financial/GMAC  have admitted that their paperwork has errors.  Citigroup and Wells Fargo deny they have done anything wrong (www.detnews.com).

On Friday, Bank of America halted foreclosure processes in all 50 states.

Idaho Deputy Attorney General Brett DeLange stated on Tuesday that, “We currently know about this at the national level and we have received complaints, some recent, of specific defects under Idaho law.” (www.idahopress.com).

Business/Economics, International, U.S.

Staples Office Supply Going Russian

The worlds largest office supply store, Staples, has joined up with a Russian company, Pragmatic Express.

The two companies will work jointly to serve international customers in Russia.

The deal allows U.S. based Staples to continue its worldwide expansion.  It also allows Staples to take advantage of Russia’s growing economy, while the U.S. economy falters.

Recently the IMF predicted 4.3% economic growth for Russia in 2011.  Compare that to the forecast of 2.3% growth for the United States.  Also, Russia’s unemployment rate is expected to drop to 7.3%, while unemployment in the U.S. is expected stay around 9.6% (www.imf.org).

Pocatello, Idaho.

Business/Economics, U.S.

JP Morgan Chase Foreclosing Homes Making Big Profits

Today JP Morgan Chase reported a 23% profit for the 3rd quarter of 2010.  That’s $4.4 billion profit.

JP Morgan Chase is one of the companies involved in questionable home foreclosures. They are also one of the big banks that got a big taxpayer bailout.

NEW YORK - MARCH 24: (FILE PHOTO) A man walks on the sidewalk in front of the JP Morgan Chase building March 24, 2008 in New York City. The bank has reported large third-quarter earnings but has also allocated $2 billion to cover loan losses. (Photo by Chris Hondros/Getty Images)

According to Mother Jones, JP Morgan Chase paid back only $68.3 billion of the $229.7 billion they got from taxpayers.  Our government acted like it was fully paid.

JP Morgan Chase halted 56,000 foreclosures, in states that require court approval, after “mistakes” were found.  The Attorney General of California, a state that does not require court approval, has demanded that JP Morgan prove its foreclosure practices are lawful in that state (www.adi-news.com).  Only 23 states require court approval of foreclosures.

CHICAGO - JULY 15: Crystal Richard demonstrates with her children outside the offices of JPMorgan Chase on July 15, 2010 in Chicago, Illinois. Richard's family is being evicted from the apartment building where they live because the building has been deemed uninhabitable by the city. Residents claim the building was not maintained after the bank after took over the building following a 2008 foreclosure. Residents are required to be out of the building by Saturday. (Photo by Scott Olson/Getty Images)

In a recent Bloomberg article, attorneys claim they have found “errors” in 75% of foreclosure paperwork.  Again, this is only in the states that require court approval.  JP Morgan, along with other big banks, have admitted that their employees may have filled out foreclosure paperwork without checking the facts.  In other words, they filed foreclosure claims arbitrarily.  Attorney Richard Kessler said it will take decades to straighten out the foreclosure fiasco.

Business/Economics, Idaho, U.S.

Lies, Lies and More Lies. Snidely the Illegal Forecloser Returns.

When the scandals of arbitrary home foreclosures were revealed, it was reported by some news sources to involve only people who missed payments (money.cnn.com).  Lies!

I have seen several reports where homes were foreclosed with no payments missed. In one example, a man paid cash for his home, no payments to make, and Bank of America foreclosed his home (www.sun-sentinel.com).  A foreclosure attorney admitted that mistakes “happen all the time”, and that they just aren’t reported.

Here’s some info to cause concern.  Those foreclosure fiasco cases are only being reported in states that require a court process to complete.  Almost half of the states do not require a court process, including Idaho (where I live) and California (where most of my relatives live).  The problem is, that the same financial Snidelys that are illegally foreclosing on people, in the states requiring Judicial Process, are also operating in the states with Non Judicial Process.  If you are getting unfairly foreclosed on you can do an internet search under ‘fighting foreclosure’.  You’ll probably have to hire an attorney anyway.

Here’s some data (updated October 12th, 2010) on the number of foreclosed homes for sale in selected Idaho counties.  Ada: 885.  Bonner: 342.  Bonneville: 85.  Twin Falls: 76.  Bannock: 38. (www.foreclosuredataonline.com)

Idaho’s foreclosure numbers may not seem like much, but compare Idaho’s  population of 1.5 million people, to California’s nearly 37 million (U.S. Census Bureau). According to a Bloomberg.com article, Idaho’s foreclosure rate increased 822% in the second quarter of 2010.  How many of those are bogus/illegal?  We’re seeing the return of the melodramatic bad guy, a Snidely who loves to foreclose the homes of little old ladies and ruin families.

Business/Economics, International, Opinion, U.S.

China No Longer Needs Us. November Elections. The Economy is Everything.

Beware of political promises, especially when it comes to the economy.  History shows politicians have a bad track record when it comes to ‘saving’ the economy.  Sometimes they get it right in the short term, but when it comes to long term planning, forget it.  Long term should be considered 20 years plus, not ten years, or more commonly, 5 years or less.

Big news in economics involving the world and the United States.  Last week a U.S. economics professor was quoted, in the European media, as saying the world was “…partially decoupling,” from the U.S. economy (www.bloomberg.com).  What he meant, and what I’ve be warning about in discussions with acquaintances and relatives, is that the “developing economies” (which should no longer be called “developing”) have now reached a point where they do not need the United States to be economically viable.  Those countries include India, Brazil and China.

How many times has you’ve heard how the Chinese need the U.S. economy in order to continue growing?  Remember how much the U.S. is in debt to the Chinese?  Now, realize they no longer need us economically.  Uh oh.

In other economic news, the IMF (International Monetary Fund) has revised, downward, it’s expectations for U.S. economic growth in 2011 (www.imf.org).  Some reasons are the amount of debt owed by the government, and, that economic data coming from the U.S. is never as good as predicted, and in some cases it’s worse.

Here’s an example: Today it was revealed, in a CNNMoney.com article, that according to the U.S. Department of Labor, for the second year in a row, the overall unemployment numbers need to be increased.  They are saying that, so far this year, 366,000 job losses have not been counted.  It was revealed, earlier this year, that 902,000 lost jobs had not been counted for 2009.  Also, the uncounted job losses for 2010 will not be officially added to the 2010 unemployment numbers until February 2011 (you have to keep that in mind every time you hear the “official” numbers reported this year).  One analyst says it is common in a bad economy to underestimate job losses.  Another analyst says the current employment models (formulas for predicting trends, or figuring out what happened) are not working.  Oh really?

We, the people of the United States, are in a predicament that was created by the short term policies of our corporate and political leaders.  Some countries called “developing economies” (formerly known as third world) have not only caught up with us, they are leaving us in their dust.  When you vote this November do your homework.  Investigate the candidates and the issues.  We need not only a high quantity of voting, but a high quality of voting.

Business/Economics, Idaho, U.S.

Mental Health Decrease = Violent Crime Increase

A recent story in the Idaho State Journal showed that a random shooting, that took place at the end of September, may be linked to the state of Idaho ending health care coverage for people with certain mental disorders.

On September 27th, a man was shot outside a Pocatello, Idaho, coffee shop. He nearly died after losing 40% of his blood.  The shooter was a man who had not been on his mental health meds because the state cut off the funding.  The article showed there are other instances of violent behavior since the cuts took place.  One man, in court after assaulting his own house and car, was “suggested” by the local judge to get control of his mental problem (findarticles.com).  Hello? Isn’t that part of a ‘mental’ health problem?  They can’t control it without outside help, and many of them are not in a position pay for it.

This year Idaho lawmakers claim they saved taxpayers $9 million by cutting the mental health budget.  They also said, earlier in the year, that only people with private insurance would be dropped from state assistance.  Yet, I’ve read several recent articles that say, in actuality people without any insurance have been cut.  To give you an example of how insensitive lawmakers are; according to an article in the Idaho Statesman, State Representative Ken Andrus, a Republican from Lava Hot Springs, Idaho, said he considers the Pocatello shooting, by a man dropped from state help, to be an isolated case (www.idahostatesman.com).

Several mental health care professionals, here in Eastern Idaho, are warning that this is just the beginning of bad things to come.  The family of the shooting victim are outraged.

This reminds me of the Federal cuts for mental health care, pushed by President Ronald Reagan in the 1980s.  Instead of saving money, it cost more money in the long run, because of increased incarcerations, and lawsuits, due to resulting violent crime by people who were pushed onto the streets, and, went off their meds.  The difference between then and now is that then the government was trying to save money.  Now, there is no money.  The results will be the same.

Business/Economics, U.S.

Extra Long Receipts, saving paper?

When going to the store, even if it is just to purchase a few items, you are often faced at the end of your shopping trip with a long, very long receipt.  Gone are the days of simple receipts with a barcode at the bottom, company logo at the top, and you items purchased in the middle.  Surveys, coupons, even company bios can be found causing your receipt to grow.

This is what a receipt should look like.

Whether this is a good choice for the company financially, well, I don’t know.  I do know that it is a hassle for consumers, most of which don’t even read their receipts.  However, I can crunch some numbers.

On Amazon.com, I can buy 50 85 ft rolls of receipt paper for $18.29, which is 4250 ft.  Now, if the average receipt length I print is two feet, then I can print 2150 receipts at a cost of .8¢ a piece.  If I print an average receipt length of 8 inches, then I can print 6381.38 receipts at a cost of .2¢ a piece.  Of course there are some variables that can be involved, but this is to be used a static comparison.  The averages are not a number from any sort of study, simply made up as a comparison.

That may not seem like much, but for a very large retailer, that is a lot of money per week spent on paper.  Which, of course, could be potential jobs.  Maybe not very many jobs, but still jobs none-the-less.

There is hope, however.  Apple, Inc. has been asking if you would like the receipt emailed to you instead of a paper one since 2005.  Many store are following suit.  Also, some stores are starting to reduce the length of their receipts.  Alas, the store that aren’t cutting back on receipt length, are still complaining of running out of paper and their printers breaking all the time.

Here is a bit I personally would like to see on my receipts; percentage of the total an item cost, so I can see where I am spending the most.  This wouldn’t require a longer receipt, just a little number in the white space next to the item price.