Money to Blow
A recent article in USA Today entitled, “Bank failure is 83in ’10; pace more than double last year’s” outlines the speed of small bank failures and the cost to, Federal Deposit Insurance Corp known as FDIC. The article states the bank failure rate is the highest since 1992 but in reality our bank failure rate saw its greatest impact in 1930. 600 banks closed in 1930 and in 1933, 28 states did not have a bank open. This is sourced from the recent series offered on the History Channel, entitled “The Story of US” which is sponsored by Bank of America.
The cost of the losses from bank failures reported to the FDIC as of March 31 totals $20.7 billion. The FDIC expects those losses to grow over the next four years to $100 billion. In order to ensure against those expected losses the FDIC mandated last year that banks prepay $45 billion in premiums, for 2010 through 2012, to rebuild the insurance fund. How are the banks going to generate those revues? Banks have to make a profit for their shareholders and the shareholders will sell if their returns are not realized. Banks raise money by increasing fees and decreasing services. That is why I recommend finding a local credit union for personal and business needs. Those depositors in a credit union are members and share in the profit instead of suffering from big bank fees. Ask yourself; “Why should it cost me money to use my money?“
Debt Dogged Americans Stressed Out
In a recent article on the Associated Press entitled “Poll finds debt-dogged Americans stressed out”. The articles outlines that about half of all American’s are feeling stress over their debts. The article site the factors that are attributing to the stress are ; high unemployment, climbing foreclosure rates, tight credit markets, tight household budgets on fixed income or those with high medical bills, heavy workloads on many Americans who are working multiple jobs to cover basic needs.
These finding are not a surprise to most of us, who talk with friends, family and coworkers. This is not a surprise to those who have read the headlines, tracked history and drawn conclusions as to the reason for this stress. An example is Michael Moore’s movie “Capitalism: A Love Story”. One of the many quotes is that “1 % of the wealthiest Americans have more wealth than 95% of all the rest of American’s combined.”
Every day I hear stories from my own clients as to their financial stress. Some of the stories are a result of living for today and not planning for emergencies. Most of my clients are facing these financial stressors do to serious illness of the wage earner, under insurance for medical expenses, extensive education costs, death of a loved one, failed businesses from the economy and divorce. These clients cannot work their way out, nor face bankruptcy to remedy the stress. They need other options that give them a plan and hope. It is for them, that I read, listen, answer the call and continue to report.
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