Economic Crisis

icumom said:
Siren - what did you finally decide to do?
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I saw the bankruptcy attorney a few hours ago and he essentially said I sabotaged my chance of filing chapter 7 (chapter 13 wouldn't help) by working all that overtime, which doubled my income, thus, making me ineligible. The government determines chapter 7 candidates based on one's last six months income, the period during which I busted my butt working 12-hour days. Great. I told him my employer is brining in about 150 casual employees on October 29 and all our overtime will be eliminated (just in time for the holdiays...). Then, after Christmas, when the casuals are (mostly) gone that's our slow season (no overtime, anyway) so my income won't pick up again until NEXT Spring. Also, I have to have surgery for a deviated septum on October 10 so I'll be off work for 4 to 8 days. So my income over the next six months WILL drop down to half, without me having to do anything, and if I can placate my creditors (for six months?!), I should THEN qualify for chapter 7, hopefully before my creditors figure out I'm drowning and take legal action. Who knew working hard to pay one's bills could ever be construed as a mistake? I brought up digging into my retirement account but the attorney indicated it would be much smarter to hold out for chapter 7. I think I made him nervous about my ability to handle six months because I got a little weepy a few times and because I've been sick as a dog for the last 5 days with a killer cold and cough (with no end in sight) so I didn't LOOK strong. But that's just because I'm a really bad sick person. I turn from strong and solid to whiney and pathetic at the first sign of a sniffle. But then we got on politics and he seemed reassured when I started spitting about the no-strings bank bail-out (which REALLY pi**es me off!!!).

Depending on who our next president is, things could improve a bit or take a drastic turn for the worse so I'm praying God forgive me for what I might have to say to keep my creditors off my back while I hold on by my fingertips. I really can't believe all this is happening to me. I just keep thinking 'six months...'

I need to go get ice cream and some Aleve Sinus and Cold now. I'll work it off later...
 
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Oh Darlin, Bless you for having so much integrity.....please continue to vent as needed, you have friends you don't even know who admire you and are sending prayers/vibes/luck/and good karma your way.
 
Thanks to everyone who took the time to share clear and helpful information and to share kind words of support. Seems to me we have four tasks in this economic mess:
1. Study and make the wisest decisions about personal/family finances.
2. Take care of each other by helping friends, neighbors, and extended family in ways we maybe haven't before, especially make sure kids have what they need.
3. Work to change public policy so that working people have more protection.
4. Attend to the spiritual, social, artistic, healing, and fun sides of life. Most people in the world live satifying lives with way fewer economic resources.

I've found Paul Krugman's columns in the New York Times helpful. He's a Princeton economic professor and can explain complex economic issues so clearly.

Robin
 
You're right about Paul Klugman - we need less butt-headed politicians yakking and more economists talking - that includes healthcare policy!

We're already cooking more things like navy bean soup with homemade bread, stopping at the thrift store for jeans etc....been here before - several times since I entered the work force...

What this administration has done to this country is criminal in its stupidity,hubris and greed...and I'm not liberal - except that I am open to seeing all sides - my grandfather used to say God bless the working slob....and I kind of support policy that supports we working middle class....
 
I haven't read back thru all the posts but I was wondering what people thought about the $700 Billion Bailout? We get the debt and they get the profits. Anyone get a dividend check when they were making so much money? No cap on those obscene salaries? Paulsen was an executive with Goldman Sachs--talk about looking our for your own. No oversight and just one ex Wall Street executive taking contol of all that money to do with as he wishes. Not to forget you have to sign it in a few days to avoid a meltdown. Not even time to consider alternatives. Plus the proposal is only 3 pages long! Maybe it is time some of these people get out into the real world. Maybe they should try giving back some of those bonuses, ditching the helicopters and limos and pay their own way. You can be sure if they get this bailout the bonuses, salaries etc will all be business as usual.
 
I agree Phyllis - they all have tens of millions of dollars in "parachutes" should they screw up and bankrupt their corporations...its disgusting....

The bail out - I was home for a couple weeks with my shoulder injuries and spent time reading up - and while it repulses me that AIG is now a government run corp - had it gone belly up - WE all would have suffered horribly - check out your health care company, pension managers, your own workplace- AIG had BILLIONS sewn up from other major corporations and the cascade of them failing would be an economic collapse -or they wouldn't be doing it....look at Lehman - who woulda thunk it? (actually, after they dispensed with Shearson years ago, I suspected! And what happened to Pierce and Fenner from ML - We know Smith went with Barney.....oh the pain, the pain!)
 
PhyllisG said:
I haven't read back thru all the posts but I was wondering what people thought about the $700 Billion Bailout? We get the debt and they get the profits. Anyone get a dividend check when they were making so much money? No cap on those obscene salaries? Paulsen was an executive with Goldman Sachs--talk about looking our for your own. No oversight and just one ex Wall Street executive taking contol of all that money to do with as he wishes. Not to forget you have to sign it in a few days to avoid a meltdown. Not even time to consider alternatives. Plus the proposal is only 3 pages long! Maybe it is time some of these people get out into the real world. Maybe they should try giving back some of those bonuses, ditching the helicopters and limos and pay their own way. You can be sure if they get this bailout the bonuses, salaries etc will all be business as usual.
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Oooooh don't even get me started! Did you know the average Xmas bonus at Goldman Sachs last year was $650,000? I mean, the average bonus!!!!!!! How many homes could John McKain..........errrr I mean YOU.........buy with that? :mad: And last quarter Exxon Mobil posting their highest profits IN THEIR HISTORY while many of us can't afford the gas to drive to work (not me, I live just a mile from work thank goodness).

But we don't need regulations or price caps, naaaah, that's SOCIALISM, god forbid! :confused:
 
Sorry to hear that you don't have resolution to your issues yet!:(
A neighbor of mine tried to get assistance with her mortgage thru the bailout plan and was told they don't make ENOUGH money to qualify!?! :confused: Huh??:confused: Duh! :confused:That's the point, isn't it????? :confused:

gotta find me one of those gov't printing presses.........

Becky
 
I believe I read somewhere that AIG has billions in overseas assets. It all just reminds me of the "mushroom cloud" that was hanging over our heads if we didn't invade Iraq immediately. Where has Paulsen been for the last year when others were seeing the writing on the wall. No I am not convinced that this has to be done NOW without any discussion of alternatives and what really gets me is NO oversight--no administrative review and no judicial review. They have already blown it and now they want more money with no guarantee that this will actually work. What if this doesn't work? I think it is time for all of "them" to give back some of those bonuses they walked away with and you can be sure they will be getting more this year if they think they can get away with it. Disgusting.
 
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