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Sunday, March 26, 2006

Universal Tattletale site down




The Universaltattletale.com site and the etattle.com site may be down temporarily due to us changing servers. Please try again later or feel free to send us an email from this blog.



Monday, March 06, 2006

New Slavery Coming for many Americans

On January 1, 2006 banks were ordered to charge at least one percent of credit card balances plus interest to assure that credit card loans were paid down. Recently a rash of consumer complaints became evident when many banks for apparently little or no reason increased interests rates from the low teens to high 29.99 percent or higher. Banks took advantage of some discreet language buried deep in their disclosure documents, primarily that you can have your interest rate increased if you have even one late payment with any financial institution even if it’s not the one raising the rate. Banks were in essence deregulated from charging whatever they wanted, because they are now guaranteed income because individuals can no longer walk away from unsecured debt as easily through a bankruptcy filing. What was once unsecured debt has now become secured unsecured debt to major banking institutions
Believe it or not the Governments run up of debt and the changing of bankruptcy laws could be the beginning of the end for the United States of America. Many democrats and others point to moral and ethical changes as a sign of the major problems if not the end times. Raising taxes to excess or placing excessive debts on the constituency can lead to financial chaos, increased poverty and political turmoil. This type of economic scenario requires countries to look outside their own country to finance their increased spending. Remember the Louisiana Purchase. American Ports, Roads and Corporations are being turned over to foreign interests primarily to sustain the American Dream. During the current President Bush’s tenure the national debt has actually increased more than all other Presidents combined. (This debt is not currently as high in real terms if compared to post World War Two)
For the past several years many people have financed and refinanced to take advantage of increasing home values and pay off excessive debt. Ironically recent economic data shows that average incomes are actually dropping compared to inflation. Recognizing the problem with large numbers of bankruptcies the government changed the rules to avoid allowing many people to walk away from their debts. Many Americans are accustomed to being able to run up debt and pay it off, but this new system is going to create new realities that will test the will of the current Republican congress to avoid a constituent backlash, which could reverse the trend to a new deal not seen for seventy five years.
How did this happen? Quite simply banks and Congress came up with the trickle up philosophy which means that someone would have to pay in case things really get nasty. The trickle up philosophy meaning place much of the responsibility on the lower and middle class allowing people to spend what they want, but they will be made to pay the price through mandatory payment systems and credit counseling. The top 3% of Americans have not only enjoyed the largest tax advantages but, they have also enjoyed the luxury of avoiding carrying responsibility of the debt load as their income is divested across national borders worldwide.
The government could have been wiser by making credit card issuers at least maintain reasonable interest rates, but this is not the case. Banks are now allowed with little or no reason or notification to raise interest rates at will. If you currently have a 10,000 dollar credit card balance at 10% the bank if it desires can change the rate to 29.99 percent. If you are like many people you may not read the disclosure and in one month’s time you would lose 200 dollars and increase your payments by $200 dollars a month on that one card.
Truly men could be enslaved to debt for life if Congress finds a way to mandate repayment of a parent’s debts by a child. This would truly be the last hurdle in taking away individual freedoms at conception and enslaving a person from birth.