Thursday, October 30, 2008
Some news that will show the rocks lurking beneath the water.
On Oct. 3, the U.S. Bureau of Labor Statistics' reported that over the past 12 months, the number of unemployed has increased by 2.2 million and the unemployment rate has risen by 1.4 percentage points. Total non-farm payroll employment decreased by 159,000 in September and thus far in 2008, payroll employment has fallen by 760,000.
What is the impact? Unemployed people use their resources to survive (credit cards, etc.), but cut back consumption as much as possible.
Ripple Effect: 70% of the US economy is based upon consumer spending.
Retail will plummet - and all of the manufacturers and suppliers will starve. The economy will slow.
There was a 60 Person line at Costco yesterday...people looking for any employment.
These people are easy pray for the fake solution "we will keep you in your house" debt pirates.
More suffering in the future.
Saturday, October 11, 2008
The next great wave of scams will be "Credit Repair" companies as credit tightens to epic proportions. Everyone under 700 can just pay cash.
Desperate People will pay these fly by night companies anything on unregulated promises. These CyberGypseys(tm) close down shop and move as the States and the FTC move in for the kill.
There was one that asked people for their Bank Routing Number! Can you believe people gave it out. I called one and they were indignant and still in operation in Tampa. The Feds know about them but cant seem to move fast.
They can spend $700B to bail out their buddies but SCREW the common guy suffering.
This from the Jacksonville News:
Although there are reputable businesses that help consumers through the credit repair maze, state and federal agencies say they are fielding thousands of complaints from people who paid businesses to "clean up" their credit reports.
The businesses typically charged several hundred dollars in advance and promised to permanently eliminate negative information from credit reports, even if the information was "accurate and timely," according to the FTC. "
Unbelievable! Here we go into the dark ages.