Posted on February 17 2010.
Tags: debt commission, economic prosperity, games, golden rule, how to balance a checkbook, interest payments, kindergarten, Obama, physics, politicians, surprise, tax payer dollars, three card monte
Reports are surfacing that President Obama will announce a new bipartisan debt commission this week. I hope they’ve all read All I Really Need to Know I Learned in Kindergarten. If not, here is the Golden Rule they will need to guide us out of this crippling debt storm:
Spend Less than You Make.
This classic formula still works today! If the government can hire more people who know how to balance a checkbook, and less who know how to use abstract physics to engineer meta games of Three-card Monte, we will inevitably draw down our debt.
This may come as a surprise to many politicians, but government does not generate revenues like businesses; rather, it does so through collecting taxes. In other words, when politicians say they want to reduce taxes yet provide more services, entitlements or bailouts, they are speaking of something as impossible as producing snow in Arizona on a 100 degree summer day. Add growing interest payments on debt, and the problem becomes much worse.
So, rather than over-thinking the issue and wasting tax payer dollars discussing strategy, start with the Golden Rule of all economic prosperity: spend less than you make … or, more accurately, spend less than you take.
Do you have some thoughts for Obama’s new debt commission? Voice your opinions in our comment section below …
{ Read More Wall St. Cheat Sheet } 68972 Responseshttp://wallstcheatsheet.com/breaking-news/the-golden-rule-for-obamas-new-debt-commission/?p=6897/The+Golden+Rule+for+Obama%27s+New+Debt+Commission2010-02-17+15%3A43%3A52Damien+Hoffman to “The Golden Rule for Obama’s New Debt Commission” jmb27 says: February 18, 2010 at 12:24 amPredatory Lending is a major contributor to the economic turmoil we are currently experiencing.
Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."
The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
http://merkley.senate.gov/newsroom/press/release/...
Reply WallStCS says: February 18, 2010 at 3:11 amI will take a look. Thanks, jmb27! Feel free to send me more tips.
Damien
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Tags: debt commission, economic prosperity, games, golden rule, how to balance a checkbook, interest payments, kindergarten, Obama, physics, politicians, surprise, tax payer dollars, three card monte
Reports are surfacing that President Obama will announce a new bipartisan debt commission this week. I hope they’ve all read All I Really Need to Know I Learned in Kindergarten. If not, here is the Golden Rule they will need to guide us out of this crippling debt storm:
Spend Less than You Make.
This classic formula still works today! If the government can hire more people who know how to balance a checkbook, and less who know how to use abstract physics to engineer meta games of Three-card Monte, we will inevitably draw down our debt.
This may come as a surprise to many politicians, but government does not generate revenues like businesses; rather, it does so through collecting taxes. In other words, when politicians say they want to reduce taxes yet provide more services, entitlements or bailouts, they are speaking of something as impossible as producing snow in Arizona on a 100 degree summer day. Add growing interest payments on debt, and the problem becomes much worse.
So, rather than over-thinking the issue and wasting tax payer dollars discussing strategy, start with the Golden Rule of all economic prosperity: spend less than you make … or, more accurately, spend less than you take.
Do you have some thoughts for Obama’s new debt commission? Voice your opinions in our comment section below …
Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.
Here is an example of what I am talking about: Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices: "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."
The Center for Responsible Lending says YSP "steals equity from struggling families." 1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
http://merkley.senate.gov/newsroom/press/release/...
I will take a look. Thanks, jmb27! Feel free to send me more tips.
Damien
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