Steadfast FinancesFinancial Crisis Archives - Steadfast Finances
Viewing Category » Financial Crisis
5 March 2012

How Disposable Income Affects Bankruptcy

Most of the time people think that the best way out of debt is to file for bankruptcy. They are quick to think that their appeal for bankruptcy will be approved no matter what their financial condition is. However, there are some tests that individuals must go through before they are granted bankruptcy. This is one way the government gets to protect companies that have accepted the loan request of individuals. If bankrupt is always approved, then individuals will keep on filing for bankruptcy when they are unable to pay off their debt. Individuals who file for bankruptcy need to go through a Means Test. This Means Test was created by Congress in 2005, as a reformation of the Bankruptcy Code. One vital component of this test is to calculate the individual’s current monthly income in order to determine if the person has disposable income.

18 April 2011

The Downside to ‘Trust Us, We Can Regulate Ourselves’

One of the better pieces I’ve seen on CNN since, well, the first Gulf War coverage. Goldman Sachs was the number one private campaign contributor to Barack Obama’s presidential election campaign. It’s one of the single biggest contributors to both parties in Congress. So it’s a rare event when a establishment politician like Carl Levin […]

28 February 2011

Michael Lewis on GPS: A Remarkable Return to ‘Normalcy’

 Financial Crisis         No comments

Well said by Michael Lewis on Fareed Zakaria’s GPS… If you had told me in early 2009 that all these big Wall Street firms would be back even bigger and paying big bonuses and essentially socializing their losses but their gains privatized and that the American people put up with it — that’s the incredible […]

18 February 2011

Just How Far In Debt is the USA?

Fairly sobering stuff when forced to visualize the amount of money we don’t have to cover the promises we’ve already made. Guess no one told the “fiscal conservatives” in Congress that it would take the entire world’s GDP plus a few trillion more to meet our total debt and unfunded obligations. (Might help to disengage […]

15 February 2011

How Capitalism Works: Everybody Owes Everybody Else

One of the upsides to having insomnia is you watch all sorts of things you wouldn’t ordinarily watch. Case in point, this humorous quote from an old James Cagney flick One Two Three filmed during the Cold War which couldn’t have sarcastically summed up the Achilles Heel of capitalism and forecasted the financial crisis any […]

12 February 2011

Michael Lewis: California’s Debt Crisis is Topic of Next Article

One would have thought Michael Lewis’ The Big Short would be the pinnacle of financial post-mortem exams. But his latest masterpiece on Ireland’s financial house of cards poignantly summarizes the “Perfect Storm” effect of behavioral economics: unregulated financial markets, greed for making money trumps fear of losing money, and good old fashioned herd psychology. Most […]

6 February 2011

The Irish Bubble: Can’t Spell ‘Confidence’ without ‘Con’

I speak quite a bit about the dark side of investor “confidence”, and no where is there a better example on the fallout from manipulating investor psychology than the latest Vanity Fair piece by Michael Lewis on the Irish financial crisis. The endless flow of cheap foreign money had teased a new trait out of […]

2 February 2011

Long “The Nickel”: Michael Lewis on The Colbert Report

I’ve got just one word for you… just one word… plastics nickels. Nickels are the next bubble: the metal content is now worth $0.07. If you melt it down, it’s worth 7 cents. One of the characters who made a fortune betting on the financial collapse of the system, is buying nickels. So he rings […]

24 January 2011

Take a Guess Who is Paying Fannie & Freddie’s Legal Fees

Only in America! Not only did taxpayers bail out Fannie and Freddie and overpay (still overpaying) the executives, but we’re also paying their legal bills. Kinda like paying the Captain of the Titantic an overly generous salary for ramming the iceberg, rescuing him from certain death, then paying his legal bills after the families of […]

16 January 2011

Let Them Eat Credit: Debt as the ‘Pacifier’ of Income Inequality

Fascinating interview from NPR’s Deep Reads with Raghu Rajan, University of Chicago professor, former chief economist for the IMF, and author of Fault Lines: How Hidden Fractures Still Threaten the World Economy, and the cold shoulders he received after predicting the financial crisis in 2005 at a conference where the main objective was to praise […]

19 December 2010

Banks Fear Foreclosures because of Mark to Market Accounting?

The Naked Capitalism blog posted something interesting yesterday that got me thinking… Are Banks Afraid to Foreclose on the Rich? I got this report from an attorney who is doing work in one of the top five foreclosure states. One of his colleagues has a monthly mortgage payment considerably above $20,000 a month. He has […]

2 December 2010

Chris Whalen: Federal Reserve Setup to Help Real Economy After Wall Street Destroyed Itself

Excellent commentary from Chris Whalen on the Dylan Ratigan Show. (For those who prefer Fox News flavor, he makes appearances there, too). Whalen doesn’t get near the publicity I think he should, and if history has taught us anything, short term pain (via bankruptcy, company buyouts at a stock value of 50 cents, etc.) can […]

 Page 1 of 5  1  2  3  4  5 »