Financial Reality Revisited

Common sense commentary on the covid 19, politics and the economy.

Friday, October 7, 2011

Santorum calls 99% the fringe and radicals that have been protesting since the vietnam war

Rick Santorum was on CNBC about 2 minutes ago and stated that the protesters in NY, the Occupy Wall Street Crowd, or 99% were the fringe and far left radicals that have been protesting since the Vietnam War and that the did not represent the American Public.  He also was questioned about getting justice for the public regarding the banks and he backed down and caved by saying that he would not want to go after anyone from the banks as a presidential candidate.

This guy Santorum is completely removed from the American people.  I couldn't believe his ignorance and his complete disregard for the 99%.  He acted as if the protesters were just out of the loony bin and that were complete radicals.  He is wasting money and resources running for president because he has no chance and he will be lucky to get any traction if he keeps saying stupid things like he did on CNBC this morning.
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Labels: banks free pass, Jim Cramer, rick santorum, santorum

Monday, October 3, 2011

Links for October 3 2011

Washington's Blog-Protesters Target Federal Reserve
                              Americans Protesting Over Corruption, Rising Food Prices and Unemployment
                              Wall Street Protests Starting to Look Like Egypt

    FloridaToday.com Grandmother nearly loses condo to foreclosure after $4.70 fee balloons to nearly $3,000

Credit Slips-Bully for B of A
Is JP Morgan Getting a Good Return on $4.6 Million “Gift” to NYC Police? (Like Special Protection from OccupyWallStreet?)
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Labels: business links, default and fraud, Federal Reserve, foreclosure protests in california, occupy wall street, truth on banks, Uncle Ben, unnecessary foreclosure, wall street fraud, Wallstreet

Foreclosures Are Killing Us

I wanted to add this article as follow up to my post regarding Family as Social Security READ IT HERE, 
to emphasize the serious health risks due to the terrible economic climate in the country.  



OP-ED CONTRIBUTORS
Foreclosures Are Killing Us By CRAIG E. POLLACK and JULIA F. LYNCH
Published: October 2, 2011

  • in the New york times.  

AFTER slowing down in the first half of the year, the rate of homes entering foreclosure is rising again. First-time default notices were served on 78,000 homes in August, a 33 percent increase from July. A $1 billion federal program to help jobless and underemployed homeowners ended Friday. Foreclosure notices were filed against a record 2.9 million properties last year, and an additional 1.2 million in the first half of this year.
I spoke of just how devastating foreclosure can be on individuals and families HERE, and how the loss of insurance can put people over the edge or keep them from getting the proper care they need before their conditions become much worse.   You can see below where I have highlighted the text in bold that research is growing that supports theory that foreclosure has extreme negative health effects on families and communities.
Foreclosure is not just a metaphorical epidemic, but a bona fide public health crisis. When breadwinners become ill, they miss work, lose their jobs, face daunting medical bills — and have trouble making mortgage payments as a result.
 But that is only part of the story. A growing body of research shows that foreclosure itself harms the health of families and communities. In our 2008 survey of 250 people undergoing foreclosure in the Philadelphia area, 32 percent reported missing doctor’s appointments and 48 percent said they let prescriptions go unfilled, significantly higher rates than others in their community. A paper released last month by the National Bureau of Economic Research found that people living in high-foreclosure areas in New Jersey, Arizona, California and Florida were significantly more likely than those in less hard-hit neighborhoods to be hospitalized for conditions like diabetes, high blood pressure and heart failure.

More than one-third of homeowners in our study had symptoms of major depression. The N.B.E.R. study found significantly more suicide attempts in high-foreclosure neighborhoods. For every 100 foreclosures, it found a 12 percent increase in anxiety-related emergency-room visits and hospitalizations by adults under 50. Losing a home disrupts social ties to neighbors, schools, jobs and health care providers — ties that under better circumstances promote good health. Neighborhoods suffer, not just homeowners.
Most programs to stem the tide of foreclosures rely on mortgage counselors at nonprofit groups supported by federal grants, who work closely with homeowners and banks to try to find a financial resolution.
These counselors have become, of necessity, crisis counselors — in a national survey of 395 mortgage counselors we conducted in January, 37 percent said they had worked with at least one homeowner in the past month who was considering suicide — but they need to be trained to quickly and efficiently screen for illnesses like depression. In fact, health care should be part of a comprehensive approach to foreclosure prevention; for example, mental health caseworkers should be embedded in mortgage counseling agencies.
Screening and treatment may actually help some families keep their homes. Studies of unemployed people have shown that treating depression can improve the chances of landing a new job. Such treatment might also help homeowners undertake the daunting documentation and financial planning that foreclosure prevention programs demand.
In a time of fiscal strain and rising need, where will the money come from? For one thing, the settlement negotiations with the financial services industry over mortgage fraud and abuse should include money for health care. Millions of Americans are locked into mortgages they can’t afford. If we can’t help them stay in their homes, the least we can do is help them stay alive.

Craig E. Pollack is an assistant professor of internal medicine at Johns Hopkins. Julia F. Lynch is an associate professor of political science at the University of Pennsylvania.
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Labels: bank attorneys lie to court foreclosure investigation, foreclosures are killing us, high cost of foreclosures on health, hight cost of foreclosure on individuals without insurance
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