How Banks Kill the American Dream and Risk Economic Nuclear Meltdown

How do you kill the American dream? One way is to finance people in over their heads, in essence creating debtors out of hard-working people who, in a more sane economy, would be accruing assets. It appears we are ready to go down the path of deregulation again all too quickly. From the New York Times:

“Financial deregulation is similar to relaxing rules on nuclear power plants,” argue Anton Korinek of Johns Hopkins University and Jonathan Kreamer of the University of Maryland in a related working paper for the Bank for International Settlements. It makes it easier and more profitable for the utilities, their shareholders and executives. It might also help ordinary Americans get cheaper electricity. “However, it comes at a heightened risk of nuclear meltdowns that impose massive negative externalities on the rest of society.”

Read more at More Renters, Less Risk for Wall St. – NYTimes.com.

And, for a first-hand account of what it feels like to be ripped off by an unscrupulous bank: http://www.rifuture.org/the-mortgage-debt-crisis-murders-the-american-dream.html

Here’s a Leader on Wall Street Giving Grants to Spark Growth and Jobs on Main Street  – Workforce | Labor | Grants – Inside Philanthropy

JP Morgan Chase may have done its part to blow up the U.S. economy a few years back, thanks to irresponsible lending practices, but lately the company and its foundation has been giving big to foster economic growth and improve jobs skills.

via Here’s a Leader on Wall Street Giving Grants to Spark Growth and Jobs on Main Street  – Workforce | Labor | Grants – Inside Philanthropy.

A mortgage is a terrible investment – The Week

Herding the incomes of the young into deteriorating assets like housing is a dangerous misallocation of capital and investment. Investing heavily in housing means those incomes are not being invested in productive opportunities in other sectors of the economy, whether that is investment in the stocks of other companies, or individuals starting their own businesses.

via A mortgage is a terrible investment – The Week.

Despite expanded coverage, hospitals may see more bad debt – Nashville Business Journal

I definitely don’t want to harsh on anyone’s mellow about Obamacare, but this is the part that worries me:  the bad debt that hospitals are going to take on.  This issue is going to have to be reconciled somehow.

Despite expanded coverage, hospitals may see more bad debt – Nashville Business Journal.