The Fed just raised the "rates." Do you know what the "rate" is? Do you know what that means or how that affects you? Well even if you don't know for certain it means that your credit card rates and any unfixed bank loans will now raise their interest rates. That your savings non existent as it may be will not however get a raise in that rate. Go figure.. no literally go figure. That is what banks don't want you to do.
I walked into my bank on Friday and immediately adjusted all my debt. Got a fixed rate of 3.99 for 8 months, that turns into a 6.99 for a year on the remaining debt and promptly used those proceeds from now a fixed rate loan and payed off all revolving debt.
When one lives with no assets and all liabilities one figures out how to manage them early and often.
The irony was that with the insanity of that day I finally realized thanks to Obamacare I actually qualify for Medicaid in Washington State and on Monday I got my new Apple Care card in the mail. And then Santa also dropped in the mail my new food stamps card. Although during the school year I don't qualify for the SNAP program, though it was nice of Chase to send me the new card; yes, Chase manages the SNAP Program and certainly not from a place of goodness and kindness in Jamie Dimon's soulless heart.
Funny that as I do qualify for Medicaid but not Food Stamps until I am not making any income. Really I make that much 9 months of the year that I don't qualify for the big 75 dollars a month towards food, food that would prevent me for from using than medical care that I don't use ever. So I took the Medicaid knowing that if I got ill getting shitty care is the same regardless and this is free so fuck it, I am enrolled. I would frankly prefer food and rent subsidy but hey this is America logic is non existent.
And in that mail was also my loan agreement with the King County Public Defender loan for 4K to pay my private Lawyer money to fight my appeal to clear my name. I guess that is the white privilege I keep hearing about, I hired a private Lawyer and in turn got a loan from the PD to pay the Private Lawyer because I earned too much apparently to get a Public Defender. I blame Obama as clearly I qualify for Medicaid so I must be poor. So I can get shitty medical help but not legal help.
And then lastly in the mail was the Civil Court of Appeals a decision on my motion from months ago where I requested a denial of costs awarded to the Lawyer over my med case that I lost - for a whopping 300 bucks - to be denied. They felt no was the best response. The Lawyer however never bothered to respond to my original motion, it would have cost him probably that 300 bucks. I guess he feels the same way as my the criminal prosecutor did when my Attorney (as yes I have an Attorney on the criminal went pro se on the civil and frankly the outcome was the same - I lost due to incompetence. Yes I lost my civil case due to technical legal errors and that is pretty much the same with the one the Lawyer handled.. go figure) and he has asked to delay my case another 45 days. Well it is over 2 years now so this is another delay on top of another delay - law moves fast, no? And I mean no. The City Attorney responded to the request with "I am done with this case." Apparently to the point that signing off or even responding or objecting was too much to ask the City Attorney to do with regards to my legal matters. Gee and I as a Taxpayer who I think pays some taxes as they are taken from my check so yes I do, pays sort of his salary. Irony that he is on top of his job that thing enforcing justice and in his case ensuring my guilt.
So another debt and another legal motion to file which I obligatorily filed an appendix with all the cards, the debts of loans and my last paycheck for 2015 attached. I assume that in three months I will hear a resounding no. I look forward to hearing from this Lawyer or not on how he wishes to get paid for this 300 award. I suspect it will cost him 300 dollars to file a lawsuit or motion to compel me to pay. Of which I will in turn file bankruptcy and then to all of them pay nothing. This is what debt is in America, a shoving a pea under a walnut until you are finally forced to toss in the cards and either play the lottery, go to Vegas and play cards or just file bankruptcy.
So the last few years of my life I have made it my business to understand why we are given few choices and how and why this happened. These institutions of Financial, Governmental, Medical and of course Education are inextricably tied together; in the same way I have said from day one that my medical malpractice case and my legal criminal case are also co-joined twins that will never end until they both end together. And once again the criminal case docs are filed in 2016, the final end to this absurd med mal case ends around the same time and I can then do what move on in life? Well if I file for bankruptcy it is round three with both the courts and financial institutions that placed me there.
And so I rarely give a flying fuck about the current political climate or candidates other than to point or laugh. But every now and then one of them says something of relevance and you can assume it is just campaign bullshit. So when I read this by the current Presidential Candidate my first thought was well nice platform piece but aside from that the words and the thoughts are right on the money. Yes Virginia we have the Chicken Hawk minding the hen house.
This is America where conflict of interest means what movie to see and nothing more.
Bernie Sanders: To Rein In Wall Street, Fix the Fed
By BERNIE SANDERS
The New York Times
DEC. 23, 2015
WALL STREET is still out of control. Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time.
To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.
The recent decision by the Fed to raise interest rates is the latest example of the rigged economic system. Big bankers and their supporters in Congress have been telling us for years that runaway inflation is just around the corner. They have been dead wrong each time. Raising interest rates now is a disaster for small business owners who need loans to hire more workers and Americans who need more jobs and higher wages. As a rule, the Fed should not raise interest rates until unemployment is lower than 4 percent. Raising rates must be done only as a last resort — not to fight phantom inflation.
What went wrong at the Fed? The chief executives of some of the largest banks in America are allowed to serve on its boards. During the Wall Street crisis of 2007, Jamie Dimon, the chief executive and chairman of JPMorgan Chase, served on the New York Fed’s board of directors while his bank received more than $390 billion in financial assistance from the Fed. Next year, four of the 12 presidents at the regional Federal Reserve Banks will be former executives from one firm: Goldman Sachs.
These are clear conflicts of interest, the kind that would not be allowed at other agencies. We would not tolerate the head of Exxon Mobil running the Environmental Protection Agency. We don’t allow the Federal Communications Commission to be dominated by Verizon executives. And we should not allow big bank executives to serve on the boards of the main agency in charge of regulating financial institutions.
If I were elected president, the foxes would no longer guard the henhouse. To ensure the safety and soundness of our banking system, we need to fundamentally restructure the Fed’s governance system to eliminate conflicts of interest. Board members should be nominated by the president and chosen by the Senate. Banking industry executives must no longer be allowed to serve on the Fed’s boards and to handpick its members and staff. Board positions should instead include representatives from all walks of life — including labor, consumers, homeowners, urban residents, farmers and small businesses.
The Fed must also make sure that financial institutions are investing in the productive economy by providing affordable loans to small businesses and consumers that create good jobs. How? First, we should prohibit commercial banks from gambling with the bank deposits of the American people. Second, the Fed must stop providing incentives for banks to keep money out of the economy. Since 2008, the Fed has been paying financial institutions interest on excess reserves parked at the central bank — reserves that have grown to an unprecedented $2.4 trillion. That is insane. Instead of paying banks interest on these reserves, the Fed should charge them a fee that would be used to provide direct loans to small businesses.
Third, as a condition of receiving financial assistance from the Fed, large banks must commit to increasing lending to creditworthy small businesses and consumers, reducing credit card interest rates and fees, and providing help to underwater and struggling homeowners.
We also need transparency. Too much of the Fed’s business is conducted in secret, known only to the bankers on its various boards and committees. Full and unredacted transcripts of the Federal Open Market Committee must be released to the public within six months, not five years, which is the custom now. If we had made this reform in 2004, the American people would have learned about the housing bubble well in advance of the financial crisis.
In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Fed during the financial crisis. We need to go further and require the Government Accountability Office to conduct a full and independent audit of the Fed each and every year.
Financial reforms must not stop with the central bank. We must reinstate Glass-Steagall and break up the too-big-to-fail financial institutions that threaten our economy. But we need to start with fundamental change. The sad reality is that the Federal Reserve doesn’t regulate Wall Street; Wall Street regulates the Fed. It’s time to make banking work for the productive economy and for all Americans, not just a handful of wealthy speculators. And it begins by making the Federal Reserve a more democratic institution, one that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street.