I am just amazed at the audacity of people in this country. It was reported by a former SEIU employee that there are people who actually want to bring Wall Street and banks down. They want to destroy them. They want to distribute the money they have to the U.S. masses. Well, excuse me, but part of that is MY money and I don’t want it all going to people I don’t know. If I’m going to give my money away, it will be to people in need whom I love. I don’t want anyone else coordinating home owners and students to default on their loans. I sure don’t want yet another financial crisis in this country! I don’t want the U.S. economy destroyed.
I just don’t understand why anyone would go along with this proposal. The average American stores their money in a financial institution of some kind. Whether they know it or not, chances are really good that their retirement funds are in the stock market. WHY would they want to destroy both their life today and their future? This just makes no sense to me. The only people who wouldn’t be hurt, in this case, would be those who get paid in cash and have no retirement savings. For others, I guess they could take all of their money out of the bank before they default on their mortgage and/or student loans. Regardless of how you get paid, at least you have a job, right? If you do, and if the company you work for has checking and savings accounts, you could be jeopardizing your job to boot.
Think about it; it would be a personal nightmare if this were to happen. Whether you are in a union or not, when the economy starts failing, you could end up in deep doodoo! Assuming you have your paycheck automatically deposited to your financial institution and a retirement fund, this could definitely be a possibility:
You take all your money out of the bank and close your account so you don’t lose what you’ve already got before you voluntarily default on your student and/or mortgage loan. Then you have to notify every commercial entity you use that any automatic draws will no longer work and that you will be paying in cash. If the commercial entity is local, that’s ok; you just have to stop by every time a payment is due to pay it. But if it is NOT local, that means that you have to get money orders or send money through the mail. Ouch! Sending cash through the mail is dangerous, since there is no money trail proving you paid.
And what if you forget one? Or someone took the cash you mailed in that envelope? Or what if your company’s bank doesn’t have enough ready money to pay everyone this month? Crap! Then you’ll be hit with late fees! If it is a credit card, you’re really messed up because chances are good that they will raise their rate. Your credit will suffer and you will have to live this way for at least the next 7 years, without missing any payments. If you do miss one, the 7 years starts all over again!
With all the extra time, money, and trouble you will be spending, you probably couldn’t afford to eat, much less to pay any union dues anymore. So you will need a second job … or a third or fourth. But can you find a second, third or fourth job? Chances are that most companies won’t be hiring if our economy is in the dumps!
So is defaulting on your mortgage or student loan really worth it? Don’t get me wrong; I was in a union, years ago. Yes, I was a telephone operator and part of my paycheck automatically went to a union. I’m not against unions per se. I am against, however, those people who are explicitly trying to cause our financial downfall here in the United States by organizing unions and community groups. As far as I’m concerned, this is economic terrorism at the least and treason at the worst. By trying to destroy our economy, they might as well be trying to take down the government as well. Neither one can succeed if the other fails.