Fighting The Post-recession Repression

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Fighting the Post-Recession Repression 2009 March 19 tags: Bailout, Credit, Economic Recovery, Economy, Financial Literacy, Government, Obama Administration, Stimulus Package, The Little Guy by Mitch Chester

Are the innocent about to suffer 7 to 10 years of bad credit reports? Let’s take those 90,000 unemployed workers who once had manufacturing jobs in Ohio. They lost their livelihoods because of the indiscriminate economic downturn….through no fault of their own. That they cannot pay their bills and obligations places them into a credit report nightmare. Yet there does not seem to be any plan out there that eliminates unfair derogatory credit information which will inevitably be posted by Equifax, Experion and Trans Union. These innocent credit casualties may suffer consequences for years to come, even as the rougue institutions who created this incomprehensible money mess rebound and walk down a reassured Wall Street in the months to come. Long after the recession passes and America regains its new form of economic footing, new jobs in a stronger economy will be found by the currently unemployed. However, those tarnished with the stigma of being without a means to make a living due to lay offs and plant closures in these dark days will continue to suffer by having to live with negative comments on their individual credit reports. Created through no malfeasance on the part of these debtors, those disparaged credit records will last between seven to ten years. Presumably the ability of each affected reportee to obtain reasonable credit terms may result in a legacy of punishment with excessively high interest rates, and in some cases, lost opportunities to rebuild responsible financial futures. Congress must do something substative to assist these economic refugees by eliminating bad credit reports for those who have lost their jobs due to the severe landslide in all sectors of financial life. Under the Federal Fair Credit Reporting Act, which regulates credit bureaus and their reporting activities, lawmakers should establish strict criteria to allow deletion of negative data for the blameless who seek to rebuild their economic standing. This can be accomplished by identifying those who created their own financial mess by intentionally not paying obligations when they had the means, from those who did everything they could to protect their financial reputations, but could not due to forces far beyond their control. Such is a national recovery imperative. Failure to recognize that the effects of the current disaster may linger for up to a decade for those who deserve clean bureau histories is to ignore a clear and present danger which stands in the way of a genuine recovery which is meaningful to all.

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Bad credit notations for the innocent should not be permitted, or the spiral of economic punishment of the innocent will linger, for years to come. Edit This from → Bailout, Credit, Economic Recovery, Economy, Fincancial Literacy, Obama Administration, The Little Guy One Response leave one →

1. 2009 March 19 Ellis permalink You’re right! That’s very likely to cause a problem. And I do feel sorry for those who are caught in that trap. On the other hand, the problems we’re facing right now come largely from the fact that bad loans were given to credit-UNworthy folks in large measure because the government stepped in and virtually ordered the banks to do it. If the problem has been that people don’t save up for those rainy days and insist on mortgaging their futures and their kids’ futures to live for the moment, might it not be that this mechanism is working as it should? Might it not be the right kind of lesson? I’m not into punishing folks for bad decisions; but I can support their learning from them. And might it be just the wrong way to go to have the government step in and “declare” these folks credit-worthy? After all, just the fact that they lost everything for no fault of their own doesn’t mean that they’re any more capable of paying down loan payments or not running up their credit cards to the limit again. They simply can’t afford things, and that’s the bottom line for a credit report. This is something that’s going to make keeping up with the Jones’s and living beyond one’s means almost impossible. A large dose of that across the country should put us back on a much stronger economic footing. You can bet that these people who can’t qualify to borrow are going to have to wait until they’re on solid financial footing before they try again to live high on tomorrow’s earnings. Reply edit Leave a Reply Logged in as Mitch Chester. Log out »

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Health reform hits Senate speed bumps 06/18/2009 After weeks of relative calm on the issue, the process hit its roughest stretch all year. Alex Isenstadt,Carrie Budoff Brown Ensign affair takes its toll 06/17/2009 The GOP wants nothing to do with another sex scandal. Manu Raju NRSC paid son of woman in affair 06/17/2009 He is hired to do "research policy consulting" for the NRSC in March 2008. John Bresnahan W.H. will intensify energy push 06/17/2009 The Obama administration will push to pass climate and energy legislation next week. Lisa Lerer Rural Dems have beef with Obama 06/17/2009 Democrats from rural districts are threatening to revolt against parts of Obama's first-year agenda. Jonathan Martin,Lisa Lerer NBC: 'Honeymoon coming to an end' 06/17/2009 News poll shows high levels of optimism on economy, but skepticism about the policies of Obama. Mike Allen McCain: Obama needs to step it up 06/17/2009 He says Obama is not showing 'leadership' on Iran. Andy Barr Julianne Moore: Obama my leading man 06/17/2009 The actress gives President Obama an an unqualified endorsement. Patrick Gavin CBS features Obama on Father's Day 06/17/2009 Obama is completing his triple crown of extended interviews with the three broadcast networks. Mike Allen W.H.: Fired IG 'confused, disoriented' 06/17/2009 In a letter to Congress, the White House lists its reasons for firing Walpin. Josh Gerstein GOP protests amendment shutdown 06/17/2009 At issue, House GOP leaders say, is the late Tuesday night move by Democratic leaders. Alex Isenstadt House approves war bill with IMF funds 06/17/2009 Only five Republicans support the measure. David Rogers

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Slim, Tata, others advise UN's Ban on climate 06/18/2009 Source: Reuters NEW YORK, June 17 (Reuters) - U.N. Secretary-General Ban Ki-moon has formed an advisory group on climate change that includes Mexico's Carlos Slim, India's Ratan Tata, other business tycoons and ... Experts uncover how malaria gets into host cells 06/18/2009 Source: Reuters HONG KONG, June 18 (Reuters) - Parasites which cause malaria appear to be using a handful of proteins to steal into the red blood cells of their hosts, scientists have found. In a paper published in ... UN's Ban invited to visit Myanmar in July-diplomats 06/18/2009 Source: Reuters By Louis Charbonneau UNITED NATIONS, June 17 (Reuters) - Myanmar's ruling military junta has invited U.N. Secretary-General Ban Ki-moon to visit the country in early July, though it was not clear ... Nigeria rebels say attack Shell pipeline in delta 06/17/2009 Source: Reuters * Militants attack Shell pipeline in Nigeria's Bayelsa state * Damaged pipeline feeds to Forcados crude oil flow stations * First attack outside Delta state since military offensive (Adds ... Venezuela quarantines cruise ship over flu scare 06/17/2009 Source: Reuters * Barbados, Grenada rebuff cruise ship over flu scare * Ship in quarantine in Venezuela, 3 H1N1 cases confirmed * Cruise industry economic mainstay for Caribbean states (Updates with Barbados ... Sri Lanka: International Investigation Needed 06/17/2009 Source: Human Rights Watch (New York) - The Sri Lankan government's announcement that it was ending its special inquiry into conflict-related abuses underscores the need for an international commission to investigate ... Guatemala turns to DNA to help solve war crimes 06/17/2009 Source: Reuters By Sarah Grainger GUATEMALA CITY, June 17 (Reuters) - Guatemala opened its first DNA testing lab on Wednesday hoping that genetic fingerprinting will help solve decades-old civil war crimes as well ... Nigeria rebels say attack Shell pipeline in delta 06/17/2009 Source: Reuters ABUJA, June 17 (Reuters) - Nigeria's most prominent militant group said on Wednesday it had attacked a Royal Dutch Shell oil pipeline in the Niger Delta. "The Movement for the ... Iran set for day of mourning after protest deaths 06/17/2009 Source: Reuters * Mousavi calls for peaceful demonstrations * Reformist clerics seek permission for rally * U.S. rejects "meddling" accusation EDITORS' NOTE: Reuters and other foreign media are ... NASA heads to moon as panel weighs its future 06/17/2009 Source: Reuters * Options for commercial launch service to station * Moon probe set to launch Thursday * Panel to issue report in August By Irene Klotz CAPE CANAVERAL, Fla., June 17 (Reuters) - As NASA ...

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A Stem-Cell Therapy for Blindness 06/17/2009 Advanced Cell Technology will seek approval for human trials of its treatment for vision loss. A Camera from a Sheet of Fiber 06/17/2009 By integrating sensors into a plastic fiber, researchers make a large, flexible camera. What Is the Future of Humans in Space? 06/17/2009 Independent review of human-spaceflight plans gets under way today. Blog - Ice XV Discovered 06/17/2009 A long-predicted phase of frozen water called ice XV has finally been prepared. Blog - NOAA: Fourth warmest May on record, model predicts a long and strong El Niño 06/17/2009 Blog - Schwarzenegger praises Waxman-Markey bill — and Rep. Mary Bono Mack 06/17/2009 Blog - Energy and Global Warming News for June 16: ConocoPhillips chief warns of impending oil crisis, says we must keep destroying a livable climate 06/17/2009 Blog - Chinese climate expert Pan Jiahua sets the record straight: Rep. James Sensenbrenner has behaved “improperly and unethically” to “frighten the American public and halt U.S. progress on solving the problem of global warming” 06/17/2009 Video - The Future of Human Exploration 06/17/2009 A look at NASA’s Constellation Program and its plan to travel to the moon, Mars, and beyond. A Preassembled Nuclear Reactor 06/16/2009 A new modular design could make building nuclear reactors faster and cheaper.

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Obama's Plan Falls Flat With Many Economists 06/17/2009 Economists across the political spectrum say they're disappointed with the president's mixed-bag proposal to overhaul financial regulation. Some say it will stifle innovation; others, that it could create new accountability concerns. Vanity Fair Writers Break Down Madoff Saga 06/17/2009 Confessed swindler Bernard Madoff ran a Ponzi scheme measured in the tens of billion of dollars. Mark Seal and David Margolick have both written in-depth articles about the disgraced financier for Vanity Fair. They discuss what they found. Obama Pitches Plan To Overhaul Financial System 06/17/2009 President Obama unveiled Wednesday a plan to overhaul regulation of the nation's financial institutions. Blaming a culture of irresponsibility on Wall Street, Main Street and in Washington for the current economic crisis, Obama also said the government had to do more to protect consumers. Obama's Consumer Protection Agency Explained 06/17/2009 A key component of President Obama's plan to overhaul the financial regulatory system is the creation of a consumer protection agency. The agency would oversee consumer financial products, which have been regulated in the past, but whose oversight was exposed as lax. The Challenges To Turning Off The Internet In Iran 06/17/2009 Iranian opposition groups have been using the Internet and social media tools like Twitter to protest the country's recent presidential election. The government has cracked down, but e-dissent is difficult to quell. Which raises the questions: Can Iran simply shut down Internet access and, if so, why doesn't it? Obama Unveils New Financial 'Rules Of The Road' 06/17/2009 President Obama details his plan to overhaul regulations covering major financial institutions, calling for a new consumer protection agency and expanded powers for the Federal Reserve. British Airways Cutting Costs 06/17/2009 Britain's major carrier reported a record annual loss last month. As part of a broad cost-cutting effort, the airline is asking staff to work for free. British Airways CEO and his chief financial officer both say they'll work without pay for the month of July. Paris Air Show: Business Booming For Some 06/17/2009 For the aviation industry, hard times and the worldwide recession have cast a pall over the usually glamorous Paris Air Show under way this week outside the French capital. But for the aerospace industry, especially those in the business of launching communication satellites, this year's show has lost none of its glitter. MySpace To Cut 30 Percent Of Jobs 06/17/2009 The social networking Web site MySpace is cutting more than 400 positions. MySpace is making drastic moves because revenues are dropping and the site faces tough competition from Facebook. The company says the layoffs are an effort to return MySpace to a "startup culture." Obama Proposes Overhaul Of Financial Regulations 06/17/2009 President Obama unveils his plans for overhauling the nation's financial regulatory system Wednesday. The proposal is to help bring stability to the industry, and to make meltdowns less likely.

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The Challenges To Turning Off The Internet In Iran 06/17/2009 Iranian opposition groups have been using the Internet and social media tools like Twitter to protest the country's recent presidential election. The government has cracked down, but e-dissent is difficult to quell. Which raises the questions: Can Iran simply shut down Internet access and, if so, why doesn't it? Viral Culture: 'And Then There's This' 06/17/2009 News, gossip, scandal and video zip across the internet like wildfire, and then, faster than the speed of broadband, the stories die. Bill Wasik, author of And Then There's This, talks about the life cycle of viral stories. WolframAlpha: Making Data Computable 06/15/2009 WolframAlpha is like a search engine, but one that compiles and compares data about various subjects and presents the results in imaginative forms, such as charts. Stephen Wolfram, its creator, offers his insight. Parental Controls For Computer-Savvy Kids 06/15/2009 Keeping track of what your kids do online used to be easy. Now, with so many new ways for them to interact with the wider, digital world, traditional parental controls have gotten less reliable. But there are plenty of new resources to help parents help their kids navigate the Web safely and responsibly. The Cost Of Making Milk In The Desert 06/14/2009 One of the biggest dairy farms in the world isn't in the Midwest or California: It's in the middle of the Saudi Arabian desert. The dairy was founded decades ago, when Arab countries wanted to become self-sufficient in food production. These days, the question isn't whether or not to import food, but whether to continue using so much of a dwin […] Analog TV Is Dead. Is Broadcast TV Dying? 06/14/2009 When the Beatles made their U.S. television debut on the Ed Sullivan Show in 1964, 73 million people tuned in. According to the Nielsen Co., the number of U.S. households today that rely solely on over-the-air TV broadcasts is about 15 million. Some say broadcast TV — even digital broadcast TV — is a dying medium. Is Digital TV A Problem For Artist Inspired By Static? 06/13/2009 Artist Rick Doble works with television static to produce abstract works of art. Guy Raz asks Doble how his work is going to change now that the conversion to digital television is complete — and TV static is almost a thing of the past. TV Repairman Weighs Future Amid Digital Switch 06/12/2009 The transition to digital television is forcing many electronics service shops to ponder their future. Dan Meijer, who started working in the world of TV repair as a 16-year-old high school dropout, offers his insight. Dallas-Fort Worth Area Ill-Prepared For TV Switch 06/12/2009 One of the last markets to make the switch to digital TV will be Dallas-Fort Worth. It has been named one of the most likely to suffer serious problems because of its large population of low-income people and those for whom English is a second language.

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Global Warming Impacts In Every Corner of the United States 06/17/2009 The Obama Administration on Tuesday released a report showing climate disruption is already leaving deep imprints on every sector of the environment and that the consequences of these changes will grow steadily worse in coming decades.The 196-page report crisscrosses the United States and finds that global warming has touched every corner: Heavier downpours, […] FBI Sting Catches Alleged Archaeological Thieves in Southwest 06/17/2009 Do Gay Animals Change Evolution? 06/16/2009 Homosexual behavior seems pointedly un-Darwinian. An animal that doesn't pass along genes by mating with the opposite sex at every, well, conceivable opportunity, seems to be at an evolutionary disadvantage. So what’s in it for the 450-plus species that go for same-sex sex? [More] NASA Return to Lunar Orbit Will Scout for Future Human Exploration 06/15/2009 Atop an Atlas 5 rocket at Cape Canaveral Air Force Station in Florida sits the first step in what will surely be a long and arduous task for NASA--returning humans to the moon. The Lunar Reconnaissance Orbiter, or LRO, set to lift off this week, will orbit the moon in search of potential landing sites and useful resources, such as water ice, that would facil […] Watering Down the Fishery Gene Pool 06/12/2009 Moonstruck: Tagalong Probe to Blast Moon in Search for Water 06/12/2009 If humans are to live on the moon someday, or simply use it as a way station for the journey to Mars, water will be a critical resource--and having a local supply would be invaluable. [More] Flee, Dry and Die: Is a New Weapon in the Bedbug Battle Ready for Action? 06/10/2009 Bedbugs are notoriously difficult to kill. Human-created pesticides often fail to conquer the evasive bloodsuckers, but could a new chemical gleaned from the bugs themselves help? [More] Of Telescopes and Ticks: How Mount Wilson Observatory Became an Infectious Disease Study Site 06/08/2009 Exotic Quasicrystal May Represent New Type of Mineral 06/04/2009 A team of researchers says it has found in a Russian mineral sample the first natural example of a quasicrystal, an unusual material that displays some of the properties of a crystal but boasts a more intricate and complex structure. Since quasicrystals were characterized 25 years ago, numerous versions have been cooked up in the laboratory, but a natural ex […] Under the Radar: Unearthing Antarctica's Surface below 10,000 Feet of Ice 06/03/2009 The ice covering Antarctica got its start on the top of a high peak in the Gamburtsev mountains about 43 million years ago, according to a new study published today in Nature. Using simple radar to peer through the ice, researchers have gained new insights about the hidden mountains--and the formation of the ice that entombs them. [More] […]

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As TV Changes To Digital, White Noise Fades Away 06/12/2009 A familiar sight and sound is disappearing as digital TV takes over from analog: television snow and the "white noise" that accompanies it.

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Obama launches overhaul of financial regulation 06/17/2009 Andrew Clark Mousavi's supporters march again 06/17/2009 Ian Black Gay federal workers to get benefits 06/17/2009 Ewen MacAskill Peru's prime minister to resign 06/17/2009 Rory Carroll Obama shows off fly-swatting skills 06/17/2009 Ed Pilkington Multinationals eye up lithium reserves beneath Bolivia's salt flats 06/17/2009 Rory Carroll, Alok Jha Twitter counts in this new politics of people power 06/17/2009 Timothy Garton Ash The end of Tobacco Road 06/17/2009 Terry Mancour 'Everyone who's played golf in this area has played this course' 06/17/2009 Lawrence Donegan McEnroe's advice to Andy Murray 06/16/2009 Steve Bierley

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Tehran's Take 06/09/2009 Why Rescue Big Banks? 06/16/2009 The End of the Affair? 06/15/2009 Q&A With Derek Scissors on China's Economy 06/11/2009 What to Read on Iranian Politics 06/12/2009 The World Next Week Podcast: June 12th, 2009 06/11/2009 June 12, 2009 Foreign Affairs Managing Editor Gideon Rose and CFR.org Deputy Editor Robert McMahon preview major world events in the week ahead. In this week's podcast: Israeli Prime Minister Benjamin Netanyahu lays out a strategy for peace and security; Russia hosts the Shanghai Cooperation Organ […]

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