The Largest Ponzi Scheme in U.S. History By John Gerena
No it is not Bernard Madoff, It is the U.S. Social Security System! A Ponzi scheme is where the Money from the people that put the money first gets paid by the people that put the money last. To me that sounds like our Social Security System. The head of the largest Ponzi Scheme in U.S. History, George W. Bush, not 50 Billion but Trillions of Dollars. Will he go to jail? Absolutely Not! He is being replaced by someone that will put more money in to this Ponzi scheme. So where did Bernard Madoff go wrong? He did not bring in Uncle Sam as his partner.
Wednesday, December 17, 2008
Monday, December 15, 2008
Nigerian’s Have Nothing on Bernard Madoff
Duped by Madoff too, Only if you are RICH! Imagine 50 BILLION DOLLARS. That is enough money to save General Motors, Chrysler and Ford.
Everyday I would get emails from the Nigerians offering these overnight get rich schemes, but not from Bernard Madoff. I was not good enough for him THANK GOD. Bernard Madoff began his financial career at the age of 22 with just $5,000, in just 48 years he turned it in to a 50 Billion Dollar Ponzi Scheme, P. T. Barnum would be proud of him today.
Many of his richest clients were recruited in private chats and country clubs in New York and Florida, giving them a sense of belonging to a privileged circle of the Wall Street Elite. Then he used those big names to attract other investors, until his influence extended to international banks, hedge funds and even charitable foundations. Not even in Charles Ponzi in his wildest dreams could have he ever imagined this.
By John Gerena
Duped by Madoff too, Only if you are RICH! Imagine 50 BILLION DOLLARS. That is enough money to save General Motors, Chrysler and Ford.
Everyday I would get emails from the Nigerians offering these overnight get rich schemes, but not from Bernard Madoff. I was not good enough for him THANK GOD. Bernard Madoff began his financial career at the age of 22 with just $5,000, in just 48 years he turned it in to a 50 Billion Dollar Ponzi Scheme, P. T. Barnum would be proud of him today.
Many of his richest clients were recruited in private chats and country clubs in New York and Florida, giving them a sense of belonging to a privileged circle of the Wall Street Elite. Then he used those big names to attract other investors, until his influence extended to international banks, hedge funds and even charitable foundations. Not even in Charles Ponzi in his wildest dreams could have he ever imagined this.
By John Gerena
The U.S. Dollar Is About To Take A Dump
The U.S. Dollar Is About To Take A Dump
U.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply of money may be overwhelming investors just as the government steps up debt sales, the trade and budget deficits grow and de-leveraging by investors slows. What dose this mean for you and me, it can mean higher gas prices this summer and traveling abroad is going up.
Citigroup Inc., Goldman Sachs Group Inc., BNP Paribas SA and Bank of America Corp. predict further weakness. Last week was the first time in almost a month that consensus estimates for the dollar against the euro through 2009 fell, according to the median forecast of 47 strategists surveyed by Bloomberg.
Goldman Sachs says the dollar may weaken to $1.45 per euro by the end of next year. Up until Dec. 11, the firm forecast that it would end 2009 at $1.30. The median estimate in a Bloomberg survey is for the currency to finish next year at $1.25.
Dollar bulls say it’s a mistake to bet against the currency now because Treasury yields are falling to record lows even as the government prepares to sell more than $1 trillion of debt, a sign there’s no end in sight to demand for the safest U.S. assets. They also say the yen, which typically rallies as risky assets decline, is appreciating.
The government and the Fed cannot continue to talk about trillions of dollars of financing and expansion of the Fed’s balance sheet without the dollar going south. So you investor that are putting all your money in the dollar, the bubble is about to burst soon.
By John Gerena
U.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply of money may be overwhelming investors just as the government steps up debt sales, the trade and budget deficits grow and de-leveraging by investors slows. What dose this mean for you and me, it can mean higher gas prices this summer and traveling abroad is going up.
Citigroup Inc., Goldman Sachs Group Inc., BNP Paribas SA and Bank of America Corp. predict further weakness. Last week was the first time in almost a month that consensus estimates for the dollar against the euro through 2009 fell, according to the median forecast of 47 strategists surveyed by Bloomberg.
Goldman Sachs says the dollar may weaken to $1.45 per euro by the end of next year. Up until Dec. 11, the firm forecast that it would end 2009 at $1.30. The median estimate in a Bloomberg survey is for the currency to finish next year at $1.25.
Dollar bulls say it’s a mistake to bet against the currency now because Treasury yields are falling to record lows even as the government prepares to sell more than $1 trillion of debt, a sign there’s no end in sight to demand for the safest U.S. assets. They also say the yen, which typically rallies as risky assets decline, is appreciating.
The government and the Fed cannot continue to talk about trillions of dollars of financing and expansion of the Fed’s balance sheet without the dollar going south. So you investor that are putting all your money in the dollar, the bubble is about to burst soon.
By John Gerena
Sunday, December 14, 2008
The Wrong Time To Make Changes To The Credit Card Rules
The Wrong Time To Make Changes To The Credit Card Rules.
By John M. Gerena
At a time that credit card defaults are at an all time high and Bank card profits have disappeared, Congress is looking at ways to make it tougher for Credit Card Issuers to make a profit. Although it is true that in the past the Banks have made good profits issuing cards, now is not one of them. Banks are very concern about increasing defaults in their credit card portfolios and these fly by night companies that tell consumers that they can wipe out their credit card dept and end up hurting both the consumer and the Banks. Congress needs to focus on other things that will increase spending, not ways that will make it more difficult for Banks to approve more cards. The American people need their cards in these tough times and Congress wants the Banks to cut credit limits even lower.
We need to stimulate the economy and credit cards today for many Americans are their only source of credit. If Congress passes these new rules many credit card companies will tighten their credit underwriting even more and lower credit limits even lower to existing cardholders. I sometimes don’t understand these idiots on Capital Hill. They give Billions of Dollars to Wall Street Banks without any conditions to lend it to Main Street and then create more obstacles for the Banks to give credit to the little guy. (I sometime wonder if this some Great Conspiracy to hurt the Middle Class)
If Congress wants to make a change that will be a positive affect on all Americans and the economy, remove the Mart to Market Rule, this will help stimulate the Banks and create a better atmosphere for Banks to lend again. Speaker of the House Nancy Pelosi needs to pass laws that will stimulate lending not stifle it.
Email: johngerena@wbcsmail.com
By John M. Gerena
At a time that credit card defaults are at an all time high and Bank card profits have disappeared, Congress is looking at ways to make it tougher for Credit Card Issuers to make a profit. Although it is true that in the past the Banks have made good profits issuing cards, now is not one of them. Banks are very concern about increasing defaults in their credit card portfolios and these fly by night companies that tell consumers that they can wipe out their credit card dept and end up hurting both the consumer and the Banks. Congress needs to focus on other things that will increase spending, not ways that will make it more difficult for Banks to approve more cards. The American people need their cards in these tough times and Congress wants the Banks to cut credit limits even lower.
We need to stimulate the economy and credit cards today for many Americans are their only source of credit. If Congress passes these new rules many credit card companies will tighten their credit underwriting even more and lower credit limits even lower to existing cardholders. I sometimes don’t understand these idiots on Capital Hill. They give Billions of Dollars to Wall Street Banks without any conditions to lend it to Main Street and then create more obstacles for the Banks to give credit to the little guy. (I sometime wonder if this some Great Conspiracy to hurt the Middle Class)
If Congress wants to make a change that will be a positive affect on all Americans and the economy, remove the Mart to Market Rule, this will help stimulate the Banks and create a better atmosphere for Banks to lend again. Speaker of the House Nancy Pelosi needs to pass laws that will stimulate lending not stifle it.
Email: johngerena@wbcsmail.com
What about my bailout
What about my bailout?
The last time I checked the government was dolling out over 2 Trillion Dollars in assorted Government Bailouts. Yet where’s my check? I to can be irresponsible. I have not made the big mess AIG, Fannie and Freddie or Citibank has done, but give me a chance, I just got started. I am only behind on my mortgage, car payments and credit cards. If Congress would just give me a chance, I too can mess up just as “BIG” as General Motors and Chrysler. I also like the Big 3 don’t think I can make it pass a few more weeks.
I watch the news everyday to see if CNBC mentions my name and the needs that I have, but nothing yet. I sent the two page TARP application to Henry Paulson at the Treasury, but I have not heard anything. I sent a letter to Ben Bernanke about my problem and he has not responded. What am I doing wrong? If you like, I can issue worthless checks, like AIG issued worthless credit default swaps or make promises that I will not keep like the Banks, give me those Billions and I will lend the money to Main Street.
What do I have to do to get mine? The crooks at Wells Fargo, Morgan Stanley, B of A, Fannie, Freddie, and the rest of those outfits got theirs. AIG got 150 Billion; Citibank got $50 Billion plus Billions in guarantees, JP Morgan $25 Billion, Wells Fargo $25 Billion, Bank of America $15 Billion, Merrill Lynch $10 Billion, Goldman Sachs $10 Billion & Morgan Stanley $10 Billion, but where is my bailout?
If Congress would have just taken all those 2 Trillion dollars and sent a check to every American, it would have been around $7,000 per American or about $28,000 per family. I can guarantee you that the economy would turn around in about 2 weeks and we would experience the Greatest Economic Recovery in World History! Not only that but Congresses approval rating would go from an all time low of 17% to a RECORD HIGH 99% approval. President Bush would be the Greatest President EVER and who cares about the deficit, I always wanted to leave my grandchildren an inheritance, I never said it was going to be a good one.
Sincerely
John Gerena email at: johngerena@wbcsmail.com
The last time I checked the government was dolling out over 2 Trillion Dollars in assorted Government Bailouts. Yet where’s my check? I to can be irresponsible. I have not made the big mess AIG, Fannie and Freddie or Citibank has done, but give me a chance, I just got started. I am only behind on my mortgage, car payments and credit cards. If Congress would just give me a chance, I too can mess up just as “BIG” as General Motors and Chrysler. I also like the Big 3 don’t think I can make it pass a few more weeks.
I watch the news everyday to see if CNBC mentions my name and the needs that I have, but nothing yet. I sent the two page TARP application to Henry Paulson at the Treasury, but I have not heard anything. I sent a letter to Ben Bernanke about my problem and he has not responded. What am I doing wrong? If you like, I can issue worthless checks, like AIG issued worthless credit default swaps or make promises that I will not keep like the Banks, give me those Billions and I will lend the money to Main Street.
What do I have to do to get mine? The crooks at Wells Fargo, Morgan Stanley, B of A, Fannie, Freddie, and the rest of those outfits got theirs. AIG got 150 Billion; Citibank got $50 Billion plus Billions in guarantees, JP Morgan $25 Billion, Wells Fargo $25 Billion, Bank of America $15 Billion, Merrill Lynch $10 Billion, Goldman Sachs $10 Billion & Morgan Stanley $10 Billion, but where is my bailout?
If Congress would have just taken all those 2 Trillion dollars and sent a check to every American, it would have been around $7,000 per American or about $28,000 per family. I can guarantee you that the economy would turn around in about 2 weeks and we would experience the Greatest Economic Recovery in World History! Not only that but Congresses approval rating would go from an all time low of 17% to a RECORD HIGH 99% approval. President Bush would be the Greatest President EVER and who cares about the deficit, I always wanted to leave my grandchildren an inheritance, I never said it was going to be a good one.
Sincerely
John Gerena email at: johngerena@wbcsmail.com
Small Business Need Cash Now!!! Small Business Bailout!!!
With this credit crunch worsening and Banks refusing to give loans to the Small Business. There is a glimmer of HOPE for the Small to Medium size business in merchant cash advances. This is where companies sell a portion of their future credit card receivables to a merchant cash advance company. Thousand of companies are turning to this new kind of financing. It is Fast & Easy to qualify for because it is mainly based on the companies credit card processing and not as much on the companies’ credit.
The average merchant cash advance is about $20,000 and takes about 7 to 10 days to fund. The biggest in the nation is World Bankcard Solutions. This company can usually fund a business in 7 to 10 days and take the applications over the phone. These companies take a small portion of the credit card transaction to payback the advance usually 18 to 20%. The amount that a company will qualify for is based on what they have processed in credit cards and debit cards in the last 4 months.
I interviewed Mr. Orlando Valle at 407-992-8394 who helps small business over the phone on how to get funded. He explained that he takes a one page application over the phone and says he has about an 87% approval rate. I referred him an auto repair franchise with a few locations that needed some money and he got them approved for $180,000 in just a few days. WOW I was impressed. By John Gerena
With this credit crunch worsening and Banks refusing to give loans to the Small Business. There is a glimmer of HOPE for the Small to Medium size business in merchant cash advances. This is where companies sell a portion of their future credit card receivables to a merchant cash advance company. Thousand of companies are turning to this new kind of financing. It is Fast & Easy to qualify for because it is mainly based on the companies credit card processing and not as much on the companies’ credit.
The average merchant cash advance is about $20,000 and takes about 7 to 10 days to fund. The biggest in the nation is World Bankcard Solutions. This company can usually fund a business in 7 to 10 days and take the applications over the phone. These companies take a small portion of the credit card transaction to payback the advance usually 18 to 20%. The amount that a company will qualify for is based on what they have processed in credit cards and debit cards in the last 4 months.
I interviewed Mr. Orlando Valle at 407-992-8394 who helps small business over the phone on how to get funded. He explained that he takes a one page application over the phone and says he has about an 87% approval rate. I referred him an auto repair franchise with a few locations that needed some money and he got them approved for $180,000 in just a few days. WOW I was impressed. By John Gerena
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