Posts Tagged ‘Crisis’
July 26th, 2010 | 
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February 8, 2007
Speaker: Robert D. Manning, PhD, Research Professor and Director, Center for Consumer Financial Services, Rochester Institute of Technology
Summary: The Frank J. Battisti Memorial Lecture
Banking deregulation has profoundly changed the financial services offered to consumers and the institutions that offer them. How has the dramatic erosion of federal and state regulation affected consumer usury laws, marketing policies, and consumer education? What are the factors that have shifted the focus of banks from corporate to consumer lending? How has the profitability of the industry changed and what does it mean to local banks? What factors are responsible to diluted loan underwriting standards? What role have credit cards played in this “revolution”? How have these changes influenced attitudes toward credit and debt now that America has a negative savings rate (first time since 1933)?
The financial services industry argued that consumer defaults on loans cost the average American over $400 simply because people are exploiting the bankruptcy law to avoid paying their debts. What are the economic realities to the industry? Can consumers expect lower cost products now that the bill was enacted? What are the most important changes in the law for consumers? What impact has the law had on bankruptcy filings? Who is responsible for soaring consumer bankruptcy rates? What role does homeownership play in the process of consumer bankruptcy?
Finally, how do we explain the dramatic change in social attitudes toward saving and consumer debt? When and why are Americans assuming record levels of debt? What are the implications of rising consumer debt to the future of American society? What are the near term consequences of consumer debt on retirement and social inequality? Is inheritance or rising property values the solution to the debt problem?
Dr. Manning’s lecture will explore all of these questions and conclude with a prediction that American society has about 10-15 years to reverse the consumer debt crisis or the U.S. will face a sharp decline in its standard of living and serious financial crises in 20-25 years — independent of the financial pressures of the retiring baby boomer “bulge.” Also, the failure to rapidly reverse the consumer debt crisis has enormous implications to the future global economic power of the U.S. as our dependence on cheap credit dwarfs our dependence on cheap energy.
Duration : 1:17:25
Posted in bankruptcy credit cards | 
Tags: banking, bankruptcy, Battisti, Case, consumer, Crisis, debt, deregulation, financial, law, Lecture, Manning, Memorial, reform, reserve, revolution, Robert, school, services, University, Western | 
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158-Year-Old Investment Bank Goes Belly-Up After Failed Rescue Bid; Bank Of America Takes Over Merrill Lynch
Say hello to a recession very soon!
Duration : 0:2:45
Posted in bankruptcy law |
Tags: 11, america, American, bank, bankruptcy, bros, brothers, chapter, collapse, Crisis, economy, file, international, Investment, lehman, lynch, Market, merrill, recession, stock, street, wall |
21 Comments »
In an ABC news interview, president Obama predicts the bankruptcy of the federal government. It is as such remarkable, because it is the first time a president talks about this as an option: http://abcnews.go.com/video/playerIndex?id=9358333
Duration : 0:4:34
The purpose of this video is to discuss the real inside story regarding Citigroup’s potential bankruptcy and why the mortgage crisis, although real, is a ruse distracting the public from the real source of the problem. This is an unregulated shadow banking system dominated by hedge and private equity funds. Step one to turn the economy around should be that President Bush, Federal Reserve Chair Bernakke and SEC Chair Christopher Cox require these funds to register with the SEC and disclose their holdings and related accounting practices. Only then can confidence be restored.
Duration : 0:8:54
LA Area Chamber of Commerce CEO Gary Toebben on efforts by the Los Angeles city government to avoid bankruptcy.
Duration : 0:3:59
Posted in bankruptcy law |
Tags: bankruptcy, budget, California, CEO, costs, Crisis, cut, debt, deficit, efforts, financial, Gary Toebben, LA Area Chamber of Commerce, los angeles, services, spending |
3 Comments »
