The Great and Gleeful Muppet Rip-Off...

re: They call us ordinary Americans... "MUPPETS"

  Sure I lost money Joe, but don't criticize them... 

  they're doing God's work...

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
Living Wealthy Radio.Com


Not surprised...

That's my reaction to the apparent lack of fallout from the March resignation, effected in a decidedly uncomplimentary op-ed piece in the New York Times,  of one of Goldman Sachs' most influential and high-profile executives, Greg Smith.

Smith, former Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa accused the banking giant of having lost its' moral compass, writing:

"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C.,\Fabulous Fab, Abacus,God's Work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact." (read the whole letter at http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1&pagewanted=all?src=tp)

In the aftermath of Smith's revelations about the moral vacuum existing at the venerable institution, Goldman saw losses in the neighborhood of $2.2 billion.


But before you open that box of tissues and prepare to cry Goldman a river, remember that the supposedly "lost" $2.2 billion was already paid for in advance...with taxpayer money in the form of BAILOUTS. 

Remember those Keynes-on-steroid inspired handouts designed to lift all our sinking boats on a tide of economic recovery?

Yep, I can see how well THAT is working out.

I know by now, you've probably figured it out:  banks and Wall Street always win...

Always.

They play with loaded dice and marked cards and, just in case some lucky person figures out how to beat their system (a short-lived victory to be sure) the banks have made a way to ensure that they never have to pay the tab when they make risky loans or investments. 


Repercussions...Not  many

So, what did the American people learn from this nasty public meltdown of a Goldman derivatives peddler?

Not much, really. 

Sure, Goldman moaned and groaned about the relatively paltry sum of money lost due to Smith's revelations.

The "Occupy" wanna-be hippies demanded that heads roll, and politicians double-spoke about "investigating" and "regulating,"  then trotted off to get their dole money from their corporate sponsors.

Meanwhile, nothing really changed and Goldman Sachs, the elite's sacrificial cow, was left to go back to what it does best- selling uninformed people bundles of complicated, opaque junk that they pass off as legitimate investment opportunities.



"So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker “doing God’s work”- The Times of London



Are You Ready to Bypass The Den of Thieves?

If you're tired of giving away your hard-earned money to banks and Wall Street then you should know:
There IS a better way.

Call me now and I'll send you free information on how you can escape the den of thieves and start controlling your own financial destiny.

800-382-0830

Wall Street Cons To Blame for City Meltdowns?

"If A Wall Street Banker ran the local convenience store.."

by Teresa Kuhn, JD, RFC, CSA

Bank on Yourself Authorized Advisor

www.ibankonmyself.com 

An interesting article on the left-leaning ALTERNET website by Thomas Ferguson caught my attention with  its' provocative headline:

 

How Wall Street Hustles America's Cities and States Out of Billions

While I don't necessarily agree with all of the article's conclusions (for example, I think he lets the unions and politicians off the hook too easily)...

Ferguson does, however,  do a great job of pointing out the fact that in addition to the Wall Street and banker con jobs served to individuals, there have been numerous schemes by that same group to bilk BILLIONS out of municipalities.

Ferguson seems startled to learn just how deceptively Wall Street and investment bankers market high risk products of dubious worth, confusing even sophisticated municipal purchasers and failing to provide a clear picture of possible negative outcomes.

Citing a report from the The Refund Transit Coalition, a coalition of unions and public interest groups, he details the ways in which Wall Street banks have for years been hustling American cities, states, and regional authorities out of BILLIONS of taxpayer dollars using slick marketing tactics and difficult-to-understand "Frankenvestments."

I'm not surprised at all. Wall Street and  "too big to fail" banks have made a cottage industry out of shifting risk away from themselves as quickly as possible and stiffing taxpayers and their own clients whenever they make a misstep.


Tales of the Frankenvestments

Ferguson, perhaps a bit less cynical than yours truly, seems genuinely floored by the revelation of the extent of the duplicity of "Frankenvestment" peddlers, writing about the "swaps" pushed by bankers:

"... If rates fell, then banks could make out big, while issuers faced disaster, because the latter still had to make the fixed payments on their bonds, while the banks’ payments would shrink as rates fell. In effect, issuers were gambling on interest rates and betting they somehow knew better than the banks what was going to happen. 

And, ah, yes, the final touch: With old style bonds, you could refinance if rates fell; with the new fangled derivatives, the banks made sure to impose huge termination fees.

The result, for years now, has been literally billions of dollars of losses for cities, states, and other local authorities, including school boards . Locked in by the termination fees, they can stay in the swaps and pay and pay as the banks’ payments to them dwindle. 

Or they can buy their way out of the swaps at preposterous prices –... New York State recently paid $243 million dollars to get out of some swaps, of which $191 million had to be borrowed."

The Alternet article illuminates a great truth I have proclaiming for several years now; one which many Americans are just beginning to fully grasp...

Banks and Wall Street are principally to blame for past and present economic disasters, including the current "Great Correction."

While failing, as many leftist ideologues do, to distinguish our current corrupt "crony capitalism" from true free market economics, Thomas Ferguson nevertheless makes the cogent observation that Wall Street has had more than a little to do with the red ink flowing out of many major US cities.

Writes Ferguson:

What has driven cities and towns to the brink is not demands from their workforce but the collapse of national income and the ensuing fall in tax collections. 

Or, in other words, the Great Recession itself, for which Wall Street and the financial sector are principally to blame."

However, Ferguson misses the point entirely when he tries to attribute the myriad issues surrounding Wall Street greed and deception to Republican politicians or "conservatives."

In my opinion, the theft of America's wealth is neither a Democratic nor a Republican issue- it is a PEOPLE issue, one which affects all of us, regardless of political affiliations and ideologies.  The "divide and conquer" mentality of the elite who run our country fosters counterproductive fighting between the "left" and "right," that serves to distract us from the real issue:

A select group of thieves and liars are robbing us blind while we spend our time debating politics...

These PIRATES Will Sink Your Financial Future...

re: Things that make you say ARGHHHHHHHHHHH!

"Captain, what do you propose to do with me? I am just a lowly Pirate of Manhattan"

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
www.livingwealthyradio.com



Since the very first Pirates of the Caribbean movie, America has gone awash in all things pirate and pirate-related. 

In fact, I recently read on a search marketing blog that the word "pirate" is one of the top ten most- Googled terms.

Seems everyone wants to get the skinny on these enigmatic criminals of the high seas  known for commandeering vessels and wenches... stealing everything they could cart off, then burying their treasure in exotic places.

I admit to having some curiosity about pirates, so I did a bit of research myself.

I'm still reeling from the shock of what I stumbled across...

I discovered what I think is the least known, yet most insidiously evil kind of pirate; a pirate still operating today, perhaps silently stealing from you as you read this article.  You are probably unaware of his very existence.

This pirate doesn't isn't a swashbuckler, nor does he carry a cap and powder pistol tucked into his belt.   He  doesn't rely on a parrot for information, but instead PARROTS misinformation ,using half-truths, a smart phone and a computer to find and plunder your treasure.

These scoundrels are what author Barry Dyke calls "The Pirates of Manhattan,"- bankers,brokers, and Wall Street insiders who are able to siphon off huge amounts of Americans' wealth without having to fire a single shot.

Eschewing eye patches and black boots for designer suits, these pirates peddle their poorly-performing products, such as mutual funds, bonds, and other suspect financial vehicles to a misinformed and confused public.

Masters of marketing and manipulation, the Pirates of Manhattan appear as "experts" on television and in print, saying things such as "buy term and invest the difference," "insurance is a poor way to preserve your assets", "only uncivilized people buy precious metals," "you need to risk to gain, " etc. etc.

Meticulously researched and documented, Barry Dyke's "Pirates of Manhattan" will give you an unvarnished look into the real motivations of Wall Street and Bankers; what they tell YOU to do with YOUR money versus what THEY actually do with theirs.  You'll see the truth of  how they've taken thousands of ordinary Americans life savings down to Davy Jones locker.

I was privileged to have the opportunity to interview Barry Dyke recently on Living Wealthy Radio.  Check out the excerpt below... and if you've never read Pirates of Manhattan: do yourself a favor and get a copy NOW.  You won't believe what you read...

Promises Made... and Broken

re: even if you have a great pension plan... you STILL need Bank on Yourself (r) as your cornerstone

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
Host, Living Wealthy Radio
 


In my BANK ON YOURSELF practice, I have the privilege of meeting many different kinds of individuals-
from business owners, to self-employed professionals, engineers, construction workers, and government employees, among others.

It's  not surprising, then, that on occasion I will be confronted by someone who feels that he or she has such a good pension going that putting a Bank On Yourself plan in place is a waste of time.

These people are full of confidence in the system and feel they've got it covered.

They are convinced that the municipality or government agency for which they work can't possibly walk away from its' future obligations.

I hate to tell them this.. but they are dead wrong on that account.   

Pensions, once considered more sacred than sacred are being actively scrutinized by dozens of cities and states across the nation, with some cities already having made substantial cuts.

Faced with rapidly ballooning deficits and property tax shortfalls, states and cities are desperate to do whatever it takes to pull themselves out of the red...including eliminating or curtailing public employee pensions.

A recent article on  the Financial Collapse blog accurately summed up the situation of those counting only on their pensions for financial security:

"Many Americans that have been basing their financial futures on their pensions are waking up one day and finding that their pensions are either gone or have been cut back dramatically.  According to Northwestern University Professor John Rauh, the latest estimate of the total amount of unfunded pension and healthcare obligations for state and local governments across the United States is 4.4 TRILLION dollars. 

 America is continually becoming a poorer nation and all of that money is simply not going to magically materialize somehow.  So where is that 4.4 trillion dollars going to come from?  Well, either pension benefits are going to have to be cut a lot more all over America or taxes will need to be raised dramatically.  Either way, we are all going to feel the pain of these broken promises."


Already, It's Starting to Happen

In New York state for example, Governor Andrew Cuomo has been quoted as saying that the state faces certain bankruptcy without major public employee pension reform.

Central Falls, Rhode Island, the smallest city in the nation's smallest state recently went bankrupt.

CBS Evening news reported that:

"Central Falls, Rhode Island -- is bankrupt. The main reason is it can't afford the pensions for its retired city workers. How the city is digging out of its financial hole may have consequences for city pensions in other cash-strapped towns across the country. 

For years, city officials promised robust union contracts and pensions without raising revenue to pay for them. Last August, the math caught up with them. Central Falls was broke, its pension fund short $46 million. It declared bankruptcy."  

(read the rest of the story here:
http://www.cbsnews.com/8301-18563_162-57395072/as-cities-go-broke-pensions-are-slashed/)

Top financial analyst and frequent Bloomberg and CNBC contributor Meredith Whitney was pilloried in the financial press for predicting massive municipal bond defaults on an episode of 60 Minutes in 2010.

While, as of this posting, such defaults have largely failed to materialize, much to the glee of those who trade bonds, Whitney was correct in stating that the finances of America's cities, states, and towns are an absolute mess, and that increased taxes and cuts in social contracts (including pensions) are inevitable.

Stockton, California  is another example of a city that is barely fending off bankruptcy, with mayor Ann Johnston declaring "We are hanging on by our fingertips."    If current mediation fails, the city is set to file for bankruptcy on June 26th.

The point of all this, friends, is to let you know that in these unstable times, you really can't bank on anything but yourself.   

You need to, RIGHT NOW, rethink your financial strategies and look into adding a Bank on Yourself policy.  No matter what you already have in place, it makes perfect sense to add Bank on Yourself to the mix.

Educating yourself about how money really works is the first step... Get a free report by going to www.findoutmorenow.com.  Enter in CODE TK93 and you'll get a report outlining why you should consider becoming your own source of financing.

Even if you are fortunate enough to have a great pension plan in place, don't take anything for granted.  Start doing everything you can, today, to make your financial future as secure, risk-free, and enjoyable as possible.

Want to discuss YOUR personal situation with me?   Call 800-382-0830 to set up your confidential one-on-one appointment.


You can also leave your comments or questions on my website at:

http://livingwealthyfinancialgroup.com/

Barbecue for the Mind...

by Teresa Kuhn, JD, RFC, CSA
     Livingwealthyfinancialgroup.com
     Livingwealthyradio.com


Lots of great information floating around on the internet and over the air.

I have sussed out some of the best stuff for you to enjoy over the weekend..

You can thank me later...when the swelling in your brain subsides after its rare exposure to
TRUTH..

Truth hurts.. but it makes you smarter and you'll look better in a black cocktail dress.


The Geeks Don't Want No GREEKS


Europe is in flux right now and you can bet your moussaka that they are getting ready to show Greece the door...

The Daily Reckoning weighs in on just why this is happening and why it's important to everyone.

http://dailyreckoning.com/whats-greece-going-to-do/



Telling It Like It Is- Kerry Lutz and Yours Truly

Did you catch my recent interview with Kerry Lutz of the Financial Survival Network?
Not trying to toot my own horn here (well, I am but I have to say that so I sound humble)
Kerry and I lifted the lid off the steaming pot of half-boiled lies dished out by Wall Street, politicians, mainstream media monkeys... and other evil-doers.

Listen now and free your mind...

http://livingwealthyradio.com/?powerpress_pinw=972-podcast



 Don't Take Any Wooden Nickels.. Examining the Seamy Underbelly of Currency Debasement

 Joel Bowman takes the looter class to task for their "shaving" ways..

http://dailyreckoning.com/the-long-and-sordid-history-of-currency-debasement/http://dailyreckoning.com/the-long-and-sordid-history-of-currency-debasement/


The Sound of the Other Shoe Dropping- College Loans

It's lurking around like that nasty great-aunt with dragon breath who always wants to kiss you or pinch your cheek... Namely, the college debt crisis.  It's coming to a head and it's gonna get nasty.. 

Here's a couple of interesting takes on Edumageddon:

http://www.huffingtonpost.com/2012/02/09/sp-warns-student-loans-bubble-burst_n_1266209.html

A 17 Year-Old Weighs In On The Value of A College Education

http://www.businessweek.com/articles/2012-06-15/why-college-needs-a-warning-label

Owe, Yes! The difference between a billion and a trillion

re: It's hard to wrap your head around these numbers


by Teresa Kuhn, JD, RFC, CSA
Bank on Yourself Authorized Advisor
Host, Living Wealthy Radio


In general, I consider myself a fairly balanced, optimistic person. 

After all, I have had clients come to me reeling from financial mistakes from which they thought they would never recover and...

With a lot of hard work, persistence, and the right financial vehicles, we have been able to help them turn their lives around.

So, I have some cause for cautious optimism when it comes to the current "Great Correction."

That being said, when I run across graphics like these, I realize that the road to recovery for the United States will be a long, and at times, unpleasant one.

I also get a little dizzy watching the  National Debt Clock (www.usdebtclock.org) and it makes me wonder if we shouldn't start some kind of Debtors Anonymous for countries.  

Or, as fast as this clock is spinning, maybe we could harness the energy and convert it into free power to run the money printing presses...

From Demonocracy.info This is what the US "debt ceiling of 122 trillion dollars would look like stacked up in $100 bills..

Below: How much is a TRILLION stacked in $100 bills?  MIND BLOWING!

Blame it On Bob Loblaw

re: average American?  the system is stacked against you...


by Teresa Kuhn, JD, RFC, CSA
Living Wealthy Radio.Com


My Bank on Yourself (r) practice affords me many opportunities to hear the stories of ordinary, hard-working Americans; stories of major setbacks, financial devastation, and, many times, stories about how becoming more financially savvy has turned things around.

Educating people about the alternatives to Wall Street risk and banking industry rip-offs is the most gratifying aspect of  my job.  I am able to help people just like you gain more control over their financial destinies while becoming smarter about how to protect and preserve their assets.

Not a Practicing Attorney...But Not Immune to Lawyer Jokes

While no longer a practicing attorney, having the JD after my name does expose me to more than a few lawyer jibes.  A friend of mine sent me the following clip from the TV program Arrested Development.


While it was obviously intended as a parody of those cheesy lawyer commercials one sees on local television stations, there is a more serious subtext.

More and more people are waking up to how corrupt and rigged our current economic system is and how many criminal types are working behind the scenes to ensure that ordinary Americans just like you never, ever have their fair share of the pie.  And they can afford to hire whole law firms to ensure that they don't have to play fair...

Check out the clip, have a quick laugh, and ask yourself:


"Isn't it time you took charge of your own economy and stopped being subjected to Wall Street rip-offs?"