The Predators Are Back

From the latest editorial piece in The NY Times about the new ways in which predatory lenders are taking advantage of debt-ridden people nowadays:

"Predators of every sort have regrouped and returned to their old ways, this time as loan-modification companies, inserting themselves between hard-strapped homeowners and banks, offering to work deals — for cash up front".

I've already received a flyer in the mail from a company, telling me how I should let them loan me money to pay down my credit cards. The APR was anywhere from 7.99% to 20%. So, you're basically creating more debt for yourself just by trying to pay something off. It's robbing Peter to pay Paul, or in this case borrowing from Peter at a high interest rate to pay Paul.
(Via NY Times)

Bulls and Bears: Jim Cramer Gives America Some Advice

Holy shit! What is the world coming to if Jim Cramer is telling people to pull out money from the stock market!? He said to pull out money you might need in the next 5 years as soon as friggin' possible. Jim Cramer doesn't look good: he looks like he hasn't eaten or slept in days, and is it just me, or does he seem like he's ready to have an emotional breakdown? I'm just waiting for Suze Orman to crack, and then you know we're completely screwed.

And the next person who utters the expression "201(k)" is going to get a bitch slap. Yeah, we get it, the economy sucks. You don't have to make up goofball puns, regarding our economic futures. K, thanks.

Watch the video via Gawker