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	<title>Comments on: The poor are financing the profligate</title>
	<atom:link href="http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/feed/" rel="self" type="application/rss+xml" />
	<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/</link>
	<description></description>
	<pubDate>Fri, 09 Jan 2009 00:53:16 +0000</pubDate>
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		<item>
		<title>By: Roland</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106706</link>
		<dc:creator>Roland</dc:creator>
		<pubDate>Wed, 09 Apr 2008 00:39:31 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106706</guid>
		<description>Socializing the debt is okay, as long as we also socialize all the ownership!</description>
		<content:encoded><![CDATA[<p>Socializing the debt is okay, as long as we also socialize all the ownership!</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Anonymous</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106705</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Tue, 08 Apr 2008 03:21:18 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106705</guid>
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		<title>By: Anonymous</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106704</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Sun, 06 Apr 2008 21:38:43 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106704</guid>
		<description>http://www.fakepaycheckstubs.com&lt;br&gt;&lt;br&gt;If you work at home in a job that lists you as an independent contractor then you have reached one of those positions that millions of people envy. There are many people who would love to work from home but it simply is not feasible for everyone. For one thing, when people work from home as independent contractors they often have no way to prove how much income they are earning. If you need verification of income for a bank loan or even for certain welfare programs then you are simply out of luck.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt; &lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;What happens when you have to show the bank how much money you are making? They normally will not simply take your word for it. You need proof before they will even consider your loan request. This is why most households who have someone working from home also have someone who works in a traditional job. They simply need to be able to prove how much at least one of them is earning. One way however, to prove your income to whomever you need to show it to is to find software that allows you to print your own paycheck stubs. Now, don’t go thinking that you can print fake paychecks with software like this. Prison time would definitely not help you to secure a bank loan.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt; &lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;You can however, print off proof of your earnings with specific software that will allow you to show your income when you need to. This software would also be a wonderful solution to someone who receives direct deposits or for small business owners who typically pay in cash. Having the ability to show your income for tax purposes, loans or any other reason can help you to keep your income verified and organized for later use as well. So, instead of swearing to the banker that you do in fact earn as much as you need for that loan, think about actually having the ability to show them a paycheck stub. You might just find that you like being able to prove your income once and for all without begging your employer to send you a paper that certifies you are making what you say you are.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;http:/www.fakepaycheckstubs.com</description>
		<content:encoded><![CDATA[<p><a href="http://www.fakepaycheckstubs.com" rel="nofollow">http://www.fakepaycheckstubs.com</a></p>
<p>If you work at home in a job that lists you as an independent contractor then you have reached one of those positions that millions of people envy. There are many people who would love to work from home but it simply is not feasible for everyone. For one thing, when people work from home as independent contractors they often have no way to prove how much income they are earning. If you need verification of income for a bank loan or even for certain welfare programs then you are simply out of luck.</p>
<p>What happens when you have to show the bank how much money you are making? They normally will not simply take your word for it. You need proof before they will even consider your loan request. This is why most households who have someone working from home also have someone who works in a traditional job. They simply need to be able to prove how much at least one of them is earning. One way however, to prove your income to whomever you need to show it to is to find software that allows you to print your own paycheck stubs. Now, don’t go thinking that you can print fake paychecks with software like this. Prison time would definitely not help you to secure a bank loan.</p>
<p>You can however, print off proof of your earnings with specific software that will allow you to show your income when you need to. This software would also be a wonderful solution to someone who receives direct deposits or for small business owners who typically pay in cash. Having the ability to show your income for tax purposes, loans or any other reason can help you to keep your income verified and organized for later use as well. So, instead of swearing to the banker that you do in fact earn as much as you need for that loan, think about actually having the ability to show them a paycheck stub. You might just find that you like being able to prove your income once and for all without begging your employer to send you a paper that certifies you are making what you say you are.</p>
<p>http:/www.fakepaycheckstubs.com</p>
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		<title>By: guest</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106703</link>
		<dc:creator>guest</dc:creator>
		<pubDate>Sun, 06 Apr 2008 12:25:09 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106703</guid>
		<description>&lt;br&gt;&lt;br&gt;Fact is, I'm sure you read the biography of Charles Ponzi -- he was able to keep up his business for a very very long time and might have gone on much longer had the govt. not finally arrested him and frozen his assets.  &lt;br&gt;&lt;br&gt; &lt;br&gt;&lt;br&gt;Being that the current financial scheme is orchestrated by the Wall Street in combination with the Fed, it can only end in a massive disaster. Ponzi, to his credit, had never missed a payment on his notes before he was arrested. This crisis will end far more painfully because there won't be anything left but unpaid IOUs. Most Ponzi investors were able to receive around 20 or 30 cents on the dollar I believe. I could be wrong about that but my point: This is exactly what Ponzi did -- he kept coming up with a 'new' new plan.&lt;br&gt;&lt;br&gt;</description>
		<content:encoded><![CDATA[<p>
Fact is, I&#8217;m sure you read the biography of Charles Ponzi &#8212; he was able to keep up his business for a very very long time and might have gone on much longer had the govt. not finally arrested him and frozen his assets.  </p>
<p>Being that the current financial scheme is orchestrated by the Wall Street in combination with the Fed, it can only end in a massive disaster. Ponzi, to his credit, had never missed a payment on his notes before he was arrested. This crisis will end far more painfully because there won&#8217;t be anything left but unpaid IOUs. Most Ponzi investors were able to receive around 20 or 30 cents on the dollar I believe. I could be wrong about that but my point: This is exactly what Ponzi did &#8212; he kept coming up with a &#8216;new&#8217; new plan.</p>
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		<title>By: Guest</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106702</link>
		<dc:creator>Guest</dc:creator>
		<pubDate>Sun, 06 Apr 2008 06:23:30 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106702</guid>
		<description>Good, Brad! Please keep up the commentary on social impacts of bad economics. Spell out the regional and worldwide social impacts and consequences of the evolving mess and how it is attempted resolved. Thanks.</description>
		<content:encoded><![CDATA[<p>Good, Brad! Please keep up the commentary on social impacts of bad economics. Spell out the regional and worldwide social impacts and consequences of the evolving mess and how it is attempted resolved. Thanks.</p>
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		<title>By: Francois</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106701</link>
		<dc:creator>Francois</dc:creator>
		<pubDate>Sun, 06 Apr 2008 02:29:21 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106701</guid>
		<description>Movie Guy wrote:&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;"All of this overlooks the central question of whether the Gramm-Leach-Bliley Act of 1999 was a sound law."&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;On the 13th of September 1991, Congress was unequivocally warned on the foolishness of deregulating the investment banking system, at a hearing of the Subcommittee on Telecommunications and Finance Committee on Energy and Commerce of the 102nd Congress: "A bill to Amend the Federal Securities Laws to Equalize the Regulatory Treatment of Participants in the Securities Industry"&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;The full testimony can be read here (http://www.newsforreal.com/written.html) and it is an eye-opener. A synopsis (with an hilarious cartoon at the bottom can be read here. (http://www.newsforreal.com)&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;But the forces of greed and spoliation of savings were not to be denied what they considered (and still consider) their "due". After all, since they are so damn smart, they most certainly "deserve it". (Must be true, since the actual Vice President said so on TV)</description>
		<content:encoded><![CDATA[<p>Movie Guy wrote:</p>
<p>&#8220;All of this overlooks the central question of whether the Gramm-Leach-Bliley Act of 1999 was a sound law.&#8221;</p>
<p>On the 13th of September 1991, Congress was unequivocally warned on the foolishness of deregulating the investment banking system, at a hearing of the Subcommittee on Telecommunications and Finance Committee on Energy and Commerce of the 102nd Congress: &#8220;A bill to Amend the Federal Securities Laws to Equalize the Regulatory Treatment of Participants in the Securities Industry&#8221;</p>
<p>The full testimony can be read here (http://www.newsforreal.com/written.html) and it is an eye-opener. A synopsis (with an hilarious cartoon at the bottom can be read here. (http://www.newsforreal.com)</p>
<p>But the forces of greed and spoliation of savings were not to be denied what they considered (and still consider) their &#8220;due&#8221;. After all, since they are so damn smart, they most certainly &#8220;deserve it&#8221;. (Must be true, since the actual Vice President said so on TV)</p>
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	<item>
		<title>By: Scott</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106700</link>
		<dc:creator>Scott</dc:creator>
		<pubDate>Sat, 05 Apr 2008 23:03:25 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106700</guid>
		<description>Brad,&lt;br&gt;&lt;br&gt;I think it is very clear that Chinese authorities believe that the gains from subsidizing US imports outweigh the risks of financial losses on Chinese dollar reserves. The same is true for Japanese financial authorities.  As to why China prefers to keep the proceeds from exports in US financial instruments rather than invest in domestic sectors, perhaps Chinese authorities feel that doing so enhances their power domestically.  Doling out these funds to domestic projects would result in some loss of control given that Beijing can't micromanage the entire country.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;</description>
		<content:encoded><![CDATA[<p>Brad,</p>
<p>I think it is very clear that Chinese authorities believe that the gains from subsidizing US imports outweigh the risks of financial losses on Chinese dollar reserves. The same is true for Japanese financial authorities.  As to why China prefers to keep the proceeds from exports in US financial instruments rather than invest in domestic sectors, perhaps Chinese authorities feel that doing so enhances their power domestically.  Doling out these funds to domestic projects would result in some loss of control given that Beijing can&#8217;t micromanage the entire country.</p>
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	<item>
		<title>By: koteli</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106699</link>
		<dc:creator>koteli</dc:creator>
		<pubDate>Sat, 05 Apr 2008 22:47:58 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106699</guid>
		<description>All that remembers me the next actions of USA (taken in South-America by Barrick Gold Corporation, to make profitable theirs business):&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;To dynamite and break glaciers into pieces and move them in trucks from one mountain to the next (so that we can extract the gold under it). And glaciers will be reborn in the new places, 'cause we decided it!&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;A very clever solution, for Cheney Corp.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;To make the MSM speaking of the benefits of this approach is cheaper that to deal with the problem. It's cheaper that stopping priests talking about ecological disasters in mass, and paying people to give conferences in the area.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;The Chinese?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;Let's nuke Iran!&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;Even George Soros seems to be too progressive for USA's financial mess, supporting Obama in the 40th anniversary of M.L. King.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;That's a big change, if it were true?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;And Brad, you nailed it: too big to fail or too big to save, that's the matter, black or white.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;The illegal rescue of BS, couldn't be seen as an effort of USA to avoid a cheap buying of the jewels of the crown, by the nasty Arabs or Chinese?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;The price is good, as far as USA is a sovereign country, on top of her cheap working class (or all americans are out of a working class?). 28 million food people on stamps-would draw the line between social people and out-society people in western standards.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;So what?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;The wages in western world, in general, are much lower than in the USA.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;So…?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;We are used to live spending less. School, Health Service and University are almost free. We pay oil twice (half price, half tax).&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;Little things that make share benefits and profits, nothing else.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;As I told before, it wouldn't be so difficult to get out of this mess, but who knows?&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;koteli&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;PS: Sometimes, I think about if farm-lenders and workers in Kansas fields are receiving the benefits of doubled prices in grain-stoke-exchanges of Chicago. If your grandma would be pleased in those times. If the benefit were well distributed among the workers.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;Silly me!&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;Then, I listen to "Fields of Gold" by Eva Cassidy, in looking for some hope and relief.&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;</description>
		<content:encoded><![CDATA[<p>All that remembers me the next actions of USA (taken in South-America by Barrick Gold Corporation, to make profitable theirs business):</p>
<p>To dynamite and break glaciers into pieces and move them in trucks from one mountain to the next (so that we can extract the gold under it). And glaciers will be reborn in the new places, &#8217;cause we decided it!</p>
<p>A very clever solution, for Cheney Corp.</p>
<p>To make the MSM speaking of the benefits of this approach is cheaper that to deal with the problem. It&#8217;s cheaper that stopping priests talking about ecological disasters in mass, and paying people to give conferences in the area.</p>
<p>The Chinese?</p>
<p>Let&#8217;s nuke Iran!</p>
<p>Even George Soros seems to be too progressive for USA&#8217;s financial mess, supporting Obama in the 40th anniversary of M.L. King.</p>
<p>That&#8217;s a big change, if it were true?</p>
<p>And Brad, you nailed it: too big to fail or too big to save, that&#8217;s the matter, black or white.</p>
<p>The illegal rescue of BS, couldn&#8217;t be seen as an effort of USA to avoid a cheap buying of the jewels of the crown, by the nasty Arabs or Chinese?</p>
<p>The price is good, as far as USA is a sovereign country, on top of her cheap working class (or all americans are out of a working class?). 28 million food people on stamps-would draw the line between social people and out-society people in western standards.</p>
<p>So what?</p>
<p>The wages in western world, in general, are much lower than in the USA.</p>
<p>So…?</p>
<p>We are used to live spending less. School, Health Service and University are almost free. We pay oil twice (half price, half tax).</p>
<p>Little things that make share benefits and profits, nothing else.</p>
<p>As I told before, it wouldn&#8217;t be so difficult to get out of this mess, but who knows?</p>
<p>koteli</p>
<p>PS: Sometimes, I think about if farm-lenders and workers in Kansas fields are receiving the benefits of doubled prices in grain-stoke-exchanges of Chicago. If your grandma would be pleased in those times. If the benefit were well distributed among the workers.</p>
<p>Silly me!</p>
<p>Then, I listen to &#8220;Fields of Gold&#8221; by Eva Cassidy, in looking for some hope and relief.</p>
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		<title>By: bsetser</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106698</link>
		<dc:creator>bsetser</dc:creator>
		<pubDate>Sat, 05 Apr 2008 13:40:16 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106698</guid>
		<description>Judy --&lt;br&gt;&lt;br&gt;&lt;br&gt;&lt;br&gt;the US is either too big to fail or too big to save; I would rather not test which it is.</description>
		<content:encoded><![CDATA[<p>Judy &#8211;</p>
<p>the US is either too big to fail or too big to save; I would rather not test which it is.</p>
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		<title>By: Guest</title>
		<link>http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106697</link>
		<dc:creator>Guest</dc:creator>
		<pubDate>Sat, 05 Apr 2008 12:53:10 +0000</pubDate>
		<guid isPermaLink="false">http://blogs.cfr.org/setser/2008/04/04/the-poor-are-financing-the-profligate/#comment-106697</guid>
		<description>Well the rich don't have much money to lend since they are spending it all on the good life for themselves; the poor do have money to lend since they are not spending enough of it on themselves.</description>
		<content:encoded><![CDATA[<p>Well the rich don&#8217;t have much money to lend since they are spending it all on the good life for themselves; the poor do have money to lend since they are not spending enough of it on themselves.</p>
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