tagged w/ Bankruptcy
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Harvard study finds 50 percent increase from 2001
Medical problems contributed to nearly two-thirds (62.1 percent) of all bankruptcies in 2007, according to a study in the August issue of the American Journal of Medicine that will be published online Thursday. The data were collected prior to the current economic downturn and hence likely understate the current burden of financial suffering. Between 2001 and 2007, the proportion of all bankruptcies attributable to medical problems rose by 49.6 percent. The authors' previous 2001 findings have been widely cited by policy leaders, including President Obama.
Surprisingly, most of those bankrupted by medical problems had health insurance. More than three-quarters (77.9 percent) were insured at the start of the bankrupting illness, including 60.3 percent who had private coverage. Most of the medically bankrupt were solidly middle class before financial disaster hit. Two-thirds were homeowners and three-fifths had gone to college. In many cases, high medical bills coincided with a loss of income as illness forced breadwinners to lose time from work. Often illness led to job loss, and with it the loss of health insurance.
Even apparently well-insured families often faced high out-of-pocket medical costs for co-payments, deductibles and uncovered services. Medically bankrupt families with private insurance reported medical bills that averaged $17,749 vs. $26,971 for the uninsured. High costs – averaging $22,568 – were incurred by those who initially had private coverage but lost it in the course of their illness.Harvard study finds 50 percent increase from 2001
Medical problems contributed to... more
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Recently I have been trying to share stories of how Americans have rung up such an astonishing amount of debt in recent years. For this story, I first staked out a conference on Capitol Hill where online payday lenders and lobbyists honed their arguments to Congress against reform.
I then traveled to a small town near the Virginia-North Carolina border to learn about the experiences of a man who one day googled "bad credit loans" and soon found himself in more trouble than he bargained for.
Check out the video...Recently I have been trying to share stories of how Americans have rung up such an... more
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lagan
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added this
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2 years ago
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General Motors says it has entered a tentative agreement to sell its Hummer brand, a day after the U.S. automaker filed for bankruptcy protection.General Motors says it has entered a tentative agreement to sell its Hummer brand, a... more
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Michael Moore has something to say about American cars and the fate of GM. Here is an excerpt:
"At the deathbed of General Motors, I find myself filled with—dare I say it—joy. Here are my nine suggestions for transforming the company.
I write this on the morning of the end of the once-mighty General Motors. By high noon, the president of the United States will have made it official: General Motors, as we know it, has been totaled.
As I sit here in GM's birthplace, Flint, Michigan, I am surrounded by friends and family who are filled with anxiety about what will happen to them and to the town. Forty percent of the homes and businesses in the city have been abandoned. Imagine what it would be like if you lived in a city where almost every other house is empty. What would be your state of mind?
Who among us wants $50 billion of our tax dollars thrown down the rat hole of still trying to save GM?
It is with sad irony that the company which invented "planned obsolescence"—the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one—has now made itself obsolete. It refused to build automobiles that the public wanted, cars that got great gas mileage, were as safe as they could be, and were exceedingly comfortable to drive. Oh—and that wouldn't start falling apart after two years. GM stubbornly fought environmental and safety regulations. Its executives arrogantly ignored the "inferior" Japanese and German cars, cars which would become the gold standard for automobile buyers. And it was hell-bent on punishing its unionized workforce, lopping off thousands of workers for no good reason other than to "improve" the short-term bottom line of the corporation. Beginning in the 1980s, when GM was posting record profits, it moved countless jobs to Mexico and elsewhere, thus destroying the lives of tens of thousands of hard-working Americans. The glaring stupidity of this policy was that, when they eliminated the income of so many middle-class families, who did they think was going to be able to afford to buy their cars? History will record this blunder in the same way it now writes about the French building the Maginot Line or how the Romans cluelessly poisoned their own water system with lethal lead in its pipes..."Michael Moore has something to say about American cars and the fate of GM. Here is an... more
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General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.General Motors has filed for bankruptcy protection as part of an Obama administration... more
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General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday.General Motors Corp., the century-old automaker battered by the economic downturn,... more
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General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to erase some of the automaker's debt in exchange for company stock.General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to... more
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Toys R Us Inc. announced early Thursday that it had bought troubled high-end retailer FAO Schwarz, which has struggled for years through bankruptcies amid tough competition from discount stores.Toys R Us Inc. announced early Thursday that it had bought troubled high-end retailer... more
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A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its... more
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Chrysler and General Motors alert local dealerships they're closing in a classy way -- by sending them letters.Chrysler and General Motors alert local dealerships they're closing in a classy... more
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Obama is backing tougher legislation but lobbyists are pushing back hard... Moveon is helping to rally for this much needed cause (I'm not affiliated), contact your senators at the link.
>
Don't let the banks water down credit card reform
Right now, the Senate is considering a strong bill that would curb the most outrageous ways that credit card companies abuse their customers.
But the bill is stuck in limbo because too many senators are scared to take truly bold action against the banks.
We need to let Congress know that we're watching them and we expect them to protect us, not the banks.
A compiled petition with your individual comment will be presented to your senators.
http://pol.moveon.org/creditcards/Obama is backing tougher legislation but lobbyists are pushing back hard... Moveon is... more
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Criminal fraud may be the most underreported aspect of our current financial crisis. In this "Road to Ruin" report, former subprime lenders from Ameriquest, once the country's largest lender, describe a system rife with fraud. They describe how a "by-any-means-necessary" policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.Criminal fraud may be the most underreported aspect of our current financial crisis.... more
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lagan
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added this
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3 years ago
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Rev. Dr. George Cairns delivers the first of several Sunday homilies at the Union Community Church in Valparaiso, Indiana.
The homilies on Celtic Christianity take a look at several topics including the European roots of the Celts (primarily Scotland and Ireland) and how Earth-based cultures can impact the future of civilization including actively protecting the environment, respecting fellow humans, different cultures and nature.
Cairns is working closely with Rev. Gregory Jones on several social fronts.
Rev. Jones is the pastor of the Union Community Church and an Adjunct Assistant Professor of Theology at Valparaiso University.
Founded in 2007, The non-profit Turtle Island Project is known for its ongoing work with Native American issues - and the other wing involves other Earth-based religions like the Celts. Cairns is a co-founder of the Turtle Island Project.
Rev. Cairns continues to work closely with the foremost Celtic group in the world, the Iona Community in Scotland that is a dispersed Christian ecumenical community working for peace and social justice, rebuilding of community and the renewal of worship.
Cairns is a research professor of Practical Theology and Spirituality at Chicago Theological Seminary, an ordained minister in the United Church of Christ and lives in Chesterton, Indiana.
Cairns recently completed a six-part "contemplative reading and discussion" of Philip Newell's book
"Christ of the Celts" at the Union Community Church. Cairns and his wife, Nancy, recently hosted a conference on Celtic Spirituality, Ecology, and Participative Consciousness.
Dr. Cairns says:
Celtic Christianity is a strand of the Christian tradition which developed during the
middle of the first millennium. Its full flowering in Ireland and Scotland continued for several hundred years before it was incorporated into the dominant church as many of its traditions were lost or suppressed.
There are two major reasons for this recovery and reconstruction of Celtic Christian practical theology for the church today: Church Renewal & Engaging and transforming the genocide and ecocide taking place today.
We are concerned that our current individual and systemic western consciousness is disembodied and ill. We believe that this process started several thousand years ago in the late Paleolithic. We are not trying to turn back the clock to the Stone Age. But we do know that a change in consciousness must begin if our planet and we are to survive.
What we have lost is participative consciousness, which understands that our lives are profoundly related to the physical, mental and spiritual aspects of all of creation. Another way of putting this is that we are completely relational beings. Reconnection with all of creation as sacred and responsive
and alive is our great task in the early 21st century.
We have living guides to help us such as Celtic Spirituality, Native American Spirituality and post-modern science. I believe we need to integrate the profound gifts of these resources and open ourselves to deepen our relationships with all of creation.”
Related websites and information:
Celtic Christianity Today - created by Rev. Dr. George Cairns:
http://www.celticchristianitytoday.org
Celtic Christianity Today (youtube):
http://www.youtube.com/celticchristianity
The Iona Community in Scotland:
http://www.iona.org.uk
The Iona Community New World Foundation: An organization of associate members &
friends of the Iona Community (Scotland) living in the United States:
http://www.iona-nwf.org/links.htm
http://www.Turtle Island Project.org
Turtle Island TV (blipTV & youtube)
http://turtleislandtv.blip.tv
http://www.youtube.com/MunisingWhiteHorse
email:
TurtleIslandProject@charter.netRev. Dr. George Cairns delivers the first of several Sunday homilies at the Union... more
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US carmaker Chrysler will file for Chapter 11 bankruptcy protection, President Barack Obama is to confirm.
The White House described the decision as a "surgical short bankruptcy" which should last between 30 and 60 days.
Mr Obama says that his administration had "worked very hard to avoid this", but not all of Chrysler's lenders were willing to participate in the deal.
The number of Chrysler dealers will decrease over time, but no jobs will be lost in the short term, he adds.
The bankruptcy will be filed in New York.
The US government had told Chrysler it would be given a further $6bn (£4bn) of vital state loans if it had successfully restructured the business by midnight.
This included trying to persuade the firm's main lenders to accept $2bn in cash, in exchange for writing off all of Chrysler's $6.9bn secured debt.
While Chrysler's main banks, holding 70% of the debt, accepted this proposal, it was reportedly rejected by hedge funds that hold a sizeable proportion of its remaining debt. Hedge funds are private investment funds that typically attract rich private investors.
The White House official accused the hedge funds of a "failure to act in either their own economic interest or the national interest".
He added that their rejection of the deal would not impede "the new opportunity Chrysler now has to restructure and emerge stronger going forward".US carmaker Chrysler will file for Chapter 11 bankruptcy protection, President Barack... more
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DETROIT - Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.
Chrysler's fate was in the hands of about 40 hedge funds that hold about 30 percent of its debt. Although four banks holding 70 percent of the debt had agreed to erase it for $2 billion, the hedge funds were holding out for a better deal.
To entice the hedge funds into going along with the banks, the government on Wednesday afternoon added $250 million to the $2 billion that the banks had settled for and gave the hedge funds a 6 p.m. deadline to work it out, two people briefed on the talks said.
All of the people spoke to The Associated Press on condition of anonymity because the negotiations were private.
Michigan Gov. Jennifer Granholm, speaking in Lansing at a news conference about the swine flu, had urged them to consider Chrysler's 54,000 employees.
"On behalf of Michigan, on behalf of the thousands of people who will be affected if this company is forced into bankruptcy, I am publicly asking these hedge funds to not be greedy but to do what the banks have done and what everyone else around the table has done — take the concessions," she said.DETROIT - Talks between Chrysler LLC's lenders and the Treasury Department to... more
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Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.Talks between Chrysler LLC's lenders and the Treasury Department to reduce the... more
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WASHINGTON, D.C. – The Republican National Committee filed for bankruptcy today... [more]
--TheSkunk.orgWASHINGTON, D.C. – The Republican National Committee filed for bankruptcy... more
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Ford Motor Co. says it lost $1.4 billion in the first quarter, but it burned through less money as it continued to restructure without government aid during a severe auto sales downturn.Ford Motor Co. says it lost $1.4 billion in the first quarter, but it burned through... more
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With a government deadline just seven days away, Chrysler LLC is running out of time to work out deals with debtholders, its unions and a foreign partner.With a government deadline just seven days away, Chrysler LLC is running out of time... more
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Despite widespread speculation about the company's health, OQO has been fairly coy about their financial situation. Now, they've canceled all pre-orders for their upcoming Model 2+ UMPC. Sort of like a dying company might do!
The OQO drama began to unfold a few weeks back, when a combination of leadership changes, message board rumors and canceled pre-orders through a large European retailer led people to surmise that the San Francisco-based UMPC maker was on its way out. They then admitted that they were courting potential buyers, but left it at that.
And now this: Chippy, he of UMPCPortal fame, has received word that all pre-orders for the lauded Model 2+ have been canceled, though he hasn't heard from the company itself. With a shipping date set at May 22nd and the company in distress, a delay might have been expected, and even excused. But a cancellation? That sounds an awful low like a death knell.Despite widespread speculation about the company's health, OQO has been fairly... more
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