Is It Time For The Financial Revolution

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Most, if not all people are too young to remember the Industrial Revolution, but seeing all of the financial mayhem going on right now, I have to wonder if it isn't time for a new revolution - a "Financial Revolution"? There may not be a miracle cure for what ails our economy, but one thing is for certain, we don't stand a chance at truly correcting our economic situation until the government balances the budget. Obviously this is a very simplistic view of an infinitely more complex problem, but one of the biggest culprits, that has to stopped immediately is this pork barrel add on spending to any bill that goes through congress. It's going to be up to us, the constituents of these "Big Spenders" we put in office to reign in their excessive shopping habits. People need to band together and collectively keep these bean counters accountable on each and every bill that is going through congress. It has been far too long since we had any real system of checks and balances on our government and asking our own government to police itself is like asking Simon Legree to keep an eye on Snidely Whiplash. Yes it will take a great effort on our part as citizens of these United States, but we owe it to this country and more importantly to ourselves.

The rate of home foreclosures has climbed steadily in recent years, forcing many to abandon the homes of their dreams due to monthly mortgage payments they cannot afford, while making some lenders rich in the process. President Obama's loan modification plans offer sound solutions to help those of us in need keep our homes and save our families from the sorrow of becoming homeless. Obama's loan modification program, titled the Home Affordable Modification Program was announced on March 4, 2009 and helps nine million homeowners reduce the payments owed on their mortgages by modifying their loans. The government has invested seventy five billion dollars into this program to help homeowners in financial distress because of their high mortgage payments. President Obama's loan modification plans involve a process by which lenders modify existing loans, thus giving homeowners lower interest rates, and allowing the monthly payment to decrease, without them needing to refinance their existing loans. This loan modification plan is contingent on homeowners having kept their payments current and not going into default. As an incentive, there will be up to one thousand dollars in a Pay for Performance Success Payment that borrowers may receive each year and for up to five additional years. President Obama's loan modification program is designed to bridge the current gap between what the homeowner has been struggling to pay and new, lower interest payments that will allow them to remain in their homes and keep families together.

As Congress held hearings and members angrily wagged fingers at Toyota executives, some critics were pointing at the federal government as a key part of the problems enveloping the Japanese auto giant. As Congress held hearings and members angrily wagged fingers at Toyota executives, some critics were pointing at the federal government as a key part of the problems enveloping the Japanese auto giant. Vista, Calif. Rep. Darrell Issa co-chaired a hearing of the House Committee on Oversight and Government Reform addressing the recent recalls, the National Highway Traffic Safety Administrations handling of consumer complaints and oversight of automakers. As lawmakers probed Toyotas internal efforts to quash U.S. When the agency receives consumer complaints about defects in vehicles, it opens an investigation in which its engineers conduct evaluations of the reported flaws. One of the problems Transportation Secretary Ray LaHood has acknowledged is that only two of the agencys 125 engineers are electronics engineers.

Complaints about Toyota vehicles have ranged from problems with floor mats, gas pedals that stick and brakes that fail. As a result, there have been widely publicized reports of crashes, injuries and more than 30 deaths nationwide. The automaker has recalled over eight million vehicles so far. Agitated by consumer outrage over the failure of the highly regarded corporate culture of Toyota and the federal governments own consumer watchdogs, lawmakers are threatening new legislation to prevent future safety scandals of this scope. One proposal would require automakers to install data recorders in every vehicle — black boxes similar to those in airplanes — containing accident and performance data downloadable by regulators. Toyota says recent models contain such devices, but admitted theres only a single machine in the entire country capable of reading the boxes, and that a company representative must be present while the machine is operated. Another legislative proposal would require new cars to have brake override systems; software ensuring that an engines throttle goes to idle whenever the brakes are deployed. Congress will also consider empowering NHTSA with the authority to levy criminal penalties on automakers that delay safety recalls. Have you been affected by Toyotas failures?