Secured Loan Quotes

African leaders should not turn the continent into a giant collector of donations and loans from wealthy nations—they must find other plausible means to help established their economic security so as to minimize poverty. This incoherent blunder on the mainland must be scrutinized.

Almost as an article of faith, some individuals believe that conspiracies are either kooky fantasies or unimportant aberrations. To be sure, wacko conspiracy theories do exist. There are people who believe that the United States has been invaded by a secret United Nations army equipped with black helicopters, or that the country is secretly controlled by Jews or gays or feminists or black nationalists or communists or extraterrestrial aliens. But it does not logically follow that all conspiracies are imaginary. Conspiracy is a legitimate concept in law: the collusion of two or more people pursuing illegal means to effect some illegal or immoral end. People go to jail for committing conspiratorial acts. Conspiracies are a matter of public record, and some are of real political significance. The Watergate break-in was a conspiracy, as was the Watergate cover-up, which led to Nixon’s downfall. Iran-contra was a conspiracy of immense scope, much of it still uncovered. The savings and loan scandal was described by the Justice Department as “a thousand conspiracies of fraud, theft, and bribery,” the greatest financial crime in history. Often the term “conspiracy” is applied dismissively whenever one suggests that people who occupy positions of political and economic power are consciously dedicated to advancing their elite interests. Even when they openly profess their designs, there are those who deny that intent is involved. In 1994, the officers of the Federal Reserve announced they would pursue monetary policies designed to maintain a high level of unemployment in order to safeguard against “overheating” the economy. Like any creditor class, they preferred a deflationary course. When an acquaintance of mine mentioned this to friends, he was greeted skeptically, “Do you think the Fed bankers are deliberately trying to keep people unemployed?” In fact, not only did he think it, it was announced on the financial pages of the press. Still, his friends assumed he was imagining a conspiracy because he ascribed self-interested collusion to powerful people. At a World Affairs Council meeting in San Francisco, I remarked to a participant that U.S. leaders were pushing hard for the reinstatement of capitalism in the former communist countries. He said, “Do you really think they carry it to that level of conscious intent?” I pointed out it was not a conjecture on my part. They have repeatedly announced their commitment to seeing that “free-market reforms” are introduced in Eastern Europe. Their economic aid is channeled almost exclusively into the private sector. The same policy holds for the monies intended for other countries. Thus, as of the end of 1995, “more than $4.5 million U.S. aid to Haiti has been put on hold because the Aristide government has failed to make progress on a program to privatize state-owned companies” (New York Times 11/25/95). Those who suffer from conspiracy phobia are fond of saying: “Do you actually think there’s a group of people sitting around in a room plotting things?” For some reason that image is assumed to be so patently absurd as to invite only disclaimers. But where else would people of power get together – on park benches or carousels? Indeed, they meet in rooms: corporate boardrooms, Pentagon command rooms, at the Bohemian Grove, in the choice dining rooms at the best restaurants, resorts, hotels, and estates, in the many conference rooms at the White House, the NSA, the CIA, or wherever. And, yes, they consciously plot – though they call it “planning” and “strategizing” – and they do so in great secrecy, often resisting all efforts at public disclosure. No one confabulates and plans more than political and corporate elites and their hired specialists. To make the world safe for those who own it, politically active elements of the owning class have created a national security state that expends billions of dollars and enlists the efforts of vast numbers of people.

When Bootsie was old enough to go to high school, Fran got herself a $300 GI loan to enroll at the University of Maine. She got three more loans and graduated with a teaching degree. Because she taught Title I kids—poor kids—all her loans were forgiven. Every member of Franni’s family made it to the middle class. And they did it because of Social Security, Pell Grants, the GI Bill, and Title I of the Elementary and Secondary Education Act. They tell you in this country that you have to pull yourself up by your bootstraps. And we all believe that. But first you’ve got to have the boots. And the federal government gave Franni’s family the boots.

Secured loans have collateral, while unsecured loans rely solely on a borrower's creditworthiness. As an entrepreneur, you’re in a stronger position if you have both the creditworthiness piece and the collateral piece.

Collateral, such as assets or property, may be required to secure the loan. So as an entrepreneur, it’s something to consider – it’s going to be a good idea to consider what part of your business’s assets can be collateralized, to what extent, and with how much ease.

Mezzanine financing combines debt and equity, providing lenders with additional security. If your lender is interested in doing this, just know that’s it’s a way for them to mitigate risk. On the flip side, it may sometimes be smart to come out the gate with this as your offering.

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

Bridge loans provide short-term financing until long-term financing is secured. If you’re having trouble getting full financing, try seeking a bridge loan for the time being.

A good life only comes if you have security—that’s what my mom’s basically saying. Anything beyond that is just a pipe dream

The weight of what had transpired on this day finally settled on Ciro. This wasn’t really their home, and the nuns weren’t truly family. The security they had provided was only on loan.

Refinancing involves replacing an existing loan with a new one, often to secure better terms. But it’s a bit of a paradox because to benefit from what may be much needed refinancing, you need to qualify for refinancing.

He didn’t worry about how screwed-up the market for some security became because he knew that eventually it would be disciplined by logic: Businesses either thrived or failed. Loans either were paid off or were defaulted upon.

When stolen securities got big, we used to have Wall Street types all over the place buying up bearer bonds. They would send them overseas, where the banks didn’t know they were stolen, and then they’d use the hot bonds as collateral on loans in this country. Once the stolen bonds were accepted as collateral, nobody ever checked their serial numbers again. We’re talking about millions of dollars in collateral forever. We got robbed on those jobs. At that time we didn’t have any idea about collateralizing foreign loans. The bankers took us to the cleaners. We got pennies for the dollar.

For while white conservatives use government assistance copiously--whether it be Social Security, or mortgage tax relief, low-interest federal college loans or Medicare--in their political discussions they tend to define their benefits as not being "welfare," in contrast to the somehow less noble assistance provided to their black and brown neighbors.

As a country, we take out loans and go to school. We take out loans and buy a car. We take out loans and buy a home. It's not always that we simply "want" these things. Rather, it's often the case that we use our obligations as confirmations that "We're doing something." If we have things to pay for, we need a job. If we have a job, we need a car. If we have such things, we have a life, albeit an ordinary and monotonous life, but a life no less. If we have debt, we have a goal-- we have a reason to get out of bed in the morning. Debt narrows our options. It gives us a good reason to stick it out at a job, sink into sofas, and savor the comforts of the status quo. Debt is sought so we have a game to play, a battle to fight, a mythology to live out. It gives us a script to read, rules to abide by, instructions to follow. And when we see someone who doesn't play by our rules-- someone who's spurned the comforts of hearth and home-- we shift in our chairs and call him or her crazy. We feel a fury for the hobo and the hitchhiker, the hippie and gypsy, the vagrant and nomad-- not because we have any reason to believe these people will do us any harm, but because they make us feel uncomfortable.They remind us of the inner longings we've squelched, the hero or heroine we've buried beneath a houseful of junk, the spirit we've exorcised out of ourselves so we could remain with our feet on the ground, stable and secure.

To me, it doesn’t make sense. The poorest of the poor work twelve hours a day. They need to sell and earn income to eat. They have every reason to pay you back, just to take another loan and live another day! That is the best security you can have—their life.” The manager shook his head. “You are an idealist, Professor. You live with books and theories.” “But

Another view of the Constitution was put forward early in the twentieth century by the historian Charles Beard (arousing anger and indignation, including a denunciatory editorial in the New York Times). He wrote in his book An Economic Interpretation of the Constitution: Inasmuch as the primary object of a government, beyond the mere repression of physical violence, is the making of the rules which determine the property relations of members of society, the dominant classes whose rights are thus to be determined must perforce obtain from the government such rules as are consonant with the larger interests necessary to the continuance of their economic processes, or they must themselves control the organs of government. In short, Beard said, the rich must, in their own interest, either control the government directly or control the laws by which government operates. Beard applied this general idea to the Constitution, by studying the economic backgrounds and political ideas of the fifty-five men who gathered in Philadelphia in 1787 to draw up the Constitution. He found that a majority of them were lawyers by profession, that most of them were men of wealth, in land, slaves, manufacturing, or shipping, that half of them had money loaned out at interest, and that forty of the fifty-five held government bonds, according to the records of the Treasury Department. Thus, Beard found that most of the makers of the Constitution had some direct economic interest in establishing a strong federal government: the manufacturers needed protective tariffs; the moneylenders wanted to stop the use of paper money to pay off debts; the land speculators wanted protection as they invaded Indian lands; slaveowners needed federal security against slave revolts and runaways; bondholders wanted a government able to raise money by nationwide taxation, to pay off those bonds. Four groups, Beard noted, were not represented in the Constitutional Convention: slaves, indentured servants, women, men without property. And so the Constitution did not reflect the interests of those groups. He wanted to make it clear that he did not think the Constitution was written merely to benefit the Founding Fathers personally, although one could not ignore the $150,000 fortune of Benjamin Franklin, the connections of Alexander Hamilton to wealthy interests through his father-in-law and brother-in-law, the great slave plantations of James Madison, the enormous landholdings of George Washington. Rather, it was to benefit the groups the Founders represented, the “economic interests they understood and felt in concrete, definite form through their own personal experience.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, social security steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins. Not only adult men, but also women and children, are recognised as individuals. Throughout most of history, women were often seen as the property of family or community. Modern states, on the other hand, see women as individuals, enjoying economic and legal rights independently of their family and community. They may hold their own bank accounts, decide whom to marry, and even choose to divorce or live on their own. But the liberation of the individual comes at a cost. Many of us now bewail the loss of strong families and communities and feel alienated and threatened by the power the impersonal state and market wield over our lives. States and markets composed of alienated individuals can intervene in the lives of their members much more easily than states and markets composed of strong families and communities. When neighbours in a high-rise apartment building cannot even agree on how much to pay their janitor, how can we expect them to resist the state? The deal between states, markets and individuals is an uneasy one. The state and the market disagree about their mutual rights and obligations, and individuals complain that both demand too much and provide too little. In many cases individuals are exploited by markets, and states employ their armies, police forces and bureaucracies to persecute individuals instead of defending them. Yet it is amazing that this deal works at all – however imperfectly. For it breaches countless generations of human social arrangements. Millions of years of evolution have designed us to live and think as community members. Within a mere two centuries we have become alienated individuals. Nothing testifies better to the awesome power of culture.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

Merrill Lynch, on the other hand, was a white-shoe firm with a proud history of elitism. Its investment bank was blue-blooded in temperament and composition, recruited primarily from Ivy League schools, and did only the more lucrative work of advising corporations, issuing securities, and managing money for ultra-wealthy individuals. In fact, many at Merrill Lynch considered commercial banking—the business of taking deposits, issuing mortgages, and giving loans to regular people—a lower form of commerce.

how Wall Street investment banks somehow had conned the rating agencies into blessing piles of crappy loans; how this had enabled the lending of trillions of dollars to ordinary Americans; how the ordinary Americans had happily complied and told the lies they needed to tell to obtain the loans; how the machinery that turned the loans into supposedly riskless securities was so complicated that investors had ceased to evaluate risks; how the problem had grown so big that the end was bound to be cataclysmic and have big social and political consequences.

From my experience, CIA cocaine ops were what Charlie Pride4’s tournaments were really all about. Part of the cash generated was laundered through his bank in Dallas, Texas. Pride was tied into the same Savings and Loan scandals that Neil Bush5 had been caught in. Even Bush Jr.’s baseball “bud” Nolan Ryan6 owned a bank associated with CIA black ops. Additionally, the drug running I was involved with was channeled through Albuquerque’s LA Dodger baseball training camp and profits laundered through local Catholic charities. Charlie Pride’s annual Pro-Am Golf Tournaments covered it all.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

Business and the rich made trillions from both trends. By keeping workers' wages flat, profits soared as employers alone kept the full fruits of rising worker productivity. Employers and the rich profited further by getting Washington to lower their taxes. They then lent at interest to the government what they no longer needed to pay in taxes. After all, the government needed to borrow precisely because it had stopped taxing corporations and the rich at the rates of the 1940s, 1950s, and 1960s,. Business and the rich happily financed a political system that converted their tax obligation into secure, well-rewarded loans to the government instead.

It is easy for those of us who have enough, living a secure life, structured by goals that we can reasonably confidently aspire to achieve (that new sofa, the 50-inch flat screen, that second car) and institutions designed to help us get there (savings accounts, pension programs, home-equity loans) to assume, like the Victorians, that motivation and discipline are intrinsic. As a result, there are always worries about being overindulgent to the slothful poor. Our contention is that for the most part, the problem is the opposite: It is too hard to stay motivated when everything you want looks impossibly far away. Moving the goalposts closer may be just what the poor need to start running toward them.

This was the engine of doom.” He’d draw a picture of several towers of debt. The first tower was the original subprime loans that had been piled together. At the top of this tower was the triple-A tranche, just below it the double-A tranche, and so on down to the riskiest, triple-B tranche—the bonds Eisman had bet against. The Wall Street firms had taken these triple-B tranches—the worst of the worst—to build yet another tower of bonds: a CDO. A collateralized debt obligation. The reason they’d done this is that the rating agencies, presented with the pile of bonds backed by dubious loans, would pronounce 80 percent of the bonds in it triple-A. These bonds could then be sold to investors—pension funds, insurance companies—which were allowed to invest only in highly rated securities.

Docketing a judgment slapped it on a tenant’s credit report. If the tenant came to own any property in Milwaukee County in the next decade, the docketed judgment placed a lien on that property, severely limiting a new homeowner’s ability to refinance or sell.14 To landlords, docketing a judgment was a long-odds bet on a tenant’s future. Who knows, maybe somewhere down the line a tenant would want to get her credit in order and would approach her old landlord, asking to repay the debt. “Debt with interest,” the landlord could respond, since money judgments accrued interest at an annual rate that would be the envy of any financial portfolio: 12 percent. For the chronically and desperately poor whose credit was already wrecked, a docketed judgment was just another shove deeper into the pit. But for the tenant who went on to land a decent job or marry and then take another tentative step forward, applying for student loans or purchasing a first home—for that tenant, it was a real barrier on the already difficult road to self-reliance and security.

But now, in a new century and a different time, that great middle class is on the ropes. All across the country, people are worried—worried and angry. They are angry because they bust their tails and their income barely budges. Angry because their budget is stretched to the breaking point by housing and health care. Angry because the cost of sending their kid to day care or college is out of sight. People are angry because trade deals seem to be building jobs and opportunities for workers in other parts of the world, while leaving abandoned factories here at home. Angry because young people are getting destroyed by student loans, working people are deep in debt, and seniors can’t make their Social Security checks cover their basic living expenses. Angry because we can’t even count on the fundamentals—roads, bridges, safe water, reliable power—from our government. Angry because we’re afraid that our children’s chances for a better life won’t be as good as our own. People are angry, and they are right to be angry. Because this hard-won, ruggedly built, infinitely precious democracy of ours has been hijacked. Today

But there are nevertheless three conclusions that seem to follow from our critical examination of the possibilities of inflationary policy. In the first place, all the aims of inflationism can be secured by other sorts of intervention in economic affairs, and secured better, and without undesirable incidental effects. If it is desired to relieve debtors, moratoria may be declared or the obligation to repay loans may be removed altogether; if it is desired to encourage exportation, export premiums may be granted; if it is desired to render importation more difficult, simple prohibition may be resorted to, or import duties levied. All these measures permit discrimination between classes of people, branches of production, and districts, and this is impossible for an inflationary policy. Inflation benefits all debtors, including the rich, and injures all creditors, including the poor; adjustment of the burden of debts by special legislation allows of differentiation. Inflation encourages the exportation of all commodities and hinders all importation; premiums, duties, and prohibitions can be employed discriminatorily.

Rather than encouraging a greater understanding of how these disparities came to be or a framework for compassion for fellow Americans, political discourse has usually reinforced prevailing stereotypes of a lazy, inferior group getting undeserved handouts, a scapegoating that makes the formal barriers all the more unjust and the resentments of white working-class citizens all the more tragic. The subordinate caste was shut out of “the trillions of dollars of wealth accumulated through the appreciation of housing assets secured by federally insured loans between 1932 and 1962,” a major source of current-day wealth, wrote the sociologist George Lipsitz. “Yet they find themselves portrayed as privileged beneficiaries of special preferences by the very people who profit from their exploitation and oppression.” Once labor, housing, and schools finally began to open up to the subordinate caste, many working- and middle-class whites began to perceive themselves to be worse off, by comparison, and to report that they experienced more racism than African-Americans, unable to see the inequities that persist, often in their favor.

AS ALL-CONSUMING AS the economic crisis was, my fledgling administration didn’t have the luxury of putting everything else on hold, for the machinery of the federal government stretched across the globe, churning every minute of every day, indifferent to overstuffed in-boxes and human sleep cycles. Many of its functions (generating Social Security checks, keeping weather satellites aloft, processing agricultural loans, issuing passports) required no specific instructions from the White House, operating much like a human body breathes or sweats, outside the brain’s conscious control. But this still left countless agencies and buildings full of people in need of our daily attention: looking for policy guidance or help with staffing, seeking advice because some internal breakdown or external event had thrown the system for a loop. After our first weekly Oval Office meeting, I asked Bob Gates, who’d served under seven previous presidents, for any advice he might have in managing the executive branch. He gave me one of his wry, crinkly smiles. “There’s only one thing you can count on, Mr. President,” he said. “On any given moment in any given day, somebody somewhere is screwing up.” We went to work trying to minimize screw-ups.

Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

The village club manager went with his watchman to buy a bust of Comrade Stalin. The bust was big and heavy. They ought to have carried it in a hand barrow, but the manager's status did not allow him to. The old watchman couldn't work out how to do it ... Finally ... he took off his belt, made a noose for Comrade Stalin ... and in this way carried it over his shoulder through the village ... It was an open-and-shut case. Article 58, terrorism, ten years ... A shepherd in a fit of anger swore at a cow for not obeying. 'You collective-farm wh__!' And he got 58, and a term ... The children in a collective farm club got out of hand, had a fight and accidentally knocked some poster or other off the wall with their backs. The two eldest were sentenced under Article 58 ... There existed a very simple standardized collection of charges from which it was enough for the interrogator to pick one or two and stick them like postage stamps on an envelope: discrediting the Leader, a negative attitude toward the collective-farm structure, a negative attitude toward state loans, a negative attitude toward the Stalinist constitution, a negative attitude toward whatever was the immediate, particular measure being carried out by the Party, sympathy for Trotsky, friendliness toward the United States ... The pasting on of these stamps ... was monotonous work requiring no artistry ... And so that Security chiefs did not have to strain their brains, denunciations from informers came in very handy ... In the conflicts between people in freedom, denunciations were the superweapon .. And it always worked ... Europe, of course, won't believe it. Not until Europe itself serves time will she believe it ...

My wife and I have had the joy of working with thousands of college students and have engaged in countless conversations with them about what they’re going to do as they approach graduation. Up to that point, they had felt safe and secure knowing they were simply coming back to campus for another year of school. But now that they were being kicked out of the nest, they felt a strong need to pray, get counsel, pursue options, and make decisions. As I chat with these twenty-one to twenty-five-year olds, I love to pose an unusual question. “If you could do anything with your life, what would you want to do? Just for a moment, free your mind from school loans or parents’ wishes or boyfriend pressure. Put no constraints or parameters on it. Write down what you would love to do with your life if you got to choose.” There are many things in life that will catch your eye, but only a few will catch your heart. Pursue those! Most have never allowed their mind or heart to think that broadly or freely. They’ve been conditioned to operate under some set of exterior expectations or self-imposed limitations. A few have sat there so long staring at that blank sheet, I thought they might pass out! They finally get an inspirational thought, and begin enthusiastically scribbling something. They finish with a smile, pass it over to me, and I take a look. Nine out of ten times I pass it back to them, look deep into their eyes and quietly say, “Go do this.” There is a reason they feel so excited about the specific direction, cause, or vocation they wrote down. It’s because God is the One who put it in their heart. “Delight yourself in the LORD; and He will give you the desires of your heart” (Psalm 37:4). “Are you delighting yourself in the Lord?” I ask the graduating senior. “I am certainly seeking to,” they reply. “Well then,” I respond, “you’ve just written down the desires of your heart. So, go for it.” Too simplistic or idealistic? I probably do have a more “wide-open” view of helping a person discover God’s direction for their life, but I believe this exercise strikes at the core of understanding what each of us were designed to do.

See especially academia, which has effectively become a hope labor industrial complex. Within that system, tenured professors—ostensibly proof positive that you can, indeed, think about your subject of choice for the rest of your life, complete with job security, if you just work hard enough—encourage their most motivated students to apply for grad school. The grad schools depend on money from full-pay students and/or cheap labor from those students, so they accept far more master’s students than there are spots in PhD programs, and far more PhD students than there are tenure-track positions. Through it all, grad students are told that work will, in essence, save them: If they publish more, if they go to more conferences to present their work, if they get a book contract before graduating, their chances on the job market will go up. For a very limited few, this proves true. But it is no guarantee—and with ever-diminished funding for public universities, many students take on the costs of conference travel themselves (often through student loans), scrambling to make ends meet over the summer while they apply for the already-scarce number of academic jobs available, many of them in remote locations, with little promise of long-term stability. Some academics exhaust their hope labor supply during grad school. For others, it takes years on the market, often while adjuncting for little pay in demeaning and demanding work conditions, before the dream starts to splinter. But the system itself is set up to feed itself as long as possible. Most humanities PhD programs still offer little or nothing in terms of training for jobs outside of academia, creating a sort of mandatory tunnel from grad school to tenure-track aspirant. In the humanities, especially, to obtain a PhD—to become a doctor in your field of knowledge—is to adopt the refrain “I don’t have any marketable skills.” Many academics have no choice but to keep teaching—the only thing they feel equipped to do—even without fair pay or job security. Academic institutions are incentivized to keep adjuncts “doing what they love”—but there’s additional pressure from peers and mentors who’ve become deeply invested in the continued viability of the institution. Many senior academics with little experience of the realities of the contemporary market explicitly and implicitly advise their students that the only good job is a tenure-track academic job. When I failed to get an academic job in 2011, I felt soft but unsubtle dismay from various professors upon telling them that I had chosen to take a high school teaching job to make ends meet. It

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

told my people that I wanted only the best, whatever it took, wherever they came from, whatever it cost. We assembled thirty people, the brightest cybersecurity minds we have. A few are on loan, pursuant to strict confidentiality agreements, from the private sector—software companies, telecommunications giants, cybersecurity firms, military contractors. Two are former hackers themselves, one of them currently serving a thirteen-year sentence in a federal penitentiary. Most are from various agencies of the federal government—Homeland Security, CIA, FBI, NSA. Half our team is devoted to threat mitigation—how to limit the damage to our systems and infrastructure after the virus hits. But right now, I’m concerned with the other half, the threat-response team that Devin and Casey are running. They’re devoted to stopping the virus, something they’ve been unable to do for the last two weeks. “Good morning, Mr. President,” says Devin Wittmer. He comes from NSA. After graduating from Berkeley, he started designing cyberdefense software for clients like Apple before the NSA recruited him away. He has developed federal cybersecurity assessment tools to help industries and governments understand their preparedness against cyberattacks. When the major health-care systems in France were hit with a ransomware virus three years ago, we lent them Devin, who was able to locate and disable it. Nobody in America, I’ve been assured, is better at finding holes in cyberdefense systems or at plugging them. “Mr. President,” says Casey Alvarez. Casey is the daughter of Mexican immigrants who settled in Arizona to start a family and built up a fleet of grocery stores in the Southwest along the way. Casey showed no interest in the business, taking quickly to computers and wanting to join law enforcement. When she was a grad student at Penn, she got turned down for a position at the Department of Justice. So Casey got on her computer and managed to do what state and federal authorities had been unable to do for years—she hacked into an underground child-pornography website and disclosed the identities of all the website’s patrons, basically gift-wrapping a federal prosecution for Justice and shutting down an operation that was believed to be the largest purveyor of kiddie porn in the country. DOJ hired her on the spot, and she stayed there until she went to work for the CIA. She’s been most recently deployed in the Middle East with US Central Command, where she intercepts, decodes, and disrupts cybercommunications among terrorist groups. I’ve been assured that these two are, by far, the best we have. And they are about to meet the person who, so far, has been better. There is a hint of reverence in their expressions as I introduce them to Augie. The Sons of Jihad is the all-star team of cyberterrorists, mythical figures in that world. But I sense some competitive fire, too, which will be a good thing.

Real property is a form of investment Real v on shenton floor plan estate is a type of funding and is shortly being adopted by many people. The benefits of actual property investments are many as mentioned here.There is a common adage that says do not put all your eggs in one basket. This is the place real estate steps in to supply diversification. Diversification means spreading the danger of your cash. Real estate supplies one other way of investing money quite than investing it all in one place. Additional advantages of real property investments are that by precept, you get to pay down as a substitute of up. As if that's not sufficient, you are assured that real property investments will appreciate in worth over time. This implies extra money for any investor. Think about it. Take up actual estate investments and start having fun with the advantages that include being part of real property. Among the different advantages of real estate investments is that in case you desire a loan from a monetary institution, the true property can act as a security for the loan. Most of the time, it is accepted as security by financial institutions. That is due to its capacity to keep rising in worth. Proudly owning actual property will subsequently will increase the probabilities of one accessing credit score supplied one offers the necessary documents to show ownership.

would the Volcker amendment, had it been law in 2007, have prevented the 2008 financial crisis? The financial crisis was caused by the overleveraging of real estate-related securities in Bear Stearns and Lehman Brothers, which were investment banks and would not have fallen under the purview of the Volcker amendment. Nor would it have applied to the insurance giant AIG, which the Fed chose to save after seeing the turmoil unleashed by the Lehman bankruptcy. Furthermore, banks that obtained loans from the Fed, specifically Citibank and Bank of America, ran into trouble because of bad real estate loans, not proprietary trading. Given this history, it is dubious that the Volcker amendment, had it been in effect in 2007, would have changed the course of the financial crisis.

bank gives some poor schmuck a mortgage at 100% the value of his property. No deposit. The bank sells the debt off to a larger bank in return for instant cash. The larger bank bundles up a hundred crappy mortgages like this and sells insurance policies for ten cents on the dollar – because their analysts tell them it’s a sure thing. They do this with thousands of loans. The mortgage securities market grows. Nothing can go wrong, right?” “Until the homeowner can’t make his repayments.

give you an example. A bank gives some poor schmuck a mortgage at 100% the value of his property. No deposit. The bank sells the debt off to a larger bank in return for instant cash. The larger bank bundles up a hundred crappy mortgages like this and sells insurance policies for ten cents on the dollar – because their analysts tell them it’s a sure thing. They do this with thousands of loans. The mortgage securities market grows. Nothing can go wrong, right?

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Why would someone want to start a museum in New York City when the Whitney and the Modern were already there? The answer was that the bigger museums were ill-equipped to respond quickly to radical or sudden changes in the arts, in part because exhibitions had to be scheduled years ahead of time to allow for securing loans, preparing catalogue, and, most important of all, obtaining funding.

then resold their loans in bulk to Wall Street banks. The banks, in turn, bundled the loans into high-yielding residential mortgage-backed securities (RMBS) and sold them on to investors around the world, all eager for a few hundredths of a percentage point more return on their capital. Repackaged as collateralized debt obligations (CDOs), these subprime securities could be transformed from risky loans to flaky borrowers into triple-A rated investment-grade securities.

From 2001 to 2007, the average mortgage debt per household increased 63 percent, while wages remained flat in real terms. The financial system provided this credit with enthusiasm, even to individuals with low or undisclosed incomes, then packaged the loans into securities that were also bought on credit.

Any investor unwise or patriotic enough to hang on to gilt-edged securities (consols or the new UK War Loans) would have suffered inflation-adjusted losses of -46 per cent by 1920. Even the real returns on British equities were negative (-27 per cent).51 Inflation in France and hyperinflation in Germany inflicted even more severe punishment on anyone rash enough to maintain large franc or Reichsmark balances. By 1923 holders of all kinds of German securities had lost everything,

Borrowing frenzies are prerequisites for financial crises, and too many Americans were using credit to finance lifestyles their salaries couldn’t support. From 2001 to 2007, the average mortgage debt per household increased 63 percent, while wages remained flat in real terms. The financial system provided this credit with enthusiasm, even to individuals with low or undisclosed incomes, then packaged the loans into securities that were also bought on credit.

Greece can balance its books without killing democracy Alexis Tsipras | 614 words OPINION Greece changes on January 25, the day of the election. My party, Syriza, guarantees a new social contract for political stability and economic security. We offer policies that will end austerity, enhance democracy and social cohesion and put the middle class back on its feet. This is the only way to strengthen the eurozone and make the European project attractive to citizens across the continent. We must end austerity so as not to let fear kill democracy. Unless the forces of progress and democracy change Europe, it will be Marine Le Pen and her far-right allies that change it for us. We have a duty to negotiate openly, honestly and as equals with our European partners. There is no sense in each side brandishing its weapons. Let me clear up a misperception: balancing the government’s budget does not automatically require austerity. A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets. However, it is a fundamental matter of democracy that a newly elected government decides on its own how to achieve those goals. Austerity is not part of the European treaties; democracy and the principle of popular sovereignty are. If the Greek people entrust us with their votes, implementing our economic programme will not be a “unilateral” act, but a democratic obligation. Is there any logical reason to continue with a prescription that helps the disease metastasise? Austerity has failed in Greece. It crippled the economy and left a large part of the workforce unemployed. This is a humanitarian crisis. The government has promised the country’s lenders that it will cut salaries and pensions further, and increase taxes in 2015. But those commitments only bind Antonis Samaras’s government which will, for that reason, be voted out of office on January 25. We want to bring Greece to the level of a proper, democratic European country. Our manifesto, known as the Thessaloniki programme, contains a set of fiscally balanced short-term measures to mitigate the humanitarian crisis, restart the economy and get people back to work. Unlike previous governments, we will address factors within Greece that have perpetuated the crisis. We will stand up to the tax-evading economic oligarchy. We will ensure social justice and sustainable growth, in the context of a social market economy. Public debt has risen to a staggering 177 per cent of gross domestic product. This is unsustainable; meeting the payments is very hard. On existing loans, we demand repayment terms that do not cause recession and do not push the people to more despair and poverty. We are not asking for new loans; we cannot keep adding debt to the mountain. The 1953 London Conference helped Germany achieve its postwar economic miracle by relieving the country of the burden of its own past errors. (Greece was among the international creditors who participated.) Since austerity has caused overindebtedness throughout Europe, we now call for a European debt conference, which will likewise give a strong boost to growth in Europe. This is not an exercise in creating moral hazard. It is a moral duty. We expect the European Central Bank itself to launch a full-blooded programme of quantitative easing. This is long overdue. It should be on a scale great enough to heal the eurozone and to give meaning to the phrase “whatever it takes” to save the single currency. Syriza will need time to change Greece. Only we can guarantee a break with the clientelist and kleptocratic practices of the political and economic elites. We have not been in government; we are a new force that owes no allegiance to the past. We will make the reforms that Greece actually needs. The writer is leader of Syriza, the Greek oppositionparty

money was stolen.” The fishmonger’s complaint highlights the role that international loans and subsidies often play, in Tunisia as elsewhere, in actively feeding kleptocracy. Moroccans complain about an unnecessary high-speed rail line linking their capital to the commercial hub, Casablanca. Their criticisms, like that of the fishmonger, illustrate that it is not just humanitarian aid in crisis or postconflict environments that gets captured as a “rent” by kleptocratic networks. Infrastructure grants—or worse, loans—supposedly provided after unhurried deliberation, serve the same purpose in acutely corrupt countries.

La Familia has gotten into the consumer loan business. Reportedly, the organization approves loans within 72 hours at an interest rate lower than banks charge. Within a week of the transaction, customers allegedly receive a communication stating: “Thank you for your trust, now you’re a part of La Familia Michoacán.

Glass-Steagall was an act of the US Congress, but it worked more like an act of God. It cleaved mankind in two. With it, in 1934, American lawmakers had stripped investment banking out from commercial banking. Investment bankers now underwrote securities, such as stocks and bonds. Commercial bankers, like Citibank, took deposits and made loans. The act, in effect, created the investment banking profession, the single most important event in the history of the world, or so I was led to believe.

I’m not sure why I thought it would be a good idea to bring Kanish to Mel Odious Sound yesterday. Bringing a Billionheir to a large recording complex full of Producers is like opening a bag of chips at a seagull convention. It wouldn’t be long before every Producer within earshot swooped in to aggressively pitch his latest and greatest pet project, most of which would likely prove unprofitable. Rev is obviously going to pitch a project, and it very well may be something amazing. But as I’ve pointed out, in order for Kanish to make a profit, he would have to pick up half the Publishing—a non-starter for the Rev. He’s not a Songwriting Producer, so he likely doesn’t have a sufficient portion of the Publishing to share. And even if he did, no seasoned Producer is going to give half of their equity in a song in order to basically secure a small loan from an outside investor. There’s no upside. For starters, Kanish has no channels of Distribution beyond Streaming, which is already available to anyone and everyone who wants it, and which is currently only profitable for the Major Labels and the stockholders of the Streaming services themselves. Everyone else is getting screwed. And please don’t quote me the Douchebag Big Tech Billionaires running big Streaming Corporations. They are literally lining their pockets with the would-be earnings of Artists and Songwriters alike. What they claim as fair is anything but. Frankly, I don’t think we should be comfortable with Spotify taking a 30 percent margin off the top, and then disbursing the Tiger’s Share of the remaining 70 percent to the Major Labels who have already negotiated top dollar for access to their catalog. This has resulted in nothing but some remaining scraps trickling down to the tens of thousands of Independent Artists out there who just want to make a living. You can’t make a living off scraps, or even a trickle, for that matter. Mark my words, we are currently witnessing the greatest heist in the annals of the Music Business, and that’s saying something given its history. Can you say Napster? Stunningly, the only place that Songwriters can make sufficient Performance Royalties is radio—a medium that is coming up on its hundred-year anniversary. To make matters worse, the Major Distributors still have radio all locked up, and without airplay, there’s no hit. So even now, more than twenty years into the Internet revolution, the odds of breaking through the artistic cacophony without Major-Label Distribution are impossibly low. So much for the Internet leveling the playing field. At this point, only Congress can solve the problem. And despite the fact that Streaming has been around since the mid-aughts, Congress has done nothing to deal with the issue. Why? Because it’s far cheaper for Big Tech to line the pockets of lobbyists and fund the campaigns of politicians who gladly ignore the issue than it is to pay Artists and Songwriters a fair rate for their work, my friends. Same is it ever was. Just so I’m clear, there is a debate to be had as to how much Songwriters and Artists should be paid for Streaming. A radio Spin can reach millions. A Stream rarely reaches more than a few listeners. Clearly, a new method of calculation is required. But that doesn’t mean that we should just sit by as the Big Tech Douchebags rob an entire generation of royalties all so they can sell their Streaming Corporation for billions down the line. I mean, that is the end game, after all. At which point, profit for the new majority stockholder will be all but impossible. How will anyone get paid then?

Of course, he’s not actually a Billionaire. He’s a Billionaire’s Heir, which is wholly different from a Billionaire. A Billionaire can’t get cut off. A Billionaire’s Heir, on the other hand, can. And at the moment my Billionheir’s money spigot is in the off position. At this point, Kanish is down to his last $120,000, and I shouldn’t have to say it, but $120,000, a significant sum of money for most of us, does not a Billionaire make. Not even close. Suppose you were paid $120,000 in cash every single day of your life starting today. It would take you just shy of twenty-three years to accumulate your first billion, and that’s assuming you’re not spending any of it. You’d also need a mattress the size of a two-meter-square room, and that’s assuming you’re stuffing it with neat stacks of $100 denominations. Now, if you decided to invest your daily $120,000 payments, and you did so shrewdly, then the pace at which you acquired wealth would quicken considerably. With that kind of guaranteed daily income, banks would beg you to borrow money from them, and it wouldn’t be long before that daily $120K installment would be enough leverage for billions in secured loans. With billions in real assets on the books, you would be a Billionaire, despite a paltry income of only $120,000 per day. You see, wealth is judged not by what you have, but rather by what you owe. As usual, I digress.

Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized

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But the current investment banking model—whether applied in a standalone institution such as Goldman or in a broad financial conglomerate such as Deutsche Bank—is at the heart of the problems the finance sector poses for the real economy. Investment banks today engage in securities issuance, corporate advice and asset management; they make markets in equities and FICC, and trade in these markets on their own account. It is only necessary to list these functions to see that each of these activities conflicts with all the others. Each should be undertaken in distinct institutions. And with lower volumes of inter-bank trading, a diminished role for public equity markets and much more direct investment by asset managers the scale of most of these activities should be much reduced. Among all the actors in the finance sector today, only the asset manager, who typically earns a fee calculated as a percentage of funds under management, is rewarded for idleness. The profits of a segregated deposit-taking bank would similarly depend primarily on the scale of the deposit base, and secondarily on its success in making good loans. Dedicated channels of capital allocation have a more appropriate incentive structure than activities focused on trading and transactions. Whenever

Trump’s first budget eliminated ARPA-E altogether. It also eliminated the spectacularly successful $70 billion loan program. It cut funding to the national labs in a way that implies the laying off of six thousand of their people. It eliminated all research on climate change. It halved the funding for work to secure the electrical grid from attack or natural disaster.

Farm Credit Administration and Farm Security Administration provided loans and other forms of assistance, while the Rural Electrification Program brought electricity to farming communities.

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

A Good Start in Financial History You really can’t learn enough financial history. The following, listed in descending order of importance, are landmarks in the field. Edward Chancellor. Devil Take the Hindmost. New York: Farrar, Straus, and Giroux, 1999. What manias look like; how to recognize—and hopefully avoid—irrational exuberance. Benjamin Roth. The Great Depression: A Diary. New York: PublicAffairs, 2009. What the bottoms look like; how to keep your courage and your cash up. Roger G. Ibbotson and Gary P. Brinson. Global Investing. New York: McGraw-Hill, 1993. Five hundred years of hard and fiat money, inflation, and security returns in a small, easy-to-read package. Adam Fergusson. When Money Dies. New York: PublicAffairs, 2010; Frederick Taylor. The Downfall of Money. New York: Bloomsbury Press, 2013. What real inflation looks like. Be afraid, very afraid. Benjamin Graham. Security Analysis. New York: McGraw-Hill, 1996. You’re not a pro until you’ve read Graham “in the original”—the first edition, published in 1934. An authentic copy in decent condition will run you at least a grand. Fortunately, McGraw-Hill brought out a facsimile reprint in 1996. Charles Mackay. Extraordinary Popular Delusions and the Madness of Crowds. Petersfield, U.K.: Harriman House Ltd., 2003. If you were smitten with Devil Take the Hindmost, you’ll love this nineteenth-century look at earlier manias. Sydney Homer and Richard Sylla. A History of Interest Rates, 4th ed. Hoboken, NJ: John Wiley & Sons, 2005. Loan markets from 35th-century B.C. Sumer to the present.

Paul Gronke, the Oregon-based professor, is straightforward with his students about politicians being nonresponsive to constituents who don’t go to the polls. You have problems getting your student loan concerns addressed, he explains, yet his social security and tax deductions are always a priority for politicians. Guess why? he asks. “Because I vote all the time and you don’t.

President Dwight Eisenhower was more concerned with America’s strategic interests in the Cold War than with political point scoring. Dhahran was the only US Air Force base in the region capable of supporting strategic B-29 bombers, and had thus become an important Cold War asset on the southern flank of the Soviet Union. In 1957, Dhahran was every bit as important to American security as the sprawling Al Udeid Air Base in Qatar is today. So, instead of shunning King Saud, President Eisenhower met him on the tarmac at National Airport, something he had never before done for any foreign leader. Eisenhower then arranged for the king’s route from the airport to be lined with military troops and bands. In return for a large American loan and additional military training, King Saud renewed the Dhahran basing rights free of charge.

A thorough flip budget includes: • Investment property purchase price and settlement costs • Loan costs (such as application fees, points, and lifetime interest) • Repair and renovation costs (based on estimates from experienced contractors) • Inspection fees • Staging costs • Selling costs (including real estate agent commission and other closing costs) • Professional fees • Insurance • Property and school taxes • Utilities • Income tax provisions

LTV stands for “loan-to-value,” a ratio that determines the maximum loan amount based on the value of the property. For example, if a property was worth $100,000 and the lender’s maximum LTV was 75 percent, the borrower could not get more than $75,000 of financing.

MBS face all of the regular risks (changing interest rates, for example) linked to bonds and other fixed-income securities, and two that are unique to them. These special risks are tied to the underlying mortgages: homeowners could default (stop making payments, substantially more likely with private-label MBS) or pay off their loans early, either of which would affect investor yield and cash flows.

Examples of publicly traded commercial mREITs include: • Jernigan Capital (JCAP), which specializes in self-storage facilities and has a 6.62 percent yield • Apollo Commercial Real Estate Finance (ARI), which holds commercial real estate debt and has a yield of 9.86 percent • Blackstone Mortgage Trust (BXMT), which originates loans backed by commercial properties in the US and Europe and has a yield of 7.15 percent

Amortization is a method used to calculate the principal and interest portions of payments on a mortgage loan based on the current loan balance. As the loan balance decreases, the interest portion shrinks and the principal portion grows. In partial payment situations, the interest portion always gets paid first.

The three main players in the MBS market are: • Government National Mortgage Association, or GNMA (pronounced “Ginnie Mae”), is backed by a federal agency and guarantees mortgage payments on loans issued through federal loan programs (like the VA and the FHA). Unlike other MBS, bonds guaranteed by GNMA are backed by the full faith and credit of the US government, just like Treasury bonds. • Federal National Mortgage Association, or FNMA (“Fannie Mae”), is a private corporation that buys mortgages from large commercial banks, repackages them into bonds, and sells those bonds to investors. FNMA is not backed by the federal government (even though the government created it), so these bonds carry higher credit risk (the risk that you won’t get your money back). • Federal Home Loan Mortgage Corporation, or FHLMC (commonly called “Freddie Mac”), works almost the same way as FNMA. It buys up mortgages from smaller lenders, like savings and loan banks or credit unions, then packages them to create MBS. Freddie Mac bonds are not backed by the US government.

Commercial loans tend to have lower loan-to-value ratios (LTVs) than residential loans and shorter loan terms that end in balloon payments. Residential mortgages come with longer loan terms and higher LTVs.

Education was still considered a privilege in England. At Oxford you took responsibility for your efforts and for your performance. No one coddled, and no one uproariously encouraged. British respect for the individual, both learner and teacher, reigned. If you wanted to learn, you applied yourself and did it. Grades were posted publicly by your name after exams. People failed regularly. These realities never ceased to bewilder those used to “democracy” without any of the responsibility. For me, however, my expectations were rattled in another way. I arrived anticipating to be snubbed by a culture of privilege, but when looked at from a British angle, I actually found North American students owned a far greater sense of entitlement when it came to a college education. I did not realize just how much expectations fetter—these “mind-forged manacles,”2 as Blake wrote. Oxford upholds something larger than self as a reference point, embedded in the deep respect for all that a community of learning entails. At my very first tutorial, for instance, an American student entered wearing a baseball cap on backward. The professor quietly asked him to remove it. The student froze, stunned. In the United States such a request would be fodder for a laundry list of wrongs done against the student, followed by threatening the teacher’s job and suing the university. But Oxford sits unruffled: if you don’t like it, you can simply leave. A handy formula since, of course, no one wants to leave. “No caps in my classroom,” the professor repeated, adding, “Men and women have died for your education.” Instead of being disgruntled, the student nodded thoughtfully as he removed his hat and joined us. With its expanses of beautiful architecture, quads (or walled lawns) spilling into lush gardens, mist rising from rivers, cows lowing in meadows, spires reaching high into skies, Oxford remained unapologetically absolute. And did I mention? Practically every college within the university has its own pub. Pubs, as I came to learn, represented far more for the Brits than merely a place where alcohol was served. They were important gathering places, overflowing with good conversation over comforting food: vital humming hubs of community in communication. So faced with a thousand-year-old institution, I learned to pick my battles. Rather than resist, for instance, the archaic book-ordering system in the Bodleian Library with technological mortification, I discovered the treasure in embracing its seeming quirkiness. Often, when the wrong book came up from the annals after my order, I found it to be right in some way after all. Oxford often works such. After one particularly serendipitous day of research, I asked Robert, the usual morning porter on duty at the Bodleian Library, about the lack of any kind of sophisticated security system, especially in one of the world’s most famous libraries. The Bodleian was not a loaning library, though you were allowed to work freely amid priceless artifacts. Individual college libraries entrusted you to simply sign a book out and then return it when you were done. “It’s funny; Americans ask me about that all the time,” Robert said as he stirred his tea. “But then again, they’re not used to having u in honour,” he said with a shrug.

Compliance of Student Loan consolidation by The Student Loan Help Center The Student Loan Help Center firmly believes in strict compliance with the Telephone Consumer Protection Act (TCPA). The Student Loan Help Center has a zero tolerance policy in regards to violations of the FCC’s TCPA regulations. The Student Loan Help Center does not include unsolicited advertisements or unsolicited calls. We do make solicited calls prior to obtaining written consent via a website form. Refer to the “Small Entity Compliance Guide” for information. In adopting the written consent requirement, however, the FCC will recognize prior express written consent secured under the methods described in the E-SIGN Act. Permission obtained via an email, website form, text message, telephone keypress, or voice recording, as provided in the E-SIGN Act, will suffice as prior express written consent. The Student Loan Help Center does not include any cell phone text messaging platform, robocalls, autodialers, voiceblasting or any other device that can be considered automated telephone equipment without written consent. The Student Loan Help Center has a clearly written privacy policy, available to anyone upon request. We limit our calls to the period between 8 a.m. and 9 p.m., local time. The Student Loan Help Center assists consumers with federal student loan consolidation preparation and filing services. We are not affiliated with or endorsed by the U. S. Department of Education. Like filing a tax return, you can file a consolidation without professional assistance and without charge at loanconsolidation.ed.gov The Student Loan Help Center has no tolerance with misrepresentations. In our efforts to avoid confusion we have placed disclaimers at the bottom of every page of our websites. The Student Loan Help Center shows a Caller ID on every outbound call (8137393306, 8137508039, 8138038132, 8135751175 & 8133454530). The Student Loan Help Center is a private company. As such The Student Loan Help Center requires a FEE. That fee is disclosed to the client, in writing, before any billing is performed. The Student Loan Help Center has a very specific fee schedule. The Student Loan Help Center keeps the client’s records for a minimum of two years.

Learn about Public Service Loan Forgiveness The PSLF Program (Public Service Loan Forgiveness) encourages people to proceed and continue their participation in public service careers. In this program, eligible individuals are entitled for forgiveness of their remaining balance that is due on their federal student loans. However, they may only qualify if they were able to make 120 payments on these loans, which are under a particular repayment plan. These individuals also have a full-time employment status from public service companies, so they may qualify for the PSLF. Let’s discuss Public Service Loan Forgiveness with The Student Loan Help Center Team. How to Obtain Remaining Balances on Direct Loans If you want to have remaining balances on your direct loans forgiven through the PSLF, you must be able to make 120 monthly payments on direct loans. Furthermore, these payments should be full and made on time. Another important qualification is securing the payment after October 1, 2007. When you make these monthly payments, keep in mind that you should be a full-time employee at any accredited public service company. Important Details about Eligible Loans for Forgiveness As The Student Loan Help Center CEO Bruce Mesnekoff Said Loans that are eligible for the PSLF program are those you have received from a direct loan. On the other hand, Perkins Loans, Federal Family Education Loans (FFEL) and other types of student loans are not valid for PSLF. If you have an existing Perkins loan or FFEL, you have the option to consolidate these into direct consolidation loans, so you may avail of the outstanding benefits offered by the PSLF. Make sure, though, that the payments made on the new loan will be counted toward your payment requirement, which will last for 120 months. Facts about Qualifying Repayment Plans You will be able to maximize your benefits from the PSLF by repaying loans on the IBR (Income Based Repayments) or the ICR (Income Contingent Repayments. These plans enable you to qualify for the PSLF program. The 10-year repayment plan also qualifies you for the PSLF, as well as other plans where the monthly payment you make is equivalent or more than what you are required to pay under the standard 10-year repayment scheme. Before you decide on the best repayment scheme for paying off your direct loans, make sure you are aware of the costs and implications of such decision. When you extend the period in securing your payments for PSLF qualifying payments, you can reduce the remaining balance on your loan when you satisfy all the eligibility requirements for the PSLF program. Moreover, you will have zero balance on loans to be forgiven when you are able to make all 120 monthly payments through the 10 year standard repayment scheme. You can expect a great reduction on your monthly payments under the ICR or IBR plans, as compared to other qualifying repayment options for the PSLF program. Moreover, the repayment term is likely to extend. With a longer period in repaying your loans, you can expect additional interest to accumulate on your loan. Keep in mind, though, that your inability to meet the PSLF requirements will entitle you to pay off the entire loan balance, as well as the accrued interest.

black women were working all day (often scrubbing the homes of white women), it was impossible for them also to fulfill the at-home maternal ideal for which white women were being celebrated. If black men had a harder time getting educations and jobs, earning competitive wages or securing loans, it was harder for them to play the role of provider. If there were no government-subsidized split-levels to fill with publicly educated children, then the nuclear family chute into which white women were being funneled was not open to most black women. There simply weren’t the same incentives to marrying early or at all; there were fewer places to safely put down roots and fewer resources with which to nourish them. It

Sometimes it’s not about making a ton of money in one night, just to spend the rest of your life waiting on the next payday. You will fare better investing time, planning, strategic thinking in order to secure a stable, fruitful future.

Obama was far more conservative than Richard Nixon, for example, and this has been the Democratic story since Boomers started voting en masse. The initial deregulatory impulse began under Carter, not Reagan; it was Clinton, not Bush I, who promised to “end welfare as we know it” and declared that the “era of big government is over”; it was Obama who made most of the Bush tax cuts permanent, and so on. But there have also been some odd spectacles on the Right: the provision of prescription drug benefits to seniors under Bush II (Medicare Part D; apparently the era of big government was not quite over), and substantial increases to Medicare and Social Security taxes under Reagan and that president’s decidedly statist salvation of the savings and loan industry. What accounts for these odd paradoxes? Shouldn’t Bush II have been the one taking an ax to welfare and Clinton been pushing Medicare Part D?

8 Lending Terms That Every Entrepreneur Must Know In case you’re recently starting your chase for business financing, you’re likely new somewhere down in new terms and loaning language. Also, it’s sufficient to make even the most energetic business person feel overpowered. Try not to proceed with your inquiry without assessing a couple of the fundamental terms you have to know to settle on an educated choice about financing your business. We’ve separated eight must-know terms underneath. 1. Term credit. Term credits are a singular amount of money you pay back, in addition to enthusiasm, over a settled timeframe. Customary term credits generally offer longer installment terms and lower regularly scheduled installments than here and now advances and different types of crisis financing. Securing a term advance, nonetheless, requires a high level of financial soundness with respect to your business. In the event that your business is extremely youthful, has poor credit, or shows some other sort of hazard to your bank, you may think that its hard to secure a term advance from a customary loan specialist. 2. SBA advance. Independent company Administration advances offer much longer terms and lower costs than customary term remarkably, halfway ensured by the U.S. government. SBA credits are particularly intended to give entrepreneurs the most reasonable financing conceivable as they develop their organizations. (Prepare yourself, in any case, for a long and focused endorsement process and bunches of printed material.) 3. Credit extension. Another mainstream advance item your bank may offer is a business credit extension. This sort of financing gives a borrower spinning credit, enabling you to obtain and pay back that acquired sum again and again while remaining inside a most extreme, as you would with a charge card. Not at all like an advance, a credit extension offers you capital as required, and you’ll just pay enthusiasm on what you pull back. 4. Yearly rate. A yearly rate, or APR, is basically the yearly cost of your credit. It’s cited as a rate, similar to your financing cost, yet gives a more precise perspective of what your advance will cost you. Notwithstanding interest owed, your APR will likewise incorporate any beginning expenses, shutting charges, documentation charges, and so forth. The APR offer you get will differ from bank to moneylender, in view of the advance item you’re chasing and your history as a borrower. On the off chance that you’ve been peering toward an advance, make sure to consider its APR before pushing ahead. The credit’s aggregate yearly cost could be higher than you foreseen. 5. Pay explanation. A pay explanation points of interest your business’ net wage, income and costs for a particular period, for example, quarterly or every year. You’ll run over this term when rounding out your advance application. It’s a standout amongst the most critical segments of your application. You may likewise observe it called a “benefit and misfortune proclamation.” This record outlines your business’ monetary wellbeing and the quality of its main concern to your loan specialist. You can set up your announcement yourself or with the assistance of a bookkeeper. Wage explanations accompany their own arrangement of language, so it acquaints yourself with their vocabulary before making a plunge alone. 6. Security. Guarantee portrays any advantage you promise to a moneylender to help secure a credit. This could incorporate land, hardware, money due, stock – anything a loan specialist could sell in the event that you default. Security limits the hazard to your loan specialist should you neglect to hold up your finish of the deal. In case you’re thinking about a secured advance, hope to set up guarantee when you apply. Unsecured advances won’t require guarantee and commonly accompany less stringent credit prerequisites, yet additionally higher rates.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

You need to look at the contracts for the hotel deals and land deals that Trump did. Check their values against the money Trump secured via loans,” Steele told us.

In a study Suzanne Mettler asked 1,400 Americans whether they had used a government social program. Fifty-seven percent said they had not. Then she asked if they had used one of twenty-one specific federal policies, including child-care tax credits, the Earned Income Tax Credit, employer-sponsored and thus tax exempted health insurance, Medicare, Social Security, unemployment insurance, mortgage-interest deductions, and student loans. It turned out that 96 percent of those who had denied using government programs had in fact used at least one, and the average responder had used four. This clear disconnect between Americans' perception of who benefits from government programs and the reality makes it easier to keep demonizing the "welfare state.

Property Evaluation Process: •Verify the property’s income •Verify the property’s expenses •Determine net operating income •Use the capitalization rate to find the value •Calculate the loan payment and your rate of return

Charging interest on loans was thus defined as the ‘sin of usury’, and widely condemned in principle while pretty much ignored in actual practice. In fact, as already noted, by late in the ninth century some of the great religious houses ventured into banking and bishops were second only to the nobility in their reliance on borrowed money. In addition to borrowing from monastic orders, many bishops secured loans from private Italian banks that enjoyed the full approval of the Vatican.

Mortgages on smaller properties like single-family homes are almost always guaranteed through the buyer’s own personal earning potential and wealth. You may be surprised to learn that larger investment property loans are secured by the asset itself. In other words, instead of the $2 million building riding on your own wealth, it is riding on its own valuation. This already is less risk to you.

It took guts, risk, and sacrifice to get there, but that’s how anything we really want works. Sorry to break the news. Don’t blame the messenger for this horrible realization – just do something about it. I would recommend looking at your life and think about what is lacking – the aspirations that would make you happier. If that job is sucking all the passion out of your life, look into getting a loan and finally starting the craft brewery you have been talking about for years but haven’t found the ‘right’ time to say goodbye to your job that supplies you with great financial security and benefits. A life full of passion doesn’t exist among our comforts.

CHECKLIST Statement of earnings from Social Security Income tax returns Checkbook records Old and current statements Gifts Winnings Loans Capital gains Illegal sources Contract labor not reported to the IRS (tips, babysitting, errands)

think-tank report promoted the idea of the federal government creating a national service-year program and “scholarships for service” as part of a domestic version of the Peace Corps. Recent college graduates would enroll for one to two years of paid voluntary service and be placed within distressed communities across the United States. They would be matched up with local development projects, nonprofits, charities, and schools. The federal government would also forgive student loans for the period of service. The National Commission on Military, National, and Public Service, which was set up in 2017, proposed a similar idea in its final report in 2020. The commission advocated legislation to secure funding for national service and volunteering on a large scale that would enable young people

list of documents that may be required. It can look intimidating, especially if you’ve not been actively involved in your family finances, but don’t panic. If you can’t find all of them or don’t have access, there is a later step in the divorce process called “discovery,” when you can legally compel the other side to provide copies of anything else you need: •Individual income tax returns (federal, state, local) for past three years •Business income tax returns (federal, state, local) for past three years •Proof of your current income (paystubs, statements, or paid invoices) •Proof of spouse’s income (paystubs, statements, or paid invoices) •Checking, savings, and certificate statements (personal and business) for past three years •Credit card and loan statements (personal and business) for past three years •Investment, pension plan, and retirement account statements for past three years •Mortgage statement and loan documents for all properties you have an interest in •Real estate appraisals •Property tax documents •Employment contracts •Benefit statements •Social Security statements •Life, homeowner’s, and auto insurance policies •Wills and trust agreements •Health insurance cards •Vehicle titles and/or registration •Monthly budget worksheet •List of personal property (furnishings, jewelry, electronics, artwork) •List of property acquired by gift or inheritance or owned prior to marriage •Prenuptial agreements •Marriage license •Prior court orders directing payment of child support or spousal support Your attorney or financial advisor may ask for additional documents specific to your case. Some of these may not be applicable to you.

The subordinate caste was shut out of “the trillions of dollars of wealth accumulated through the appreciation of housing assets secured by federally insured loans between 1932 and 1962,” a major source of current-day wealth, wrote the sociologist George Lipsitz. “Yet they find themselves portrayed as privileged beneficiaries of special preferences by the very people who profit from their exploitation and oppression.

Life Cycles by Stewart Stafford From fair youth’s day, To dark-spotted age, The blooms of May, Usher out winter’s sullen maze. When the bars of the juvenile cage are splayed, And our stars have run their course, The debt of carefree times gets repaid, As we from this earthly plain divorce. We crawl to walk and stoop alone, As the dead remain uncured, Until Time grants us further loans, Immortality is a bloodline secured. © Stewart Stafford, 2021. All rights reserved.

Caller: “I hate the government. They never do anything right. The less government, the better. We’d be better off if they would just shut down.” “What do you do for a living, sir?” I asked. “Nothing. I’m on Social Security.” “How do you pay your medical bills?” “I have Medicare. Oh, and I’m on disability.” “Did you go to college?” “Yeah, on the GI Bill.” “How’d you buy your house?” “I got an FHA loan. Say, listen, Wolfsie, what the heck does this have to do with how much I hate the government?

Inefficiency. A centralized financial system has many inefficiencies. Perhaps the most egregious example is the credit card interchange rate that causes consumers and small businesses to lose up to 3 percent of a transaction's value with every swipe due to the payment network oligopoly's pricing power. Remittance fees are 5–7 percent. Time is also wasted in the two days it takes to “settle” a stock transaction (officially transfer ownership). In the Internet age, this seems utterly implausible. Other inefficiencies include costly (and slow) transfer of funds, direct and indirect brokerage fees, lack of security, and the inability to conduct microtransactions, many of which are not obvious to users. In the current banking system, deposit interest rates remain very low and loan rates high because banks need to cover their brick-and-mortar costs. The insurance industry provides another example.

According to analysts, 666 Fifth Avenue had about a 30 percent vacancy rate and only generated about half of its annual mortgage. It was rumored that the largest tenant was planning to move out. A Canadian company named Brookfield Property Partners took a ninety-nine-year lease on 666 Fifth Avenue. Brookfield paid the rent for the entire century-long lease, upfront, which amounted to about $1.1 billion—removing Kushner’s biggest financial headache (a $1.4 billion mortgage on the office portion of the tower due in February 2019). Brookfield got its financing for this deal from a $750 million mortgage from ING Group, a Dutch multinational and financial services corporation, and a $300 million mezzanine loan from Apollo Global Management.9 However, the Qatar Investment Authority, the government-run agency that made decisions about the nations’ financial investments, bought a $1.8 billion stake in Brookfield Property Partners. As the second largest shareholder, they had a lot to say about what should be purchased; in this instance, they apparently used Brookfield to bail out 666 Fifth Ave. This investment was a godsend to Kushner, who was now out of debt just as Qatar was suddenly no longer blockaded by Mohammad bin Salman bin Abdulaziz Al Saud, crown prince of Saudi Arabia (known colloquially as MBS), and his allies.

I recalled one example, when First Boston had loaned $450 million—40 percent of its equity capital—to just one firm, Ohio Mattress, in a disastrous deal Wall Street wits had christened “the burning bed.” Profits at First Boston were so pathetic that the firm had to sell a stake in its derivatives business just to pay bonuses. Meanwhile, it was rumored that Allen Wheat, the firm’s new chief executive officer, had received compensation of $30 million, although reports later indicated his compensation was a mere $9 million. The firm had been tagged Wheat First Securities, a reference to a small-time, relatively impoverished brokerage firm. It was no surprise that top salesmen were fleeing in droves. I, too, wanted out.

At Loan Corp, we have invested in slick tech-based systems to ensure a seamless journey for our customers. From consumer finance such as mortgages, remortgages, secured loans, banks, credit cars and insurance, we API directly into our top-tier lenders that match your requirements. Our commercial offerings are bridging loans, auction finance, development loans, loans to buy land and all aspects of commercial finance. Offering short- and long-term business loans in the UK from a wide range of products such as invoice finance, cash flow loans and even small business loans for bad credit.

nantissement /nɑ̃tismɑ̃/ nm - (Jur) 1. (action) pledging (sur "of") 2. (contrat) deed of security for debt, pledge agreement 3. (gage) collateral (security) • prêter sur ~ | to lend (GB) ou loan (US) on collateral • déposé or remis en ~ | lodged as security ou collateral

The reaction to his funeral, in 1923, was more about the future than the past. New issues of securities of industrial companies would increase from 690 during the year after Harding’s death to nearly 2,000 in 1929.1 Brokers’ loans to investors and share ownership would quadruple by 1929.2 The number of Americans who paid tax on income of a million dollars a year also would quadruple.3

What about our looming financial crises? Innovation can solve many problems, but it won’t erase unsustainable debt. We have borrowed our way to prosperity with no exit strategy. Loans secured with home equity and other assets lifted consumption in the 2000s as income growth slowed. Dimming prospects of repayment did not deter lenders who preyed on increasingly desperate consumers and homeowners. Behavior that fueled the 2008 financial bubble and bust will persist, but on steroids.

You already have a lot to worry about - your loan payments' security shouldn't be one of them! At Auxilo, we believe in quick, easy and transparent payments in just a few steps!

The exclusion of poor people from traditional banking and credit systems has forced them to find alternative ways to cash checks and secure loans, which has led to a normalization of their exploitation.

We lobbied Congress, and the idea of boosting this sector in U.S. manufacturing caught on. Congress secured our loan guarantees, significantly reducing our cost of capital. Ingalls Shipbuilding in Pascagoula, Mississippi, won the contract and began refurbishing our first ship. It was scheduled to begin service by late 2002, and the second ship was slated for 2004. The scenario positioned American Classic for a great decade of growth. Then September 11 happened. Since American Classic’s business was predicated on passengers flying to Hawaii to access our ships, the virtual halt in leisure air travel sank the company. Our shares plummeted, and American Classic was delisted. Our shareholders lost millions, as did the shipbuilders. I personally lost about $100 million. I’d taken the risk, but circumstances beyond my control intervened. It happens.