Prop 16: Would require a 2/3 vote from the given surrounding populous before municipal agencies could get into the retail power business.
According to (www.ballotpedia.org) Pacific Gas & Electric has sunk $46.1 million into promoting this prop. The opponents have only raised about $50,000 .
What does this mean to me? Well… for starters obviously the commercial utility giants are not in a hurry to compete with more municipal power agencies. Any time it takes two thirds of any group to agree it rarely happens. What this law would do is allow the propaganda from the big money to further their cause by brainwashing the population with lies and one-sided truths. Unfortunately freedom of speech only grants the freedom to speak. Not the realistic opportunity to be heard.
The thought that Pacific Gas & Electric has sunk $46.1 million opposing the prop means there is definitely money to be made in energy distribution. Yet the commercials would have you believe that municipal power agencies are a threat to the taxpayer.
Wouldn’t the acquisition of more municipal power companies act to help with the given cities bottom line? Wouldn’t adding a real moneymaker help the tax burden?
Prop 17: Basically it would allow insurance companies to offer discounts to customers coming in who have been continuously insured. Personally I was not aware that a prop needed to happen for this to be able to occur. That being said… and with the knowledge that Mercury Ins. Is a major sponsor of the bill I have to think about it.
My fear… Hypothetically: And from the most naive perspective... If the prop passes it would allow the insurance giants to gobble up and recruit more and more of the good customers by offering superior rates. Making it harder and harder for the smaller companies to continue. This in the long run would leave the smaller companies to continually take on more and more risky divers. Those people with loyalty who stayed with their original insurance company would be stuck subsidizing the bad driver by paying ever increasing rates as the ratio continues to be tilted.
Wednesday, May 26, 2010
Sunday, January 17, 2010
Jim's Credit Recovery Act
Ever since Lewis Tappan created the first credit reporting system in the mid 1800s,the concept has continued to grow and evolve. Today the credit reporting agencies continue to fine tune as they try and make the system more accurate and reliable. It is based upon the theory that people’s habits and characteristics repeat them selves. I don’t have an argument with that.
I’d like to do away with the current credit system though. I’d like to do away with the number. I’d like to set strict limits on how much people can borrow based on their income level. Then I’d like to make it easier for the creditors to get their money back.
According to an article I read the main reason Lewis Tappan started to track credit worthiness, is because he realized that if he was to sell product he needed to offer credit. He needed a way of assessing who would pay back and who would not.
This economy has been tough. People all over have been pushed into situations where their credit score has been negatively affected. People who have traditionally maintained good credit relations have found them selves laid off, under worked, re-employed at lower salaries, or taken advantage of by their mortgage holders. Many have been forced into bankruptcy.
It’s not fair to let the collapse of the economy, attach a scarlet letter in the form of a number to peoples lives making it harder to get started again. This number can affect getting a job, getting services such as cable or phone. Of-coarse the credit score affects getting a loan and the amount of interest paid if the loan is approved.
When a person has a lower credit score, it raises the interest paid on the loan, which makes the loan that much harder to pay back. The cycle continues. So yes peoples characteristics seem to repeat them selves, but how could they not. Even if a person has the best of intentions, all it takes is one lay off or an employer who bounces paychecks to mess them up. The cycle has now begun. To make matters worse, the person with the chronic poor credit subsidizes the cost of the loan for the person with the good credit.
As said before, I’d like to get rid of the number. To protect the investor I would make it easier to get their money back. To make it reasonable for the consumer and to make sure credit doesn’t allow prices to skyrocket, apply the limits on income to debt. What I would suggest is a scale where a person is allowed to borrow a small percent for miscellaneous expenses, a larger percent for a vehicle for transportation, and more for a house. Creditors and investors would be required to invest in this system. In return for the cooperation from the investors, they would be given easier access to garnish wages from workers. In extreme situations such as a death or imprisonment of a debtor the principle would be guaranteed by the government. The reasonable interest would be taxed at a 50% rate and the revenue from that would go into a pot to provide small business loans and recover the loss from bad loans.
Luxury items such as privately owned RVs, boats, and aircraft would be subject to more traditional credit rating systems and traditional interest gouging. These loans would also be subject to traditional bankruptcy programs. Third party companies such as the for-mentioned utility companies would be forbidden from asking for or accessing this 2nd level credit monitoring system.
The new credit system would only contain information about current payment status, current balance status, balance history and time in grade for income reliability purposes. There would be no dinks for inquiries. These inquiry dinks stand in the way of adequately shopping for a better interest rate. With exception of extraordinary circumstances a person would not be allowed to borrow more from any of the categories unless at least 55% of the debt in the category has been re-paid.
Yes I’m crazy. Perhaps I’m idealistic and un-realistic. But the current system is terrible and people need to recover. At this point bankruptcy is the only reset switch and it screws both sides. We need to fix the system.
------------------------------------------------------------------
PS: Do me a favor and if you read this send me an e-mail. I am trying to get an idea how many are reading this. njg03tj@yahoo.com
Thanks, Jim
I’d like to do away with the current credit system though. I’d like to do away with the number. I’d like to set strict limits on how much people can borrow based on their income level. Then I’d like to make it easier for the creditors to get their money back.
According to an article I read the main reason Lewis Tappan started to track credit worthiness, is because he realized that if he was to sell product he needed to offer credit. He needed a way of assessing who would pay back and who would not.
This economy has been tough. People all over have been pushed into situations where their credit score has been negatively affected. People who have traditionally maintained good credit relations have found them selves laid off, under worked, re-employed at lower salaries, or taken advantage of by their mortgage holders. Many have been forced into bankruptcy.
It’s not fair to let the collapse of the economy, attach a scarlet letter in the form of a number to peoples lives making it harder to get started again. This number can affect getting a job, getting services such as cable or phone. Of-coarse the credit score affects getting a loan and the amount of interest paid if the loan is approved.
When a person has a lower credit score, it raises the interest paid on the loan, which makes the loan that much harder to pay back. The cycle continues. So yes peoples characteristics seem to repeat them selves, but how could they not. Even if a person has the best of intentions, all it takes is one lay off or an employer who bounces paychecks to mess them up. The cycle has now begun. To make matters worse, the person with the chronic poor credit subsidizes the cost of the loan for the person with the good credit.
As said before, I’d like to get rid of the number. To protect the investor I would make it easier to get their money back. To make it reasonable for the consumer and to make sure credit doesn’t allow prices to skyrocket, apply the limits on income to debt. What I would suggest is a scale where a person is allowed to borrow a small percent for miscellaneous expenses, a larger percent for a vehicle for transportation, and more for a house. Creditors and investors would be required to invest in this system. In return for the cooperation from the investors, they would be given easier access to garnish wages from workers. In extreme situations such as a death or imprisonment of a debtor the principle would be guaranteed by the government. The reasonable interest would be taxed at a 50% rate and the revenue from that would go into a pot to provide small business loans and recover the loss from bad loans.
Luxury items such as privately owned RVs, boats, and aircraft would be subject to more traditional credit rating systems and traditional interest gouging. These loans would also be subject to traditional bankruptcy programs. Third party companies such as the for-mentioned utility companies would be forbidden from asking for or accessing this 2nd level credit monitoring system.
The new credit system would only contain information about current payment status, current balance status, balance history and time in grade for income reliability purposes. There would be no dinks for inquiries. These inquiry dinks stand in the way of adequately shopping for a better interest rate. With exception of extraordinary circumstances a person would not be allowed to borrow more from any of the categories unless at least 55% of the debt in the category has been re-paid.
Yes I’m crazy. Perhaps I’m idealistic and un-realistic. But the current system is terrible and people need to recover. At this point bankruptcy is the only reset switch and it screws both sides. We need to fix the system.
------------------------------------------------------------------
PS: Do me a favor and if you read this send me an e-mail. I am trying to get an idea how many are reading this. njg03tj@yahoo.com
Thanks, Jim
Subscribe to:
Posts (Atom)
