Lenders are upset

Upset Lender

They say that the rules brought on by the Consumer Financial Protection Bureau go too far in insisting that lenders verify borrowers ability to pay.

A new government agency called the Consumer Financial Protection Bureau has been created to protect consumers from predatory lending practices. As with every government act, it goes too far.

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FDIC keeps settlements quiet

FDIC pic
The FDIC made clandestine deals with banks to settle cases where the banks mislead everyone by creating and selling bad loans thereby creating the mortgage meltdown.

Millions of dollars have been paid out in hush hush deals.
Since 2007 471 banks of failed. The FDIC has to pay out when this happens so it wants the money back from the bad guys. Rather than sue, the FDIC has quietly made deals with the banks to the tune of 787 million.

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Sneaky tax breaks hidden in Fiscal Cliff deal

“The financial services industry, whose leaders had earlier joined a group of other corporate executives pushing for a “fair” solution to the fiscal crisis, is one of the primary beneficiaries of special-interest tax breaks. The active-financing exception, for example, permits banks like Morgan Stanley to avoid the 35 percent U.S. corporate tax rate on interest income from money lent overseas. A handful of other U.S.-based multinational companies with financing arms, such as Ford Motor Co. and General Electric, also use that exemption to lower their tax bills. The two-year cost to taxpayers is an estimated $11.2 billion, according to the congressional Joint Committee on Taxation.”

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The government is against investors

Its bad enough the federal government wants to cripple us with onerous regulations. They want to raise our tax rate, capital gains rate and reduce deductions. When you see how the fiscal cliff negotiations come out, make sure you read the fine print. If they agree not to raise taxes but then take away our deductions, how is that not a tax increase?

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