I was visiting with a friend yesterday and the subject of Osama Bin Laden’s death came up. He made the comment Bin Laden was responsible for the financial condition of the United States due to the cost of the 911 and the subsequent costs of apprehending the most wanted terrorist in the history of the United States. It might be a stretch but has the cost of finding Osama Bin Laden affected the financial condition of the United States and have bankruptcies increased as a result?
If our financial condition has been impacted by the Iraq and Afghanistan Wars, then it is not much stretch to say the housing and banking crisis might not have had such an impact if our nation was not already financially strained.
Osama Bin Laden and Al Queda claimed they attacked the Twin Towers to hit America where it hurts the most, in our pocket books. According to news reports, Al Queda perceived America as the “Great Satan”, characterized by greed and our desire to control the wealth of the world. From their point of view, Al Queda and the Arab world were “financial slaves” serving the Great Satan and its lust for wealth and power.
In 1980, America, for all practical purposes, deregulated the banking industry under the auspices of “all big government is bad.” The federal government passed a special law which allowed national banks to ignore state usury limits and peg the rate of interest at a certain number of points above the federal reserve discount rate.
In addition, specially chartered organizations like small loan companies and installment plan sellers have their own rules. Some opponents of the changes claim that the current laws in most states do not have enough “teeth” to regulate credit card debt. In many cases, individual debtors can only relieve exorbitant debt from various banking institutions by filing bankruptcy.
If the banks, like America, are driven primarily by greed, as Bin Laden and Al Queda claim, then they don’t really mind financially enslaving the average American citizen with their high interest rates.
Deregulation of the banking industry has almost collapsed one of the most robust economies in the world, that of Iceland. Before deregulation, Iceland had three major commercial banks. In 2008, all three collapsed after the Iceland government followed other economies of the world by deregulating their banking industry.
Prior to 2001, Iceland had no national debt. Today, their national debt is 9.553 trillion Icelandic kronur (50 billion in Euros), owed mostly to other banks. Their unemployment has more than tripled since 2001, bankruptcies have risen, pension funds are expected to shrink by as much as 25%, and independent Iceland is now considering joining the European Union in order to stay afloat.
Add deregulation to a national crisis, mix in the cost of supporting a 10 year war, add a national housing crisis to the mix, and sprinkle in greedy banks who can take money placed in their banks and gamble with it in the unregulated over the counter securities market, and you have some of the highest bankruptcy statistics since 2005 (when the bankruptcy laws were updated).
Bin Laden was a terrorist and murderer, and I think he got what he deserved, but what about the people who are responsible for our current financial crisis? There has been greed on both sides, and our financial wealth has been squandered. Who can we, as Americans, hold responsible?
If you are facing a financial crisis, you may need help. Bankruptcy protection seems to be one of the last bastions of individual rights to protect yourself. Filing for bankruptcy protection gives you the opportunity for a new beginning. Bankruptcy laws are complicated, and you might need a bankruptcy lawyer to evaluate your current financial situation.
If you need relief from the stress of debt and you live in or around the metropolitan area of Washington DC, Maryland and Virginia, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
by Chic Sales
Chic has been a content writer for the past two years after spending numerous years as an Educator, Christian Minister, Coach, and Business Entrepreneur. He is a specialist in contractual specifications and detail, writes fictional novels, religious works, short stories, and has been published in content writing for immigration law, traffic law, bankruptcy law, and divorce Law. He has also had religious works and short stories published. Chic is a native Texan and that has held numerous certifications and licenses from a wide variety of fields, including a Series 7 and Series 63, which entitles him to speak authoritatively in financial matters. He holds a BS Degree from Texas A&M in Canyon and an M-DIV from Southwestern in Ft. Worth.
