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Some things never change. Fools and greed being two of them. P.T. would
be a busy man yet today. Taking money from people who can't afford to
part with it is an old game played effectively by insurance companies and
the 574,000,000,000,000 lawyers lurking under every rock. .. Oh ..one more
thing:
Can you imagine working at the following Company? It has a little over 500
employees with the following statistics:
*29 have been accused of spousal abuse
*7 have been arrested for fraud
*19 have been accused of writing bad checks
*117 have bankrupted at least two businesses
*3 have been arrested for assault
*71 cannot get a credit card due to bad credit
*14 have been arrested on drug-related charges
*8 have been arrested for shoplifting
*21 are current defendants in lawsuits
*In 1998 alone, 84 were stopped for drunk driving
Can you guess which organization this is?
Give up?
It's the 535 members of your United States Congress. The same group that
perpetually cranks out hundreds upon hundreds of new laws designed to keep
the rest of us in line and who are mostly lawyers.
Good trading,
Bob
At 10:29 PM 1/3/00 -0800, you wrote:
>In the December 1999 issue of Financial Planning Magazine, there is an
>article called "Planning in Middle America", which details a new 'financial
>planning' system being delivered (perpetrated) to middle class Americans.
>
>Here's how it works, Mr. Bert Whitehead recommends to his middle class
>clients (defined as ones with little to no savings to speak of, no
>financial plan, but a job of some kind and some 'equity' in their homes) to
>take out home equity loans in order to 'invest' in the stock market.
>
>He believes his system is so revolutionary, he is (spreading the gospel)
>teaching fellow financial planners how to do it (structure it) for the
>small training fee of $12,500 and $125 per month retainer fee. For this
>fee, a planner receives a six-day training program, software, forms, a
>homepage and 40 interning hours. "That's when you actually sit in on
>client appointments with us, so you can experience firsthand how we work,"
>Whitehead says.
>
>The strategy of tapping home equity for debt and 'investment' purposes
>stands out. Most controversial, however, is the fact that advisers are
>encouraged to buy credit card machines so that clients who can't afford to
>pay them by cash or check, can still pay them.
>
>Whitehead argues that the plan is benefiting the clients since he
>consolidates their debt, by paying off other credit cards with a portion of
>the money borrowed via the home equity line of credit, which is also tax
>deductable.
>
>When this market tanks, I wonder how he will explain to his clients just
>how it was possible that they lost their homes and the equity money they
>saved for a lifetime for the thrill of gambling in the stock market.
>
>
>
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