What is this Obama Guy Doing

Does this President knows what he is doing? Under his leadership we've sunken deeper into debt, experiencing some of the highest employment numbers in recent history, face potential nuclear Iran, Chaos in Iraq while we are withdrawing our troops, and facing an up-hill battle with Afghanistan. What is the President's strategy to deal with the declining currency and China's manipulation of the global money system by creating a superficial currency which is largely subsidize?

Well folks, I got to tell you, this President is doing a fantastic job given the tremendous challenges that he is faced with. I think the task of the President is magnified as a result of the immediate challenges that demand his attention all at once. Ok, so let's talk about the country's debt; remember that the President inherited this debt for the most part. We have to admit that under the Obama's administration the country's debt has been increased, but it would not be any different under another president because we are in a recession. Please understand that a large amount of the money was used to bail out the banks, or was used in the banking system to refuel the economy.

In addition, the money that was loan to the banking system is being paid back, and that is certainly good news. Let's discuss the issue of unemployment; is this the Obama's administration doing? certainly not. Workers were already starting to lose jobs just before the Obama's administration took office. Could the Obama's administration halt the lost of jobs? of course not, the dominoes were already falling, so to speak. In other words, the economic decline had no further recourse than to adjust itself, and the adjustment, most naturally, took the form of cost reduction, and employee expense is one of the biggest expenditures for most companies.

Now, the wars. These are the President's biggest challenges; they cost BIG money, and produce nothing of quantitative value, they are perhaps the President's biggest headaches. But, again, the President did not initiate any of these wars; they are simply a part of his presidential legacy. So, what can we say about the President, is he doing a good job? you bet, under the circumstances, yes. To be fear and objective, though; there's plenty room for improvement.

The war in Afghanistan is a wanton waste of precious resources, we need to let that go, we cannot win. How do we win a fight with a people who have no value for life? we can't.

Healthcare, good concern; but not urgent. Hey, the percentage of people who do not have health coverage is less than 4% of the working population, and they have access to emergency care and clinics. Again, the healthcare issue is not urgent. The President needs to focus on giving companies incentives to bring our manufacturing and other jobs back to the heartland of America.

—Wesley Palmer, MBA
http://www.wezpa.com

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Mortgage Modification The New Mesiah

The emergence of mortgage modification is perhaps one of the most helpful initiatives homeowners have ever seen. Without this initiative many more homeowners would be on the foreclosure line. Mortgage modification has provided relief to thousands of homeowners. Those who were previously under the threat of losing their homes can now breath a sigh of relief.

Despite all the news about mortgage modification, thousands of homeowners are still unaware of this help; and still thousand more do not understand how it works. Further, many homeowners who have lost their homes would still be enjoying this meaningful symbol of the American dream if they knew that they could have modified their mortgage to a lower and more affordable monthly payment.

WEZPA CONSULTING has provided a lot of information to its clients and helped several of them modify their mortgages who are now enjoying their homes without having to endure the threat of foreclosure. Mortgage modification is truly a remarkable initiative; everyone who is struggling with high mortgage payment should explore this opportunity.


—Wesley Palmer, MBA
http://www.wezpa.com

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Cash for Clunker

The cash for clunker program seems to be a good move on the part of the government to put some stimulus in the economy. The program reported huge success. Many car dealers ran out of inventories, something many car dealerships have not seen. Certainly, this would not be possible without the new bold initiative by the Obama‘s administration.

Despite the high level of traffic that many car dealers enjoyed during the clunker program, there seems to be a potential drawback. One of the potential drawbacks is that car sales have moved forward; in other words, car buyers made their purchases earlier than they would if the situation were otherwise. Thus, car dealers are likely to see little or no sales for the next few months. However, they should have plenty of cash to tie them over those few sluggish months.

Well, it should be noted that the president’s promise to create jobs is being fulfilled, if only in part.


—Wesley Palmer, MBA
http://www.wezpa.com

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Pay yourself

One of the ways to pay yourself is to pay your delinquent credit card account, that way, you will increase your credit opportunity for future transactions such as buying a home. Also, save a small amount from every pay check, no amount is too small.

—Wesley Palmer, MBA
http://www.wezpa.com

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Impulsive Shopping

It appears that some people do not know how to avoid impulsive shopping; I thought I would share a few insights that you might find useful.

1) Avoid sales promotions, a lot of companies are targeting potential customers by offering large discounts.

2) Don't buy items that you don't need, just because it is on sale.

3) Avoid window shopping in the mall, you might get carried away by the display of the latest styles, and fashions.

—Wesley Palmer, MBA
http://www.wezpa.com

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Tips to Stay Ahead of the Recession

Five tips to stay ahead of the recession, and avoid economic stress.

1. Avoid impulsive shopping

2. Pay yourself from your paycheck each time you get paid

3. Compare prices before you make a purchase

4. Shop in bulk whenever necessary

5. Make a budget, and use it to manage your monthly spending

Try the above suggestions for three months, and come back and share your experience on my blog.

Wesley Palmer, MBA



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Savings Vs. Spending

It seems that some economists are confused about whether spending or savings is the cure for our ailing economy. Essentially, both spending and savings play an integral role in economic growth. Nevertheless, spending stimulate the economy, especially, spending on manufacturing, and key infrastructure.

It must be noted that consumer spending is good, for it denotes consumers' confidence. However, in a time of recession consumers should not engage in wanton spending, rather, they should carefully balance their spending with moderate savings to insure against such misfortune as temporary layoffs, reduction in work hours, and other recession-borne issues.

Wesley Palmer, MBA
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The Unemployment Rate and its Consequences

Unemployment rate in the United States is on track to reach a staggering 10% by year’s end. This is certainly not good news for Americans. As a result of this news, consumers are "retrenching"—they are saving more and spending less.

Banks are reporting a significant increase in account holders' savings for the almost a year, which means that consumers are not stimulating the economy enough for any sustainable economic growth. Prolonged retrenching will actually stifle economic growth, thus, we need to see a quick improvement in employment. An improvement in employment and a decrease in unemployment rates will increase consumers’ confidence and will encourage spending.

This is a prime opportunity for the American government to help. The government needs to create new jobs and subsidize key sectors in order to change the present economic doldrums. Aside from strengthening the economy, which is a good thing, such a move would increase American's faith in their government and their financial futures.

—Wesley Palmer, MBA
http://www.wezpa.com

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Citibank and Bank of America: The Struggling Giants

Have you noticed what is happening to Citibank and Bank of America? Do you think they are still two of the world's biggest banks? They aren't any more. So, what happened so fast? Weren't they the two most powerful banks as little as 18 months ago? These two mega-banks were fighting to take over and dominate many of the smaller, but where has their money gone?

I will tell you where their money has gone. Simply, nowhere. They did not have the staggering amounts of money in the first place. Surprised? No need to be. What these banks relied on was useless financial papers of supposed value. Please don't be fooled: this is not a sudden revelation that took the industry by surprise. Management knew they had no money. The industry knew they had no money. The money movers knew they had no money.

Sadly, the banks presented to the investing public balance sheets with "fuzzy value" in a scheme to deceive and cash in on the hard earned cash of the middle class who thought they had real, or literal, value in their 401Ks.

Suddenly, these high priced, falsely inflated stocks became "penny stocks". They fell like the fabled Humpty Dumpty, being destroyed and useless in the process. The consequences: tragic. Baby boomers are left without their pension dollars. These same baby boomers now have to forfeit their retirement, and those who have retired are now working part-time. What's truly sad is that these same baby boomers, who have a lifetime of useful work behind them, now compete with high school students for low paying jobs.

I often wonder about the logic that some of the high-profile, big banks CEOs use. Are they so ill-informed, and therefore incompetent to run a business, or is it arrogance? How could they making choices that bring the economy to a screeching halt, celebrate with excessive bonuses, and buy private jets, all while asking taxpayers to bail them out of their financial mess?

—Wesley Palmer, MBA
http://www.wezpa.com

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Citibank and Bank of America: The Struggling Giant

Just what is happening to Citibank and Bank of America? Are they still two of the world's biggest banks? not any more. So, what happened so fast, weren't they the two most powerful banks not long ago; say lest that 18 months ago they were fighting to take over, and dominate small banks, so what happened? Where are all the money gone?

Listen, I will tell you where, no where, they had no money, so what did they got? useless financial papers with suppose value; oh, and don't be fooled management knew it. They present to the investing public balance sheets with "fuzzy value" in a scheme to deceive and cash in the hard earned cash of the middle class who thought they have real value in their 401Ks.

Suddenly, these high priced, falsely inflated stock became penny stocks, they fell like humpty dumpty, thus, leaving baby boomers without their pension dollars. Furthermore, baby boomers, have to forfeit their retirement; and those who have retired are now working part- time competing with high school kids for low paid jobs.

I wonder, are big banks CEOs dumb or are they just arrogant, how could they be buying private jets while asking taxpayers to bail them out of their financial mess? I don't get it, what's the logic?

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Relief is Near

I am happy to bring you good news: there are signs that the tough times that we, as a nation, have been experiencing are coming to an end. This is clearly a welcome relief for investors and consumers alike.

There is no doubt that this recession has created hardships for thousands of homeowners, small businesses, entrepreneurs, and consumers. Many homeowners were forced into foreclosure, while scores of small businesses lost their ability to secure essential business credit. Individuals have had their lifestyles and dreams stolen from them and have had to create new lifestyles in order to weather the storm. Finally, relief is in sight.

While it is not over, there is hope that change is coming. Change for the better. Take this opportunity to get educated on what you can do to make it through these tough times. Feel free to reach out to us at any time. Read our blog for resourceful tips and information. Attend one of our free, client-only seminars. We are here to help, and look forward to it.

—Wesley Palmer, MBA
http://www.wezpa.com

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Wezpa has provided you with outstanding service this tax season. How do you comment; what has been your experience. Please send your comments.

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Tax Time, Hurry, Hurry

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Hello Taxpayers, it's tax time again. Come in and get your taxes prepared by qualified tax professionals at a BBB Accredited financial firm. Call now for an appointment, don't delay.

Phone # 718-756-2287 or visit our website at www.wezpa.com

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