Toni Braxton Files For Bankruptcy Again

This week it was announced, one time LaFace Records recording artist, Toni Braxton, has filed for bankruptcy again. Previously, she filed for Chapter 7 bankruptcy protection in 1998, after selling millions of records. She blamed her financial state on LaFace Records, which was owned by Kenneth "Babyface" Edmonds and Antonio "L.A." Reid and the low royalty rate they gave her. However, labelmate, Usher, commented at the time, Braxton simply spends too much money and it led to financial ruin. Both Braxton and Usher were right.

Braxton used her earnings to purchase a $1,000,000 Westwood condo, a $400,000 Atlanta mini-mansion, hundreds of thousands in designer clothes, shoes and jewelry, which she could have gotten for free for being famous, a $250,000 silver tea set, Faberge eggs, Gucci silver wear and a baby grand piano, among other things. The singer also owed lawyers and managers almost $3,000,000. With no available means to repay her debts, she filed for bankruptcy. Braxton was later schooled by talk show host, Oprah Winfrey, on how to manage her money. Well, it didn't work.

After being given a $10-$20 million dollar settlement from LaFace and restarting her career in the early 1990's, Braxton resumed her old spending habits. Fast-forward twelve years and she is in the same dire financial predicament once again. She is blaming her current financial woes on insurer, Lloyds of London, for failing to pay an insurance policy she purchased, in the event she fell ill, during a string of Las Vegas, Nevada shows, which went on for a few years.

However, Lloyd's refused to honor the claim, as she did not disclose she has a preexisting heart condition,, which could reoccur and it did, forcing Braxton to cancel a number of Las Vegas show dates. Irrespective of those claims, frivolous spending did play a role in her current financial decline. One look at the list of luxury creditors attached as apart of the bankruptcy filing, makes it abundantly clear. Braxton owes between $10 to $50 million dollars to a long list of creditors that include BMW, Tiffanys and the Four Seasons. Artists often make the mistake of believing their careers will always be hot and fail to plan for the time it is not.

STORY SOURCE

Toni Braxton broke ... again

Bush Economist Blames Obama For Financial Deterioration

U.S. President Barack Obama

Glenn Hubbard, one time economist to former President, George W. Bush, has stated to Yahoo Finance, Barack Obama has pushed the U.S. economy, "Close to a destructive tipping point." He also stated, "We must change how we conduct our politics and economics...or we will inevitably go the way of all once-great nations and suffer and irreversible decline."

Too bad President Obama is not listening and is intent on spending America into an economic sinkhole so deep, the nation is guaranteed another financial depression of a more virulent nature, in the near future. The President has somehow gotten it into his head that the way to prosperity is spending money the nation doesn't have, rather than cutting costs.

Whereas, Bush created the financial mess the nation is presently mired in, Obama is finishing off America with his ill-advised spending philosophy, which is not going to work out in the end. And once again, Congress is sitting back and letting it happen.

STORY SOURCE

U.S. Economy "Close to a Destructive Tipping Point," Glenn Hubbard Says

Lindsay Lohan Is Still As Broke As A Joke

Lindsay Lohan's gonna be doing this again in court this week over-acting twerp. Her lawyer better bring nail polish remover.

Crazy, Hollywood actress, Lindsay Lohan, is still in financial trouble. Despite the fact, since her release from jail and rehab, she has been pimping herself out for low brow work, taking payment for staged paparazzi pics and recently settled the ETrade case, the disgraced actress is still in financial straits. That's because she was so in debt, the money she has coming in via questionable means, really is not making a dent in her debts.

Maybe if she'd stop shoveling cocaine up her soon-to-be collapsed nostrils, she'd have more money, as it is an expensive vice. However, Lohan does not see the importance of such restraint and continues in a vicious cycle of drunken drug abuse and financial destitution.

Those shoes paired with that dress is a no no, girlfriend!

Her drug and shopping addictions have cost her a $4,000,000 West Hollywood apartment, a $2,000,000 Hollywood house. All that she has been left with is a bare, rented apartment with a mattress on the floor, along with expensive, gaudy clothes and tacky shoes that are so over the top, they'd go for next to nothing in a fire sale.

Let's not forget the expensive trips, hairdressing fees in the thousands per month and pretentious luxury car rentals, to show off at the club. This lifestyle, replete with highs that do not last, could not have been worth blowing $30,000,000 in the space of a few short years. At least when MC Hammer did it, hundreds of impoverished people were employed for a few years, so some good was done in the community. Lindsay did it all for herself.

Obama Aiming To Spend $50 Billion More

...When He Should Be Slashing Budgets And Saving Money

U.S. President Barack Obama

The top news in Washington today is President Obama's latest stimulus bid, requesting $50 billion dollars in taxpayer money, from the U.S. Congress. He seeks the aforementioned funds for new job creation projects, such as infrastructure, railways and airport upgrades.

Members of Congress are indicating they are unwilling to grant the President approval on this additional spending measure. The Judiciary Report, is of the belief, the President's job creation plans are wasteful and ineffective, only serving to create more debt than is necessary.

Artificial Growth - Part 2

U.S. President Barack Obama (left) and Treasury Secretary, Timothy Geithner (right)

In the October 30, 2009 article "Artificial Growth" the Judiciary Report stated, President Barack Obama's financial plans and initiatives, would only create short term growth, which is insufficient to remedy what ails America's economy.

One year later, the Judiciary Report, has been proven correct, as mainstream news outlets are reporting this month, as the President's Cash For Clunkers program, First Time Home Buyers tax rebate and temporary Census job positions have ended, the U.S. economy is once again registering massive declines. National car and home sales are down and unemployment is up once again, reaching 9.6 percent. Foreclosures also continue to rise, signaling the President's homeowners programs have been unsuccessful.

These are indicators the economy is regressing and to great degrees, indicative of a recession turned depression. The financial plans the President utilized, only provided artificial growth, which translates into temporary results, not worth the debt it cost to bring it into being.

Former President, George W. Bush, failed to fix the economic problems he created while in office, with irresponsible spending and outright deceit. Bush lied about the price tag of his administration's programs and greedy endeavors (see: wars in Afghanistan and Iraq to pilfer oil and precious metals worth trillions).

Bush then released false economic numbers to cover the massive damage he had done to America, which was unloaded on the Obama administration. However, no long term solutions have been provided in the 18-months Obama has been office, which regrettably saw him spend more money than any other president in U.S. history

The turnover has not been worth the capital expended. The Judiciary Report warned almost two years ago, sensible spending, kept to a minimum, on fruitful, lasting job creation was the way, but the government has and continues to, focus on quick fixes that have and will fail again. This is not the way.

U.S. Press: 2010 Election A Referendum On Obama

Obama still golfing while the nation goes broke

The U.S. press is actively stating the obvious in published articles - the 2010 midterm elections, shall be a referendum on President Obama, regarding his job performance. His ever decreasing poll numbers, wild spending, public protests, questions about his religion he refuses to answer and the flood of negative comments about his presidency in online reader feedback sections, indicates a nation dissatisfied and discontent, with the state of affairs.

Politicians in the President's Democratic party are terribly concerned, as they do not wish to lose their seats. However, the public blames them as well, for the financial recovery that failed to materialize and the fact the economy has worsened.

Many in office, did not envision his presidency would have deteriorated so rapidly and to such great degrees, in a year and a half. Meanwhile, Republicans have their eyes on reelection and repealing everything they can get their hands on, while Obama's signature on the presidential documents are barely dry.

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Shelve Obama In 2012

STORY SOURCE

The 2010 Elections Will Be A Referendum On Obama

Obama Administration In Bad Cash And Credit Cycle

U.S. President Obama: ya'll are broke!

It is very apparent, the Obama Administration, is stuck in a very bad credit and cash cycle, where the economy has become so bad, they have given up on reducing debt and keep adding to the deficit in sizable increments. They are operating under the proviso, things are so far gone, may as well keep spending. When one is in debt, to state the problem is so great, one may as well continue spending away, is the wrong approach to financial recovery.

For many months, troubling headline, after headline, have heralded massive spending initiatives, coming out of Washington. President Obama has added $1 trillion dollars to the deficit in the space of one year, which is unacceptable. Not even 1/10th of that spending was justified. Worsening economic figures, proves the unwieldy spending is not working, as the nation's financial outlook continues to hit record lows. The government has spent all the nation's cash and is currently operating on credit and IOUs. That has to change.

Obama Falling Behind In The Polls Again

U.S. President Barack Obama

Just a year ago, U.S. President Barack Obama, was on top of the world. He was newly elected and living a rock star Presidency. Fast forward one year and he has made so many wrong turns, people are vociferously crying impeachment.

It is flabbergasting what Obama's spending has done to the national deficit. He has failed to raise taxes on the rich and implement a proper job creation plan, which would have gone a long way towards turning the economy around. All this money is going out of the U.S. Treasury and very little is coming in by comparison, which promotes national bankruptcy.

The American dream has been destroyed by greedy bankers and corporate vultures that pillaged the public for all they could take and the U.S. Congress has failed to adequately rein them in. The banks and credit card companies have not learned their lesson.

The polls are reflecting the pain the American people are feeling everyday, with Obama hitting new lows. Things are still bad. Obama has roughly 2-years to turn his presidency around. If he fails to do so, he will be a one term president, labeled in world history as the one that spent all the people's money.

Consumer Alert: World Financial Capital Bank

World Financial Capital Bank is currently the greediest, most unscrupulous credit card lender in America. Their practices fly in the face of legislation the U.S. Congress has enacted to protect consumers.

Their fees, service charges and interest payments, are well beyond anything anyone could call reasonable or acceptable business practices. They have enacted so many time consuming and complex rules, structured to trip up consumers, it ensures World Financial Capital Bank, will collect millions of dollars in undue penalty fees, from card holders they fail to properly and adequately inform of the constant changes to their accounts.

If one mails in one's payment in a reasonable amount of time, according to acceptable national standards, World Financial Capital Bank, will state it arrived late, blame it on the U.S. Postal Service and assess exorbitant late fees.

In 2010, they cancelled their automated check by phone system that allowed customers to pay their bills over the phone and changed their work time, closing 3 hours earlier. Therefore, anyone that called World Financial Capital Bank at or after 9PM, found no automated pay by phone system, no employees to accept their credit card payments and their accounts slapped with a $30 late fee, which was vile. However, it raised millions in revenue for the company, at consumers expense.

It is due to companies such as World Financial Capital Bank that Americans are unable to get out of debt and end up in bankruptcy. Yet, their unscrupulous business practices, which constantly gouge millions of American credit card holders, who have publicly complained in many online forums, have gone unpunished by the Federal Trade Commission.

The Obama Administration, much like the Bush government, is unwilling to financially punish such companies as they deserve, with millions in fines and penalties, for the terrible business practices they utilize in harming the American people.

ONLINE COMPLAINTS:

World Financial Capital Bank & Blair Catalog customers targeted by predatory lender World Financial Capital Bank

BBB processed a total of 238 complaints about World Financial Capital

Report: World Financial Capital Bank

Venue charges disabled man for cancelled plasma TV order; credit card company issues refund

World Financial Capital Bank no longer accepting next day payments online