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The Two-Income Trap: Why Middle-Class Parents are Going Broke

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Author Topic: The Two-Income Trap: Why Middle-Class Parents are Going Broke  (Read 11 times)
Brandi1
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« on: July 20, 2010, 04:17:14 pm »

"The Two-Income Trap: Why Middle-Class Parents are Going Broke" From the Hero of the Financial Disaster, Elizabeth Warren (and Her Daughter), Who Predicted the Middle Class Meltdown Before the Financial Crisis. A Superb Insight Into Why Warren Represents the Change for Main Street We Expected from Obama, Instead of the Wall Street Appeasements (Geithner, et al)That We Got.
By Elizabeth Warren and Amelia Warren Tyagi

BuzzFlash.com's Review (excerpt)
BuzzFlash, just the other day, gave Elizabeth Warren our distinguished Wings of Justice Award. This is part of our citation :

"If virtue is bestowed by judging from one's enemies, then Elizabeth Warren may be our consumer protection Joan of Arc. After all, Timothy Geithner -- a Zelig of Wall Street appeasement and failure -- is opposed to Warren heading the Consumer Financial Protection Board, just created in the "finance reform" legislation. Why would Geithner oppose Warren? Because he is a Wall Street "Made Man," and thinks that she would take actions that might expose the crooks of lower Manhattan.

But Elizabeth Warren has been the one true hero in an Administration and Congress jam-packed with finance industry puppets. As head of a Congressional Oversight Panel to oversee the Federal bailout, she has sought accountability and transparency, only to be rebuffed by Geithner and other White House appointees. In fact, the Consumer Financial Protection Board is her idea, given all the roadblocks that she encountered to exposing the cozy relationship between the executive branch and the finance industry, Warren proposed the idea of a consumer protection agency.

We recall watching Warren in a guest appearance on The Daily Show awhile back and she was marvelous: frank, charming, transparent, and a bit mystified as to why the White House would hide information about how TARP money was being distributed and to whom. In many ways, Elizabeth Warren has the attitude of "change" and protection of the average citizen from financial predators that we expected from Obama."

Publishers Weekly:

"Warren, a law professor at Harvard (The Fragile Middle Class) and her daughter Tyagi, a former McKinsey consultant, have joined forces here to argue here that the two-parent middle-class working family is on the brink of financial disaster. The number of families declaring bankruptcy or receiving a foreclosure against their house has shot up dramatically. Presenting carefully researched economic data to support their arguments, the authors contend that, contrary to popular myth, families aren't in trouble because they're squandering their second income on luxuries. On the contrary, both incomes are almost entirely committed to necessities, such as home and car payments, health insurance and children's education costs. When an unforeseen event such as serious illness, job loss or divorce occurs, families have no discretionary income to fall back on. The authors recommend a number of useful societal solutions to get families out of this trap, such as legally prohibiting credit card companies from charging grossly unfair interest rates and exposing banks that employ a loan-to-own strategy that steers minority customers to higher mortgage rates with an eye to future foreclosures. Warren and Tyagi point out that families buy homes they cannot afford in order to live in a neighborhood with better schools."

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