Assuming that Hillary doesn't manage to pull out some kind of sleazy last-minute victory, Barack Obama will face John McCain in the general election. If your family is one of the millions in danger of losing a home because of the sub-prime mortgage crisis, you need to know about a crucial distinction between the two candidates.

McCain again yesterday called for another round of meetings to ask lenders for "voluntary" pledges to try and resolve the crisis. This has been Bush's tactic all along - and we all know it won't work. But McCain states that stronger measures involving federal intervention would "wrongly reward undeserving homeowners." This should tell you all you need to know both about McCain's interest in the economic well being of our communities, as well as his general ignorance about how devastating the mortgage crisis continues to be for our country.

Barack Obama, on the other hand, has for over a year been calling for a re-write of the bankruptcy law that would allow bankruptcy judges to modify mortgage terms so that people can avoid foreclosure and survive the most serious economic crisis since the great depression.

McCain's answer is cynical, cold and more of the same. Obama's is sensible, solid and workable.

Pay attention, folks!

Things you need to know:

1. The war in Iraq is currently costing the United States $5,000 per second.
   
   
2. More people owe more than their homes are worth than at any other time since the Great Depression.

In the March 23rd New York Times, Nicholas Kristof writes:

"A Congressional study by the Joint Economic Committee found that the sums spent on the Iraq war each day could enroll an additional 58,000 children in Head Start or give Pell Grants to 153,000 students to attend college. Or if we’re sure we want to invest in security, then a day’s Iraq spending would finance another 11,000 border patrol agents or 9,000 police officers.

Imagine the possibilities. We could hire more police and border patrol agents, expand Head Start and rehabilitate America’s image in the world by underwriting a global drive to slash maternal mortality, eradicate malaria and deworm every child in Africa.

All that would consume less than one month’s spending on the Iraq war.

Moreover, the Bush administration has financed this war in a way that undermines our national security — by borrowing. Forty percent of the increased debt will be held by China and other foreign countries."

Read his entire piece here:

http://www.nytimes.com/2008/03/23/opinion/23kristof.html?ex=1363924800&en=d0554cb265381518&ei=5124&partner=permalink&exprod=permalink

The March edition of the DebtStoppers Community Financial Seminar series was awesome - more than 300 people packed Chatham's New Way Learning Center for an evening of financial empowerment and filled up on a complimentary buffet dinner, as well as good solid financial education. Debt relief attorney Rob Semrad of DebtStoppers gave a great talk about the power of investing vs spending and after the talk Rob and his attorneys made themselves available to help seminar guests one-on-one with their personal financial issues.

The next seminar has already been scheduled:

DebtStoppers Community Financial Seminar
& Complimentary Buffet Dinner:

Wednesday, April 9th - 6:00 P.M.
New Way Learning Center
321 E. 84th Street (Corner of Calumet)
Reservations: 773-488-3111