OK, this is getting a bit ridiculous.
For the third day in a row, stocks staged a final hour ramp-up, this one good for only 100 points on the Dow, but that came after stocks had been given an initial lift-off around 10:00 am, resulting in a nearly 200-point rise on the Dow.
News from the Eurozone was once again scant, as EU ministers and leaders of the nations comprising the EU proved they will not take a back seat to the US President and congress when it comes to foot-dragging and kicking the proverbial economic can down the road.
There was some discussion of "re-capitalization" of the major banks, meaning nothing more than egregious money printing and bailouts for those with the most capital who have not yet learned how to manage it wisely.
Considering the penchant for late-day moves, perhaps the directors of the various exchanges might consider opening the market later in the day, say, 3:00 pm, locking out sellers as the computer algorithms simply ramp up the stocks they like. Being that "banker's hours" are legendarily short as it is, this would give said elite bankers more time to count their profits and have their nails manicured.
It's worth pointing out that the past three day's worth of last hour rallies began off fresh lows, set in place on Tuesday's ripped decline. On that day, the Dow bottomed at 10362.26, a low point not seen since September 9, 2010. The S&P and NASDAQ made similar moves, setting new, 12-month lows before the "Merkel miracle" when German Chancellor Angela Merkel first uttered the word, "re-capitalize." The S&P had already entered official bear market territory, obviously something the power-mad bankers simply could not tolerate.
The legacy of the current short-run rally will depend greatly upon the figures released Friday morning when the BLS issues its monthly non-farm payroll data. Anything over 50,000 new jobs created is certain to be seen as a win for equity holders, though there are no hard and fast estimates that can be trusted after last month's zero reading.
While in the short term, propping up markets - as has been occurring since late 2008 - may seem a noble and prudent activity, the longer-term consequences of unbalancing markets are not well known, although the examples available (Weimar, Zimbabwe, Dutch Tulip Bubble) all seem to have ended very, very badly.
On that note, here's a couple of Wall Street Whiz Guys who think the "new" level to watch is 1070 on the S&P. Listen carefully and you'll hear them advise to buy low and sell lower. Obviously, these guys are fresh escapees from the zoo for unfit hedge fund manglers.
Legendary gold bull, Peter Schiff of Euro Pacific Capital, doesn't think we're headed for a double-dip recession, he believes we're headed straight into "a complete economic collapse." Schiff's entertaining and caustic video can be seen here.
Not to put too fine a point on the doom and gloom aspect, Aftershock author, Robert Wiedemer, opines that we'll see "another meltdown within 2 to 4 years."
Well, Bob, thanks for the warning, though two to four years seems a long time to be waiting for the Apocalypse.
Meanwhile, outside the granite, steel and glass elitist enclaves of the big Wall Street firms, the Occupy Wall Street (OWS) movement continues to aggravate the paymasters and grow in depth and volume, spreading to over 500 cities and even getting the attention of President Obama during a news conference on Thursday. The corner of Broadway and Wall Street is beginning to resemble Cairo's Tahir Square in many ways.
Dow 11,123.33, +183.38 (1.68%)
NASDAQ 2,506.82, +46.31 (1.88%)
S&P 500 1,164.97, +20.94 (1.83%)
NYSE Composite 6,997.64, +153.48 (2.24%)
NASDAQ Volume 2,263,897,750
NYSE Volume 5,586,015,500
Combined NYSE & NASDAQ Advance - Decline: 5253-1294
Combined NYSE & NASDAQ New highs - New lows: 15-69
WTI crude oil: 82.59, +2.91 (WTF?)
Gold: 1,653.20, +11.60
Silver: 32.00, +1.65
Finally, it is with great regret to report that Apple co-founder Steve Jobs has died at the tender age of 56. In a tribute to Jobs' brilliance, we present the Super Bowl "1984" ad which aired on Super Bowl Sunday, January 22, 1984, during the third quarter of Super Bowl XVIII, heralding the launch of the Macintosh computer that revolutionized computing and our lives in general. Jobs was a thinker and inventor along the lines of Benjamin Franklin and Thomas Edison, a man of such greatness that we will likely not see another like him for decades. It would be remiss not to point out that this blog, and many other online ventures, is run off a seven or eight year old e-Mac, purchased used for $50 more than three years ago and that the Mac PowerBook G3 that was purchased in 1998, is still running strong on system 8.9, and has been operational, without the need for upgrades or any repairs for thirteen years.
People who invent and produce products of such lasting and functional value don't come along too often. Jobs, and his unique understanding of technology and its interaction with people, will be sorely missed.
Thursday, October 6, 2011
Wednesday, October 5, 2011
Quiet Day as Stocks Ramp Up Further in Advance on NFP Data
It was a very quiet, lackluster session for US stocks after yesterday's flash rally in the final hour had the desired effect of cooling off the shorts and the sellers, at least for a day. There was scarcely a peep coming out of Europe, the main culprit for increased volatility in US markets, and the upside play was enhanced when ADP released its September Employment Change report, showing job gains of 91,000 over the past month, though the number was 89,000 prior to that and the official US Labor Dept. non-farm payroll survey came up with a big, fat zero, so hope for significant job gains this month will depend on how drastically federal, state and local government jobs were slashed in September. The non-farm payroll report comes out before the markets open on Friday and estimates are in a range of gains of just 30,000 to 90,000.
Another boost to confidence was applied when the ISM Services Index fell less than expected, from 53.3 in August, to an even 53 in September. Of course even though the employment picture for private employers may be exhibiting signs of renewed hope that the US economy may avoid a recession by a hair, the report from Challenger, Gray and Christmas painted a different picture, with an increase of 211.5% in mass layoffs over last year. The planned job cuts of 115,000 were the highest reported since April 2009, at the depth of the latest recession and were 126% higher than those reported in August.
Regardless, stocks marched higher throughout the day, on strong volume. This two-day rally has to be put into perspective, however, as it began as a desperate bounce off new lows, was more than likely the work of a number of insiders and scared short sellers back into hiding, though a few more days of gains might just bring them out once again.
Everything seems to be heading for the non farm payroll report on Friday, but Thursday's weekly reading of initial unemployment claims, if they continue heading lower, as they did last week, should give stocks more lift.
The oddly-quiet nature of today's trade, when combined with the incidence of solid volume sets up an interesting trading regimen for the remainder of the week. Of course, that could all be scuttled by more negative news out of Europe, which has developed the nasty habit of showing up just in time to kill numerous rallies over the past two months.
With market reactions to every bit of news, trading stocks have become about as reliable as an old fashioned craps shoot on a Bowery back alley. Real money has retreated into cash, gold, treasuries or other hard assets, where merely holding onto what one's got has become the mantra of a new, risk-averse generation of money mavens.
This current rally is nothing but flux and fluff and, like so many before it, will probably end up in tatters before long. Deflation has reared its ugly head and won't back down until Bernanke gives in and goes for another round of quantitative easing, the worst of all possible solutions.
Dow 10,939.95, +131.24 (1.21%)
NASDAQ 2,460.51, +55.69 (2.32%)
S&P 500 1,144.04, +20.09 (1.79%)
NYSE Composite 6,843.41, +120.43 (1.79%)
NASDAQ Volume 2,457,121,250
NYSE Volume 5,855,495,000
Combined NYSE & NASDAQ Advance - Decline: 4664-1866
Combined NYSE & NASDAQ New highs - New lows: 18-138
WTI crude oil: 79.68, +4.01
Gold: 1640.70, +16.50
Silver: 30.43, +0.20
Another boost to confidence was applied when the ISM Services Index fell less than expected, from 53.3 in August, to an even 53 in September. Of course even though the employment picture for private employers may be exhibiting signs of renewed hope that the US economy may avoid a recession by a hair, the report from Challenger, Gray and Christmas painted a different picture, with an increase of 211.5% in mass layoffs over last year. The planned job cuts of 115,000 were the highest reported since April 2009, at the depth of the latest recession and were 126% higher than those reported in August.
Regardless, stocks marched higher throughout the day, on strong volume. This two-day rally has to be put into perspective, however, as it began as a desperate bounce off new lows, was more than likely the work of a number of insiders and scared short sellers back into hiding, though a few more days of gains might just bring them out once again.
Everything seems to be heading for the non farm payroll report on Friday, but Thursday's weekly reading of initial unemployment claims, if they continue heading lower, as they did last week, should give stocks more lift.
The oddly-quiet nature of today's trade, when combined with the incidence of solid volume sets up an interesting trading regimen for the remainder of the week. Of course, that could all be scuttled by more negative news out of Europe, which has developed the nasty habit of showing up just in time to kill numerous rallies over the past two months.
With market reactions to every bit of news, trading stocks have become about as reliable as an old fashioned craps shoot on a Bowery back alley. Real money has retreated into cash, gold, treasuries or other hard assets, where merely holding onto what one's got has become the mantra of a new, risk-averse generation of money mavens.
This current rally is nothing but flux and fluff and, like so many before it, will probably end up in tatters before long. Deflation has reared its ugly head and won't back down until Bernanke gives in and goes for another round of quantitative easing, the worst of all possible solutions.
Dow 10,939.95, +131.24 (1.21%)
NASDAQ 2,460.51, +55.69 (2.32%)
S&P 500 1,144.04, +20.09 (1.79%)
NYSE Composite 6,843.41, +120.43 (1.79%)
NASDAQ Volume 2,457,121,250
NYSE Volume 5,855,495,000
Combined NYSE & NASDAQ Advance - Decline: 4664-1866
Combined NYSE & NASDAQ New highs - New lows: 18-138
WTI crude oil: 79.68, +4.01
Gold: 1640.70, +16.50
Silver: 30.43, +0.20
Tuesday, October 4, 2011
Fantasy, Engineered Rally from PPT Saves Stocks from Bear Market Territory
To believe that a late-day rally, sending the Dow Jones Industrials from a loss of over 200 points to a gain of 150 points in the final hour of trading, is anything more than make-believe, engineered by the Fed, Treasury and other member's of the President's Working Group, aka, the Plunge Protection Team (PPT), would be sheer folly.
This latest move by the market manipulators is so blatantly contrived and designed to keep the American public believing all is well that is defies explanation. One of the headline stories on Yahoo News, Stocks Avoid Bear Market Territory Thanks to Late Day Rally cites "vague assurances from Federal Reserve Chairman Ben Bernanke" as the cause for the rally, but never goes on to explain just what those "vague assurances" are. Surely the editors made up the line since the eminently-powerless Bernanke was testifying before the completely-clueless, corrupt and complicit congress today.
Sounds good, but we're not buying it.
The S&P was the real target. At 3:15 in the afternoon, the S&P was nestled comfortably in bear market territory, down roughly 20 points at 1080. By the end of the session, just 45 minutes later, the index was sitting at nearly 1024, a 45-point move in 45 minutes. At that rate - a point a minute - the S&P should be in record territory above 1550 by noon on Thursday, so hurry up and load up on those stocks, kids, the good times are here to stay!
This market is rubbish, as is the US government and our once-healthy, but now debt-ridden, jobless, service economy. Anybody invested in stocks with money that is for serious puposes should be seeking professional mental health advice. US stock markets have been called casinos, but that description gives casinos a bad name.
That's all this writer can stand for today. OK, a little more...
The number of new lows today is 100X larger than the number of new highs, and the market is going up? Please, this is only a golden opportunity to short this with everything one has, unless, as is usually the case, it gaps lower at the open tomorrow. 1962 new lows means that almost 1/3 of the entire US stock market made a new low today. Perhaps those "vague assurances" from Bernanke's lips were for unlimited funds for failed banks and just about any other company in these once-great, but now completely fictionalized United States.
Dow 10,808.71, +153.41 (1.44%)
NASDAQ 2,404.82, +68.99 (2.95%)
S&P 500 1,123.95, +24.72 (2.25%)
NYSE Composite 6,722.98, +148.69 (2.26%)
NASDAQ Volume 3,122,499,000
NYSE Volume 7,875,459,500
Combined NYSE & NASDAQ Advance - Decline: 4252-2410
Combined NYSE & NASDAQ New highs - New lows: 18--1962 (full panic mode)
WTI crude oil: 75.67, -1.94
Gold: 1624.20, -36.70
Silver: 30.23, -0.26
This latest move by the market manipulators is so blatantly contrived and designed to keep the American public believing all is well that is defies explanation. One of the headline stories on Yahoo News, Stocks Avoid Bear Market Territory Thanks to Late Day Rally cites "vague assurances from Federal Reserve Chairman Ben Bernanke" as the cause for the rally, but never goes on to explain just what those "vague assurances" are. Surely the editors made up the line since the eminently-powerless Bernanke was testifying before the completely-clueless, corrupt and complicit congress today.
Sounds good, but we're not buying it.
The S&P was the real target. At 3:15 in the afternoon, the S&P was nestled comfortably in bear market territory, down roughly 20 points at 1080. By the end of the session, just 45 minutes later, the index was sitting at nearly 1024, a 45-point move in 45 minutes. At that rate - a point a minute - the S&P should be in record territory above 1550 by noon on Thursday, so hurry up and load up on those stocks, kids, the good times are here to stay!
This market is rubbish, as is the US government and our once-healthy, but now debt-ridden, jobless, service economy. Anybody invested in stocks with money that is for serious puposes should be seeking professional mental health advice. US stock markets have been called casinos, but that description gives casinos a bad name.
That's all this writer can stand for today. OK, a little more...
The number of new lows today is 100X larger than the number of new highs, and the market is going up? Please, this is only a golden opportunity to short this with everything one has, unless, as is usually the case, it gaps lower at the open tomorrow. 1962 new lows means that almost 1/3 of the entire US stock market made a new low today. Perhaps those "vague assurances" from Bernanke's lips were for unlimited funds for failed banks and just about any other company in these once-great, but now completely fictionalized United States.
Dow 10,808.71, +153.41 (1.44%)
NASDAQ 2,404.82, +68.99 (2.95%)
S&P 500 1,123.95, +24.72 (2.25%)
NYSE Composite 6,722.98, +148.69 (2.26%)
NASDAQ Volume 3,122,499,000
NYSE Volume 7,875,459,500
Combined NYSE & NASDAQ Advance - Decline: 4252-2410
Combined NYSE & NASDAQ New highs - New lows: 18--1962 (full panic mode)
WTI crude oil: 75.67, -1.94
Gold: 1624.20, -36.70
Silver: 30.23, -0.26
Monday, October 3, 2011
Stocks in Panic Mode; Bankruptcy Lines Forming: High-Low Indicator at Extreme; Social Fabric Shredding
The Markets
Stocks began the fourth quarter the same way they ended the third, with waves of selling on fears of a Greek default and recession in the US and Europe.
After an initial lift from fair economic data, especially the ISM index posting a 51.6 number after a 50.6 reading in August and August construction spending showing a 1.4% gain, US stocks drifted lower throughout the day, with the final onslaught taking the S&P 500 to a close of 1099.21, the first time the widely-watched index closed below 1100 since September 8, 2010 (1098.87) and well below the recent low of 1120.76 (August 10). The S&P now stands (or slouches, as the case may be) less than nine points from official bear market territory, which would commence at 1090.89. The S&P is down 12.6% for the year.
The other major indices are also closing in on bear market territory. Another day like today would send the NASDAQ down more than 20% from its April 29 highs. The Dow Jones Industrials are faring best of the bad lot, though still just 375 points from marking a bear market.
Losses began overnight in Asian markets and cascaded through Europe and into the Americas. Most European bourses have been in bear markets for more than a few months.
News flows from Europe were not encouraging as the 17 countries which are backing Greek bailout funds met again on Monday but failed to come to an agreement on the second tranche of aid to the failing EU member.
That sent stocks into negative territory for the remainder of the session, closing at the lows of the day on very heavy volume in a broad decline. All 12 sectors were lower on the day, led by capital goods, financials and energy. WTI crude oil closed at its lowest price in over a year, fueling speculation that lower gas prices are on the way as weather cools and demand falls.
Dow 10,655.30, -258.08 (2.36%)
NASDAQ 2,335.83, -79.57 (3.29%)
S&P 500 1,099.23, -32.19 (2.85%)
NYSE Compos 6,571.45, -220.20 (3.24%)
NASDAQ Volume 2,523,549,250
NYSE Volume 6,714,723,500
Combined NYSE & NASDAQ Advance - Decline: 772-5877
Combined NYSE & NASDAQ New highs - New lows: 19-1405
WTI crude oil: 77.61, -1.59
Gold: 1654.40, +29.60
Silver: 30.33, +0.36
After the bankruptcy filing of Swedish automaker Saab last month signaled the coming onrush of large corporate bankruptcies, three companies have been making news on that front.
Eastman Kodak (EK), which has hired the law firm of Jones Day to explore "reorganization" possibilities, rallied back strongly after Friday's stock collapse. The company's shares are at a bargain-basement level of 1.34, a 77% gain on the day. Reports that creditors and investors are speaking to advisors have surfaced as the company continues to burn through $600-700 million annually off their broken business model, negatively impacted by the advent of digital photography.
Shares of American Airlines (AMR) were halted today amid rumors of bankruptcy filing. The oldest US legacy carrier lost 33% today, closing at 1.98.
The banking sector continues to be rocked by the continuing mortgage morass, new regulations and now, computer glitches. Bank of America's website and online banking functions were unavailable to millions of customers for a long time over the past few days, frustrating and infuriating its customer base just days after announcing that debit card users would face a five-dollar-per-month fee beginning in January for the privilege of spending their own money. Shares of the nation's largest bank closed down 59 cents, at 5.53, the lowest price since the depths of the financial crisis, when the stock closed at 3.12 on March 6, 2009.
Along with the S&P 500 breaking below 1100, the number of new lows today was a screaming signal to "get out of Dodge" as quickly as possible. Those 1405 new lows are at a level not seen since autumn of 2008, when the entire financial system was on its knees and needed a $700 billion "fiX" courtesy of a deal ripped from US taxpayers by then-Treasury Secretary (thief) Hank Paulson and Fed Chairman Ben Bernanke. No other indicator has been as reliable or accurate in picking crashes than the New high - New low indicator. According to the indication that has been flashing for weeks, a major down-leg is about to commence, especially with the NYSE, Dow, NASDAQ and S&P 500 all closing below support levels during the recent two-month slide.
This is a potentially world-shattering situation that has been developing for not just the past two months, but over the past three years. Stocks could free-fall as financial institutions in Europe, Asia and in the US face severe liquidity and solvency issues and sovereigns are unable to save them this time, concerned, rightfully so, with their own continued existence. The level of public distrust has risen to unprecedented levels. Over 700 people were arrested in New York, trapped on the Brooklyn Bridge (see video below) by New York City police funded by JP Morgan Chase.
This is only the tip of the news iceberg the mainstream media doesn't want the US public to see, hear or read. Peaceful protests in Boston, New York, St. Louis and Kansas City have taken on new life, resulted in mass arrests and are a threat to the ruling elite.
The entire human population of the planet is teetering on the brink of mass rioting and localized anarchy.
Stocks began the fourth quarter the same way they ended the third, with waves of selling on fears of a Greek default and recession in the US and Europe.
After an initial lift from fair economic data, especially the ISM index posting a 51.6 number after a 50.6 reading in August and August construction spending showing a 1.4% gain, US stocks drifted lower throughout the day, with the final onslaught taking the S&P 500 to a close of 1099.21, the first time the widely-watched index closed below 1100 since September 8, 2010 (1098.87) and well below the recent low of 1120.76 (August 10). The S&P now stands (or slouches, as the case may be) less than nine points from official bear market territory, which would commence at 1090.89. The S&P is down 12.6% for the year.
The other major indices are also closing in on bear market territory. Another day like today would send the NASDAQ down more than 20% from its April 29 highs. The Dow Jones Industrials are faring best of the bad lot, though still just 375 points from marking a bear market.
Losses began overnight in Asian markets and cascaded through Europe and into the Americas. Most European bourses have been in bear markets for more than a few months.
News flows from Europe were not encouraging as the 17 countries which are backing Greek bailout funds met again on Monday but failed to come to an agreement on the second tranche of aid to the failing EU member.
That sent stocks into negative territory for the remainder of the session, closing at the lows of the day on very heavy volume in a broad decline. All 12 sectors were lower on the day, led by capital goods, financials and energy. WTI crude oil closed at its lowest price in over a year, fueling speculation that lower gas prices are on the way as weather cools and demand falls.
Dow 10,655.30, -258.08 (2.36%)
NASDAQ 2,335.83, -79.57 (3.29%)
S&P 500 1,099.23, -32.19 (2.85%)
NYSE Compos 6,571.45, -220.20 (3.24%)
NASDAQ Volume 2,523,549,250
NYSE Volume 6,714,723,500
Combined NYSE & NASDAQ Advance - Decline: 772-5877
Combined NYSE & NASDAQ New highs - New lows: 19-1405
WTI crude oil: 77.61, -1.59
Gold: 1654.40, +29.60
Silver: 30.33, +0.36
After the bankruptcy filing of Swedish automaker Saab last month signaled the coming onrush of large corporate bankruptcies, three companies have been making news on that front.
Eastman Kodak (EK), which has hired the law firm of Jones Day to explore "reorganization" possibilities, rallied back strongly after Friday's stock collapse. The company's shares are at a bargain-basement level of 1.34, a 77% gain on the day. Reports that creditors and investors are speaking to advisors have surfaced as the company continues to burn through $600-700 million annually off their broken business model, negatively impacted by the advent of digital photography.
Shares of American Airlines (AMR) were halted today amid rumors of bankruptcy filing. The oldest US legacy carrier lost 33% today, closing at 1.98.
The banking sector continues to be rocked by the continuing mortgage morass, new regulations and now, computer glitches. Bank of America's website and online banking functions were unavailable to millions of customers for a long time over the past few days, frustrating and infuriating its customer base just days after announcing that debit card users would face a five-dollar-per-month fee beginning in January for the privilege of spending their own money. Shares of the nation's largest bank closed down 59 cents, at 5.53, the lowest price since the depths of the financial crisis, when the stock closed at 3.12 on March 6, 2009.
Along with the S&P 500 breaking below 1100, the number of new lows today was a screaming signal to "get out of Dodge" as quickly as possible. Those 1405 new lows are at a level not seen since autumn of 2008, when the entire financial system was on its knees and needed a $700 billion "fiX" courtesy of a deal ripped from US taxpayers by then-Treasury Secretary (thief) Hank Paulson and Fed Chairman Ben Bernanke. No other indicator has been as reliable or accurate in picking crashes than the New high - New low indicator. According to the indication that has been flashing for weeks, a major down-leg is about to commence, especially with the NYSE, Dow, NASDAQ and S&P 500 all closing below support levels during the recent two-month slide.
This is a potentially world-shattering situation that has been developing for not just the past two months, but over the past three years. Stocks could free-fall as financial institutions in Europe, Asia and in the US face severe liquidity and solvency issues and sovereigns are unable to save them this time, concerned, rightfully so, with their own continued existence. The level of public distrust has risen to unprecedented levels. Over 700 people were arrested in New York, trapped on the Brooklyn Bridge (see video below) by New York City police funded by JP Morgan Chase.
This is only the tip of the news iceberg the mainstream media doesn't want the US public to see, hear or read. Peaceful protests in Boston, New York, St. Louis and Kansas City have taken on new life, resulted in mass arrests and are a threat to the ruling elite.
The entire human population of the planet is teetering on the brink of mass rioting and localized anarchy.
Learning More About Bankruptcy's Fresh Start
There are quite a few people in America that are on the brink of survival, some having lost their jobs, others, their homes, some, both. Many of these people can help themselves out with a little bit of knowledge about how the bankruptcy laws in their states - and throughout the United States - work, possibly saving themselves from the pitfalls of endless debt, homelessness or worse.
One way to get started learning more about bankruptcy and how it gives individuals and companies a fresh start, would be to sign up for a bankruptcy class online. Understanding the basic precepts and concepts of bankruptcy and how the process operates is essential to anyone facing serious economic issues.
An online bankruptcy course can give individuals fresh insight into what debts can be discharged through bankruptcy and why most of the time an individual or family can remain in one's home and also keep most personal assets. Most people never get close to bankruptcy or a US bankruptcy court to understand that a bankruptcy filing is an orderly, honorable process that allows people to retain some, if not most, of their valuable assets, along with their dignity and self-worth.
Another step toward resolving debt issues would be to enroll in a credit counseling course, either for oneself, or to offer services to people who are on the edge and can't pay bills. While bankruptcy filings generally require the expertise of an attorney well versed in the laws of that particular area of practice, credit counseling requires no degree and only rudimentary training. Anyone with a solid background in finance or math can easily learn the basics of credit counseling and immediately being helping out oneself or others with sound advice.
One way to get started learning more about bankruptcy and how it gives individuals and companies a fresh start, would be to sign up for a bankruptcy class online. Understanding the basic precepts and concepts of bankruptcy and how the process operates is essential to anyone facing serious economic issues.
An online bankruptcy course can give individuals fresh insight into what debts can be discharged through bankruptcy and why most of the time an individual or family can remain in one's home and also keep most personal assets. Most people never get close to bankruptcy or a US bankruptcy court to understand that a bankruptcy filing is an orderly, honorable process that allows people to retain some, if not most, of their valuable assets, along with their dignity and self-worth.
Another step toward resolving debt issues would be to enroll in a credit counseling course, either for oneself, or to offer services to people who are on the edge and can't pay bills. While bankruptcy filings generally require the expertise of an attorney well versed in the laws of that particular area of practice, credit counseling requires no degree and only rudimentary training. Anyone with a solid background in finance or math can easily learn the basics of credit counseling and immediately being helping out oneself or others with sound advice.
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