While Nancy Pelosi is blaming our financial meltdown on Republicans, and Republicans are getting even by voting down the $700-billion financial-bailout package — and while panicked investors react to the congressional backstabbing by sending the Dow Jones industrial average down a frightening 778 points — I get an e-mail from my friend Clayton.

Clayton is about to retire. He lives in a small city in the South and figures he could live comfortably the rest of his life on his savings, which are mostly in the stock market. Now Clayton is beside himself that his savings are being set afire by the dithering politicians.

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The stories can drive even the hardest hearted of us to tears. Families that once lived the American dream have been turned into virtual paupers. The pain, dereliction of abandoned homes, many of them vandalized… it’s all there to be seen. We’re talking about the mortgage meltdown

The American dream is now, for many Americans, the American shame: With no resolution in site. And don’t forget Katrina victims are still clinging on to hope that help might come some day. Read this article about this sad shame.

JACKSONVILLE, Fla. — The house on East 24th Street was the worst of the six that David Law and Trey McCallister worked on the other day here. The front door had been kicked in so many times that the dead bolt was exposed and bent. Trash littered the front and back yards. A copper pipe was gone.

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Banks and credit card companies are not happy. They have been having too good, but now there’s trouble in paradise. I’m not complaining. After all, I’ve been a victim of some of the unfair practices that have pushed some otherwise good credit consumers into “sub-prime” status.

Once these new regulations have been enacted, no longer will banks and credit card companies be able to impose penalties for one day lateness in making a payment. They will be required to give you more time (21 days seems to be the proposed time span).

Also, they will not be able to raise interest rates at whim. It is interesting to learn that they have been increasing rates even for accounts in good standing.

Though still too soon to say in certainty, it is interesting that the lobbyists don’t seem to be getting their way for a change. Also to note is that this has come in the midst of the current credit crisis. Did have to take a crisis for those guys in Washington to see that there is really a problem?

The lobbyists have been having it their way for too long now. They even succeeded in having new bankruptcies laws passed (in the name of “bankruptcy abuse prevention act” or something like that) that gave lenders unfair advantage over consumers. Please don’t let them touch this one.

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You’ve probably heard the saying “There’s no free lunch”. May be not some University of Illinois students.  Seeing an ad free a free sandwich at Subway on a certain day, a bunch of them responded (free hoagie, mmm…).

Free hoagie there was, okay. But you had to sign an application for a credit card…

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You’ve seen the ads on TV, print media, and online. They make fantastic promises, such as wipe out your debt and make your credit report as clean as a bleached bone. How true (or realistic) are they?

Well, just read the following news story that was featured recenttly on NBC10 news:

PHILADELPHIA — A local woman said a Philadelphia company promised to resurrect her bad credit, but instead left her buried in even more debt.

So, the NBC 10 Investigators contacted the company that promises a line of credit to anyone, no matter what their circumstances may be.

“But how do you approve a dead man?” asked NBC 10 investigative reporter Harry Hairston.

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