How does getting laid off worsen the economy?
November 19th, 2011 | 
Author: Question by lauren_a3: How does getting laid off worsen the economy?
Like many people in LAUSD are getting laid off, teachers, counselors, librarians and so on. Lets say they get off, they don’t have a job so they can’t pay their mortgage, or pay the loans to the bank, therefore lose their house…So many people won’t be able to repay their bank loans then the banks could possibly go bankrupt? Whats the process of a bank going bankrupt simplified? Basically, what are negative effects of the LAUSD layoffs on the economy?
Best answer:
Answer by SDD
It’s really simple. When you are not working, you are not adding any value to the economy. When you are working you are adding value in excess of your wages (otherwise nobody would hire you).
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There’s a new HAMP program called “Hardest Hit” Fund that rolled out in April 2011 that the banks are being somewhat hush-hush about.. it’s called the “Hardest Hit Fund” it’s nothing like the failed MakeHomesAffordable program, MHA=$ 10 Billion in relief, HHF=$ 60 Billion and will cut principle balances in half in the hardest hit areas. I know the National Association of Homeowner Advocates is participating. Their site is http://www.naoha.org and phone is 888-95-HOPENOW
Try calling the National Association of Homeowner Advocates, http://www.naoha.org Found out about them through someone I know – they helped me for free no upfront fees and very helpful.. they had very knowledgable staff when I called in
I tried for almost 2 years with BofA to get a loan modification and they got my delinquent payments caught up and reduced my payment down almost 40%.
Well, it could result in a pregnancy, which means another step towards overpopulation, which means poverty…
Wait, did you say “getting laid off”? Teeheehee.