Latest news with #financialruin
Daily Mail
6 days ago
- Business
- Daily Mail
Elon Musk issues stern message to every American as he goes to war with Trump over 'insane' spending bill
Elon Musk continued his warpath against Donald Trump 's 'big, beautiful bill' by demanding Americans reach out to their representatives to 'kill' it. In an early morning post, the billionaire tech titan and former 'First Buddy' - once glued to Trump's side - claimed that the president is plunging the US into financial ruin. He spent much of Wednesday fine tuning his attacks against what he called an 'insane' spending package that Trump is pushing GOP leadership to have on his desk by the fourth of July. Musk wrote on X: 'Call your Senator, call your Congressman, bankrupting America is NOT ok!' He bulleted his message by demanding: 'KILL the BILL.' The Tesla CEO also reiterated his attack line that the bill was forcing Americans into 'Debt Slavery' in a quote tweet of fellow anti-bill Republican Rand Paul. 'This spending bill contains the largest increase in the debt ceiling in US history! It is the Debt Slavery Bill.' Notably, earlier Wednesday, Trump admitted he agreed with longtime liberal rival 'Pocahontas' Elizabeth Warren in saying that the debt ceiling should be scrapped. Undeterred, Musk also posted an image visualizing the increase in the national debt since 1900 and said: 'Flatten the curve.' He proposed that the Congressional GOP leaders - who have stood behind the bill despite a MAGA 'civil war' taking place over it - draft 'a new spending bill... that doesn't massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.' Trump's One Big Beautiful Bill Act passed the House last month but is now held up in the Senate where some Republicans agree with Musk's outrage. The SpaceX boss began criticizing Trump's bill earlier this month, then really began tearing into his former best friend with a series of posts on X Tuesday and Wednesday. Musk is highly influential in MAGA world because of his billions and his control over one of the most popular social media platforms in the U.S. With 220 million followers on X, and control over the algorithm, Musk could attempt to turn the tide against Trump. Musk has 'I'm sorry, but I just can't stand it anymore,' he wrote on X on Tuesday. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.' 'Shame on those who voted for it: you know you did wrong. You know it.' The MAGA civil war intensified when Trump loyalist Rep. Marjorie Taylor Greene (R-Ga.) sided with Musk. Musk said enough was enough in another Tuesday post where he claimed: 'Mammoth spending bills are bankrupting America!' Around 2am on Wednesday morning, Musk continued his tirade on his social media platform. He also reposted a series of tweets where Musk aligned himself with Republican Sen. Ran Paul of Kentucky, who has been vocal about his opposition to the Big Beautiful Bill. 'I've been pretty consistent in my time in the Senate: I oppose deficit spending—no matter which party is in charge. If we don't get serious about reigning in the debt, the next generation will pay the price,' Paul wrote in an X post that Musk reposted to his page. 'Fiscal responsibility isn't a campaign slogan,' Paul continued. 'It's a duty which I take very seriously.' Greene is a longtime ally of Trump in the House – but she said Tuesday she voted to pass the bill without reading a section that would have reversed that decision. 'Full transparency, I did not know about this section... that strips states of the right to make laws or regulate AI for 10 years,' she admitted. 'I am adamantly OPPOSED to this and it is a violation of state rights and I would have voted NO if I had known this was in there.' She promised she would change her vote if the bill retained that section when it returned to the House of Representatives for reconciliation following any changed made by the Senate. Experts predict the bill's passage would be dire for the U.S. economy and claim the interest on America's debt alone would be crippling. 'Interest payments already consume 25% of all government revenue,' Musk wrote on X around 2:30 a.m. EST on Wednesday. The Tesla and SpaceX boss continued: If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing.' It became clear that the bromance between Musk and Trump was over earlier this year as reports emerged regarding clashes the billionaire had with hose in the president's inner circle. Additionally, last month Musk left his role with the Department of Government Efficiency (DOGE), laying the ground work for him to break with Trump after his job within government was done.
Yahoo
18-05-2025
- Business
- Yahoo
This Vietnam vet, 91, took out a $900 loan online only to find out it was set at a shocking 682% interest rate
Alan Culbert just wanted to buy some presents for his grandkids and fix up his car. Since the Harvard-educated 91-year-old veteran and Bay Area resident didn't have the cash, he took out a $900 loan from Plain Green Loans, unaware that it would lead him toward potential financial ruin. According to a story from ABC 7News, the Montana-based lender Culbert borrowed from was one of a few companies that accepted his online loan application. Culbert was happy to see the lender advertise an easy borrowing process, with "better rates," and an "excellent" 5-star rating. He took the money, paid back the $900 within two months, and thought he would move on with his life — but that didn't happen. "I had no idea there was going to be an interest charge," Culbert said. Sadly, there wasn't just an interest charge — it was 682%, and Culbert was left with $2,646.69 in interest costs, accounting for more than half his monthly income. If you're wondering how this is legal, it's because the loan came from a native tribe. Here's why that simple fact left Culbert in a tough spot with no clear idea of what to do next. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Culbert's loan came from the Chippewa Cree Tribe of Rocky Boy's Reservation, but it could have come from one of many native tribes that offer high-interest rate loans. The tribes argue that they have sovereign immunity and are thus governed by federal — not state — lending laws. That creates a problem because the federal government doesn't limit what rate lenders can charge outside of a 36% limit on loans offered to active-duty service members. This wouldn't have protected Culbert, who is a veteran, and, because tribal governments are independent of state governments, California's 10% cap on most consumer loans didn't protect him either. Some states have recognized this issue and taken steps to ensure their residents can't be charged so much to borrow. Connecticut, Arkansas, New York, Pennsylvania, Virginia and West Virginia have mostly eliminated tribal loans, and Minnesota put a 36% cap in place, while also making it impossible to collect excess fees. Minnesota's Attorney General Keith Ellison also filed suit against three separate entities, including officers of the tribal entities. "Sovereign entities, like states or tribal governments, generally you can't sue them under a theory of sovereign immunity. But you can hold them accountable if you name their leaders," Ellison said. "When we brought the lawsuits against three separate entities, we named the tribal entities' officer and said, 'You got to stop doing this.' And as a result, we were able to stop that lending." Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now Ellison made clear he'd be happy to share his tips for ending these predatory loans with California. If the Golden State takes action and can achieve the success that Minnesota did, people like Culbert could be spared a lot of heartache. For his part, Culbert isn't sure how to proceed. He tried reaching out to the company and explaining he was a veteran, but Plain Green Loans wasn't sympathetic to his plight. In fact, Culbert said their response was: "'Sorry, too bad. You signed a loan agreement, and you owe all this money. It will ruin your credit history, and we will proceed with collections." With the media spotlighting his plight, Culbert will hopefully find some relief. Still, the veteran is wondering how this could have happened in the first place. "I don't see how that can be legal, and they can charge that much in this state," he lamented. Since tribal loans are effectively banned in only a small minority of states, vulnerable borrowers risk being contacted by one of these lenders when they apply for a loan of their own. If they take it, they could find themselves facing the same frustrations Culbert is experiencing. To avoid this fate, anyone borrowing should: Independently research the lender to determine if they are reputable View aggressive sales efforts on the part of lenders as a significant red flag, especially if the lender is offering tribal loans Insist on reviewing a written document that outlines the full terms and conditions of the loan before agreeing to borrow, including the interest rate and total payoff costs Hopefully, borrowers can avoid predatory lenders by doing this research. Still, vulnerable individuals, like Culbert, will continue to be at risk of such practices until more states (or even the federal government) implement greater control and transparency over tribal loans. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
This Vietnam vet, 91, took out a $900 loan online only to find out it was set at a shocking 682% interest rate
Alan Culbert just wanted to buy some presents for his grandkids and fix up his car. Since the Harvard-educated 91-year-old veteran and Bay Area resident didn't have the cash, he took out a $900 loan from Plain Green Loans, unaware that it would lead him toward potential financial ruin. According to a story from ABC 7News, the Montana-based lender Culbert borrowed from was one of a few companies that accepted his online loan application. Culbert was happy to see the lender advertise an easy borrowing process, with "better rates," and an "excellent" 5-star rating. He took the money, paid back the $900 within two months, and thought he would move on with his life — but that didn't happen. "I had no idea there was going to be an interest charge," Culbert said. Sadly, there wasn't just an interest charge — it was 682%, and Culbert was left with $2,646.69 in interest costs, accounting for more than half his monthly income. If you're wondering how this is legal, it's because the loan came from a native tribe. Here's why that simple fact left Culbert in a tough spot with no clear idea of what to do next. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Culbert's loan came from the Chippewa Cree Tribe of Rocky Boy's Reservation, but it could have come from one of many native tribes that offer high-interest rate loans. The tribes argue that they have sovereign immunity and are thus governed by federal — not state — lending laws. That creates a problem because the federal government doesn't limit what rate lenders can charge outside of a 36% limit on loans offered to active-duty service members. This wouldn't have protected Culbert, who is a veteran, and, because tribal governments are independent of state governments, California's 10% cap on most consumer loans didn't protect him either. Some states have recognized this issue and taken steps to ensure their residents can't be charged so much to borrow. Connecticut, Arkansas, New York, Pennsylvania, Virginia and West Virginia have mostly eliminated tribal loans, and Minnesota put a 36% cap in place, while also making it impossible to collect excess fees. Minnesota's Attorney General Keith Ellison also filed suit against three separate entities, including officers of the tribal entities. "Sovereign entities, like states or tribal governments, generally you can't sue them under a theory of sovereign immunity. But you can hold them accountable if you name their leaders," Ellison said. "When we brought the lawsuits against three separate entities, we named the tribal entities' officer and said, 'You got to stop doing this.' And as a result, we were able to stop that lending." Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now Ellison made clear he'd be happy to share his tips for ending these predatory loans with California. If the Golden State takes action and can achieve the success that Minnesota did, people like Culbert could be spared a lot of heartache. For his part, Culbert isn't sure how to proceed. He tried reaching out to the company and explaining he was a veteran, but Plain Green Loans wasn't sympathetic to his plight. In fact, Culbert said their response was: "'Sorry, too bad. You signed a loan agreement, and you owe all this money. It will ruin your credit history, and we will proceed with collections." With the media spotlighting his plight, Culbert will hopefully find some relief. Still, the veteran is wondering how this could have happened in the first place. "I don't see how that can be legal, and they can charge that much in this state," he lamented. Since tribal loans are effectively banned in only a small minority of states, vulnerable borrowers risk being contacted by one of these lenders when they apply for a loan of their own. If they take it, they could find themselves facing the same frustrations Culbert is experiencing. To avoid this fate, anyone borrowing should: Independently research the lender to determine if they are reputable View aggressive sales efforts on the part of lenders as a significant red flag, especially if the lender is offering tribal loans Insist on reviewing a written document that outlines the full terms and conditions of the loan before agreeing to borrow, including the interest rate and total payoff costs Hopefully, borrowers can avoid predatory lenders by doing this research. Still, vulnerable individuals, like Culbert, will continue to be at risk of such practices until more states (or even the federal government) implement greater control and transparency over tribal loans. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times
16-05-2025
- Times
Nicky Morgan: the police do something if you get mugged — but not scammed
Fraud and scams are big business for criminals and devastating for the victims. Last week The Sunday Times reported on the incredibly sad case of Colin Chudley, who was driven to despair and financial ruin by an elaborate scam in which he lost £260,000 before he died. Distressing cases of life-changing losses are an all-too-familiar tale. Even in cases where a victim is able to recover their money, anyone who claims that fraud is a victimless crime is truly missing the point. The ordeal destroys confidence, and can leave a victim unable to rebuild their trust in anyone or anything. For too long the focus in relation to fraud has been to deal with the fallout rather than prevent it happening in the first
