http://www.rollingstone.com/politics/story/32906678/looting_main_street ----------
The video link seemed to work for me,.. but hey I went to read the print version which has more detail. Here is something:
``Judgment Day was coming — just like it was for the Delaware River Port Authority, the Pennsylvania school system, the cities of Detroit, Chicago, Oakland and Los Angeles, the states of Connecticut and Mississippi, the city of Milan and nearly 500 other municipalities in Italy, the country of Greece, and God knows who else. All of these places are now reeling under the weight of similarly elaborate and ill-advised swaps — and if what happened in Jefferson County is any guide, hoo boy. Because when the shit hit the fan in Birmingham, it really hit the fan.''
At the personal level they are playing similar games with credit cards, interest rates, late fees, minimum payments, and balloons in the form of balance due dates on contract termination. The interesting aspect is you think you have a term for the deal, say a year. If you look closely, usually any late payment or lower than minimum payment triggers a balance due clause. Going over what happens if full balance isn't paid, then some horrific rate, plus a penalty fee, etc.
Remember when we used to laugh at the Corleone deals?
CG