FCTC Announces Move to WXYT 1170 Talk Radio – Starting 10/15 – Airing Saturday Mornings 10 – 11 AM

FOR IMMEDIATE RELEASE

Financial Crisis Talk Center Radio Show

Moves to WXYT-AM 1270 Beginning October 15^th

Bingham Farms, MICH, September xx, 2011 – The Financial Crisis Talk Center (FCTC), a weekly radio talk show hosted by Ken Gross, David Einstandig and the financial crisis management team of attorneys at THAV GROSS PC, has found a new radio home and will begin airing on WXYT-AM 1270 from 10-11AM beginning Saturday, October 15^th.

FCTC which launched in 2008 on WDFN 1130, “The Fan,” was created by Gross at the inception of the Financial Crisis for consumers and businesses that are searching for help and need answers regarding their vital financial concerns.  Listeners of the show hear in-depth interviews with state newsmakers, critical and up to date information on issues relating to the economy, housing crisis, tax and debt relief opportunities.

“We are excited to be moving down the dial and joining the talented WXYT-AM 1270 team,” said Gross. “WXYT 1270’s Talk Radio format is an ideal home for us – we created the Financial Crisis Talk Center radio show because we know how significant and confusing these issues are for people who are frustrated with the longevity of the crisis and looking for solutions and opportunities to improve their situation in the face of lost equity in their homes and the increasing federal deficit. We will continue to bring the same formula to our new show that has made it a success these past three years.”

Since the show’s inception, Gross and Einstandig have interviewed some of the State’s leading politicians, including: Thaddeus McCotter, Gary Peters, Phil Cavanagh, Verg Bernero, David Leyton, Mark Brewer and others.

Leveraging their 30 years of experience in resolving business and personal financial and tax problems, the THAV GROSS firm specializes in meeting the needs of business and individual clients by providing Financial Crisis Management. For businesses, this means crafting a strategy to address delinquent taxes and the problems imposed by banks that are refusing to continue to extend credit to the business. For individuals, the firm designs strategies that include exit strategies from homes underwater, debt resolution, bankruptcy and tax relief. Gross’s mantra for the financial crisis is “We must preserve future income for ourselves and family – rather than allow it to be wasted on payment debts of the past. By now it is clear, absent our own positive actions, we will pay twice for the misdeeds of our government oversight – in the form of lost property values and added tax burdens to resolve the deficit.”

The FCTC radio team also conducts FREE seminars about these topics. The next seminar, entitled, “Learn Your Options in Addressing Financial Crisis Issues,” is taking place at the FCTC offices, located at 30150 Telegraph Rd, Suite 360, Bingham Farms, 48025 on Wednesday, October 26^th from 7:00-8:30PM. Registration is required by phone 888.345.4357 or online at www.financialcrisistalkcenter.com or www.thavgross.com.

About Financial Crisis Talk Center

The Financial Crisis Talk Center, sponsored by THAV GROSS PC and hosted by Ken Gross & David Einstandig, began airing in November, 2008. The FCTC’s goal is to provide the forum and resources needed to advance forward in this difficult time and succeed.  For more information about the Financial Crisis Talk Center, please visit, www.financialcrisistalkcenter.com.

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Media Contact:

Jason Brown, PublicCityPR

JBrown@PublicCityPR.net

248-252-1687

Don’t Balance the Budget on My Back – Ken Gross

We all understand we have a massive deficit. The Iraq War was costly – but the rescue of the banking and financial industry from the economic recession along with the Economic Recovery Act and the trillion dollar bailout of Fannie Mae and Freddie Mac are, without question, the major causes why our country is so far in the red.

Having the benefit of over 2 years since the Great Recession tumbled Wall Street and our country in the latter half of 2008, it is commonly accepted that the cause of the debacle rests with the greed and avarice of the banking and financial institutions. Had President Bush and President Obama not rescued the banking industry at the pinnacle of the crisis, most economists agree that the world economy would have totally unraveled. So on this point, let’s give credit where credit is due and compliment our government for having the guts and willingness to take dramatic action in a short term  urgent situation.

That being said, let’s roll the clock forward to today. We just witnessed over the last two weeks Congress bogged down in gridlock on approving the budget so that a shutdown of the federal government could be avoided. In the end, they were fighting over $40 Billion of funding and the biggest event that occurred was Washington D.C’s right to spend its own funds on abortion funding was blocked in a compromise between the Republicans and Democrats to avoid the shutdown. Immediately after, the focus has now shifted to the fight over raising the $14.294 trillion debt ceiling and arriving at an acceptable agreement to resolve the budget deficit, which is currently estimated at $1.5 trillion for 2011.

So far – whether the discussion is about a State’s economic woes or the Federal deficit – every proposal I hear has one common thread. The cost of deficit reduction is to be borne by the U.S. citizen – through higher taxes (assuming the Bush tax cuts are not continued), Medicare, Medicaid, Social Security, Health Care and on and on. Now don’t get me wrong – somewhere and somehow you have to either increase revenue (i.e. taxes or and expanding economy) or cut spending to restore fiscal integrity to the system.

My question is this. If the Great Recession was caused by the greed of the Financial Industry, which was saved from economic death by the Government and the taxpayers and the recession is the cause of the deficit problem we now face, shouldn’t those responsible for the problem be called upon to bear the expense of resolving the problem? After all, as reported in The Wall Street Journal on March 25^th, U.S Finance Profits are soaring and have jumped back to $426.5 billion in the 4^th Quarter – nearing their high levels in 2006. Isn’t that nice? They get bailed out, saved from falling off the face of the earth – and now they are back to where they were before the recession. At the same time, the Administration and the Republican platforms are advocating budget restraints on the backs of the U.S taxpayer. My question is why us – and not them? Whatever happened to the notion of laying blame where blame belongs and making those at fault bear the cost of their actions? It doesn’t seem that difficult to me. The corporate profits of the Financial companies are presently running at an annual rate of $810 Billion. Here lies a simple solution. For the next 10 years, impose a 30% financial sector “Get Well Tax.” Assuming growth rates of 10% annually for the financial sector, the revenue increase would be $3.868 Trillion over 10 years. As a measure of protection so that the financial wizards that rule our great nation cannot weasel out from the tax, Congress needs to assess the tax on financial institution profits before officer compensation in excess of $250,000 per officer.

So what do you think – is it reasonable to make those responsible pay for resolving the problem – or should we just let our representatives continued to be influenced by the greed of Wall Street and saddle the U.S Taxpayer with the cost of resolving the problem created by the financial sector?

Ken Gross is an attorney with THAV GROSS PC (www.thavgross.com) and hosts The Financial Crisis Talk Center (www.fctalkcenter.com), a radio program that airs weekly at 9 AM on Saturday mornings on WDFN “The Fan” 1130 AM.Tweet

On justice served upon Bin Laden – Pause and Reflect — on those we lost, how we came together, and maybe .. how we now move forward

As Americans, we have endured hardship and pain during the Financial Crisis. Tonight -  remember how we, as Americans, endured unrelenting sadness, anger and ultimately pride in how we came together. If we can harness that emotion, we can overcome that which we face and move forward to a better day. Tonight, however, pause and remember the pain for all those who lost …. and feel good to be an American. Tweet

Guest Article – The Effect of U.S Debt Crisis Affects theGlobal Economy

The Effect of U.S Debt Crisis Affects the Global Economy

By Kevin Craig

Even after recession, the United States is still considered to be the financial ‘safe heaven’ by investors across the globe. It has become a deeply ingrained myth that America is an exceptional nation having a special motto. So, whatever be its financial state of affairs and its increasing national and public debt, investors always tilt their focus on this country. We know how China and Japan have huge investment in U.S debt market. However, this over-complacency got a jolt as Standard and Poor reviewed its long term credit rating on U.S economy. It suggested on Monday, April 25, 2011, that America may be downgraded from its ‘stabilize’ status to ‘negative’ status. However, this does not in any way indicate that the country is on the brink on debt crisis. If any negative sign erupts in the U.S economy, its immediate shockwave hits the global economy. After Standard and Poor circulated the report, investors immediately retreated from risky asset and rushed to the secured items.

We should not get apprehensive considering the magnitude of U.S debt amount. Japan’s debt is greater than America in respect to its GDP. Until recently, European countries were scrambling for debt aid to bail out of sovereign debt crisis. If Portugal or Spain falls in debt crisis, it may generate a wave of uncertainty among global markets. But this will never prove to be catastrophic. On the contrary, if the U.S economy stumbles, it can shake the very foundation of the global economy.  The role it plays in global economy is so crucial and indispensable that if it crushes, it will suspend the operating system of the global economy.

The U.S dollar is still the dominating currency in most of the transactions of foreign exchanges. When uncertainty stirs investors, most of them prefer to take recourse to the U.S dollar. America may have increased its percentage of national deficit, but until now there has never been any difficulty for America to obtain huge foreign credit at a low interest rate.

However, if this positive perception among global investors starts to alter after the report issued by Standard and Poor, the U.S will no longer be able to retain its prestigious status among nations. Its currency could sink. Its national treasury security would no longer entice the investors. The government will be forced to pay higher rates of interest on its debt and this will create difficulties in stabilizing the budget deficits and mitigating the burden of debt.

Kevin Craig is a financial writer associated with Oak View Law Group. He has been providing advice on debt relief since 2007. With his advice, many people are now living a debt free life.

Distressed debt investing – Its role in regaining the balance in the economy – by Robin Williams

Distressed debt investing – Its role in regaining the balance in the economy

With the huge debt level spiraling out of control, an increasingly large number of people are looking for ways to boost their income resources. Though there is a wide array of debt relief services like debt consolidation and debt management companies that help people to stay out of debt, yet the most common question that bothers the debtors is ‘is debt consolidation good’. When this is the question that is bugging you, you may try your luck in investing. Have you ever heard of investing in distressed debt? If you haven’t, the concerns of this article will certainly get you educated.

Investing money in distressed debt:

With the present economic conditions, the distressed debt market is a pretty risky one. If you were always interested in investing in mutual funds and earning good returns, you can try to invest in the distressed debts. The traditional hedge funds are slowly losing their importance as the distressed debt is becoming highly popular. Therefore, if you’re worried about ‘is debt consolidation good’ you can try investing in the distressed debts and pay off your accumulated debts.

How are the hedge funds related to distressed debts?

As a financial company is about to file bankruptcy after having amassed huge amount of debts, their bonds, loans and convertible loans all become worthless. A firm that is going through such a financial condition is known as distressed entity. Though a hedge fund investor knows that investing in such funds can be extremely risky, yet they are also aware that if such distressed funds are handled properly, they can help you gain huge returns. Distressed debt is such an investment that requires large amount of initial investment and this is the reason why mostly rich investors invest in such funds.

Role of the distressed debt investors in balancing the economy:

The hedge fund investors help a distressed firm by trading their securities and this helps them recover financially. The risk of investing in a distressed debt is particularly faced by the investor as the firm may never recover from its bankrupt state. In such a situation, the investor may incur huge losses. Therefore, you must first try to handle your investments and then try investing in the distressed debt market.

Therefore, if you have been skeptical about ‘is debt consolidation good’, you may consider the above mentioned points before taking the plunge into the distressed debt investment market.

Guest of the Week – Robin Thompson, President of Budget Wise Consulting, Inc.

Listen to the Podcast from February 5, 2011 or learn more about Budget Wise Consulting, Inc.

Ken Gross Interviewed by the Examiner.com – Detroit

Check out Lori William’s interview of Ken Gross in the Examiner – Will Santa Bring an end to the Housing Crisis for Christmas?

Thav Gross in the Wall Street Journal ..

By ROB JOHNSON

For many entrepreneurs, phoning an attorney summons images of a ticking clock and mounting bills. Now law firms are trying to win new customers by offering deep discounts for start-ups.

Some firms are offering small businesses a flat monthly fee rather than charging them by the hour. Others offer flat rates for certain services, such as handling the paperwork for starting a company.

Many small companies say the discounts are a big help at a time when budgets are tighter than ever. Ray Case, a plumbing contractor in Ann Arbor, Mich., says flat fees from attorney Ken Gross proved precious as he journeyed through bankruptcy court, folding one company and forming another. He paid $10,000 total for at least 100 hours of work, and estimates he saved at least $15,000 over typical hourly rates.

“When you’re basically out of money,” says Mr. Case, “you can’t give an attorney a blank check.”

Born of Necessity

The impetus for these deals is simple: Lawyers need to drum up more business, but many entrepreneurs can’t afford traditional payment plans these days. “The economy has melted down, and a lot of work we’re doing is for people on a tight financial budget who can’t commit to an hourly fee schedule,” says Mr. Gross, managing partner at Thav, Gross, Steinway & Bennett PC in suburban Detroit.

Mr. Gross, whose firm started offering flat rates to small businesses in 2005, says his small-business clientele in the first half of 2010 was quadruple that in the same period of 2005. “You have situations where people got buyouts and had little nest eggs of money,” he explains. “They’re trying to replace income from the jobs they lost.”

Sadly, he says, there’s another reason demand is booming: Many small-business clients, like Mr. Case, need help with debt resolution and bankruptcy-related matters, rather than with starting up.

The deals are springing up across the country. In New York, MasurLaw offers small businesses a flat rate, starting at $500, for services such as help with launching a company. Senior partner Steven Masur says that “when the recession hit, we felt that predictable pricing would take the guesswork out of legal fees,” raising the comfort level of potential clients and fostering continuing relationships with them through their early days.

In Blacksburg, Va., Creekmore Law Firm PC introduced a plan last year that charges small businesses a flat rate of $75 a month, after an initial fee of $750. “Some small-business owners would come in for an initial consultation, find out our hourly fees and wouldn’t come back,” says Keith Finch, an associate at Creekmore. “They’d just disappear.”

Proceed With Caution

To be sure, there are some potential hazards for small businesses in going this route. Joseph DeWoskin, chair of the American Bar Association division that specializes in issues facing small law firms, advises entrepreneurs to check references and get promises in writing. Be careful, he says, of “the bait and switch, where they tell you they can do it for this price and then say they can’t.”

What’s more, you can’t expect attorneys to do everything for a flat rate. Most lawyers who offer these deals set limits for what the discounts cover. For example, Mr. Finch excludes some potentially time-consuming legal work from his small-business price, such as suing or defending against litigation, and giving tax advice.

Further, some law firms insist that their discounted services for entrepreneurs be conducted on the phone, rather than consultations in their offices, to speed up the conversations. Others want much of the work to be done via email. That might make for a distant relationship between lawyers and clients.

Some entrepreneurs, however, say that they don’t mind, since they’ve gotten used to dealing with customers that way to save time. Rafe Steinhauer, president of Benefeast LLC, a White Plains, N.Y., company that raises funds for nonprofit organizations, says long-distance contact works fine once a sound relationship is established.

“You don’t have to keep making special trips to the lawyer’s office,” he says.

Mr. Johnson is a writer in Roanoke County, Va. He can be reached at reports@wsj.com.

What Do You Think of Your New Tax Assessment .. I'll Tell You What I Think ..

Dear National Banker Association and Persons Responsible for Maintaining Fiscal Policy in the United States during the 1990’s and 2000’s:

Well where do I begin. How about with my Notice of Assessment that I received Thursday from the City of Farmington Hills, Assessor’s Office.

Thank you, thank you, thank you. I’m so happy to see that my taxable value of my home, as well as my Assessed Valiue declined $11,930 this year, which represents a 8% decline in value. I’m down to $127,560, which means a FMV of $255,120. In 2006, my Assessed Value was $198,640, which means the equivalent of $397,280. Well, well, I’m sooooo happy. I’m only down $142,160 in value since 2006, 4years. A measely 35% decline in value.

Not bad. I did pay $250,000 for the home in 1989. And now, after maintaining it, improving it, caring for it and even loving it (or at least my wife) I’m so happy to see its worth $255,120. Thank you, thank you.

I’m so glad that your view on things is that I have a moral oblgation to pay my $400,000 mortgage even though my house is now only worth $255,000. I guess you have a point. But don’t morals run both ways – isn’t it a two way street? If I have a moral obligation to stick with a investment that has turned bad, don’t you have a moral obligation to step up to the plate and bear financial responsibility for the financial meltdown you caused?

I know. You don’t see it that way. You know what. I don’t give a rats ass as to what you see. Maybe its time you wake up, look in the mirror and see what we see. A self righteous, arrogant pig that has rapped our country and people of the good which it deserves –  and that’s the way it is.

Ken Gross

TGSB and Ken Gross comment on Business in the Detroit News

Small businesses in distress

Small businesses in distress

‘It’s nasty out there,’ attorney says, citing increased closures, bankruptcies in Mich.

Jennifer Youssef / The Detroit News

Many small businesses in Michigan are in danger of closing their doors this year due to lack of credit lines and decreased demand for their goods and services.

Unable to get credit from banks, an influx of small companies in Michigan, already on the brink of closure in a struggling economy, filed for bankruptcy last year. And the worst of it probably isn’t over, business experts predict.

“It’s nasty out there,” said business attorney Ken Gross, a partner at Thav, Gross, Steinway & Bennett PC in Bingham Farms. “We’re in for a very difficult year.”