business & rofessional
The Opportunity Exists
he school year has begun and the
New Year approaches. Looking
at our economy — we
are troubled by the budget
deficit, Congress's infantile
behavior over the deficit cap,
a dismal housing market and
the prospect of flatline eco-
nomic growth for the next
year. Yes, we all share a high
level of justified frustration.
We long for the "fix" so that
the economy rekindles and
we return to the days of solid
growth, available credit and
rising real estate values. It has
been three years since the start
of the Great Recession, however, and the
economy is not on track. Property values
have declined 40 percent — and remain
in an uncertain path between decline and
stabilization. Bottom line — we have lost
our equity in real estate, and the financial
industry expects us to absorb the loss
by paying our mortgages and credit card
Is this fair? Should we bear the loss
when the value of our real estate declined
as a result of the mismanagement of our
economy and the greed of the financial
industry? Does it matter to you that we,
as taxpayers, are underwriting
the cost of the stimulus pack-
age and $180+ billion funding
of the losses of Fannie Mae
and Freddie Mac in the hous-
ing sector? This is a double dip
— but only from our pockets.
My answer is simple: "No,
we should not bear the loss."
Our economic system is bust-
ed, and the result is we lost
our earned equity. Waiting for
real estate values to increase
is not going to reverse the
loss. The situation, however,
can yield a positive outcome. In a good
economy, we are afforded the ability to
make assets increase — through market
and real property appreciation.
What most people don't realize is that
a bad economy also creates opportunity
to gain equity — but in this case it is by
shedding debt. Today's economy yields
unprecedented opportunity to decrease
or eliminate debt — in ways that were
not available in the pre-2008 years. These
are "windows of opportunity" and they
The Credit Union Perspective
By: John Normandeau, President/CEO
BestSource Credit Union
John Normandeau, CEO
on Saturday mornings on WDFN "The Fan"
Radio 1130 AM.
Join us for Free Friday!
When you're in the market for a new vehicle your
focus is finding the best vehicle for the best price.
What really is the best price? Do you take the zero
percent financing or the $2,000 rebate incentive
■ Extended hours 7 am to 7 pm
■ Free ATM fees"
■ Free checking
■ Free checks<
■ Special CD rate**
It's also important to note that a very small percentage of people will actually qualify
for the zero percent financing. If you do a little homework before you step foot into
the dealership and are armed with alternative financing, you might be able to save
yourself some money.
At BestSource Credit Union our mission is to improve our members' financial lives.
We currently have auto loan rates as low as 2.5% *. Stop by a branch or give us a call
at 800.666.4500 to see how we can help you achieve your goals. Our loan officers
can help you determine what the best deal is for you. For more information, visit
* All loans subject to approval and verification of submitted information. Rates and terms may vary depending upon credit qualifications, age
of collateral and relationship with BestSource Credit Union. Does not apply to loans currently financed through BestSource Credit Union.
September 8 • 2011
and host of The Financial Crisis Talk Center,
a radio program that airs weekly at 8:30 a.m.
Here's an example: let's assume the purchase price of the vehicle is $18,000 and you
want to do a 48 month loan. If you take the zero percent financing, your total cost for
the vehicle after 48 months is $18,000. If you take the $2,000 rebate the initial cost
of the vehicle is lowered to $16,000 and assuming an interest rate of five percent, the
total cost of the vehicle at the end of the loan is $17, 686. A savings of $314.
Ken Gross is an attorney with Thav Gross
Dress For Success
To Help Job Seekers
The National Council of Jewish Women,
Greater Detroit Section will host its third
annual event for job seekers, Dress For
Success, from 1-3 p.m. Tuesday, Sept. 13,
at the organization's Council ReSale in
Berkley, 3297 W 12 Mile Road.
Dress for Success is designed for job
seekers who would like to brush up on
their interviewing skills and those inter-
ested in learning how to update their
work wardrobe on a budget.
Karen Gutman, an employment spe-
cialist from the Jewish Vocational Service
(JVS), will be on hand to provide tips
on resume writing, networking and job
search skills. WS is a nonprofit, non-sec-
tarian organization, offering career and
At the Council Resale Shops, attendees
will receive 20 percent off all clothing and
accessory purchases on the day of the
event. Limitations may apply.
Funds from Council Resale Shops
support nonprofit projects across Metro
Detroit and make programs like Dress for
There is no charge to attend and
reservations are not required. For more
information, call Council ReSale at (248)
In the market for a new vehicle? Is getting
zero percent financing for an auto loan
really the best deal?
offered by the dealer? Most people would not hesitate to say that zero percent financ-
ing is the way to go. Who wouldn't want a loan without having to pay interest?
The reality is, that isn't always the better deal.
are as important and critical to your
future economic well-being as is seiz-
ing the moment of the good investment
when we have a healthy economy.
Of course, it is more fun to realize a
$100,000 gain by purchasing real estate
and having it appreciate in three years.
Nevertheless, in today's world, if you real-
ize a $100,000 gain by shedding debt, and
you can accomplish this in one year, you
have accomplished even more.
Some people may have a difficult time
accepting the notion that it is OK to shed
debt, but big business doesn't. Just look
at GM, Chrysler and the airline industry.
Other people worry about being accused
of getting a free ride. Funny, though, the
financial industry certainly does not.
In the end, our government expects us
to pay twice — lost equity plus taxes to
resolve the deficit.
You want help? If so, I suggest you do
what any capitalist would do — seize the
opportunity that is there and look out for
yourself and family. 1
Enter for your
chance to win a $500
Visa® gift* card !
Beverly Hills, Bloomfield Hills, Farmington Hills,
Livonia, Troy Main, Troy North, Shelby Township
6.41 Independent Bank
*One gift card will be given away on Wed., Sept. 21, 2011. No purchase necessary to enter or win.
See official rules for more details.
"Open a new personal checking account on Friday, Sept. 16, and we'll refund any foreign ATN1 fees
you obtain the first three months of account opening. Bring in your IBC statement into any location
listed above for a refund.
Improving Members' Financial Lives
`Open a new personal checking account on Friday, Sept. 16, and your first order of Mini-Pak checks
are free with IBC covering the cost for any expense above the $25 check buy-back offer. Visit your
nearest office for details.
*Restrictions apply, contact your local banking office for more information. Member FDIC.