Fastbucks and the New Mexico Attorney General are stuck in a legal battle. Image from Flickr.

In New Mexico, the lawsuits are flying between the Attorney General and loan company Fastbucks. Attorney General Gary King filed a lawsuit against Fastbucks last year. Fastbucks has counter sued. At issue? New regulations on payday lending that Fastbucks successfully fought in court in 2006.

The original lawsuit against Fastbucks

The lawsuit that started this tete-a-tete in New Mexico was filed by Gary King against Fastbucks and one other instant payday loan company. The suit, which was originally scheduled to go to court on July 6, was a civil suit. The suit claimed that Fastbucks was responsible for “unconscionable” loans. The judge ordered that Fastbucks and the New Mexico Attorney General were to attend mediation, but the Attorney General did not attend the session.

Fastbucks’ countersuit

In the Roswell district court, Fastbucks filed a countersuit to the Attorney General’s civil suit. Fastbucks alleges that the Attorney General is suing them to “create legislation with litigation.” The suit also alleges that the case has been filed as a reaction to the failure of the legislation to pass in 2006. This lawsuit does not yet have a court date set. It is possible that the New Mexico Attorney General may file for the judging of the suit to be moved. Because the counter suit was filed in a different district than the original suit, there may be issues of jurisdiction.

The essential arguments

The arguments in the New Mexico case come down to the question of “unconscionable trade practices.” The Attorney General of New Mexico claims that these instant payday loans charge too much money for the lending service they provide. Fastbucks and other stores that deal in payday advances say that they are being unfairly targeted for providing lending to high-risk customers. Providing an instant loan to high-risk lending groups is an expensive proposition, so the interest rates are high. Many states and attorney generals have been taking action against these businesses, saying they take unfair advantage.

Lessons that help teach responsible borrowing or responsible lending should start at a young age. (Photo: ThinkStock)

Despite large problems like a state budget that remains in shambles due to rampant government spending, California legislators are reportedly hard at work to come up what they consider to be a responsible lending approach to payday lending. Unfortunately, they abandon the concept of a self-regulating free market economy by mistaking shackling payday lenders with being responsible. The more legislators squeeze the system in which payday advances are distributed, the more difficult it becomes for quick loan outlets to turn any sort of profit, argues the responsible lending outlet Pay1Day in a recent press release.

Responsible lending means exercising informed choice

A balanced view of America’s free market economy suggests that hyperactivity to ban payday advances does not constitute a move toward responsible lending. The reality is that the facility and expense of such quick loans from payday lenders are much more relative. The recessionary economy and its resulting credit crunch have limited the options for many consumers who need short term credit. Unemployment and underemployment don’t make this crucible any easier to bear. Bills still must be paid; life’s emergencies continue. Legislators who live comfortably on their legislator salaries have proved themselves largely unable to walk in the shoes of their financially modest constituents and understand the need for payday advances. Hence, they don’t see the ill in removing such choices from the short term credit market with overzealous regulation.

Weighing expenses vs. consequences

Pay1Day points out that the bulk of quick loan customers use the product not for impulse purchases, but to help them avoid less desirable financial alternatives. More expensive avenues such as checking overdraft, utility shut off or mortgage default can be avoided if consumers have the option to pursue other forms of short term lending that are available even when credit scores are low. While it is true that the APR on a payday loan can be expensive in a relative sense if other types of bank loans are available, credit-constrained consumers generally don’t qualify for small scale bank loans at ultra-low interest rates.

Where do the charges for payday advances come from?

Contrary to the belief of groups like the Center for Responsible Lending, payday lenders do not charge rates in the neighborhood of 391 percent APR (for a standard two-week loan) simply because they can. Taxes and other legislation create operating expenses that lenders must recoup in order to function. If legislators squeeze harder, most lenders will close their doors and jobs will be lost by the thousands. Consumers who need access to short term credit are hurt in the process.

Thus, Pay1Day suggests that California and other states can maintain price-regulating competition in the market and inform consumers about their lending choices through educational programs. Educated consumers should be allowed to make their own choices. A nanny state that spoon feeds is less than desirable. A government that places heavy restrictions without any real efforts at education is far from a responsible government.

Sources:

PR Newswire

Benzinga

America’s real OK Corral for responsible lending – the mortgage crisis:

Plans for the Cordoba House - a community center that will include a mosque - at Ground Zero have unleashed a flood of emotion. Image from Flickr.

There are plans to build a mosque at Ground Zero, and emotions are running high on both sides of this plan. The planned Cordoba House will be a 15-story community center that includes a mosque. Funded with payday advances from the Cordoba Initiative and the American Society for Muslim Advancement, the community center was first announced at a Lower Manhattan Community Board meeting this week.

Mosque at Ground Zero a part of a community building

The plans for a mosque at Ground Zero are not for a purely religious building. Instead, the Cordoba House project will include a performance art center, gymnasium, swimming pool and prayer space. The planned space for the community center and mosque at Ground Zero is the former Burlington Coat Factory building, between West Broadway and Park Place.

Detailed plans for mosque at Ground Zero

The Cordoba Initiative estimates that the community center and mosque at Ground Zero will cost about $100 million. The building would be funded by the Initiative, the American Society for Muslim Advancement and donations. The land for the Cordoba House is already owned by the Cordoba Initiative and does not involve any zoning changes. Even though the building does not require approval by the Community Board, the Initiative chose to discuss the plans at the Community Board Meeting voluntarily. The Cordoba House would be open to all and would aim to help promote Muslim-American understanding through offering needed community services.

Rumors about the mosque at Ground Zero

There have been many rumors flying about the possibility of a mosque at Ground Zero. One rumor states that the building is planned to open on Sept. 11, 2011 (the 10-year anniversary of the attacks). However, the Cordoba House will take between three and five years to build after funding is secured. Groundbreaking for the building may happen soon, but no solid plans for a date have been set. The building will be more than a mosque at ground zero; it will offer community services that are lacking in the mostly business oriented area.

Reactions to the mosque at Ground Zero

The reactions to the community center and mosque at Ground Zero have been understandably mixed. Some friends and family of September 11 victims are decrying the plans as “hypocritical and sacrilegious.” Other New Yorkers, already shaky from recent attempted attacks, are calling the plan “dangerous.” At the same time, other friends and family highlight that 10 percent of the victims of the September 11 attacks were American Muslims. Muslim community leaders respond by pointing out that religious extremists do not represent the feelings or actions of most American Muslims and are just that – extremists. So what do you think? Is this community center an insult or an effort at religious tolerance?

Sources:

Cordoba Initiative
CNN.com
Associated Press at http://www.lakewyliepilot.com/2010/05/06/718186/mosque-going-up-in-nyc-building.html

FDA Sodium study could take years

Trials by the FDA take a long time to determine the positive or negative impact of a particular substance.  Sodium, though it is a vital part of the diet, is good for the body up to a certain point, after which it becomes a detriment.  The US Institute of Medicine, part of the National Academy of Sciences, is spearheading the call for the FDA to regulate sodium in food.  A recently published Institute of Medicine report states that Americans have too much sodium in their diets.  The study was initiated by a Congressional request in 2008.

Sodium is vital in proper proportion

Sodium does play a vital part in the body, and according to this Health Canada page concerning sodium intake, it’s directly involved in maintaining and balancing fluids.  However, too much sodium results in higher blood pressure, which leads to hypertension and heart disease, the number one killer among U.S. adults.  According to the IOM brief, the main source of sodium in the American diet is through added salt.

Key ingredient in foods not exactly Weight Watchers approved

Many high fat foods, such as french fries, pizza and a lot of preserved and processed foods, a maligned mainstay of the American diet, use more salt than the IOM or American Medical Association would like. The American Medical Association has asserted, according to USA Today, that if restaurants and other food companies were to reduce sodium content by half over the next 10 years, about 150,000 fewer people would die as a result.  The IOM states that normal intake is 3,400 milligrams daily, over twice the recommended 1,500 milligrams.

Number one cause of death for U.S. Adults is heart disease

The number one killer of Americans is known to be heart disease. It has long been suspected that it is tied to our diet.  Sodium intake that’s too high is known to lead to higher blood pressure, a common cause of heart disease, and a heart transplant even on the insurance of Croesus costs more than no fax loans can possibly cover.  If there is possibly merit to limiting sodium levels, perhaps it’s worth looking into.

(Photo Credit: http://www.flickr.com/photos/toofarnorth/ / CC BY 2.0)

Apple seems to have entirely snubbed Adobe products in the iPhone 4.0 OS. Image from Flickr.

When Apple announced the new iPhone 4.0 operating system yesterday, there was a clause buried in the developer agreement that has raised Adobe’s hackles. The Apple Adobe rivalry has been going for years, but Apple has now officially snubbed Adobe’s Flash platform for the new OS 4.0 iPhone. If you want to watch video on your OS 4.0 device, you may need a loan to buy the right iPhone app.

Adobe Flash not allowed on the iPhone

The basic reason Apple gives for not allowing Adobe Flash programs on their operating systems is simple – that Flash will use more than its fair share of operating resources. Steve Jobs and Apple have answered all questions about allowing Adobe Flash to run on the Apple operating systems with simple a simple “no.”

Adobe’s response to Apple

Adobe systems, recognizing that not being allowed on any of the millions of Apple devices could be a business killer, has created a workaround. It is an embedded program that re-renders all Adobe Flash programs into a non-flash, iPhone OS friendly system. However, Apple has not yet approved the Adobe workaround App, and has not stated it has any intentions of doing so.

Is Adobe really better for Apple devices?

Of course, the biggest argument for why Apple devices should include Adobe Flash is that many websites already use flash. About 70% of online gaming sites use Flash.Of all online video sites, including YouTube and Hulu, 75 percent use Adobe Flash as well. However, Apple developers insist that their proprietary programs and HTML-5 based systems simply work better. Though like payday advances, the best user experience depends on many factors.

How will the Apple Adobe rivalry work out?

Adobe is not saying that the Apple snubbing of Adobe Flash will be the death knell for the company. Adobe is working with many other hand held device manufacturers, and over 1.2 billion mobile phones on the market are still Flash-capable. The iPad competitor WePad is also set to run Adobe Flash, as will the HP Slate.

Founded in California in 1999, Allied Cash Advance (See www.alliedcashadvance.com/) is currently headquartered in Miami, Florida. The company prides itself on “providing a convenient, economical alternative to the high fees charged by banks, utility companies and other service providers.” Personal Money Market would certainly like to dispute the “other service providers” claim if Allied Cash Advance is indeed referring to payday loans outlets like this one, but we’re in agreement with the rest. Overdraft fees and late charges are a much more expensive alternative than cash advance and payday loans.

They’re aiming high at Allied Cash Advance

It’s no surprise that Allied Cash Advance wants to be “the premier provider of short term cash needs in America.” Their core values revolve around the following:

• Team – People are what make Allied Cash Advance go. “We strive to maintain a culture based on respect, recognition, development, cooperation, and fun.”
• Passion – To deliver outstanding service and performance.
• Responsibility – Accountable to shareholders and the company through “fiscal awareness and profitability.” What about customers, Allied Cash Advance?
• Community – Allied Cash Advance is committed to improving its communities.
• Integrity – Being ethical in all functions of the cash advance and payday loans business.

What products does Allied Cash Advance offer?

• Auto Equity loans – Ranging from $2,500 to $15,000 by tapping into your car’s equity, whether it’s paid off or not.
• Cash Advances and payday loans – Immediate, unexpected expenses are real budget killers. Allied Cash Advance “gets you the money you need in a matter of minutes.”
• Credit Rebuilding – The Allied Credit Reporting Program enables you to build your credit history by reporting your timely loan payments.
• Express Credit – If you have a good payment history with Allied Cash Advance, you can borrow anywhere from $700 to $1,500.
• NetSpend – Prepaid Visa and MasterCard debit cards that require no credit check or application.
• Other Prepaid Services – Phone cards, gift cards and more.
• Tax preparation – As an authorized IRS e-File Provider, Allied Cash Advance can prepare your tax return and file it electronically, sometimes even on the same day. Doing this is much better than taking out tax refund loans.
• Title Loans – Based upon your vehicle’s wholesale value, borrow anywhere from $300 to $5,000

Allied Cash Advance has an online presence

It may not equal the brick-and-mortar presence of the company, but it’s growing. According to compete.com, Allied Cash Advance received 7,791 unique visitors in December 2009, which reflected a 12.34 percent increase over the previous month. In terms of total visitors, there were 8,233 (a 6.37 percent increase over November 2009).

Search methods and terms that led the most traffic to the Allied Cash Advance Web site are also quantified by Compete.com. Google.com led the search method pack at 26.68 percent, while Yellowpages.com (9.11 percent) and Speedycash.com (8.12) followed. The most common search term used was “Allied cash advance” by a wide margin (41.05 percent) over the terms that follow: “payday loans” (9.27 percent) and, interestingly, “Cash advance aurora Colorado” (7.51 percent). Apparently people in Aurora know their cash advance and payday loans. Personal Money Market would certainly welcome them.

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Becoming a part of Statistics

According to Washington Post writer Guy Gugliotta, there was “a survey of 44 cities, the Center on Budget and Policy Priorities found that 75 percent of the low-income households earning less than $10,000 per year are paying more than 30 percent of their incomes in rent.” (a.08, Nov25, 1992)

In today’s day and age, many have found themselves closer and closer to being part of this statistic. The rich are getting richer and the poor are getting poorer. Soon there will no longer be a middle class; just the poor and the rich. Now I consider myself to be of the lower middle class income level. However, I would be ranked in the lowest class if it wasn’t for installment loans for people with bad credit. In fact, I think many people depend on money loans to get by these days. Without this option, the middle class would become obsolete.

Payday loans are for all income levels

Some are as low as 50 dollars and others as high as 1500 dollars, whichever the case, Personal Money Market can help alleviate the situation that’s plaguing America today.

“The study discovered that poor households in California had the gravest problems with rents, with five California urban areas showing 87 percent or more of low-income households unable to obtain affordable housing.” (a.08)

Every product or service you can think of is on the rise, especially in California where many of its residents are unable to pay their rent. I’m not personally from California, but I have been in this dire situation on more than one occasion. My pay day just wasn’t coming soon enough in some cases. In one instance, I had to send my 7-year-old daughter out of state to go live with family because I could not come up with rent. I was not going to drag my little girl through homeless shelters, so I sacrificed my time with her. We are now together again, but I don’t know what the outcome would have been if I wasn’t able to get short term loans online during the hard times.

How loans can help.

Hard money loans helped me stay afloat and, in many situations, can help all families keep their housing or even get the deposit to move into a new home. Now instant cash isn’t always an option. Some people resort to illegal activities just to keep their home. This is not an option to the average person. You can get payday cash with a fax less payday loan. I use same day loans for a lot of different reasons. I avoided homelessness once. I also repaired my car a few times using money from an online payday loan.

Pay day loan advances can’t fix the housing crisis in California and throughout the United States, but It can help a lot of working people keep what they have strived so hard to achieve. I am grateful everyday for Personal Money Market. Had they not help loan me fast cash, I would not be here today to tell you about this very topic. Thanks for reading and I hope you can find relief with all your money woes through the same service.

Start Your Money Loans Application HERE!

If you want to sit back and analyze it, there are lots of perfectly good reasons to get payday advances. Emergency medical bills, cars that don’t start, appliances that won’t run, bills that were over-looked, bills that are past due, bank accounts that are overdrawn, irresistible one-day-only retail discounts, and — not least of all — refrigerators that are empty. Throw into the mix a kid’s daycare expenses last week, a kid’s broken tooth this morning, a kid’s lost coat this afternoon, a kid’s birthday tomorrow, or the prospect of a weekend without a dollar to your name.

But it’s so much simpler and every bit as honest to say that the one good reason to get payday advances is that it’s just really tough these days to make ends meet. Anyone who lives from paycheck to paycheck knows what a difference just a little instant cash can make.

Payday Advances are so easy to get

When you apply for payday advances at Personal Money Market, everything is done online. There’s nothing to fax, no phone calls to make, and no need to drive anywhere. It takes just a couple of minutes to complete the application and as soon as you do, Personal Money Market searches through a large network of payday lenders and instantly connects you with the one offering the best loan for your situation. You’ll know right away whether your loan request is approved, and before you accept you’ll know exactly how much the loan will cost and when payment is due. In many cases, funds can be deposited to your bank account in as little as two hours after your loan is approved.

Payday Advances are so easy to pay back

Unlike credit cards that can be easy to over-use and hard to pay off, payday advances are paid back automatically on your next payday. You don’t even have to remember to write a check or go online to pay. Sometimes you can qualify for installment loans – or better yet, installment loans for bad credit – which allow you to make several smaller payments over a longer period of time. Either way, you can’t overspend and everything is disclosed upfront so there are no surprises.

Payday Advances offer so many advantages

No credit check

Bad credit or no credit okay

Nothing to fax

Loan amounts of up to $1500

Quick, secure, hassle-free application

Convenient repayment

Instant peace of mind

APPLY HERE for Payday Advances

If you want to use plastic without overspending, get a payday advance and use your debit card.

Just when you could really use it, you run out of cash. You scrape together enough money to pay the mortgage, and the home insurance bill comes in the mail. You might be able to let that slide until next payday, but then, just for good measure, the car won’t start. Naturally, your kid takes this opportunity to remind you that his karate class fees are due tomorrow.

Payday advances can help you avoid credit card debt

When money is tight, it can be tempting to use credit cards. But when you’re living from paycheck to paycheck, credit cards make it very difficult to stick to a budget. If you charge just a couple hundred dollars a month and pay the minimum payments, you’ll soon find yourself swimming in debt. Before long, you’ll run up a debt that will take years to pay off.

Applying for payday advances is absolutely hassle-free

It’s quick and easy to apply for online payday advances. At Personal Money Market, it takes just a few minutes, and in many cases funds can be deposited to your account in as little as two hours. You can apply for payday advances of up to $1500, and the minute you do, Personal Money Market connects you with the payday lender that best meets your requirements. You don’t have to fax anything or even pick up the phone. Best of all, there’s no credit check.

Payday advances are easy to pay back

Most online payday advances are paid back on your next payday in one automatic deduction from your bank account. You don’t have to bother to write a check or remember to pay online. Sometimes you can qualify for an installment payday advance that lets you make several smaller payments over a longer period of time.

Payday advances can help you avoid overspending

Next time you’re short of cash, consider applying for an online payday advance instead of using a credit card. A payday advance doesn’t drag on the way credit card debt does. When you get a payday advance instead of using a credit card, you can’t accidentally overspend: You know exactly how much money you have available. And compared to credit cards, there are no surprises: With payday advances, you know exactly when the debt will be paid off and exactly what it will cost.

Payday advances can get you through to payday

Borrowing should never be undertaken lightly. (That’s the problem with credit cards – it’s just too easy to forget that every purchase is a loan transaction.) Any form of credit can be misused, and a payday advance is no exception. But it’s completely possible to get the benefits of a payday advance without digging yourself into unmanageable debt.

Before you apply for a payday advance, ask yourself this question: After paying this back, can I get by on my next paycheck without having to borrow again? If your answer is yes, a payday advance is the ticket to your next paycheck.

APPLY for Payday Advances HERE!

Si vis pacem para bellum. If you wish for peace, prepare for war. (Photo: commons.wikimedia.org)

That’s the translation of that Latin phrase. I’m not talking about obtaining pre-emptive payday advances to prepare your budget for war. I’m talking about being prepared to live by the sword.

This Roman saying may prove to be what Israel is preparing for against Iran. At the G-8 summit this past July, Iran was given a September deadline to begin negotiating the stand down of its nuclear program. Just last week, Iran officially responded with a resounding “no.” They produced a document that criticizes other nations’ “ungodly ways of thinking prevailing in global relations” and discusses democracy, human rights, disarmament, terrorism and respecting other nations. Shutting down the nuclear program is off the table, according to Ahmadinejad and Ali Khameni.

Is Obama doing enough to avert war?

That’s the question a recent Wall Street Journal editorial asks. As a sovereign nation, Israel appears ready to protect their interests; they appear poised to live by the motto “si vis pacem para bellum” by the end of 2009 if peaceful negotiations are unsuccessful. Yet the writer questions whether the Obama administration is taking a strong enough stance against Iran’s nuclear proliferation.

If you were Israel, what would you think of this?

1. President Obama has decided to drop Iran from the agenda at an upcoming U.N. Security Council he’s slated to chair.
2. U.S. Defense Secretary Gates has spoken out against the possibility of military strikes on Iran’s nuclear facilities.
3. Russia has said they won’t support sanctions against Iran anymore.

They have the right to defend themselves

Considering Ahmadinejad’s well-publicized rhetoric about “wiping Israel off the map,” it’s understandable that Israel might feel that they need to take matters into their own hands. They are a mighty military power, so they may well have the capability to execute a successful “pre-emptive defensive strike.” Israel hasn’t wanted to jump into such an action; in fact, they’ve hoped that their ally the United States would be the first to jump in.

But the Obama administration has consistently indicated that their interest is in diplomatic solutions. Vice President Biden’s comments (see video below) indicate that the United States would not stop Israel from protecting itself, but that it would also “defend its own interests.” If full-scale war erupts between Israel and Iran, it doesn’t require much of a leap to see Iran retaliating against American targets in the Middle East. Furthermore, America’s oil interests in the region are sadly still tremendous in scope. Thus, America protecting its own interests could translate to a si vis pacem para bellum of its own.

Israel has been very public about their fears

This creates a very different climate than what existed before they carried out secret strikes against an Iranian nuclear reactor in 1981 and against one in Syria in 2007. Now, Israel is making very public practice maneuvers and crying loud about the danger Iran poses. That danger may indeed be quite real (in light of the nation’s Anti-Semitism and the scarred history of violence in the region), yet Obama simply won’t bite.

Will diplomacy work? Will the U.S. be able to talk Israel down from a potential pre-emptive defensive strike? Or does the U.S. want Israel to be their personal cleaner, eliminating a problem for them? The WSJ editorialist throws all of these ideas about. He even suggests the U.S. “isn’t really paying attention,” but I don’t see how that’s possible.

Israel is paying close attention

A report by the Bipartisan Policy Center indicates that by 2010, Iran will “be able to produce a weapon’s worth of highly enriched uranium… in less than two months.” Iran is also expecting anti-aircraft weapons from Russia in the near future, which could speed up Israel’s timetable to react. Significantly, President Obama has left Iran policy up to Prime Minister Netanyahu. They are in the driver’s seat, so to speak.

America wants to part of a Middle East arms race

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Thus, a disabling strike by Israel on Iran’s nuclear facilities would avert that disaster. However, reciprocity would present other challenges that would lead to Americans losing their lives. As George C. Scott exclaims in “Dr. Strangelove,” “I’m not saying we won’t get our hair mussed.” Is that an acceptable political strategy? It seems that no matter what the United States does, we will be involved in this mess. As callous as it may sound, it may come down to what path minimizes the damage. Such is the inescapable path America set itself on, dating all the way back to the “big stick” policies of President Teddy Roosevelt. Only now, the stakes are much higher and the weapons are unimaginably more destructive. No payday advances, no acceptable losses or anything else. Pain will be the everlasting legacy.

Related Video:

Image from Flikr.com.

At a Joint Session of Congress, the president’s speech last night outlined his health care reform plan and addressed controversies and misunderstandings that have surrounded it.The series of videos at the end of this post shows his full speech, but if you don’t have time to watch it, here are some highlights.

The president’s speech last night started off nice and friendly as he spoke about the things Congress and regular Americans generally agree on. He opened by talking abou the economy and acknowledging that we are still deep in the midst of a recession.

President’s speech last night well received

President Barack Obama got his first standing ovation about a minute into his speech when he said “I will not let up until those Americans who seek jobs can find them.” This is great news for people who want to get payday advances, because you need paydays to get payday cash advances.

A hard-hitting moment came in the president’s speech last night when Obama, referring to health care, said “I am not the first president to take up this cause, but I am determined to be the last.” Very loud cheering followed, and it seemed he had his audience in the palm of his hand.

President’s speech last night part one

The first item on Obama’s agenda last night was outlining and explaining the health care bill currently making its way through Congress. The plan has two main parts, he said. The first part “makes what you already have work better for you,” he said.

In the president’s speech last night, he emphasized that nothing in the plan requires people to change the health care coverage they already have. What it does do to existing health insurance is make it illegal for insurance companies to deny coverage because of pre-existing conditions or drop coverage when people get sick. It also gets rid of caps on coverage and adds caps on out-of-pocket expenses.

“In America, no on should go broke because they get sick,” Obama said.

President’s speech last night part two

Obama explained that the second major part of the health care plan provides a way for people without coverage to get it. The health care plan offers a public option for people who cannot get private insurance through their employer or afford to pay for private insurance.

The public option will be self-supporting, paid for by the premiums it collects. It won’t be paid for by taxes. People will be required to carry some type of basic health insurance — who they get it from is their choice — just as people are now required to have car insurance.

“Improving our health care system only works if everybody does their part,” Obama said.

And the evening takes a turn

Up until this point, the president’s speech was punctuated only by cheering and standing ovations. However, it was time to deal with the rough stuff. The president addressed the controversies that have come up because of the health care plan, fabricated by people and “spread by those whose only agenda is to kill reform at any cost,” he said.

Joe Wilson became an instant celebrity — and in this case that is not a good thing — when he yelled “you lie!” after Obama said that the health care plan “will not cover those who are here illegally. You can see a short clip of that moment in my article about the web site called Joe Wilson is Your Pre-Existing Condition. To see the clip in its full context, check out the third video below. The moment of “truth” comes about two minutes in.

All kinds of good stuff

Luckily, that was the only disturbance that distracted from the president’s speech last night. He addressed concerns about how the public health care option will work, which will be similar to Medicare and Medicaid. He emphasized that it won’t put private health insurance companies out of business, much like public universities haven’t driven private colleges out of business. In fact, he believes only about 5 percent of Americans will sign up for the public health care option.

He said it will hold private insurance companies accountable and create competition that will drive prices down and quality up. He explains that the health care reform bill will not add  to the deficit and will mostly be paid for by finding savings within the existing health care system.

Watch the president’s speech last night

If you didn’t watch the president’s speech last night, I highly recommend that you check it out for yourself, as it definitely clears up a lot of confusion and gives you the information you need to form your own opinion about the health care reform bill.