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Minimum wage, the new norm : Swingers Discussion 210309
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FORUMSGeneral DiscussionsPoliticsMinimum wage, the new norm
TOPIC: Minimum wage, the new norm
Created by: Robert_Hil
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Fun again provides a succinct explanation of housing's role in our recent financial calamity.

Amherst Canada
 
 
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Lmao. I don't wAnt a fucking thing that has anything to do with obamass

Rayne LA
 
 
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Well, at least you got your Obamaphone...

Lakeside CA
 
 
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I know I was on my I-Phone and cannot type worth a shit, We had to go to Mississippi today to bring a load of shrimp and were stuck for 4 hours because the damn I-10 Was closed because of a bad wreck.

Mickey.

Rayne LA
 
 
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"I don't know Robert me withy no education andy wife just started our 2nd. His ess in 3omhs with you know money I saved while abandoning my fily. "

Just wow.

Lakeside CA
 
 
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Robt,

nope!

Fun:

i concur 100%. the back office portion of our meltdown was nuclear. i am on my 3rd book about it and i listened to it all day every day for 18 months while we went through it. it sucked!

Philadelphia PA
 
 
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I don't know Robert me withy no education andy wife just started our 2nd. His ess in 3omhs with you know money I saved while abandoning my fily. And yup we are building it ,,fuck the government we don't need or want them in our buisness. Let's c how smart you are? Our business is crawfish. We sunk every dime of our Money into it. I think we will make a cpl bucks

Rayne LA
 
 
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Jinx:

"one more thing in which i disagree with you. the inability to dischrage a student loan is NOT unfair one bit.

the big difference between student loans and standard debts. i will ask you to look into the difference and get back to me."

It is all debt, it is all a gamble if you are going to make it or not based upon your hope to either be successful in a career or in business. The only difference is that an education provides enlightenment to ideas that you were otherwise ignorant of... A business loan is simply a debt you take which betters only you if you are successful... or you are out of business and the bank takes a loss when you file for bankruptcy.

So I ask you, which one benefits the public more? A more educated public which can use reason and logic? Or an ignorant one where only a few people can advance themselves?

Hazle Township PA
 
 
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Maritimers and Jinx both make pretty good points.

Of course the people taking out the loans bear responsibility. They bought homes they couldn't have afforded the payments on, except possibly at the low initial "teaser" rates. Existing homeowners used their home equity like a piggy bank, taking out HE loans or cash-out refi's. They over-leveraged, but that's just part of the story. 

I've gotten tired of hearing people repeat the utter fiction that the crisis resulted from lenders being forced to make all these loans. The vast majority of sub prime and Alt-A loans originated with mortgage companies that weren't even subject to CRA. Even with all the finger-pointing, I have yet to hear even a single mortgage origination company try to defend themselves with a "CRA made me do it" defense. 

Those lenders were begging people to take out loans, both purchase-money and re-fi. And it has now been documented that many of those originators used deceptive practices (in addition to poor underwriting) to do it. 

Even with all that, we wouldn't have had anything more than a housing bubble recession. Painful, yes; devastating, no. 

This one was worse because of the mortgage bundling through MBSs and CDOs. Those things multiplied almost exponentially throughout the last decade and permeated the financial markets. The issuers made a bundle, but piled their over-leveraging on top of the debtors'. Capital requirements were avoided. 

But the thing that made it as bad as it was, were credit default swaps. Those were huge, multi-billion dollar, largely undisclosed, unregulated, casino-style bets by firms like AIG and Bear Stearns. CDSs were the final ingredient for a perfect financial storm. 

People still don't seem to understand just how close we came to total financial cataclysm. As much as I detest the concept of TARP and some of the other bailouts, I really think we might have seen blood in the streets without them. 

Belle Chasse LA
 
 
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one more thing in which i disagree with you. the inability to dischrage a student loan is NOT unfair one bit.

the big difference between student loans and standard debts. i will ask you to look into the difference and get back to me.

Philadelphia PA
 
 
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TOPIC: Minimum wage, the new norm