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We've gone over the CRA thing. 11% of defaulted loans in the system. It's nonsense. I agree that the government caused the crisis, but they did so indirectly, by failing to properly supervise the entities that did it directly. But, overall, the best and IMO most/only valid element of what Ayn Rand believed was her love for real economic activity vis-a-vis banking and intangibles.
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over 40% of all estate tax paid in 2015 came from estates over $ 50 million.
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If things head really went his way the Magna Carta would have been called the Mothership.Originally posted by iam416 View PostComment
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Heh. One of history's turning points.Dan Patrick: What was your reaction to [Urban Meyer being hired]?
Brady Hoke: You know.....not....good.Comment
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I don't know where you get these numbers, but let's assume 11% is correct. What happened in 2008 was that a real estate bubble popped. If 10% of homebuyers are specifically chosen because they have proven they are unable to manage money, is there any wonder that their imprudent purchases at above market prices would raise the entire market to a bubble? And if the government purchases these mortgages based upon artificially high prices, where is the downside for anyone? As in every bubble, if 10% are fools, that raises prices for the other 90% who react as if the rise is real.11% of defaulted loans in the system. It's nonsense.
The Dutch Tulip Bubble: https://www.focus-economics.com/blog...-market-bubbleLast edited by Da Geezer; October 5, 2017, 12:27 PM.Comment
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Another historical turning point:
Shut the fuck up Donny!Comment
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...and another...
Shut the fuck up Donny!Comment
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The systematic granting of credit to those not worthy of it reaches way, way beyond 11% of loans in the system incentivized by the state. It was the innovation in financial engineering that caused this. Namely, the ability to divorce risk from return, by securitizing bundled mortgages and snake-oiling them out to various holders. The banks no longer had to judge mortgage applicants on their credit history -- just get them in, capture the fees, and shift the risk to others. In hindsight, the system was so complex that even on Wall Street people struggled to understand it, and those that did were getting rich off intellectual arbitrage. If financial-services professionals in the world's financial nevre centre failed to understand it, then it's hard to blame non-specialists in Washington, Main Street or anywhere else. When you allow shit that is so damn complex that nobody can understand it, you're asking for it. Especially when you mix it up in shelter, a basic need. It's not like people can just not have roofs over their heads. Criminal negligence here. Bankers, politicians and political appointees in government should have gone to jail.
What happened is a historic break from government's suspicion of finance. Throughout history, a healthy distrust of financial engineering has served leaders well, and their people. As I am fond of pointing out, one's third bankruptcy under the Mongols was punishable by death. The net benefits of controlling bankers will always be bigger than the net negatives. We do not need financial "innovation" -- at least not the kind we have historically gotten. We need bread-and-butter banking. Innovation is for other things.Last edited by hack; October 5, 2017, 12:55 PM.Comment
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Post-Vegas, by the way, it's starting to look like ``thoughts & prayers" will soon be a synonym for "not gonna do anything about this". As a user of our language, I find this delightful. We would never have such innovative satire if we didn't have such innovative assholery.Comment
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"Innovative assholery".
Heh. I can't wait for next Tuesday's management meeting. Guess I'll be owing you a royalty...“Outside of a dog, a book is a man's best friend. Inside of a dog, it's too dark to read.” - Groucho MarxComment
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Hoping for big-time reactive legislation to every mass shooting. Sound policy. I remember when DJT first mentioned his dumbass muslim ban. Ah, San Bernandino.
Thoughts and prayers.Dan Patrick: What was your reaction to [Urban Meyer being hired]?
Brady Hoke: You know.....not....good.Comment
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Definitely think we need to prosecute the shit out of staw sales when it comes to guns. Incidentally, if this affects AAs at higher rate than white folks, that's a price I'm willing to pay. War on Guns.
Also, a dude in Florida was convicted by the Feds of selling parts to convert semi-automatic weapons (or, you know, one bullet per one trigger pull) to automatic weapons. He's facing 190 years. Hopefully he was sentenced to at least one of those 10 year terms if not more. Need to track that down: http://www.newsherald.com/news/20170...hine-gun-salesDan Patrick: What was your reaction to [Urban Meyer being hired]?
Brady Hoke: You know.....not....good.Comment
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...one more gun law will certainly help me sleep at night...Shut the fuck up Donny!Comment
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Interesting. During the first Iraq war, it was US policy to allow one AK-47 per household for self defense. Does that mean Americans are less trustworthy than Iraqis in a war zone or Americans are more barbaric than medieval Middle Eastern countries?“Outside of a dog, a book is a man's best friend. Inside of a dog, it's too dark to read.” - Groucho MarxComment
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