Did the banks double dip with this recession

[ktm525xcatv 5]

Banks got bailed out.

Homeowners get foreclosed on then bank sells property.

The way i see it then no one should get a loan on anything ever.

Maybe save up living with family then pay cash for your house.

 

....and the banks are reporting good profits.

[djg0770 481]

Banks got bailed out.

Homeowners get foreclosed on then bank sells property.

The way i see it then no one should get a loan on anything ever.

Maybe save up living with family then pay cash for your house.

 

....and the banks are reporting good profits.

 

Move here first before you propose this. Do you have any idea how much housing costs even in the SLUMS of NJ?

[Ryan626 5]

As far as i know from my wife and father who both works for a bank, most banks returned the federal bailout money that they were forced to take anyway since they did not want to deal with the policy attached with it.

[ktm525xcatv 5]

Move here first before you propose this. Do you have any idea how much housing costs even in the SLUMS of NJ?

Most likely moving back in with my parents house in northwest NJ. My parents pay ~$12,000 year in property tax alone.

Apartments for comparison are similarly priced out here.

[Cylinder Head 22]

Long story short? Yes.

 

Where is the Fed Funds rate now? Zero. Banks can borrow from the Fed at zero and lend at... whatever.... but only to those with good credit in the public and private sector as there's no need to take on risk when your upside is guaranteed.

 

It goes way deeper than just a double dip. Are you aware of how the recession was caused? I don't have time to write it all out.

[Maksim 1,504]

Long story short? Yes.

 

Where is the Fed Funds rate now? Zero. Banks can borrow from the Fed at zero and lend at... whatever.... but only to those with good credit in the public and private sector as there's no need to take on risk when your upside is guaranteed.

 

It goes way deeper than just a double dip. Are you aware of how the recession was caused? I don't have time to write it all out.

 

 

Except the bail out money. Tax payers should stop bitchin about bail outs. Did you know the TAx payers made out like bandits on the deal? Yep, 8.5% interest on the bail out money. Some banks needed it, others like Chase were forced to take it. Most have since repaid the loans. Only losers so far are AIG (which I think will repay all), and GM.

[Cylinder Head 22]

Except the bail out money. Tax payers should stop bitchin about bail outs. Did you know the TAx payers made out like bandits on the deal? Yep, 8.5% interest on the bail out money. Some banks needed it, others like Chase were forced to take it. Most have since repaid the loans. Only losers so far are AIG (which I think will repay all), and GM.

 

Yeah but you know who the big winners were. Goldman now a bank holding company? How convenient. They pushed AIG over the edge and made billions on both ends.

[Maksim 1,504]

Yeah but you know who the big winners were. Goldman now a bank holding company? How convenient. They pushed AIG over the edge and made billions on both ends.

 

 

Goldman was made a bank holding company in order to take fed funds. They could not as an investment bank. GS will be out of the bank status soon. They already paid off the fed, and bought out Buffet's shares.

 

AIG was way over leveraged. They were writing insurance on things they never expected to fail, they wrote more Credit Default Swap insurance than they had assets on the books. That is why they are a failure. They owed the money to other banks for the losses they suffered.

[Cylinder Head 22]

Goldman was made a bank holding company in order to take fed funds. They could not as an investment bank. GS will be out of the bank status soon. They already paid off the fed, and bought out Buffet's shares.

 

AIG was way over leveraged. They were writing insurance on things they never expected to fail, they wrote more Credit Default Swap insurance than they had assets on the books. That is why they are a failure. They owed the money to other banks for the losses they suffered.

 

I can't find the article right now but essentially Goldman "hedged" aka shorted AIG while at the same time pushing them to insolvency. Goldman became a bank holding company at too perfect a time, as the iBanking world was falling to pieces. As a bank holding company they have unrestricted access to fed funds and have been abusing that privelidge. Now that the coast is clear they can once again change their business model.

 

Everyone was over leveraged. Leverage finance is the devil. I talked with some of our guys who sifted through Bear's MBS holdings when we literally valued and sold their entire book over a weekend and he was shocked at the crap they were holding.

[ktm525xcatv 5]

Sounds like these banks were gambling.

Only one guy i know of went to prison.....bernie madoff.

 

Well i have had perfect credit since i have had credit.

Been out of work here since late may 2009.

No debt except credit cards

$20,000 on one maxed out

$17,000 on another

$2,000 maxed out on a cabelas card

$800 on a walmart card

So if the construction industry doesn't improve the banks may have to eat that debt.

[ktm525xcatv 5]

Except the bail out money. Tax payers should stop bitchin about bail outs. Did you know the TAx payers made out like bandits on the deal? Yep, 8.5% interest on the bail out money. Some banks needed it, others like Chase were forced to take it. Most have since repaid the loans. Only losers so far are AIG (which I think will repay all), and GM.

How were they forced to take it?

[Cylinder Head 22]

How were they forced to take it?

 

They didn't want to make a public finger pointing contest of who was solvent and who was insolvent, so they made EVERYONE TAKE THE MONEY.

[ktm525xcatv 5]

If we just let a bank totally fail could that relive their borowers from paying back.

[matt6669 71]

by making all the banks take money was on one hand really stupid. The point of a free market is to let the strong thrive and the crappy run businesses fail. Instead we just bailed out crappy run businesses so they can go ahead and do it again.

 

Prime example is that dumbass ceo of GM who is now comparing a GM vehicle to a can of soda, GOOD JOB DUDE!

 

Another example is the union workers for FORD are now demanding they get everything back that they had before the crash. UMMM you people do realize that your part of the reason why FORD was in trouble in the first place right? Why should FORD replace your over compensated union contracts in my opinion they shouldn't. In my even more honest opinion if I was FORD I would turn around and say, this is the deal, if you don't like it, there are MOUNDS of non-unionized workers that will come in here and work for what we are paying you now.

 

Unions = the death of this country

[Babaganoosh 192]

Sounds like these banks were gambling.

Only one guy i know of went to prison.....bernie madoff.

 

Well i have had perfect credit since i have had credit.

Been out of work here since late may 2009.

No debt except credit cards

$20,000 on one maxed out

$17,000 on another

$2,000 maxed out on a cabelas card

$800 on a walmart card

So if the construction industry doesn't improve the banks may have to eat that debt.

 

Gooooood luck ever paying that off

[ktm525xcatv 5]

by making all the banks take money was on one hand really stupid. The point of a free market is to let the strong thrive and the crappy run businesses fail. Instead we just bailed out crappy run businesses so they can go ahead and do it again.

 

Prime example is that dumbass ceo of GM who is now comparing a GM vehicle to a can of soda, GOOD JOB DUDE!

 

Another example is the union workers for FORD are now demanding they get everything back that they had before the crash. UMMM you people do realize that your part of the reason why FORD was in trouble in the first place right? Why should FORD replace your over compensated union contracts in my opinion they shouldn't. In my even more honest opinion if I was FORD I would turn around and say, this is the deal, if you don't like it, there are MOUNDS of non-unionized workers that will come in here and work for what we are paying you now.

 

Unions = the death of this country

I don't think ford to any bailout money.

 

Hey and those people that are non-union will also get their jobs undercut by illegal aliens.

 

Cheap labor always wins.

Merck in NJ has people on H1-B visas cleaning toilets and doing data entry.

[ktm525xcatv 5]

Gooooood luck ever paying that off

Bankruptcy

or they will take 7 cent on the dollar instead of nothing.

[Springfield1911 22]

H1-B visa was the the death to workers in this country.

I don't think ford to any bailout money.

 

Hey and those people that are non-union will also get their jobs undercut by illegal aliens.

 

Cheap labor always wins.

Merck in NJ has people on H1-B visas cleaning toilets and doing data entry.

[Springfield1911 22]

Do you even know how much an auto worker actually made wage wise?? I know the exact number. I really want to hear what other people actually think an autoworker makes in those factories. There is a lot of misinformation about wages in the media and its actually pretty pathetic considering a lot of collective bargaining agreements are available online at the NLRB website. All the companies ever had to say at the contract negotiations was "NO". Mismanagement from the top down destroyed those car companies. Not necessarily all the unions fault. Corruption within the union and management has been known to happen but again, upper managment had a hand in a lot of the issues. Now public employee unions are a whole different ball game.

by making all the banks take money was on one hand really stupid. The point of a free market is to let the strong thrive and the crappy run businesses fail. Instead we just bailed out crappy run businesses so they can go ahead and do it again.

 

Prime example is that dumbass ceo of GM who is now comparing a GM vehicle to a can of soda, GOOD JOB DUDE!

 

Another example is the union workers for FORD are now demanding they get everything back that they had before the crash. UMMM you people do realize that your part of the reason why FORD was in trouble in the first place right? Why should FORD replace your over compensated union contracts in my opinion they shouldn't. In my even more honest opinion if I was FORD I would turn around and say, this is the deal, if you don't like it, there are MOUNDS of non-unionized workers that will come in here and work for what we are paying you now.

 

Unions = the death of this country

[Babaganoosh 192]

Bankruptcy

or they will take 7 cent on the dollar instead of nothing.

 

 

Yup and you just screwed yourself for another 7 to 10 years. Yeah you will still be able to get a car or some credit cards. However enjoy your 300 dollar credit card limit. Enjoy higher prices on car insurance, higher interest rates on EVERYTHING. Deposits for utilities. Don't even think of being able to buy a house, some places won't rent to you either.

 

Having a bad credit score sucks. I went thru a bad patch years ago and my bad credit screwed me for years afterwards. I've had my wages garnished, money from my bank accounts seized. It's not fun. Thank god thats in the past but my credit score still isnt back up to what it should be.

[ktm525xcatv 5]

Yup and you just screwed yourself for another 7 to 10 years. Yeah you will still be able to get a car or some credit cards. However enjoy your 300 dollar credit card limit. Enjoy higher prices on car insurance, higher interest rates on EVERYTHING. Deposits for utilities. Don't even think of being able to buy a house, some places won't rent to you either.

 

Having a bad credit score sucks. I went thru a bad patch years ago and my bad credit screwed me for years afterwards. I've had my wages garnished, money from my bank accounts seized. It's not fun. Thank god thats in the past but my credit score still isnt back up to what it should be.

Well i live in a rv thats paid off and i own a newer truck that pulls it.

I have Maybe $500 in the bank and thats it.

If anyone asks i spent all my cash on beer and hookers(prostitution is legal in counties of less the 400,000).

My guns(all but one) were lost in a tactical skydiving incident.

Any precious metals i had were returned to mother nature it was the right thing to do.

 

 

And after whats happend i don't want credit cards. They cause infalation. Even if you pay in full every month they charge merchants 3%+swipe fees.

[Babaganoosh 192]

Well i live in a rv thats paid off and i own a newer truck that pulls it.

I have Maybe $500 in the bank and thats it.

If anyone asks i spent all my cash on beer and hookers(prostitution is legal in counties of less the 400,000).

My guns(all but one) were lost in a tactical skydiving incident.

Any precious metals i had were returned to mother nature it was the right thing to do.

 

 

And after whats happend i don't want credit cards. They cause infalation. Even if you pay in full every month they charge merchants 3%+swipe fees.

 

Ok man, whatever you say. It's not always that easy. When they get a judgement against you in court and come and take your belongings because you have nothing in the bank you will see what I am talking about. You don't give up the stuff you can be arrested. I have one of those letters on file somewhere around here. Maybe if I am bored I'll scan it and upload it for you. Having your wages garnished sucks, having them put a lein against your RV will suck too. Claim bankrupcy I guess. Do it sooner rather than later though

[ktm525xcatv 5]

Ok man, whatever you say. It's not always that easy. When they get a judgement against you in court and come and take your belongings because you have nothing in the bank you will see what I am talking about. You don't give up the stuff you can be arrested. I have one of those letters on file somewhere around here. Maybe if I am bored I'll scan it and upload it for you. Having your wages garnished sucks, having them put a lein against your RV will suck too. Claim bankrupcy I guess. Do it sooner rather than later though

Lawyer i talked to said to wait until they serve you.

Kinda hard to garnish wages when your out of work and out of unemployment.

Only thing in my name is my truck.

From some research online they will settle maybe not always for 7 cents on the dollar they would rather get something then nothing(chapter7).

[Maksim 1,504]

Lawyer i talked to said to wait until they serve you.

Kinda hard to garnish wages when your out of work and out of unemployment.

Only thing in my name is my truck.

From some research online they will settle maybe not always for 7 cents on the dollar they would rather get something then nothing(chapter7).

 

 

You are a model for responsibility eh? Whose fault is it that you did not save any money while you were working? Now you want to dump it all on the banks?

 

I know folks who are unemployed, and ended up saving more money than while they were working. It doesn't take much to be successful. Put 10% of your income away.

[Maksim 1,504]

If we just let a bank totally fail could that relive their borowers from paying back.

 

 

No. You still owe the bank money.

 

 

Lets say you lend me $20k. I go to gamble it away. Tell you to go pound sand, and file bankruptcy. Do I owe you money? Or if you go bankrupt, does it mean I don't have to pay you back?

[ktm525xcatv 5]

You are a model for responsibility eh? Whose fault is it that you did not save any money while you were working? Now you want to dump it all on the banks?

 

I know folks who are unemployed, and ended up saving more money than while they were working. It doesn't take much to be successful. Put 10% of your income away.

Nevada unemployment is only $400.

NJ is 600+, which i could save a bit in that case.

[vjf915 456]

....and the banks are reporting good profits.

A bank is a BUSINESS. Do you expect a BUSINESS to stay open and not make profit?

[djg0770 481]

A bank is a BUSINESS. Do you expect a BUSINESS to stay open and not make profit?

 

It seems to work for the government...

[JackDaWack 2,895]

Is it not this mentality that got us here in the first place. I can just take money and not pay it back because i am unable to do so.. Then complain when the repo men show up to take your belongings. I have a news flash for you, you may not be paying off your debt, but other people are doing it for you. When the banks take a hit from you, they just take it from other people, they have never and will never sport your bill. People can blame the banks all they want but when it comes down to it, they did not force your to take out a loan you couldnt pay, or make you swipe that card thousands of times. So in reality, i have no issue with the banks, i have issues with people who feel they are entitled to free money.

 

I also have a very big issue with people on unemployment who feel they are entitled to sit on there a** and just collect. People honestly need it, and they try to work, but cant. I also know people on unemployment who have under the table jobs which pisses me off even more. Why a 25 year old who never had a real job to begin with gets unemployment is beyond me, with the current system i see why people fall into this mentality but it is not right. I know people who make more money sitting on there a** doing nothing then before they were let go from there previous job.

[vjf915 456]

It seems to work for the government...