BF2S Forums Loose Lips Sink Ships ( and banks )

Yeah, a lot of overhead in banking eh?  takes a good union worker hours to build a loan, not to mention the rising cost of materials.  Well, I pointed out that it would take at least a 33% decline in my home value before the bank lost a penny and I have only been paying 4 years. So, where did all the interest go????  Hell, I paid the bank to start my loan.  I paid their fees for paperwork.  All the bank had to do was " theoretically" have 10% of the loan amount.  For this they got a house and $67000 of mine in 4 years so far.  HELL, EVEN THE MAFIA HAS TO HAVE THE FULL AMOUNT OF THE LOAN WHEN THEY GIVE IT TOO YOU AND THEY HAVE THE OVERHEAD OF HIRING SOMEONE TO BREAK YOUR LEGS IF YOU ARE LATE WITH A PAYMENT.

So tell me, Where does all the interest they receive go?

And yes, this last Bail out was put together by.............  Bankers.  taaaa daaaaa.  look at the powers given to Fed. Reserve Chairman, look at what the banks got.  ALL IN THE NAME OF HELPING HOMEOWNER.

don't tell me how it works, which is exactly what you are doing.   Just tell me where all these interest payments go?

Kmarion wrote:

We had more banks go under in 2002 (in less than a year) and you barely heard a word about failing banks.

Exactly.

Why is everybody crying the sky is falling?

Economic collapse.

ATG wrote:

Kmarion wrote:

We had more banks go under in 2002 (in less than a year) and you barely heard a word about failing banks.

Exactly.

Why is everybody crying the sky is falling?

Economic collapse.

The answer of course is that it's being politicized now. When that's done you dummy down the real severity of the problem. The political cults in this country would have you try and put blame on a single person. I'd like to at least see some consistency in our end of the world predictions.

ATG wrote:

Kmarion wrote:

ATG wrote:

Exactly.

Why is everybody crying the sky is falling?

Economic collapse.

The answer of course is that it's being politicized now. When that's done you dummy down the real severity of the problem. The political cults in this country would have you try and put blame on a single person. I'd like to at least see some consistency in our end of the world predictions.

It seems like the world is feeding off of fear and uncertainty. It is so because that is the dish being served up by the large world governments.

Why?

Because fear is a powerful emotion. It tugs at the core of our survivability.

I like what Warren Buffet had to say today

"You always find out who's been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach."

Wall Street and the banks have been entering into higher and higher risk investments and have become nothing more than a self aggrandizing talk shop and if someone comes along with a pin, like schumer, and the bubble bursts I say it would have happened anyway.

When you get banks and credit card companies sending out applications to people with risky credit in the hopes of charging them more interest you have to wonder why they would invest this way. Then I watched the documentary "Maxed Out." It was very interesting and the short story is that when a person defaults on their debt, by the time the dust settles the banks have doubled the debt through interest, penalties and legal fees. The banks actually make more money on the high risk debt when people default and that's why they do it.

BUT then you take high risk and add dropping dollar, recession, extra high oil, rising inflation and then the people who are high risk credit can't make any payments or they have lost their job and the banks can't get any money out of them at all.... well then the banks deserve what they get.


I say let capitalism work and let the market weed out the weak, the stupid and the slow. If your dumb enough to buy shares in one of these companies because you wanted a high return then you accepted the risk and should lose your shirt. If we start bailing out one business the next thing you know all these crooks are going to have their hands out.

Capitalism is for companies and the governments only role is to protect the public from the negative effects of the market. The government should not be protecting those that freely engage in the market of their own free will. you pays your money and you takes your chances. I say schumer did us all a public service.

Phrozenbot wrote:

ATG wrote:

Kmarion wrote:

We had more banks go under in 2002 (in less than a year) and you barely heard a word about failing banks.

Exactly.

Why is everybody crying the sky is falling?

Economic collapse.

So it is or it isn't ATG? I thought you were "certain" it was a while back. And weren't you so happy to own your own business about a year or more ago?

It was more like I pointed to various evidence and stories saying such was happening. Getting caught up in the disaster that is Orange County certainly made me feel like it was. My situation was radically different a year and a half ago. In that year most all businesses in my area doing what I do saw a 70-90% drop in revenues. In the past few months I have come to believe that this crisis is engineered by the government. My focus has shifted from freaking out, to trying to figure it out.

Phrozenbot wrote:

I could have sworn you made a thread about how bomb it is to be your own boss, waving hundreds around. Now you've been whining constantly about your financial situation. Was it bad luck my friend, or bad business decisions?

Being ones own boss is great when things are booming. Having a second internet based business has helped me survive and I am trying to thrive again. The chorus of misery from contractors across the nation has led me to believe it's more bad luck than bad planning.

Phrozenbot wrote:

Illegal aliens are ok under certain circumstances too?

Nope. I support mass deportations and machine gun nests on the border. I think there should be no illegals to hire, and penalties for those that do. I await that day with glee.

Phrozenbot wrote:

Is Timothy McVeigh still a patriot?

From a certain point of view, yes.
He believed that a great crime had been committed, swept away and covered up. I disagree with the method, but agree for the need for something radical in response to Waco.

Phrozenbot wrote:

You're kind of two faced in my opinion.

I'm nuanced like Obama.
I'm also opened minded and cannot be pigeon holed into a party.
It's a free country.

Nothing radical needs to be done in response to Waco.  Something sensible needs to be done in response to unsustainable debt.

ATG wrote:

Turquoise wrote:

Nothing radical needs to be done in response to Waco.  Something sensible needs to be done in response to unsustainable debt.

Re: Waco, it was done and failed.


The unsustainable debt however, I am open to suggestions.

Cut government spending and repeal various tax cuts.  We don't need tax and spend types or tax cut and borrow types.  We need somebody in power that spends less but is realistic in tax policy.

In other words, we need someone who isn't going to ever get elected....

ATG wrote:

Or we could just make a one term rule.

Problems solved.

I'm not against that if we extend one term to being 6 years.  Not much can be done in 8 years, much less 4.