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Single mother-of-six finds £2m mansion on the net... and then gets YOU to pay £7,000 (pg. 11)
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| pkcRAISTLIN |
| quote: | Originally posted by Nrg2Nfinit
I am talking about those who simply get money to just get by because they are unemployed then abuse the system. Social welfare for those who are low income and not pursuing higher education. |
but you haven't yet identified exactly what percentage of welfare recipients belong to the "undeserving poor" you're raving about.
| quote: | Originally posted by Nrg2Nfinit
I am for government subsidizing and health care to a certain extent. When money is given to people without reprimand i am against it. There should be some sort of payback otherwise its a huge drain on the economy creates some sort of bubble which drives down the value of currency from monetary printing. |
lol. the poor are ruining the value of the dollar. now ive heard everything :haha:
| quote: | Originally posted by Nrg2Nfinit
the reasoning for the financial crisis is evident and simple PKC. dont try to complicate matters the issue is simply a credit crisis where people were living beyond their means not able to replenish the pot in which they took from. |
and what does this have to do with welfare?
| quote: | Originally posted by Nrg2Nfinit
You are going to go ahead and blame the insitutions which were generous enough to lend the money? Sure they are making intrest but they are also giving an opportunity that should not be abused. |
lol. are you seriously defending the predatory lending habits of big banks here? hahaha. do you not think banks have a duty of care to their customers, employees and shareholders not to lend money they knew wouldnt be able to pay it back?
there were far more contributors to the GFC than simple mortgage defaults, which is why its sometimes referred to as a "perfect storm". your belief here that it all boils down to the mortgage crisis is factually incorrect.
| quote: | Originally posted by Nrg2Nfinit
you want evidence? Just look at the stockmarket and how its tumbled.
This is the result of the credit crash. assets become devalued due to a surplus (the initial case forclosed homes) , companies thus devalued, investors panicking and shares devalued, spending halting, deflation job loss etc. |
no, i want evidence that any of your GFC ranting has to do with welfare. you still havent provided us with a link.
| quote: | Originally posted by Nrg2Nfinit
Do you think the common welfare peon living their life on credit is going to admit that they were stupid enough to get a 1,000,0000 house on a 30,000 dollar salary? really? if not then michael moore is waiting for you in the corner with a big fat welfare cake. |
so, let me get this straight. is it your assertion that the beginnings of the financial crisis was due to banks lending money to welfare bums for million-dollar houses? dude, this all happened like 5 minutes ago. how come your understanding is so terrible? |
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| Nrg2Nfinit |
sure you can go into details lilith and break it down even further. But the predominant issue here is that people jumped onto these adjustable rate mortgages which started off with low payments which essentially escalated.
you can't simply put the blame on those giving you the options to finance. it is the person acceptinging the money thats responsible.
you knew you would lose the house if you couldnt pay the mortgage, you knew that the rate would change for these mortgages in the long run.
are credit cards bad? evil? no they allow you to purchase items when you don't have the money available. if you're going to leverage yourself be prepared to pay in collateral if worst comes to worst. |
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| pkcRAISTLIN |
| quote: | Originally posted by Nrg2Nfinit
you can't simply put the blame on those giving you the options to finance. it is the person acceptinging the money thats responsible. |
when a bank knowingly lends money to someone who cant pay it back, then yeah i blame the bank.
| quote: | Originally posted by Nrg2Nfinit
are credit cards bad? evil? |
they are in the US. |
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| Nrg2Nfinit |
| damnit pkc you have an answer for everything. albeit i am not so well versed in economics i should bring out some referenced facts into my arguments. Will look into that sometime tommorrow. |
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| Nrg2Nfinit |
| quote: | Originally posted by pkcRAISTLIN
when a bank knowingly lends money to someone who cant pay it back, then yeah i blame the bank.
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will you also blame canadian tire for selling that tire iron to the black crack head who smashed my pt cruiser? |
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| Nrg2Nfinit |
| hopefully 17sss can come in here and save my ass again or something. |
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| Lews |
| Holy .. You are so ing stupid. |
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| pkcRAISTLIN |
| quote: | Originally posted by Nrg2Nfinit
damnit pkc you have an answer for everything. albeit i am not so well versed in economics i should bring out some referenced facts into my arguments. Will look into that sometime tommorrow. |
haha, i wouldnt call my economics knowledge anything but poor :p but i DID study the nature of advanced welfare states quite a lot at school. i dont have a problem with people criticising what i would describe as "welfare cheats". i just dont like it when those cheats are presented as representative of welfare recipients.
and, since it took me so long to find, ill just post this in reference to the GFC.
| quote: | Originally posted by pkcRAISTLIN
but why focus on the consumer side of the issue, when its painfully obvious the banks were falling over themselves to hand out loans to people they knew wouldn’t be able to pay it back? Not that im saying consumers don’t have responsibility (of course they do), but the banking system in the US was completely ed by myopic lenders who should have been more responsible. A consumer is responsible for 1 consumer’s choices and debt levels, however a bank is responsible for the debt levels of millions of consumers. If we wanted to cut the responsibility pie across all consumers, each consumers’ slice would be a tiny fraction; however the slices of responsibility owned by the banks are comparatively huge. You can’t expect a consumer to take a wider viewpoint of, say, the systemic risk levels as they grew and grew in institutions they probably barely understand anyway. |
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| Nrg2Nfinit |
| quote: | Originally posted by Lews
Holy .. You are so ing stupid. |
off lews go save the whales |
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| Lilith |
I kept it succinct because most people have the attention span of a meth-head, like I said, its a very big compound problem :)
There is nothing wrong with lending to people that are in an underprivileged economic status and indeed it is better for the economy overall that they are given the chance to use the money to better themselves. Higher rates of consumption, less reliance on welfare and a chance to keep themselves and their families self-subsistent at the very least.
The problem starts and ends with the loan industry 'Selling' these loans to people which are done under the auspices of being able to pay them back. It was also done under the false pretences of economic growth that the government backed in order to increase the net buying power of its citizens for a more robust economy.
The people with the loan got conned into buying something they cant afford
The government got conned because they where too stupid to act on it while off busy killing half of the middle east for oil.
Anyone who bought securities got massively conned!
It was just one big scam. |
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| Nrg2Nfinit |
| quote: | Originally posted by pkcRAISTLIN
haha, i wouldnt call my economics knowledge anything but poor :p but i DID study the nature of advanced welfare states quite a lot at school. i dont have a problem with people criticising what i would describe as "welfare cheats". i just dont like it when those cheats are presented as representative of welfare recipients.
and, since it took me so long to find, ill just post this in reference to the GFC. |
my argument is simply that a majority of these recipients are welfare cheats and its a drain on our system. I dont know how i can prove statistically who and who aren't the cheats but its evident when you see people living beyond their means and causing the system to collapse that not enough policing is in effect and delinquent welfare recipients are getting a free lunch with taxpayers money and contributing if not causing credit crisis'. |
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| Nrg2Nfinit |
| quote: | Originally posted by Lilith
I kept it succinct because most people have the attention span of a meth-head, like I said, its a very big compound problem :)
There is nothing wrong with lending to people that are in an underprivileged economic status and indeed it is better for the economy overall that they are given the chance to use the money to better themselves. Higher rates of consumption, less reliance on welfare and a chance to keep themselves and their families self-subsistent at the very least.
The problem starts and ends with the loan industry 'Selling' these loans to people which are done under the auspices of being able to pay them back. It was also done under the false pretences of economic growth that the government backed in order to increase the net buying power of its citizens for a more robust economy.
The people with the loan got conned into buying something they cant afford
The government got conned because they where too stupid to act on it while off busy killing half of the middle east for oil.
Anyone who bought securities got massively conned!
It was just one big scam. |
i love how you omitted the fault of the recipient who accepted the loan blindly or under "false pretenses" which is illegal.
to me the words adjustable mortgage rate with increasing payments over time screams RED FLAG and should be avoided in the first place.
If its too good to be true .. then it probably is. Or you are selling drugs on the side. |
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