09-29-2008, 08:01 PM | #42 (permalink) |
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Worldwide respect, respectable birthrate, well-educated populace, stable population (the 'riots' in Paris seem like a standard Saturday night in Nottingham, to me), universal healthcare, independent nuclear deterent, peace with its neighbours, etc, etc, etc.
Oh hang on, what's the conservative meme? Freedom Fries! (while the economy burns)
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}-- |
09-29-2008, 08:05 PM | #43 (permalink) | |
let me be clear
Location: Waddy Peytona
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Quote:
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"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo |
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09-29-2008, 08:28 PM | #44 (permalink) |
Nothing
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They speak French and vote over 10% National Front consistently (if memory serves).
France isn't perfect. Perceived snark counterpointed with substance on what was being snarked at. What was your point? "Perhaps we're turning into France" Come on though, "Freedom fries while the economy burns" <- that's good. EDIT: Plus, of course: <3<3<3
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}-- Last edited by tisonlyi; 09-29-2008 at 08:32 PM.. |
09-29-2008, 08:51 PM | #45 (permalink) | |
let me be clear
Location: Waddy Peytona
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Conservative meme? Freedom Fries? Assume much? Admittedly, my comment was intended to push a random button seeing if anyone caught the point before making the point. The original bailout strategy would be breaking new ground where the government becomes a shareholder in business, finance, state and local governments, trade unions, etc. Kind of French-ish. I look forward to more entertaining generalizations with "winks". BTW- she's hot, but not this hot
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"It rubs the lotion on Buffy, Jodi and Mr. French's skin" - Uncle Bill from Buffalo |
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09-29-2008, 08:53 PM | #46 (permalink) |
Easy Rider
Location: Moscow on the Ohio
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The way my father and grandfather described the great depression they lived through I think I would rather have the government step in. There must be some way to implement a system that will not result in a few banks taking us all down. I don't know if this will crash the economy as bad as the '30s but if it is close then it is not worth hanging on to free market ideals.
The incompetance of the CEOs of these companies is unbelievable. How much more do the stockholders have to increase pay to attract people who know how to run a company. I can understand 1 or 2 banks screwing up but why so many tied their (I guess I should say our) futures up in this toxic paper is beyond belief. This sort of thing will cause many more people to loose what little faith they have left in the free market system. |
09-30-2008, 04:50 AM | #48 (permalink) |
Functionally Appropriate
Location: Toronto
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Perhaps they need to be paid less.
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09-30-2008, 06:07 AM | #49 (permalink) |
Registered User
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I just don't get all the hype over this. We're NOT in a crisis. We're in a recession.. a recession that could possibly hit the 16 month mark. You can look at all the numbers out there and we're not even close to depression numbers. The market dropped 700+ points yesterday..but it was only a 7% loss. In '87 the market lost something like 22%.. so it's pretty pale in comparison. BAA numbers show a deep recession.. not a depression.. so I wish everyone would quit calling this a crisis.
The market goes up and down.. companies go up and down.. but for some reason, we are scared of Wall St. companies going down.. it's a free market and other companies, just as they have, can and will buy these downtrend companies. If people would quit panicking for a moment.. you'd see the market respond a touch.. sure.. the market goes down faster than it goes up.. and everyone is worried about their annuities and 401's.. but making a panic run isn't going to help secure these monies. SO.. this is why I think the bailout in any shape is a stupid idea. We're throwing a band-aid on a gun wound.. and we've done that too often in too many areas. |
09-30-2008, 06:30 AM | #50 (permalink) |
Easy Rider
Location: Moscow on the Ohio
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I hope you are right. I guess we will soon see if any companies are unable to expand or make payroll. Hopefully the president, both candidates, and most of the so called economic experts are wrong. It is kind of scary though to see what were considered to be conservative companies that have been in business hundreds of years go belly up. It seems like every day we hear of a few more and it is beginning to look like a landslide. I thought I heard the other day that Buffett was scarfing up some of the failures.
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09-30-2008, 06:36 AM | #51 (permalink) |
Super Moderator
Location: essex ma
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so let's see: the nationalization of fannie mae and freddie mac, the nationalization of aig, the failure of lehmann brothers, the collapse of washington mutual, the buy=out of wachovia's banking operations, the near-collapse of several banks in england...definitely business as usual.
a steady tracking-down of home values, an acceleration of mortgage defaults, a destabilization of the entire system of debt generation and circulation... a reactive bush administration whose neoliberal ideology prevents it from being able to even imagine how to address systemic problems... china stops lending to the united states---the federal reserve stretched to its limits by the ad hoc decision to take over aig after pressure comes from most of the metropole to act... the entire american model of capitalism, articulated in earnest since the 1980s, resting on the mutations in capitalist organization begun (@the level of structural alteration) in the early 1970s...the entire ideology for which it stands, which has rationalized it, justified it,,,,the cultural context in which that ideology has long since been blurred into the lingua franca of infotainment transfer..all of it faces a situation that it outside its short-term tiny brain logic. i don't see this as a Crisis in the sense that dialectical materialism once forecast, the development of "objective contradiction" to the point of explosion, as a result of which Revolution would follow as the Working Class recognized it's "Objective Interests" (with the help of a cadre of professional revolutionaries of course)...but this sure as hell is a Problem and cannot in any coherent way be integrated into the terminologies that are used to describe the ordinary fluctuations with a bidness cycle of x-duration (take your pick---if you create a cycle long enough, everything seems normal).... the real problems that make this something Outside the normal run of cycle=unfolding is the political dimension of it. to my mind, what we're starting to see is the consequences of the bush administration policies, which are the most advanced expression of the interior logic of neoliberalism understood from the self-blinding viewpoint of "the hegemon." while it is possible that the outcome of this may more or less resemble the situation that preceded this, it is increasingly unlikely that will be the case. it'd take some thinking to do it, not reacting to some Crisis Mode which is primarily about setting up an Imaginary Clock that ticks ticks ticks our collective way to one or another version of armageddeon. when this type of scenario has unfolded---and it has repeatedly---in the southern hemisphere in the context of "trade liberalization" or "integration into the global economy" what stabilized it was the neoliberal "Plan" that we quaintly refer to as "structural adjustment"---this is the same kind of crisis, the same kind of scenario of governing from crisis--but without the overarching institution with the Plan--no matter how brutal (and the imf sap programs were are remain brutal--but in the american media bubble, you don't see it. not enough room for that kind of thing when there's so much in the way of sports to be shown, for example)....when this crisis hits the metropole--the powers that run the institutions that have the Plan, the powers which are the Interests that shape the Plan---then there is no plan. that's a crisis.
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09-30-2008, 07:36 AM | #52 (permalink) |
Registered User
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you can call this a crisis because you see big names going down in flames.. but when you look at the numbers.. you don't see a crisis. You simply see the result of big firms getting bear raided by the short sell and you see the result of big firms finally having to own up to all the bad paper they wrote.
We now see the demise of what is known as the Republican Party. They can't even get their vote counts right.. however, I want to point out that during all of this so called crisis, we see the champion of this bill being none other than Bush. Why am I to believe this man when he says a bailout is what we need, when his record shows that we should stay as far away from his economic advice as possible? The fact of the matter still remains that we will see a deeper run of a recession if a bailout does or doesn't occur, but I am willing to bet our economy will be better off in the long run as a whole unit if we do not look to the government for a bailout. A bailout does nothing to teach lessons of economic failure. It simply tells a corporation that it's ok if you fuck up, we'll just bail you out, which in the end makes the economy even weaker. So again, I say no to the bailout plan. |
09-30-2008, 07:45 AM | #53 (permalink) | ||
Tilted Cat Head
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making payroll is important but also having a solvent company wherein your assets and liabilities aren't like any normal person living paycheck to paycheck. If such a company exists, well, IMO they shouldn't. They are not credit worthy and shouldn't be extended credit. It's that simple. As far as expansion, well, when credit is tight it is tight. If some bank is willing to take the risk then it's all good, but just because a business wants to expand doesn't mean it should be allowed to because it wants to. -----Added 30/9/2008 at 11 : 53 : 21----- Quote:
This is their faults, no better than junk bonds. They wrote junk mortgages, sold them to mortgage derivatives, and resold and repackaged, etc. etc. I didn't buy any of those in my portfolio. Why am I supposed to clean up their mess?
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I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. Last edited by Cynthetiq; 09-30-2008 at 07:53 AM.. Reason: Automerged Doublepost |
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09-30-2008, 07:53 AM | #54 (permalink) |
Super Moderator
Location: essex ma
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gucci--in a way i agree with you (bush's credibility is not even a ghost) but for me that doesn't extend to my assessment of what's happening--i think it's bigger than you do both in terms of causes and consequences--what's more, i think that it is a good and necessary thing that neoliberalism burn, and it seems that this is the way it's to happen. so when i say "crisis" i don't mean it in the sense of PANIC NOW, but more in the sense that i think we're watching an ideologically framed group of people trying to address a situation that's way beyond the abilities of that ideology to frame coherently, and as they twist in the wind trying to figure out what to do, the political crisis--which is what this really is, to my mind---continues to get deeper. trick is that there's no way to measure a political crisis--it kinda is as it appears to be, and how it appears is a sum of what is said about it. not that much different from the economy, when you strip away the illusions of science provided by equations and the "proofs" of economists.
crisis is part of how capitalism works--large-scale crisis is part of how neoliberalism has exported itself to the south over the past 20 years or so--what's different here is what i said before.
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a gramophone its corrugated trumpet silver handle spinning dog. such faithfulness it hear it make you sick. -kamau brathwaite |
09-30-2008, 08:09 AM | #55 (permalink) |
Registered User
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well I will agree that we are in a political crisis.. well.. ok.. at least the conservatives are in a crisis.. and I'm not going to really complain about that.
I just want to make sure people understand that we are not really in an economic crisis. Banks are at their own risk when they assume bad debt and repackage that debt and take on debt of other institutions. The only thing that I'm really worried about is all this consolidation. We're seeing banks being eaten up by other banks which leaves less competition..and this is nothing but bad news on the economic front. There was a piece here yesterday about Wachovia consumers pulling their money out on the news that Citi is taking over operations. Most residential consumers will never see the effect of these buyouts but yet they still panic. Panic is bad.. just sit back..relax.. take a few hits here and there and you and the market will level back out in time.. it may take another 8 months or so, but it will level out..and when it does we won't be on the hook for 700 billion dollars.. |
09-30-2008, 08:29 AM | #56 (permalink) | |
Location: Iceland
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Okay, actually I did run to the bank today, but only to cash a tiny American check because dollars are now worth 40% more than they were a year ago, lol. And 10% more than they were a few days ago. The Icelandic króna has never been so low, it's quite sad. Unfortunately, my check was only for a couple hundred dollars, which is a drop in the bucket compared to how much value we lost in the krónur we have in the bank. (If we want to take that money back with us to the US, it will be worth 40% less than what it was a year ago, which is insane. We are leaving it in Iceland and only coming back to get it once the currency stabilizes--if it does.) This is definitely worldwide.
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09-30-2008, 08:43 AM | #57 (permalink) | |
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From what I understand there is nothing like FDIC in Iceland or many other countries. There are a few that do offere something similar insuring the depositors. Other than that, if the Glitnir goes belly up, our money goes poof.
As far as our money being in WaMu, well that's FDIC insured so I'm not too worried about that as a depositor. As far as a worldwide thing yes, many banks got bailed out and governements injected money into the systems yesterday across Europe in UK, Belgium, Germany, France, Brazil... of course US media isn't reporting this very well. Quote:
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09-30-2008, 08:48 AM | #58 (permalink) | |
Location: Iceland
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You know that it's now 105 ISK to 1 USD, right? Today began at 100.
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And think not you can direct the course of Love; for Love, if it finds you worthy, directs your course. --Khalil Gibran |
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09-30-2008, 12:16 PM | #59 (permalink) | |
Tilted Cat Head
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I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. |
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09-30-2008, 12:20 PM | #60 (permalink) |
Super Moderator
Location: essex ma
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banks failed in france and belgium today as a direct consequence of this mess in the united states.
there is enormous political pressure from all over the metropole for the american political system to get it's shit together and "do something" to deal with a crisis of confidence that's percolating out into a credit freeze--the rates for interbank lending at at an all-time high today... but the dow's up. so maybe everyone's just making this up. or maybe there are people feeding on yesterday's wreckage. no problemo.
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09-30-2008, 12:27 PM | #61 (permalink) | |
Tilted Cat Head
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I'm not saying that it doesn't need attention, I'm saying that it doesn't need this chicken little running around and attention from the taxpayers. They took the risks, they should fail. Otherwise, why shouldn't everyone then take a risk if there is NO risk anyways?
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I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. |
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09-30-2008, 12:36 PM | #62 (permalink) |
Super Moderator
Location: essex ma
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the only way in which i agree with the political talking head class is that we are now beyond that kind of thinking.
like it or not, the arbitrary investments of belief that underpin the circulations of capital are in serious trouble---there is no moral economy that does not sit atop the same kind of thing. but there's a side of me that agrees with you, cyn----fuck them, let em burn---but not for the same reasons as you. and then there's the other side of me that thinks this is way way past the point where that is really an option and since we all live here too, we kinda have to assume that Somone can do Something to shore up the financial system in general so that the change that's really needed can get thought out and implemented. then there's this third side that thinks the only honorable thing for the elected government in power to do now, if they cannot do something, is to resign. all of them. we are fucked, we give up, push up the elections and swear in a new government. at least that way, the opposition that's been taking shape not just to these incoherent bailouts, but to the entire political order encapsulated in the person of george w bush, would mean something. but most of me thinks this is kinda funny. it's funny because the paralysis of thinking has been inflicted on so many places for so long in the form of artificial crises and imf bailouts, forced privatization and dumping of american agricultural overproduction in the name of free trade--it's funny to see the same shit happening here. so when i think fuck em, let em all burn, i am really not saying the same thing as you. but i agree with the sentiment. partly.
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a gramophone its corrugated trumpet silver handle spinning dog. such faithfulness it hear it make you sick. -kamau brathwaite |
09-30-2008, 01:03 PM | #63 (permalink) | |
Location: Iceland
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09-30-2008, 01:27 PM | #64 (permalink) |
Addict
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I really am beyond repair since I sincerely feel this was staged long ago for the rich to get richer, the almost rich getting richer, and a new system(soon to come) put back in place so that the aforementioned can loophole it to death and get mega richer,..all the while poor slobs like me and you absorb the repercussions to come.
And people wonder why no one gives a shit anymore. |
09-30-2008, 01:37 PM | #65 (permalink) | |
Living in a Warmer Insanity
Super Moderator
Location: Yucatan, Mexico
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In the last year the Dow's lost nearly 30%. It didn't do it in one day, but it didn't lose 22% in one day in 87' either. Unless the article I read is wrong. I certainly don't remember a day where the market dropped 22% in one day, then again I didn't have much of a 401k or many stocks then. Plus I think this situation is a little different. This appears to be a credit crisis, don't think that was the cause of the 87' drop. All that said I'm not sure this bail out was the right way to go. I feel like something needs to be done... what? I don't have a clue. But if nothing else comes out of this I'm hoping people wake up and start living within their means. IMO, many people "need" way more then they actually do.
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09-30-2008, 01:41 PM | #66 (permalink) | |
I Confess a Shiver
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Uncle Sam is supposed to put training wheels on big business? Is that like taking my money to help out somebody else who already has more of my money and is doing a shitty job managing it? If I lose money on my investments (oh, and how I have!)... it was with full knowledge that said losses were just a matter of realistic probability. Last edited by Plan9; 09-30-2008 at 01:44 PM.. |
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09-30-2008, 02:13 PM | #67 (permalink) |
Super Moderator
Location: essex ma
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it's gone beyond this cluck cluck mismanagement of money business now.
it really has. i feel like a broken record. we'll see how this small-frame thinking holds up when the credit lines on your credit cards start disappearing. but what seems more basic a problem for thinking about this situation--whatever you decide to call it---is that this is a global problem, not just a problem of fucked up management at a few institutions. while the right was working on trying to use a neo-con conception of realpolitik to make the nation-state continue as a viable category, capital flows have moved into a different dimension entirely. one reason that folk seem to be having trouble with this situation is that they keep trying to think it as very small, very limited, involving a discrete geographical space. the ideology you think through is not adequate for the situation. the other problem is that the right is now being confronted with the class consequences of it's project---the transfer of wealth away from the poor and "middle class" that has taken place since reagan is truly massive--the class interests that the republicans carry shit for are not the class interests that they talk about---somehow, the incoherent hodge-podge they have constructed maintains something of its influence, particularly in the economic sphere--all this nonsense about markets being moral, rewarding virtue and punishing its inverse, all this nonsense about the wealthy being wealthy because they are more virtuous and the rest of us being where we are because we are less than they, all this nonsense continues to have some resonance. but it's all an illusion: what you are doing is naturalizing a class order, and one of the consequences of naturalizing a class order is that when the shit hits the fan and the irrationalities within that order reveal themselves, you have nothing to say. o sure you're pissed off---but you have nothing to say. the political oligarchy operates within the same ideological frame. there's another sector that apparently thinks that the world as they know it, the world that enables them to extract obscene profits using questionable devices without there being any consequences at all, that world is coming to an end--and past that, it doesn't matter. sitting in some gated and guarded community with a vast pool of cash behind, it doesn't matter. you and i don't matter. nothing matters: they have theirs, and fuck the rest of us. and within this ideology, there's nothing to say and because there's nothing to say, there's nothing to be done. that's what you are watching burn now.
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a gramophone its corrugated trumpet silver handle spinning dog. such faithfulness it hear it make you sick. -kamau brathwaite |
09-30-2008, 04:54 PM | #68 (permalink) |
Living in a Warmer Insanity
Super Moderator
Location: Yucatan, Mexico
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Already happened here. Have a airline miles card that had a CL of a completely ridiculous amount. I charged my daughter's new Toyota on it a few years back. I only did that because I left my checkbook at home and figured if I was using a card might as well get the miles. I paid it off that month and yes my daughter paid me back. I couldn't charge that car now. Now the limit is 10% of what it was. I don't really care it's still more then I'd want to have a credit card, but I do wonder if that will lower my credit score.
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09-30-2008, 09:04 PM | #69 (permalink) | |
Tilted Cat Head
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I'm very happy to live within my means of CASH. I charge everything because I'm getting the benefit of mileage, but if I didn't get that benefit? I'd pay in CASH. My lifestyle is to live within the means that I make. If I don't have the cash to pay for the bill at the end of the month, I don't buy it. To say that it's just "small frame thinking" is a bit dismissive. My version of fiscal responsibility isn't about kiting checks and juggling my cashflow. It's HAVING the cash to pay for what I actually spend. No cash, no spend. Conservative principle, and simple.
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I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. |
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10-01-2008, 02:02 AM | #70 (permalink) | |
Living in a Warmer Insanity
Super Moderator
Location: Yucatan, Mexico
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Quote:
I have a some younger friends (yes, I have friends- who knew?) they got married a couple years ago. Both employed but no house- renters. Between the rings, the wedding and the honeymoon they were 40K in debt. Other then the ring, some photos and the memories it's basically 40K spent in two weeks, gone. Most of it went on a CC. What couldn't go on the cards he got a second loan on the equity in his car. I've heard of a home equity loan but a car equity loan? I watched, listened... I stayed the hell out of it. But many family members saw this train wreck coming and tried to talk sense to them. Nope! They knew what they were doing and everything would be fine. Last I heard his dad gave him some cash to keep his car from being repossessed. Now they both have two jobs. Well she has two jobs. Clerical during the day, waitress at night. But he's picking up every overtime shift he can get. I talked to him right before moving here a year ago. He said he figured if they kept at it for another five years they'd be in the black. As he put it "It's not what they borrowed, it's the interest. He was explaining to me the interest on the car loan was crazy. Turns out the bank wanted more in interest, over time, then the amount of the loan. No kidding, really? Wait till he sees what the total amount of the payments adds up to on a 30 year mortgage. Oh well, on the upside it was a beautiful ceremony and I guess they had a great time in Paris and Rome.
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I used to drink to drown my sorrows, but the damned things have learned how to swim- Frida Kahlo Vice President Starkizzer Fan Club Last edited by Tully Mars; 10-01-2008 at 02:13 AM.. |
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10-01-2008, 03:51 AM | #71 (permalink) |
Super Moderator
Location: essex ma
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cyn---to be clear about it, in my everyday life i live more or less the same way as you outline. i don't do it because i find it an expression of principle (i think about other things that way, more food-related usually)...
when i talk about the small frame, its mostly with reference to the debt market meltdown, its extent and implications. the major agreement is that the underlying cause of this wreckage is the american reliance on debt. living within our individual means is one response to what might be coming. the system features are different---i think the main divergence we have comes down to the fact that i don't link individual actions and the system of global capital flows logically, dont use one as a metaphor for the other. i get confused when folk do it, and apparently misread the motivations behind it.
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a gramophone its corrugated trumpet silver handle spinning dog. such faithfulness it hear it make you sick. -kamau brathwaite |
10-01-2008, 04:01 AM | #72 (permalink) |
Getting it.
Super Moderator
Location: Lion City
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I can agree that consumers amassed a lot of debt. And in many cases that debt outstripped their earnings.
The thing is, those people should never have been granted credit in the first place. I don't want my bank playing fast and loose with my money by lending it to those who can't pay it back. It's that simple. The banks fucked up and they fucked up using our money... and now they want more of our money to bail them out.
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10-01-2008, 04:09 AM | #73 (permalink) | |
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I'm all for tightening credit, but tighten it to those that don't or can't afford it. And for the love of god... freaking EXPLAIN what the F the FICO score really means or does since it's so tied into how you are to recieve credit. When we mortgaged a house earlier this year, we were turned down by one institution because we didn't have enough revolving credit. We didn't keep enough balance on a card. WTF????
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10-01-2008, 04:16 AM | #74 (permalink) |
Getting it.
Super Moderator
Location: Lion City
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That means that you are likely to pay off your debts and do so early. They can't make money of you that way.
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10-01-2008, 06:23 AM | #75 (permalink) | |
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Quote:
This is a credit issue that is now turning into a panic issue and a capital issue. There's only two people to blame. The consumers and their insatiable appetite for instant gratification, and the banks who wrote all the bad paper and repackaged it and wrote even more bad paper. The market can handle this.. it will go way down and partly up for a while but it will correct itself in a few months time. We'll see the unemployment rate go up for a couple of months and then we'll see it shift back down as people get a better understanding of how to handle the new market. Edit: I forgot to mention that another thing the banks have been doing is pretty simple, but it's starting to bite them in their collective asses. If you are in foreclosure, many times a bank will agree to a partial buyout and a renegotiation. They stopped this practice in order to push a heavy loss into the quarter and make it back up in stock dividends. More loss=share price drop, next quarter the stock raises and they get heavy bonuses. It was all fine and dandy.. until the whole thing collapsed under their feet. Last edited by Glory's Sun; 10-01-2008 at 06:25 AM.. |
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10-01-2008, 06:34 AM | #76 (permalink) | |
Nothing
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Evil. Me - only exists in a cash world, happily. (damn possessive apostrophes)
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}-- |
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10-02-2008, 02:22 PM | #77 (permalink) |
Upright
Location: burbia
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On a slightly different note - but relates to the bailout plan: From a Forbes article last week...
The more Congress examines the Bush administration's bailout plan, the hazier its outcome gets. At a Senate Banking Committee hearing Tuesday, lawmakers on both sides of the aisle complained of being rushed to pass legislation or else risk financial meltdown. "The secretary and the administration need to know that what they have sent to us is not acceptable," says Committee Chairman Chris Dodd, D-Conn. The committee's top Republican, Alabama Sen. Richard Shelby, says he's concerned about its cost and whether it will even work. In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy. "It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number." I feel this shows that it is all just a shot in the dark (as financial institutions like Chase has a trillion + in cash deposits). It has become funny money. I don't know what else to do, but I don't think this will do much but get the US past the election. At what point does it just implode? And for whom? I fear for those like my parents who were hoping to retire in the next 2 years. Ah, yea, not going to happen.
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10-03-2008, 09:38 AM | #78 (permalink) | |
Registered User
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the bailout has been approved by the house
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dumb... fucking dumb. |
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10-03-2008, 10:05 AM | #79 (permalink) |
Tilted Cat Head
Administrator
Location: Manhattan, NY
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mmmm pulled pork sandwiches...
i'd go as far as retarded. dumb seems to not be far enough.
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10-03-2008, 10:23 AM | #80 (permalink) |
We work alone
Location: Cake Town
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So what does that mean and how will it affect me?
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600, bailout, dow, fails, plunges, points |
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