Occupy Wall Street

[ReignOnU]

And Reign, it's not about "blaming someone"; it's about someone taking advantage of people intentionally. These ARM companies knew what they were doing, they did it to take advantage of people and rake in the money. It's fraud IMO. It's no better than the guy who swindles the old lady out of money to "fix" her house and takes her money and doesn't do crap.

If you're signing a 150k-225k contract, you better know wtf you're doing. Ignorance is NOT an excuse.

[GeorgesGoons]

And Reign, it's not about "blaming someone"; it's about someone taking advantage of people intentionally. These ARM companies knew what they were doing, they did it to take advantage of people and rake in the money. It's fraud IMO. It's no better than the guy who swindles the old lady out of money to "fix" her house and takes her money and doesn't do crap.

If you're signing a 150k-225k contract, you better know wtf you're doing. Ignorance is NOT an excuse.

+10000000000000

But it is a very convenient excuse for many.

[Shiftdnb]

And Reign, it's not about "blaming someone"; it's about someone taking advantage of people intentionally. These ARM companies knew what they were doing, they did it to take advantage of people and rake in the money. It's fraud IMO. It's no better than the guy who swindles the old lady out of money to "fix" her house and takes her money and doesn't do crap.

If you're signing a 150k-225k contract, you better know wtf you're doing. Ignorance is NOT an excuse.

A lot of people were praising these loans and at the height of the housing bubble that's all you heard about was these loans. Banks were pushing these loans even giving incentives to their employees to push people away from the normal 30 year loan. It wasn't till after the housing crisis started that people started to realize that these loans were toxic.

[ReignOnU]

And Reign, it's not about "blaming someone"; it's about someone taking advantage of people intentionally. These ARM companies knew what they were doing, they did it to take advantage of people and rake in the money. It's fraud IMO. It's no better than the guy who swindles the old lady out of money to "fix" her house and takes her money and doesn't do crap.

If you're signing a 150k-225k contract, you better know wtf you're doing. Ignorance is NOT an excuse.

A lot of people were praising these loans and at the height of the housing bubble that's all you heard about was these loans. Banks were pushing these loans even giving incentives to their employees to push people away from the normal 30 year loan. It wasn't till after the housing crisis started that people started to realize that these loans were toxic.

What part of 'The day that 2 friends told the rest of us about their ARMs, we KNEW they made a mistake and told them so." did you miss?

Those hands were not forced to sign those contracts. Everyone had the same opportunity to read the terms and understand the consequences. One more time... Ignorance is NOT an excuse.

[Shiftdnb]

Well Reign we've obviously realized that you, Riccio and several others are above everything and never get duped or never fuck up. Remember this isn't the NDL people we're discussing here, this is all of America. I'm not one to get duped either but there are idiots that still answer emails from Nigerian officials that want to give you money, they just need your bank account information. Now having said that the main word is idiots, but the other is that we don't expect our banks to be the ones to dupe us. The banks used people to try and make as much money, as fast as possible. A lot of them knew it was going to end in catastrophe. The banks lost as well but the government bailed them out to the tune of billions of dollars, one of the many reasons Occupy Wall Street is happening.

[DRiccio21]

i get fucked over all the time. i lose money and get fucked over in deals constantly.

i just don't bitch about them and try to never let it happen again.

[ReignOnU]

Well Reign we've obviously realized that you, Riccio and several others are above everything and never get duped or never fuck up. Remember this isn't the NDL people we're discussing here, this is all of America. I'm not one to get duped either but there are idiots that still answer emails from Nigerian officials that want to give you money, they just need your bank account information. Now having said that the main word is idiots, but the other is that we don't expect our banks to be the ones to dupe us. The banks used people to try and make as much money, as fast as possible. A lot of them knew it was going to end in catastrophe. The banks lost as well but the government bailed them out to the tune of billions of dollars, one of the many reasons Occupy Wall Street is happening.

Trust me, my life issues and tragedies exist. Father-deceased ALS; Mother-Cancer,last day of radiation was yesterday; Sister-Nearly useless; Grandmother-Multiple Cancers; Wife-Adnocarcinoma Encitu (sp?..basically pre-Cancer) 7yrs ago, miscarriage 2nd trimester, required cone, been through numerous IUIs, 3 IVFs, no working with lawyers to arrange a surrogate... seriously... I've got more... you want background, no prob. Father was an alcoholic, raised basically by my mother who kept 2 jobs nearly her entire life. Never had an income over 30k until I was 23/24yrs old. Went straight from school into the workforce because I had a knee operation my Senior year and the best offer I had left was a 'guaranteed starting position at a D2 school in the middle of nowhere. I don't have the awesome rags to riches story that Dave does, but I did what was necessary to make 45k @ age 23, without a college education. Now I'm 32 and seen more than most will in their lives. I don't sit around with my hands out waiting for someone to help. Nor do I run around bitching and moaning about the raw deals that I've been dealt. I don't take for granted the little things in life (having the freedom to post on this message board and enjoy conversation with others that have a similar interest).

And as for the banks, they are in a no win situation. How were they to know that so many people would sign up for these loans and never repay it? Bad business? Probably. But at the same time, if the banks tighten their loaning principles the same jackasses will be running around complaining that they can't get a loan. Either way, they are the bad guy. As for how it was handled, that's 100% on the government. They had the power to make the right concessions and tack on the right stipulations, they failed.

[cdub21]

[youtube]http://www.youtube.com/watch?v=85dK_2t0N_8[/youtube]

[Shiftdnb]

As for how it was handled, that's 100% on the government. They had the power to make the right concessions and tack on the right stipulations, they failed.

So are you for more regulation in business? What you said is opposite of what I expected.

Riccio, I'm interested to hear what your take is on regulation in the financial industry?

I understand where you guys are coming from in your personal statements. I just feel in my experiences that the American system as we know it, is crumbling after years of legal corruption in the form of lobbying. The future needs to be straightened out now. Who is going to pay for it? Meanwhile the top .4 to 1% income exponentially rises in mere minutes by the buying and selling of stocks that are taxed less than what you and I are taxed on our incomes. Why are people so against raising taxes on the top 1% of the country? Why shouldn't those tax dollars go to our defense budget or infrastructure? Why can't we give everybody healthcare like the rest of the civilized world? Why can't we sit down and reform our tax laws? Our education system is lower than most countries we laughed at in the 80's. The country is in a sad state and someone has to do something.

[DRiccio21]

i'm all for getting the scumbags out of our industry.

do you have any idea how regulated our industry is? i can't breathe without getting it approved by our compliance.

[Shiftdnb]

i'm all for getting the scumbags out of our industry.

do you have any idea how regulated our industry is? i can't breathe without getting it approved by our compliance.

Actually I do, I've worked at events for SIFMA and IACPM and have heard them speak about it. You hear a lot about ethics as well.

The groups I fear most are CPAC and ALEC. I'm starting to see legislation enacted in states that I had heard at their meetings.

[VeniVediV1ci]

thank god i had stuff to do today because i can't even begin to think how many people would have gotten mad at me for saying exactly what dave has said.

To summarize my thoughts, if you're not willing to sacrifice to be successful in your career then you don't deserve it. I'm sorry to everyone that's used personal examples, but I'm about to do what Dave did leaving my mom on permanent disability at home to move to New York and make "intern money" despite paying rent that will almost leave me with no money for food. I don't know how it's gonna work out, maybe I'll ask Trendon to move over in his car, but I'm willing to take the chance to be successful and if you're not willing to make that same sacrifice then you don't deserve it.

All of us want to be rich to the point where money isn't a concern, but we aren't like other people in the world who worry about dying each and every day. Not being able to buy a brand spankin' new 3D TV when it hits the shelves at Best Buy is sad, but maybe reducing public benefits will force people to reinvent themselves and just figure shit out instead of relying on the government other people.

And if it doesn't work and people are screaming for help, i'm confident it will be fixed. God bless the U-S-A

[trendon]

I just bought imovetraffic.com.

I have NO fucking money but whatever. Onward and upwards, right? Occupy that, hippies!

[NCSUholmey]

The banks used people to try and make as much money, as fast as possible.

If you owned a business, is this not the exact same thing you would do? Make as much money as fast as possible? They signed the contracts that stipulated these things, but I am willing to think that most people were blinded by the fact that they were just signing the name to get the key to the house that they can barely afford.

[trendon]

I have no problem with what the banks are doing. I do, however, have a problem with them running to get money from Big Daddy Politician whenever they fuck up. I will repost what I posted in the BoA thread that expresses my outrage at why they get help, and "too big to fail" is not an acceptable answer.

These businesses provide you secure access to your money. This costs them salaries for the tellers, overhead costs of the branches and ATMs, and their FDIC insurance payments. In return, they pay you 0.05% or less (down to nothing) in return for the use of your money, and you have to buy your checks and pay for access to the ATM but the tellers themselves and online bill pay are free of charge to you. Meanwhile, they lend your money out to Larry Loantaker and Bobby the Businessman at 20% - 35% and to Shopping Sally's credit card at 39%. This is on fucking top of $0.12 of every single CC and debit transaction they get on the back end ... plus the fucking setup and maintenance fees! This doesn't even take into account the "free money" they constantly "borrow" from fed at 0.000000000000000000000000000% and lend out at that same 20% - 39% for as long as they like. That's just welfare, apparently.

Exactly how could these fucking people could fail to make money hand over motherfucking fist even before they charge you a goddamn dime??!?!?!?!?!?!??!?!?!?!?!?

I get it if they pissed away their profits on greedy mortgages that won't ever pay back what they cost but they got bailed out to the tune of billions to make up for that loss, putting them back where they started (don't think they'd have settled for anything less). There is absolutely no excuse for any national bank to cry poorhouse. NONE. EVER. The only thing more like a license to print money than a bank is a casino. Period.

I am fine with the super-executive class in the financial sector that can't get by without a 400% increase in salary & bonus every year but don't take me for a ride to get it done.

[Hoos]

Yea, the financial industry is over regulated. I can't take a piss without consulting some policy. I have 3 major audits a year and I'm in IT. Shit is beyond annoying.

[Shiftdnb]

What is your opinions on the Bank bailout? What should be done to balance our budget? Cuts, revenue? Something has to be done, decision makers what are your answers?

And Trendon answered my first question...I can't figure him out, now he sounds like he is part of Occupy Wall Street

[GeorgesGoons]

They signed the contracts that stipulated these things, but I am willing to think that most people were blinded by the fact that they were just signing the name to get the key to the house that they can barely afford.

DING DING DING, We have a winner

[GeorgesGoons]

What is your opinions on the Bank bailout? What should be done to balance our budget? Cuts, revenue? Something has to be done, decision makers what are your answers?

And Trendon answered my first question...I can't figure him out, now he sounds like he is part of Occupy Wall Street

When it comes to the military budget I would have no problem cutting a 1/3 of that budget with one swoop of cutting all government contractors out of jobs that the military can do. For instance....

In Ramadi, Iraq (as well as all other established FOBs) we had an office called the Mayor Cell. They are in charge of all contracts to the Iraqis and 3rd country nationals. They cut out 90% of the military out of those jobs and put in civilians. There was a job that was ran by an E4 (making roughly $40k deployed) pretty much answering phones and what not and they put in a GS-12 civilian making over $130k. All the civilians running the chow hall, we have jobs in the military that do this but we hire civilians making 2 to 3 times as much to do the same job. There is a lot of wasted money with these contractors.

[trendon]

What is your opinions on the Bank bailout? What should be done to balance our budget? Cuts, revenue? Something has to be done, decision makers what are your answers?

And Trendon answered my first question...I can't figure him out, now he sounds like he is part of Occupy Wall Street

When it comes to the military budget I would have no problem cutting a 1/3 of that budget with one swoop of cutting all government contractors out of jobs that the military can do. For instance....

In Ramadi, Iraq (as well as all other established FOBs) we had an office called the Mayor Cell. They are in charge of all contracts to the Iraqis and 3rd country nationals. They cut out 90% of the military out of those jobs and put in civilians. There was a job that was ran by an E4 (making roughly $40k deployed) pretty much answering phones and what not and they put in a GS-12 civilian making over $130k. All the civilians running the chow hall, we have jobs in the military that do this but we hire civilians making 2 to 3 times as much to do the same job. There is a lot of wasted money with these contractors.

Dude, we are at war to satisfy the cravings of the contractors; chow hall surplus salaries is a drop in the bucket.