04-04-2011, 12:06 PM
21
Re: Is there a crisis?
Originally Posted by bobmielke
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Well, I'm serious. Serious Bob I am. I'm considered below the poverty level by most yet I buy what I want, when I want it and still have no debt. There's the key, no monthly payments dragging down the old budget. If you don't have the cash to buy something, don't buy it. It used to be called "Living within your means" when I was growing up. I live in a nation addicted to credit, not saving. Our banking system didn't get rich buy folks saving but on people borrowing. I've actually come to hate bankers more than politicians. That's scary.
Agreed .......... Well said Bob
04-04-2011, 05:42 PM
22
Re: Is there a crisis?
Originally Posted by bobmielke
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Our banking system didn't get rich buy folks saving but on people borrowing. I've actually come to hate bankers more than politicians. That's scary.
And something I learned in one of the many jobs I've had is that 'debt' is a commodity, just like oil or copper, if you have a large loan book, you can trade it, you can in turn borrow against it, you can even 'sell' it.
The doorstep lenders of which I expect there are just as many in America as in Britain go into a frenzied panick if you ever say you want to repay your loan, usually when you've paid of about half of the first loan they go into overdrive to persuade you take another loan, rolling the first ones outstanding amount into the second and so on.
04-04-2011, 07:33 PM
23
Re: Is there a crisis?
The famous "60 Minutes" news magazine did a story yesterday about our banks forging home loan paperwork in order to evict home owners behind on payments. It seems they were in such a hurry to lend money to those who really couldn't afford their homes that they lost the physical paperwork in this electronic scandal. They tried covering it up by hiring people off the street to sign thousands of fraudulent documents justifying the homeowners foreclosure. They paid some poor homeless smuck to sign 300 documents an hour so that they could make more people homeless. You wonder why I hate, yes, hate banks & will therefore NEVER put one penny in one.05-04-2011, 08:13 AM
24
Re: Is there a crisis?
Originally Posted by bobmielke
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The famous "60 Minutes" news magazine did a story yesterday about our banks forging home loan paperwork in order to evict home owners behind on payments. It seems they were in such a hurry to lend money to those who really couldn't afford their homes that they lost the physical paperwork in this electronic scandal. They tried covering it up by hiring people off the street to sign thousands of fraudulent documents justifying the homeowners foreclosure. They paid some poor homeless smuck to sign 300 documents an hour so that they could make more people homeless. You wonder why I hate, yes, hate banks & will therefore NEVER put one penny in one.
Roll on the revolution, pass me my T72 tank and AK 47 assault rifle!!!
08-04-2011, 10:30 PM
25
Re: Is there a crisis?
Originally Posted by bobmielke
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It seems they were in such a hurry to lend money to those who really couldn't afford their homes that they lost the physical paperwork in this electronic scandal.
A loan, any loan, in any context, has two parties, the borrower and the lender, if one party knows right from the start that they can't honour the agreement that is a form of fraud, well that is how I view it.
And I don't agree with alot of the casino type activities that banks engage in.
Sorry, I don't get much time to come on this forum now but will try to look out for your posts when I can.
09-04-2011, 10:42 AM
26
Re: Is there a crisis?
Originally Posted by Uncle Joe
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Could this be an indication of the 'Crisis in the Capitalist system' that Karl Marx forecast there would eventually be??? Roll on the revolution, pass me my T72 tank and AK 47 assault rifle!!!
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