Vent your OWS perspectives

[1989TransAm]

"I'm on the SEIU's email list. I was asked to join the movement some time ago. Instead, I sent them links to videos showing SEIU thugs beating up TEA party members"

Hahahaha. Thats good. However I would watch my back if I was you.

[Brian P]

Ken
yes, that helps. I've read canada has no mortgage interest deduction and the banks avoided the crisis by not making stupid no money down loans.

The requirements and rules for acquiring a mortgage are a little tighter too.
Minimum 10% down payment.
The banks make damn sure you can afford the monthly payments.
I think the maximum mortgage term is now 30 yrs.
For those that like to take out equity loans on their homes, the most they can borrow is 75% ( maybe 80%) of the value of their home.

The rules make it harder to buy a home. I have three kids, the youngest is 28, and only the oldest has been able to buy a home, but on the up-side very few loose their homes to foreclosure.
Home prices up here continue to climb faster than wages so something is bound to happen to the real estate market sooner or later. Hopefully the correction will not be as severe as in the US.
It's not a perfect system, but it seems to be working for us.

Ken

There are more little things that may have made bigger differences.

Our "variable rate mortgages" are entirely different from American "adjustable rate mortgages". Here, a variable-rate mortgage simply means that the monthly payments are calculated as for a 5-year fixed term, but the interest that you are actually paying is related to the prime lending rate (which is generally tied to the central Bank of Canada lending rate). When qualifying for a mortgage, "teaser rates" are not used; the calculation must be based on the bank's posted 5 year mortgage term rate even if your actual payment is lower (because of taking a shorter term or a variable-rate). This stops people from taking on debt that they have no hope of sustaining. And there is certainly none of the sketchy sub-prime lending practices seen in the USA (loans without documented income, etc).

It is certainly not without problems here. There are some areas in Canada where housing prices have gotten so high as to be out of reach of many people, as the quoted post notes. It's entirely possible that we will see some sort of correction if there is a slow-down in the economy. Right now, what I'm seeing is that every business that survived the recession/depression is now swamped, but this could very well be temporary, and problems in the rest of the world will most certainly spill over. Automotive suppliers who are building tooling for new models are keeping me busy, at least for now.

[CamKing]

Useful idiots.

More like useless idiots.
If they were really useful, they'd have jobs.

The ignorance among this idiots is unbelievable.
They cry about bank bailouts, but don't know that the banks paid back the loans with interest, and banks like BofA were forced to take the loans, and were not even allowed to pay them back early, and when BofA's CEO went public with this, the government went after him, and ran him out.

They cry about the debit card fees, but don't know BofA was only one of many banks that had it, or was looking to add it.
When you bring up the fact that the banks are just trying to make up the money they lost when the Dodd-Frank act cut their fees to murchants in half, the protesters just look at you with a blank look.

[Matt Gruber]

85% have jobs. there is a chance, just a chance, that democracy could come back to america! What system do you want? If u are against freedom and the right to protest, go get a sign that says TAKE AWAY OUR RIGHT TO PROTEST and go protest.
.
BofA owns merrill lynch, which had $75 Trillion in derivatives transfered to BofA BANK so that the FDIC (us) will cover the losses.
Plus BofA has HUGE liability from their stupid purchase of Countrywide. maybe a trillion, i'm not sure how much will be put back. When a bank is leveraged 30:1 only 1 in 30 mortgages need to be put back to bankrupt them.
Plus HUGE liability from investor lawsuits from securitized disasters.
Now, their main business appears to be derivative gambling, not banking. While they have billions in cash, it is not enough to cover losses in the trillions.

[CamKing]

85% have jobs.

Not even close. 85% are 20-somethings with no job, and very little desire to work for a living.

BofA owns merrill lynch, which had $75 Trillion in derivatives transfered to BofA BANK so that the FDIC (us) will cover the losses.
BofA has HUGE liability from their stupid purchase of Countrywide. maybe a trillion, i'm not sure how much will be put back. When a bank is leveraged 30:1 only 1 in 30 mortgages need to be put back to bankrupt them.
Plus HUGE liability from investor lawsuits from securitized disasters.
Now, their main business appears to be derivative gambling, not banking. While they have billions in cash, it is not enough to cover losses in the trillions.

You're wrong again. You may want to talk to Warren Buffet.
BofA did not want to take any bailout money, yet the government forced them to. The government was affraid that if the public found out that some banks took the bailout, and others didn't, everyone would rush to put their money in the banks that didn't take the bailout.
BofA also wanted to pay back the loan early, but the government would not allow it.
When the CEO made this public, the government witch hunt began to distroy BofA.

As for the stupid purchase of Countrywide, you really don't get it. BofA could have waited for Countrywide to go bankrupt, and since they had a $2billion dollar share in Countrywide, they would have ended up with all the equity, and none of the bad debt. That would be great for BofA, but not for Fannie and Freddie. Thanks to the changes made to the CRA during the mid 90's, Fannie and Freddie no longer had the assets to cover a disaster the size of Countrywide. If BofA allowed that to happen, the housing market would have fallen even farther down, and we'd have a much bigger banking crisis then we have now. BofA and the feds knew what would happen when BofA bought Countrywide, but they also knew that it was a lot better in the long run, then letting Fannie and Freddie get stuck with the bill.

[Matt Gruber]

BofA just announced they will sell 300 million new shares.
And Warren B just put in more $$$$.
Why all the cash raising?
The $75 trillion makes countrywide look like pocket change.
I spent only about 1 hr reading up on BAC. It didn't make the cut, so now i only look at it for entertainment. i sure hope u dont own shares

[Matt Gruber]

See 60 minutes? Nancy Pelosi? She is a top reason we need to bring democracy to america. Congress is exempt from the laws they create. Not the american way imo, maybe what y'd expect in a 3rd world country.
She got paid(bribed) with VISA IPO stock to delay legislation (in case u missed it)

[B20Paul]

Reaganomics & lots of it is what's needed! It worked the first time, right?

[SchmidtMotorWorks]

Reaganomics & lots of it is what's needed! It worked the first time, right?

Sort of, when Reagan came in the mood was about as bad as it is today.
I remember thinking "maybe things will get better" when I heard him speak, (I wasn't interested in politics at the time).
Sometimes a cheerleader can do a lot to improve things.
I noticed that even people that didn't like Reagan much were really sad when he died, I doubt the same will be true of any later president.

I see it where I work, we have sales managers that are always setting "impossibly" high goals and seem certain that they wil achieve them while others are looking at them and thinking "you must be crazy, in this economy to think that is possible, you are just torturing your sales people". Somehow they keep succeeding at reaching those goals, so there is something good to be said for an optimist leader in a bad situation.

[Matt Gruber]

Reaganomics & lots of it is what's needed! It worked the first time, right?

it could, but 1st they have to get the tax rates up to those pre-R levels. after a few years of torture with 50% cap gains and ordinary, they will relent, lower rates and the economy will spark to life.(after the recession caused by the tax hikes)
Reagan let the borrow and spend genie out of the bottle and that helped spur growth too. that genie now wants payback(after greece italy spain etc)
the secret plan is to tax "rich" at about 50%.
then flood the US with $$$$$$$$$, and make everybody rich.
When a waitress makes $250,000 pays 50%, and barely makes ends meet, the debt will be easier to pay off, and we can all get those FREE benefits. Like knee replacement at age 88. And oversize walnut caskets for the obese! (not me i'm slim)
I've done the math and it will work! ( by reducing the value of savings) Not my idea, don't yell at me

[enigma57]

Reaganomics & lots of it is what's needed! It worked the first time, right?

I suspect you may have meant this as a tongue in cheek response, Paul. But actually, you are quite right. Getting government out of the way so businesses can grow and hire, whilst lowering taxes for all (both for individuals and for businesses), actually results in more revenue taken in by government than when tax rates are high...... Stifling growth, profits, hiring and the resultant ripple effect throughout the economy when more people are employed and spending their paychecks on goods and services.

Best regards,

Harry

P.S. >>>>>> Finally working up the Weber DCNF intake we discussed for my stroker smallblock. This project has been on the back burner for some while now. Will do 2 versions...... One, an IR setup and the other utilizing a crossram layout with plenum. Packaging is a factor, as I do not want to butcher the hood on my '57. Will let you know how it works out.

[Unkl Ian]

Reaganomics & lots of it is what's needed! It worked the first time, right?

Worked pretty good for some, not for many others.

[enigma57]

You lost me there, Unkl Ian. The aggregate of small businesses and those employed by them form the backbone of America's economy. The middle class, if you will. Not the large, multi-national corporations owned by multi-billionaires having no true allegiance to our nation nor to their fellow Americans, as many believe.

That said...... The same policies under Presidents Reagan, Clinton and Bush (reining in government over-regulation, reducing tax rates for both businesses and for individuals) stimulated the economy and resulted in economic recovery...... More productivity, more people working...... Generating a net increase in tax revenue taken in by government. More so than when excess government regulation and higher tax rates stifled economic growth.

I am at a loss in trying to understand whom such policies wouldn't work for. Obviously, they have proven to work for those who are productive members of society (those who employ others, those who are employed by others and those who are either self-employed or retired (having paid their dues).

And indirectly, such policies benefit those who are not productive at the moment as well (the working age beneficiaries of various government programs who may be unemployed or unable to work due to reasons of health, etc.)...... As the increase in net taxes collected by government as a result of such policies fund those programs.

Really...... Other than demonstrating that confiscatory tax rates and government over-regulation are job killers having a negative effect on the economy and on people's financial situations and their overall quality of life..... (Bad for those politicians who espouse the 'virtues' of big government, central planning and Keynesian economics)...... I really cannot understand whom the economic policies employed by Presidents Reagan, Clinton and Bush would not benefit.

Certainly, it is obvious that recovery from the present economic downturn has been delayed and the overall situation only made worse by the Keynesian approach employed by the current 'administration'. Essentially, they are doing everything 'wrong'...... Everything just the opposite of what has been shown to work in the past. And unfortunately for us all...... With predictable results.

Truth be known, economic recovery will begin once we are shed of this lot and the failed policies and socialist ideology they rigidly adhere to. Then, and only then...... Will confidence return and businesses begin hiring once again and banks begin loaning money to investors once again. And when they do...... Things will improve for all. Quickly.

Best regards,

Harry

[enigma57]

My grandson sent me this. One picture is worth a thousand words.

Best regards to all,

Harry

[R.Olds]

^^^^^^ That is awesome!!!

Rick