Banks/Money Managment

WJCO said:
I remember back around 2007. I just had this weird feeling like Neo from the matrix. Something wasn't right and I just couldn't put my finger on it. I looked around at culture and everything and everyone was living this great perfect dream but there was no realistic substance to it. I remember asking myself 'How is this working?' Shortly after was the crash. And the system (matrix) didn't fix shit. Here we are 15 years later. And it's worse. Nothing fixed. We are living in the making of history right now. It takes a mid six figure income right now for a basic family to afford an average home in most of America. And this is just the residential part.
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Because those fuckers keep kicking the same can down the same road. Until there are real consequences and a true free market with no bailouts waiting in the wings, this will continue to happen time and time again. Our whole social construct is a rigged game riddled with distractions so we stay docile. This is the best explanation of the 2008 debacle I've seen. It's a little long but it's fascinating. Best takeaway from this clip: "Think of 2008 as a crime story". Matt Taibbi is one of the very few writers I follow and pay a subscription for on Substack.

 
Ddays said:
Because those fuckers keep kicking the same can down the same road. Until there are real consequences and a true free market with no bailouts waiting in the wings, this will continue to happen time and time again. Our whole social construct is a rigged game riddled with distractions so we stay docile. This is the best explanation of the 2008 debacle I've seen. It's a little long but it's fascinating. Best takeaway from this clip: "Think of 2008 as a crime story". Matt Taibbi is one of the very few writers I follow and pay a subscription for on Substack.

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At what point does it also fall back on the normal citizen though? Referring to loans and such. When people start to understand money and their own finances this would change as well. Instead people just hear from the banks “oh you can afford it” when in reality they make $5000 a month and have $4900 a month in bills or more. At some point the average consumer needs to step up and realize that’s not sustainable.
 
This is an awesome thread! Wish I had found it earlier.

Basic financial principles and the Constitution (civics) are no longer taught in government schools, and this is not by mistake. An ignorant population is easy to scam.
 
OverlanderJK said:
At what point does it also fall back on the normal citizen though?
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Fair point. For the people that got into these deals with eyes wide open, they deserved everything bad that happened to them through sheer stupidity. But there has to be some accountability and ethics involved in the process on the part of these lenders/leaders/elected officials. Seems to have gotten thrown out the window and pure greed is the driver all too often. There are no longer consequences- they just hit re-boot
 
Ddays said:
Fair point. For the people that got into these deals with eyes wide open, they deserved everything bad that happened to them through sheer stupidity. But there has to be some accountability and ethics involved in the process on the part of these lenders/leaders/elected officials. Seems to have gotten thrown out the window and pure greed is the driver all too often. There are no longer consequences- they just hit re-boot
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I agree with the bailouts part. Government should not bailout any business let alone a for profit business. But to that point, how is the banks fault that people don’t know what they can and can’t afford? Look at all the used cars coming around from people who got a $1500 stimulus check and went and bought a $100k vehicle. That’s not government or lenders problems. That’s idiocracy.
 
OverlanderJK said:
I agree with the bailouts part. Government should not bailout any business let alone a for profit business. But to that point, how is the banks fault that people don’t know what they can and can’t afford? Look at all the used cars coming around from people who got a $1500 stimulus check and went and bought a $100k vehicle. That’s not government or lenders problems. That’s idiocracy.
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I get it - there's people that can't walk & chew gum at the same time. But as a legit business, why would you deceptively lend someone money you damn well know they can't pay back based on their income? It used to be that they looked at your income & lent accordingly. Not in the years leading up to 2008. They gamed their own system and did this on purpose, bundled these turds together, and sold them to someone else. That someone else knew these were turds, but they in turn sold these to yet another party.


Edit: Now credit card dept is a whole different ball of wax. That's where the paste-eaters get themselves into massive debt then try to declare bankruptcy, because hey, the billboards and commercials say I can get out of debt just by snapping my fingers.
 
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Ddays said:
I get it - there's people that can't walk & chew gum at the same time. But as a legit business, why would you deceptively lend someone money you damn well know they can't pay back based on their income? It used to be that they looked at your income & lent accordingly. Not in the years leading up to 2008. They gamed their own system and did this on purpose, bundled these turds together, and sold them to someone else. That someone else knew these were turds, but they in turn sold these to yet another party.


Edit: Now credit card dept is a whole different ball of wax. That's where the paste-eaters get themselves into massive debt then try to declare bankruptcy, because hey, the billboards and commercials say I can get out of debt just by snapping my fingers.
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Wait a second, let's not forget intense government pressure to give loans to people who would have never qualified under any kind of sane standard. And it actually looks like it's starting again.
 
I use BofA and a local credit union. BofA checking due to ease of access to an ATM pretty much anywhere. I don’t like them but since I like to travel, they are convenient. The credit union is for savings and loan pre-approvals.

As for interest rates, I for one understand the need for 7-8% interest. It’s where it should be. People are so used to very low rates but those were truly historically low and contributed to living off debt and insane housing costs. Not to mention hardly anyone saved.
 
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