For a minute there I thought I had to get off my couch, when all the while the fact is we don't have to do anything much but keep things afloat for just a few decades more! In fact, we'd best shut up about PO, because if our offspring finds out we knew about it all along, they'll turn and wring our necks come 2036!
The International Monetary Fund (IMF) is proposing to sell 403.3 tonnes of its gold reserves, worth around $11 billion (£5.5 billion), as part of a financial overhaul of the international organisation.
Posted: Mon Apr 07, 2008 8:04 pm Post subject: Re: Housing & Economic Collapse - In Progress
DantesPeak wrote:
Therefore if they say, for example, mortgage lending standards are too liberal, they could issue a directive to guide back speculative lending.
Greenspan seems to have forgotten he was in charge of enforcing banking and lending regulations. How convienient.
Great point, of course. But, were there actually regulations and laws on the books to even enforce which would have prevented the severe indiscretions by financial institutions over the previous ~7 years? Are lending practices and leverage ratios codified to such an extent? And if so, this begs the question, why aren't states' attorneys general going after them, as their budgets stand to lose so much money from this mess?
Joined: Jun 13, 2007 Posts: 3345 Location: Minniesotuh
Posted: Mon Apr 07, 2008 9:24 pm Post subject: Re: Housing & Economic Collapse - In Progress
WaMu poised to get $5B in cash from TPG By JESSICA MINTZ The Associated Press April 7, 2008
SEATTLE --Washington Mutual Inc., the country's largest savings and loan, is close to landing a $5 billion cash infusion from private equity group TPG and other investors, a person familiar with the matter said Monday.
Wall Street cheered news that WaMu may join a growing list of battered financial institutions that have secured much-needed cash since the credit crisis began last summer. Shares jumped 32 percent, or $3.26, to $13.43 in midday trading.
The investment would give TPG, formerly Texas Pacific Group, a mix of common and preferred stock, totaling less than 25 percent of WaMu's outstanding shares, according to the person, who asked not to be named because the deal has not been announced. TPG would also get a seat on WaMu's board.
Other investors include existing WaMu institutional shareholders and other private equity groups, the person said. ...
Who is this group? _________________ "RRrrruuuunnnn!!!" ~Apocalypto
Joined: Apr 13, 2005 Posts: 2884 Location: St.Louis, Mo
Posted: Mon Apr 07, 2008 9:38 pm Post subject: Re: Housing & Economic Collapse - In Progress
It's just a big shell game to con Fark like us. We don't have any idea what is being done behind the scenes to keep this game going for as long as they can.
Joined: Jun 18, 2005 Posts: 3765 Location: In a van down by the river
Posted: Mon Apr 07, 2008 9:52 pm Post subject: Re: Housing & Economic Collapse - In Progress
Actually we do know what is going on all debt is being transfered to the Fed which is then going to pass it right on to the tax payer.
They are now talking about the Fed taking Student loan debt as collateral because now the default rate is too high. Once this gets real out of hand foreign Nations will dump their debt and run from us.
Then all our taxes will go to paying debt and we will see a reduction in services, and banking rates will be like they were in the 80s where people paid 14% on homes.
Joined: Dec 28, 2005 Posts: 295 Location: Toronto, Ontario
Posted: Mon Apr 07, 2008 10:00 pm Post subject: Re: Housing & Economic Collapse - In Progress
Eli wrote:
They are now talking about the Fed taking Student loan debt as collateral because now the default rate is too high. Once this gets real out of hand foreign Nations will dump their debt and run from us.
That would be quite something! In effect the US would have a partially publicly funded post-secondary education system extended beyond public colleges to all types of institutions. This is the model most developed countries have, and I think it's a sensible one. If I was American I'd be a lot less opposed to this move than the Fed taking crappy mortgage backed securities as collateral.
Posted: Mon Apr 07, 2008 10:19 pm Post subject: Re: Housing & Economic Collapse - In Progress
Student loan debt is very hard to get out of if you are the borrower. The law was changed a few years ago so that now student loan debt stays with you after bankruptcy. Therefore, I would think that this kind of debt would have value, after all, as long as you live they can keep coming after you for the $.
The Bible says, "the borrower is the servant of the lender." How true it is.
Posted: Mon Apr 07, 2008 10:35 pm Post subject: Re: Housing & Economic Collapse - In Progress
TreeFarmer wrote:
Student loan debt is very hard to get out of if you are the borrower. The law was changed a few years ago so that now student loan debt stays with you after bankruptcy. Therefore, I would think that this kind of debt would have value, after all, as long as you live they can keep coming after you for the $.
It's not just that. If you're in default on student loans, most states will refuse to give you licenses. In some states that means things like a medical license, a dental license, or an electrician's license. In Montana, they will take away your driver's license if you default on student loans. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Joined: Apr 27, 2007 Posts: 4262 Location: The Great Sonoran Desert
Posted: Mon Apr 07, 2008 10:40 pm Post subject: Re: Housing & Economic Collapse - In Progress
smallpoxgirl wrote:
In Montana, they will take away your driver's license if you default on student loans.
Not much good when gas is gone... _________________ "There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
Joined: Dec 28, 2005 Posts: 295 Location: Toronto, Ontario
Posted: Mon Apr 07, 2008 11:05 pm Post subject: Re: Housing & Economic Collapse - In Progress
smallpoxgirl wrote:
TreeFarmer wrote:
Student loan debt is very hard to get out of if you are the borrower. The law was changed a few years ago so that now student loan debt stays with you after bankruptcy. Therefore, I would think that this kind of debt would have value, after all, as long as you live they can keep coming after you for the $.
It's not just that. If you're in default on student loans, most states will refuse to give you licenses. In some states that means things like a medical license, a dental license, or an electrician's license. In Montana, they will take away your driver's license if you default on student loans.
Bloody hell! Talk about indentured servitude. So your options as a student who has gone into huge debt to pursue a licensed professional career are to spin away like a hamster on a wheel paying huge amounts in interest, but barely making a dent in the capital owing, or be forced to turn your back on your dreams of success the whole debt charade if you fall behind. Once you're falling behind on your payments you're Fark then, is that right?
Are any of these states experiencing shortages of the aforementioned professionals? I'd imagine a fair few individuals fresh out of university must be in default, and if they can't practice then they sure as hell can't earn money to pay off those student debts.
Posted: Mon Apr 07, 2008 11:05 pm Post subject: Re: Housing & Economic Collapse - In Progress
roccman wrote:
Not much good when gas is gone...
You think they're not going to require a driver's license to get into the soup que? _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Joined: Jun 18, 2005 Posts: 3765 Location: In a van down by the river
Posted: Mon Apr 07, 2008 11:06 pm Post subject: Re: Housing & Economic Collapse - In Progress
Aus it would suck for the student loan borrowers, College tuitions in the US have gone insanely high. Every year I was in school the tuition kept rising.
So it is quite easy to have well over 100,000 dollars in student loan debt. The borrower has to pay back the principle and interest on the debt and then will also see his taxes go to paying off the debt he has borrowed. This is like a snake eating its tail.
And not to mention the upcoming job market everyone is going to face, most people in the US have jobs that are totally dependent on consumer spending.
Posted: Mon Apr 07, 2008 11:14 pm Post subject: Re: Housing & Economic Collapse - In Progress
auscanman wrote:
Once you're falling behind on your payments you're Fark then, is that right?
That's the size of it. If you can prove that it would be an extraordinary hardship to repay your student loans they can be discharged in a bankruptcy. (for example if you suffered a brain injury in a car crash and could no longer practice medicine.) Otherwise you're stuck.
Quote:
Are any of these states experiencing shortages of the aforementioned professionals?
I think most states will refuse professional licenses if you are in default. There might be one or two that don't. Realistically, if you get into default on student loans and don't qualify for a bankruptcy discharge, leaving the country might be the best option. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
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