Thread: Occupy Wall Street

Originally Posted by Explicit_Spade

Thing about the price of houses. There are people who have already paid more than their homes are worth, and still owe a hundred thousand dollars or more.

WTH?!?!? The bank held a gun to their head and made them sign the document that had the bubble mortgage? They made the individual take out that large of a loan? The bank said buy a 300k house or we won't give you a non fixed loan with a 5 year arm?

People have made choices and they have to realize that. All these people without homes now had fixed mortgage rates or arms? Which did they have?

Everytime I have bought a home the bank comes and says we will give you a loan for X amount, but I have to make a choice on that amount and say yes, I can afford those payments or no, I cannot afford those payments and get a smaller loan that is affordable. The bank has never refused to give me less money.

They owe more on their home than it is worth? Who made them get a 2nd mortgage? The value of the homes have dropped everywhere. I have lost over 100k on a home, but so be it. Those were the choices I made not a bank. I have to stand up and say, Yes, I did that and I have to pay for that.

As far as choosing between food or rent, that is a decision I have made before. It wasn't fun it wasn't easy and frankly nobody cared that the house went away, but me. I picked myself up and wiped the dirt off and started over. No bail out needed and I was a hell of a lot less than the 99%.

Originally Posted by Explicit_Spade

Living within your means is an unrealistic statement when the banks are robbing the citizens.

Please give an actual example of this instead of such a general statement. Specific example or ban........

I love the examples about the small business owner and how the cost of a $2 knife sells for $20 and how that example is compared to a major retail company.

The Overhead costs are not even close to comparable.

An employee who is paid $10/hr costs that company that provides healthcare (Which all major retailers do) about $22/hr. How does a company make up that $12/hr difference? Raising the cost of the products sold.

The more employees you have the more product you need to move.

Originally Posted by GreyGhost

I love the examples about the small business owner and how the cost of a $2 knife sells for $20 and how that example is compared to a major retail company.

The Overhead costs are not even close to comparable.

An employee who is paid $10/hr costs that company that provides healthcare (Which all major retailers do) about $22/hr. How does a company make up that $12/hr difference? Raising the cost of the products sold.

The more employees you have the more product you need to move.

Wrong. They move their manufacturing over seas.

I dont know about being wrong. We do the manufacturing everyday here.

We bring in contractors and outsource a lot of it as well do to timeline concerns.

Originally Posted by GreyGhost

WTH?!?!? The bank held a gun to their head and made them sign the document that had the bubble mortgage? They made the individual take out that large of a loan? The bank said buy a 300k house or we won't give you a non fixed loan with a 5 year arm?

People have made choices and they have to realize that. All these people without homes now had fixed mortgage rates or arms? Which did they have?

Everytime I have bought a home the bank comes and says we will give you a loan for X amount, but I have to make a choice on that amount and say yes, I can afford those payments or no, I cannot afford those payments and get a smaller loan that is affordable. The bank has never refused to give me less money.

They owe more on their home than it is worth? Who made them get a 2nd mortgage? The value of the homes have dropped everywhere. I have lost over 100k on a home, but so be it. Those were the choices I made not a bank. I have to stand up and say, Yes, I did that and I have to pay for that.

Wait. So you think that you lost 100K on your home because of your own fault? You don't care that because of subprime mortgages, bubble market appraisals and unethical mortgage lenders (BANKS), YOUR home valve has gone down the toilet? Yes Arms are not the best loans you can get and yes some people shouldn't have gotten loans. Is this the people who got the loans fault or the people giving the loans to unqualified people that should take the fault? There are a lot of factors that play into the market taking a dump but to blame it on the people who took the loans isn't right when they shouldn't have gotten the loan in the first place. Greed

Originally Posted by GreyGhost

I dont know about being wrong. We do the manufacturing everyday here.

We bring in contractors and outsource a lot of it as well do to timeline concerns.

Depends on how large the company is. Maybe you are not large enough company/business to mass produce a product to the point where it is profitable for the company to move over seas.

Example: The new Iphone. They weren't made in the US that's for sure. Most of the manufacturing for the phone was in China. It is large scale manufacturing that enabled Apple to maximize profits while keeping the price within market standards.

Originally Posted by Pure2sin

Wait. So you think that you lost 100K on your home because of your own fault? You don't care that because of subprime mortgages, bubble market appraisals and unethical mortgage lenders (BANKS), YOUR home valve has gone down the toilet? Yes Arms are not the best loans you can get and yes some people shouldn't have gotten loans. Is this the people who got the loans fault or the people giving the loans to unqualified people that should take the fault? There are a lot of factors that play into the market taking a dump but to blame it on the people who took the loans isn't right when they shouldn't have gotten the loan in the first place. Greed

The loss on my home was not caused by the home market situation entirely. I relocated and paid both mortgages for a time and looked at the cause and effect and chose to tell the bank they could have their property.

There are not very many laws related to who you can and cannot lend money too. You do not own the land, because you did not pay for it the bank paid for with the understanding that you accepted when you signed on the dotted line.

The amount people are qualified for is usually higher than they can afford to pay based on the calculations used. It is a simple debt/asset ratio.

I can make 10k a year, but have 5k in assets and that my assets can go up to 11k and my loan amount availability could go up, but I make the same amount of money per year.

You signed on the dotted line. It is not the banks responsibility to educate you. At what point does the person take on the responsibility? To me it is their choice on who to get the loan from and the interest rate of that loan not the bank. That is why people with bad credit scores have to pay more, because the risk is higher and the lender wants a quicker return based on the risk amount.

Again, please show the above requested example. Please stop generalizing and give specific examples of what is being complained about.

Originally Posted by Pure2sin

Depends on how large the company is. Maybe you are not large enough company/business to mass produce a product to the point where it is profitable for the company to move over seas.

Example: The new Iphone. They weren't made in the US that's for sure. Most of the manufacturing for the phone was in China. It is large scale manufacturing that enabled Apple to maximize profits while keeping the price within market standards.

A large part of that is due to treaties from WWII where the US stated they would not create, assemble and a few other things with electronic equipment. CPUs and such. There are a ton of items listed that the US agreed to back in the late 1940s.

Originally Posted by GreyGhost

A large part of that is due to treaties from WWII where the US stated they would not create, assemble and a few other things with electronic equipment. CPUs and such. There are a ton of items listed that the US agreed to back in the late 1940s.

We live in a free-market economy. They are not, not manufacturing CPUs in the US because because of a treaty with Japan?

I am out of this thread. Final time. lol

So, if I'm born into a poor family... How do I get out of poverty. Someone please explain?

Joining a gang.

Originally Posted by GreyGhost

A large part of that is due to treaties from WWII where the US stated they would not create, assemble and a few other things with electronic equipment. CPUs and such. There are a ton of items listed that the US agreed to back in the late 1940s.

never heard of Silicone Valley in California? Not to mention their are plenty of US computer companies.

So I get a job in the service industry (retail clothing), I'm only 16. My parents have no money or education and can't help. I make $7.25 an hour. If I'm lucky I might graduate high school with average grades, I can't afford college application fees, no co signer for loans, and can't afford to pay for the SATs. I don't live close to my job or school so I take the school bus in the morning and have to catch public transportation right after I get off of the bus from school. I get on the bus and work from 5-9. Catch the bus home at 9:30 and eat something light when I get home. I start my homework and usually fall asleep doing it. I wake up at 6AM and catch the bus at 7am and start all over again. Honestly as one of the other posters mentioned and I know it sounds ridiculous, but joining a gang sounds pretty good right about now. Please help, I need more suggestions.