Guess I’m different for the average American, I know how much money I make.
I know how much I spend on bills every month.
I know how much I can spend and not end up with zero before the end of the month.
I know I can’t afford to buy a home that is more than what I make or when I have no cushion left at the end off the month.
And what really makes me smarter than apparently you and most from the left, I know what what ARM stands for and it rarely goes down.
Americans, especially progressives and liberals need a mortgage company to tell them all the things above.
No one went to jail as it would have to start with Congress, then the Federal Reserve, and most of the mortgage industry and well as the banking industry, realtor, appraisers, tc. as well as every person who bought a home end then trashed it on the way out.
Shrug, you figure out why no one went to jail
p.s. Do you have any concept how many people stripped or damaged their homes before leaving?
I looked at a 400K home offered for 100K as the owner stripped out all the cabinets, appliances, the furnace and then turned on the water on the upper floor then they locked the door leaving it for the mortgage company.
A neighbor saw water running out of the home and called the fire department. The home was totaled, and sold for 50K and torn down. No one was prosecuted.
Another home perfect condition. 325K and was perfect. Sold for 250K. The owner built the home and paid cash for it. They tried selling it and there were no takers. The went out, got a loan for 325K and walked away.
Sorry after story of how oil went into abandoned homes and stripped out the copper piping and wiring for scrap.
I know of several people who had homes had great jobs and watched the value of their home drop through the floor. They saw a, similar house down the street for 100K less and bought and then defaulted on their first home. Thy are laughing their asses off today at their increase in net worth for nothing.
Yep, people are completely honest and mortgage companies were the cause and people are innocent.
Detroit failed because the politicians were beyond corrupt.
Look up Coleman Young and his corrupt government. I particularly loved his 2 armored limo’s and his armed body guards.
Maybe check out Kwame Kilpatrick
Yes, manufacturing left Detroit as well as people getting way from the corrupt government.
I lived through part of that nightmare, you didn’t and are clueless to the attitude of Detroit politicians as well as the corruption.
Chicago isn;t much different as the politicians as well as government employees line their pockets.
I knew this fella once who did a lot of well paid international work. He was good at saving and manage to save enough to buy his dream car… a Mercedes SLK with an AMG conversion… He had to sell the car the first time he took it in for a service…
Ben there did that when I was a bit younger. Always want a Jag VKE. Saved for it and finally had enough to buy on. Chocolate brown with light brown leather interior.
No one told me you hav to really drive it to keep it running well. The dual 4 barrels were high ,maintenance and required blowing out 160 mph will do it or a vest it th mechanic for a minimum 250 bucks for a tune up. Livd the car and it couldn’t;t b driven in the winter.
Had it for 2 years before I got tired of the repair bills.
Yes you are a smart guy ?
But for you to make this a right left is ignorant ! These guys all most destroyed the world financial system !
You want to blame anyone someone for vandalized homes is a joke .
Smart guy yes you are !
Wake up by the time Coleman Young and Kwame Kilpatrick took over the train had left the station decades ago !
Proof is in the pudding who got rich and who got fucked ?
Not a left right thing a through fucking of America’s working class by a corrupted government !
I said it about you and the left who want to pass blame everywhere except one place the place where it originated, PEOPLE.
No one was forced to buy a house. No one was forced to sign loan documents.
Yes there was some fraud and far more people trying to get rich quick.
And no I don’t make excuses for people making poor decisions as the left is well known for.
And that I can see both sides is an advantage over those that can only blame the banking industry.
Imagine if people would have not tried the get rich quick scheme.
Imagine if the Federal Reserve would not have left interest rates low.
Imagine if congress would not have passed laws enabling the loan activity.
Any one of the above not occurred, the housing bubble would never have happened. The banking collapse would never have happened.
Imagine if realtors would not have oversold people.
Imagine if realtors would have never told people houses never go down in value.
Imagine if appraisers would not have over appraised houses.
The housing bubble would have been far smaller.
The question is, when will people begin to take responsibility for themselves?
We see it today with UBI, minimum wage demands of 15 bucks an hour, the ACA, welfare all designed to keep people reliant on government.
When will you demand people be responsible for their actions???
We have a government and that government is responsible for a few things !
Lets start with the basics not right or left !
Government is responsible for making laws and enforcing those laws !
Government is responsible for education K to 12 !
Government is responsible trade and tariffs !
Corporate fraud continues to be one of the FBI’s highest criminal priorities—in addition to causing significant financial losses to investors, corporate fraud has the potential to cause immeasurable damage to the U.S. economy and investor confidence. As the lead agency investigating corporate fraud, the Bureau focuses its efforts on cases that involve accounting schemes, self-dealing by corporate executives, and obstruction of justice.
Money laundering allows criminals to hide and accumulate wealth, avoid prosecution, evade taxes, increase profits through reinvestment, and fund further criminal activity.
While many definitions for money laundering exist, it can be defined very simply as turning “dirty” money into “clean” money. And it’s a significant crime—money laundering can undermine the integrity and stability of financial institutions and systems, discourage foreign investment, and distort international capital flows.
The FBI focuses its efforts on money laundering facilitation, targeting professional money launderers, key facilitators, gatekeepers, and complicit financial institutions, among others.
Money laundering is usually associated with crimes that provide a financial gain, and criminals who engage in money laundering derive their proceeds in many ways. Some of their crimes include:
The continuing integration of global capital markets has created unprecedented opportunities for U.S. businesses to access capital and investors to diversify their portfolios. Whether through individual brokerage accounts, college savings plans, or retirement accounts, more and more Americans are choosing to invest in the U.S. securities and commodities markets. This growth has led to a corresponding rise in the amount of fraud and misconduct seen in these markets. The creation of complex investment vehicles and the tremendous increase in the amount of money being invested have created greater opportunities for individuals and businesses to perpetrate fraudulent investment schemes.
The following are the most prevalent types of securities and commodities fraud schemes:
Investment fraud: These schemes—sometimes referred to as “high-yield investment fraud”—involve the illegal sale or purported sale of financial instruments. The typical investment fraud schemes are characterized by offers of low- or no-risk investments, guaranteed returns, overly-consistent returns, complex strategies, or unregistered securities. These schemes often seek to victimize affinity groups—such as groups with a common religion or ethnicity—to utilize the common interests to build trust to effectively operate the investment fraud against them. The perpetrators range from professional investment advisers to persons trusted and interacted with daily, such as a neighbor or sports coach. The fraudster’s ability to foster trust makes these schemes so successful. Investors should use scrutiny and gather as much information as possible before entering into any new investment opportunities. Here are some examples of the most common types of investment fraud schemes:
Well I guess working American’s are just to dumb to expect this government to prosecute the rich the same as they would a kid sling dope on a corner ! NOT A LEFT RIGHT thing it is the laws that were broke and not enforced to big to fail !
HARTFORD, Conn.—This is one of the wealthiest states in the union. But thousands of children here attend schools that are among the worst in the country. While students in higher-income towns such as Greenwich and Darien have easy access to guidance counselors, school psychologists, personal laptops, and up-to-date textbooks, those in high-poverty areas like Bridgeport and New Britain don’t. Such districts tend to have more students in need of extra help, and yet they have fewer guidance counselors, tutors, and psychologists, lower-paid teachers, more dilapidated facilities and bigger class sizes than wealthier districts, according to an ongoing lawsuit. Greenwich spends $6,000 more per pupil per year than Bridgeport does, according to the State Department of Education.
“The system is unconstitutional,” the attorney for the plaintiffs Joseph P. Moodhe argued in Hartford Superior Court earlier this month, “because it is inadequately funded and because it is inequitably distributed.”
“Our system does not distribute opportunity equitably,” a landmark 2013 report from a group convened by the former Education Secretary Arne Duncan, the Equity and Excellence Commission, reported.
This is mainly because school funding is so local. The federal government chips in about 8 to 9 percent of school budgets nationally, but much of this is through programs such as Head Start and free and reduced lunch programs. States and local governments split the rest, though the method varies depending on the state.
So we are equal but separate again ! You are a smart guy do you fear competition from a motivated poor kid so much you would ham string them with a substandard education ? And them crow about how sophisticated you are and how stupid they are ?
The United States has always been a trading nation, but not a “free-trading” nation. Until a quarter century ago trade policy—primarily the raising and lowering of tariffs—was an instrument of domestic economic development. As the U.S. economy grew, so did its trade with the rest of the world. For the hundred years of America’s post–Civil War industrialization, America’s trade was in balance or in modest surplus, i.e., we paid for our imports with exports.8
In the late 1970s the United States began to run chronic trade deficits, a market signal that it was losing competitiveness. By 1979, real wages of U.S. workers began to stagnate, and then fall. With the collapse of the Soviet Union in the next decade, the geopolitical rationale for Cold War trade policies also disappeared.
At this point in history, American leaders should have adjusted the country’s policies to help its people cope with changing international conditions. But in the 1980s, business and financial institutions with global operations grew more dominant in Washington. Instead of helping working Americans regain the long-term trend of rising wages, pro-corporate domestic economic policies further weakened the bargaining power of labor vis-à-vis capital.
When NAFTA was passed, the United States was running a trade surplus with Mexico. President Bill Clinton promised that NAFTA would increase the surplus, creating 200,000 new American jobs in its first two years and a million jobs in five years. By 2010, deficits with Mexico had cost the United States 700,000 jobs.10
NAFTA’s promoters conceded that they might have “oversold” its benefits, but argued that only the lowest paying jobs at the bottom of the skill ladder were being lost. And, anyway, they insisted, the benefits from cheaper goods made these Americans better off.
But “jobs at the bottom” were defined as those held by noncollege graduates who represent two-thirds of the labor force! And as economist Josh Bivens showed, in 2011 increased trade with low-wage countries lowered the annual real wages (which take the effect of lower consumer prices into account) of noncollege graduates by $1800.11
As the U.S. government signed more trade agreements, the job losses rose relentlessly up that ladder. Highly skilled industrial work—in autos, steel, and electronics—was the next to go, as low-wage nations with free access to the American market rapidly educated and trained their own technical workforces. U.S. process-engineering sectors that depend on interaction with manufacturing followed, ultimately weakening the advanced research networks that generate new products. The U.S. trade surplus in high-tech industries turned into a deficit.12
So who am I to question a smart guy like you ?
This was not a right left thing until Bernie Sanders and President Trump made it a right left thing !
President Trump was elected by Wisconsin Pennsylvania and Michigan because he played to the working class and Hillary couldn’t make the cut !
And they have done those things.
Government is responsible for making laws and enforcing those laws
That apparently has transcended to the president via executive orders. Enforcement is selectively done and under the direction of the executive branch of government.
Government is responsible trade and tariffs !
The free trade agreements have traded cheap imports, stabilizing foreign governments and populations for American jobs. Our government thinks that is a great thing.
Government is responsible for education K to 12
Local and state government is responsible for K-12 and is largely supported with state and local tax dollars.
Funding of local schools is an interesting thing.
We fund our local schools and pass tax increases on ourselves to support our schools. Our school system is on of the best in the state.
Our neighboring city does not pass tax increases for their schools. Their school system among the worst.
We impose taxes for our children, they do not.
State dollars are equally distributed on a per student basis. Why should 1 area refusing to fund their schools get higher funding from the state?
What’s your solution Federal government funding to make all schools equally crappy?
Isn;t it about personal responsibility for the parents to provide for their children?
p.s. Not every state/city/local entity is like Hartford.
If you are doing ok under the the status quo no need to change anything !
But don’t be surprised when Bernie Sanders or Elizabeth Warren type comes along and steers the country down the socialist road !
It’s all about personal responsibility and if a socialist promises to fix a corrupted government make education work for the poor as well as the wealthy and give all citizens a shot at the gold how can you fault a parent for voting what is in their family’s best interest ? After all that’s how President Trump was elected !
All of the issues I listed can and should be fixed .