Barney frank won't run!!!

[Bob Fechter]

Certainly a great start to curing our countries ills! The man who almost single handedly brought loan industry to its knees will not seek re-election.

Barney Frank To Announce He Won't Seek Re-Election | Fox News

 

[Terry Oxandale]

Silly me, instead of blaming those that allowed dumb-a$$es to borrow more than they should have, I was erroneously blaming the dumb-a$$es themselves for not having a clue as to what they could afford, and letting the industry tell them what they could afford. It's not rocket science to figure out that my income must be great than or equal to what I spend.

 

[John Milmont]

Silly me, instead of blaming those that allowed dumb-a$$es to borrow more than they should have, I was erroneously blaming the dumb-a$$es themselves for not having a clue as to what they could afford, and letting the industry tell them what they could afford. It's not rocket science to figure out that my income must be great than or equal to what I spend.

I think very few in the government understand this.. on both sides of the party line.

 

[Tom P]

Silly me, instead of blaming those that allowed dumb-a$$es to borrow more than they should have, I was erroneously blaming the dumb-a$$es themselves for not having a clue as to what they could afford, and letting the industry tell them what they could afford. It's not rocket science to figure out that my income must be great than or equal to what I spend.

It was a matter of the government telling lending institutions to lower the standards to allow those that could not afford or qualify under normal restrictions to buy a home they couldn't afford to pay for. It was stupid, but the government opened the door and everyone rushed in.

 

[Terry Oxandale]

It was a matter of the government telling lending institutions to lower the standards to allow those that could not afford or qualify under normal restrictions to buy a home they couldn't afford to pay for. It was stupid, but the government opened the door and everyone rushed in.

Exactly Tom. The rushing in seems to be so predominant anymore. The lack of connecting real-life outcomes with the short-term emotional satisfaction (political, financial, environmental, and social), is the new characterization that describes America through and through. We can lay blame on any number of individuals for the messes we are in, but ultimately it boils down to you and me, the apathy to buck this trend, accepting it as the norm, and live within that norm hoping the pointed end lands elsewhere. Deep down inside, I think this is what "Occupy" is all about.

 

[Tom P]

Terry, I think you're correct. The problem with a good part of the US is that people never consider the consequences of their actions. The credit card fiasco is just the same. People spend more than they can ever afford to pay back and act shocked when the interest on the credit cards is more than they can afford. The credit card companies are like sharks, extending credit lines and putting irresponsible people in debt forever. Whoever thought up the credit card was an evil devious bastard. Huge college loans are also stupid. Who would get 100k worth of loans and act like someone else should pay them? If you can't afford it, don't do it!

 

[Terry Oxandale]

But I also think credit cards were introduced to a generation that knew when and how to use them. The current generation (don't want to throw everybody in on this) generally think it's plastic money. My wife and I have one AMEX card for travel, and everything else is paid cash, check, or ATM card. When I went to school, I couldn't even imagine borrowing the amount of money required to complete school. It was not even an option, so I worked through school. Even at the very forgiving terms of student loans, it just boggles my mind that someone would rack up high 5, or low 6 figure debt, when it could have been avoided. I guess this is were my world, and reality, starts to diverge and I become the crusty old guy.

 

[domtoni]

Terry, I think you're correct. The problem with a good part of the US is that people never consider the consequences of their actions. The credit card fiasco is just the same. People spend more than they can ever afford to pay back and act shocked when the interest on the credit cards is more than they can afford. The credit card companies are like sharks, extending credit lines and putting irresponsible people in debt forever. Whoever thought up the credit card was an evil devious bastard. Huge college loans are also stupid. Who would get 100k worth of loans and act like someone else should pay them? If you can't afford it, don't do it!

Tom, when I was in business school in the 70s, we were taught that usury was interest at 18%. I was shocked in the mid 1990s that UK credit card companies were charging up to 30% per annum interest. And US card companies have followed suit. Those who overdid their card limits, refinanced on their homes, and now people have far more debt than the value of their property (happened to an old friend of mine). It would help if we brought some sanity back to the credit card industry.

 

[Terry Oxandale]

... It would help if we brought some sanity back to the credit card industry.

But then many would say that this is "regulation" that burdens business. Yes, one could argue that raising the rates will cause a loss of customers, which will create a self-checking mechanism to cause rates to drop again (similar to BofA creating debit card fees, and then retracting those fees after customer outcry), but if it was that simple, we wouldn't be in the "capitalist" maelstrom were in today wherein normally free-market thinking folks are wondering what is going wrong.

 

[Bob Fechter]

Now we really have a problem. Maxine Waters, more Marxist than even the current regime, is next in line for Barney's position.

Oh woe be to those evil Capitalists who still sully our worker's paradise.

Maxine Waters in line to take over from Frank on Financial Services Committee - The Hill's On The Money