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I'm gonna stop paying my mortgage, run up my credit cards and quit my job so I lose my benefits. Then I'm going to rob a bank....maybe Obama will bail me out of jail and get me a job in his administration.
We all have that desire to Live the American dream...
The problem with tracking down the scumbags that used "double-talk" and made unsophisticated borrowers rush through signing loan docs is that it still goes back to personal responsibility, absent fraud. It's hard to argue they didn't know that adjustable means adjustable when several documents exist in their loan package that attest they DID know it was this type of product. Heck, many lenders have one page in double sized bold and no other boilerplate just to hammer this fact home!
Re: the Obama pledge on taxes. I saw recently where he briefly hinted he may seek increased tobacco taxes, which statistically impact the lowest socio-economic sector. Then there are other plans to raise money through "fees"; just a euphemism for a tax. He never said he would lower income taxes only, he said TAXES. To redirect this to say he only meant income taxes would be akin to the tricks of a used car salesman. If the net effect means you lose $350.00 a year (or whatever amount) available cash, you probably don't care why.
Can anyone one here explain what the legal definition of predatory lending is? As much as we hear about it, I've never seen this explained.
There is no such thing as predatory lending. It's a made-up term to once again create victims (that need government help of course) and eliminate personal responsibility.
The problem with tracking down the scumbags that used "double-talk" and made unsophisticated borrowers rush through signing loan docs is that it still goes back to personal responsibility, absent fraud. It's hard to argue they didn't know that adjustable means adjustable when several documents exist in their loan package that attest they DID know it was this type of product. Heck, many lenders have one page in double sized bold and no other boilerplate just to hammer this fact home!
Re: the Obama pledge on taxes. I saw recently where he briefly hinted he may seek increased tobacco taxes, which statistically impact the lowest socio-economic sector. Then there are other plans to raise money through "fees"; just a euphemism for a tax. He never said he would lower income taxes only, he said TAXES. To redirect this to say he only meant income taxes would be akin to the tricks of a used car salesman. If the net effect means you lose $350.00 a year (or whatever amount) available cash, you probably don't care why.
Can anyone one here explain what the legal definition of predatory lending is? As much as we hear about it, I've never seen this explained.
you also forgot his great plan ( the big A , opps I mean O) on utilities. Ohh wait until the green wackos to come out and start this crap, he will make ALL utitility bills go thru the roof.
You're going to cite WIKI? You're kidding, right? Jeez, even in the link, the first paragraph noted that the term is still disputed between lenders and "rights groups". Any source that cites ACORN as though they are a respected expert, a disinterested impartial source, is going to lose me straight off.
Marc is spot on. There is no legally binding term with which one can levy this charge. Fraud; sure. Been alot of that the past decade I'll bet. But the term in dispute is one that appeals to emotion, not logic. At every turn, personal responsibilty is left unaddressed or heavily discounted.
BTW, how can one speak of fairness, (not you, just thinking out loud), then ask taxpaying RENTERS to kick in for this?
Sorry to interupt, this just in from Washington...
The Americans With No Abilities Act
Washington , DC
President Barack Obama and the Democrat controlled Congress are considering sweeping legislation that will provide new benefits for many Americans. The Americans With No Abilities Act (AWNAA) is being hailed as a major legislative goal by advocates of the millions of Americans who lack any real skills or ambition.
"Roughly 50 percent of Americans do not possess the competence and drive necessary to carve out a meaningful role for themselves in society," said California Senator Barbara Boxer - Democrat. "We can no longer stand by and allow People of Inability (POI) to be ridiculed and passed over. With this legislation, employers will no longer be able to grant special favors to a small group of workers, simply because they have some idea of what they are doing."
In a Capitol Hill press conference, House Majority Leader Nancy Pelosi - Democrat, and Senate Majority Leader Harry Reid - Democrat - pointed to the success of the U.S. Postal Service, which has a long-standing policy of providing opportunity without regard to performance. Approximately 74 percent of postal employees lack any job skills, making this agency the single largest U.S. employer of Persons of Inability.
Private-sector industries with good records of non-discrimination against the Inept include retail sales (72%), the airline industry (68%), and home improvement warehouse stores (65%). At the state government level, the Department of Motor Vehicles also has an excellent record of hiring Persons of Inability (63%).
Under AWNAA, more than 25 million mid-level positions will be created, with important-sounding titles but little real responsibility, thus providing an illusory sense of purpose and performance.
Mandatory non-performance-based raises and promotions will be given so as to guarantee upward mobility for even the most unremarkable employees. The legislation provides substantial tax breaks to corporations that promote a significant number of Persons of Inability into middle-management positions, and gives a tax credit to small and medium-sized businesses that agree to hire one clueless worker for every two talented hires.
Finally, the AWNAA contains tough new measures to make it more difficult to discriminate against the non-abled, banning, for example, discriminatory interview questions such as, "Do you have any skills or experience that relate to this job?"
"As a Non-abled person, I can't be expected to keep up with people who have something going for them,"said Mary Lou Gertz, who lost her position as a lug-nut twister at the GM plant in Flint , Michigan , due to her inability to remember righty tighty, lefty loosey. "This new law should be real good for people like me," Gertz added. With the passage of this bill, Gertz and millions of other untalented citizens will finally see a light at the end of the tunnel.
Said Senator Dick Durbin (Democrat-IL), "As a Senator with no abilities, I believe the same privileges that elected officials enjoy ought to be extended to every American with no abilities. It is our duty as lawmakers to provide each and every American citizen, regardless of his or her inadequacy, with some sort of space to take up in this great nation and a good salary for doing so."
This is socialism at it's finest. It's what the Americans have voted for. From what I've seen, I like Obama as a person, but not as a guy to lead this country right now. I work my a** off and always have. Always knew the limits of my spending. To be punished for that is astounding.
The rich get poorer and the poor get....lazier?
Nice!
I'm getting really tired of the term "socialism" being tossed around by everyone.....geeze....even the Soviet Union and Cuba aren't completely socialist countries.....they are countries run by dictators with isolationist policies.....the facts are that capitalism lives in both of those supposed socialist countries.....bottom line is there is no truly socialist country.....some thriving "democracies" have adopted some socialist programs which seem to work quite well for them, like most of the Scandanavian countries, but they don't have a 12 billion dollar a month war to drag them down......its not the socialist programs that are hurting us......its inept government since Clinton.....he left office with a surplus and in 8 short years GWB has bankrupt us just like he did once as a business CEO prior to being president.
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