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This is BS. I don't have much in the bank, and tomorrow I could borrow to buy a home, a car, a piece of business equipment, or virtually whatever rational purpose i could find. The bank I have used for thirty years is not the only prospective lender to me, either--one credit card issuer is promoting new car loans to me, another local bank would be happy to take over my business and personal loans, another credit card issuer is offering unsecured loans. All the well-run businesses I know have access to adequate credit.
If however, you are a deadbeat or have no discernible means of repayment or are trying to use pie in the sky, good intentions or high hopes as collateral, now (as usual) you have a tough time borrowing.
If you have real estate already paid off and assets with your business you might get some loans (though rarely to you through a corporation).
Here in California it is tight as a drum even with property and money in the bank. Many escrows fall through.
I could buy another home for cash and have a home paid off, but unless I want a home equity loan they still make you jump through hoops around here.
I was suggesting that even people with lots of money already sitting in the bank can't seem to even get loans.
Can you get a loan with only $11.04 in the bank these days?
Probably not. When I had my minimum wage job, I had $4,000 in the bank as well as a cousin who would have funded a property that had a lower monthly pmt than my existing rent.
Not capitalism. That is progression via regulations. More big government interference.
Controlling every aspect of what we do.
A hypothetical conversation with a conservative:
C: Government shouldn't help (subsidize) people to buy homes they can't afford.
Me: I'm cool with that, I want to buy exactly what I can afford, and not one bit more. I want to buy a tiny house on a tiny piece of land because that's all I can afford.
C: Horrors! That is totally unacceptable. A travesty! Government must not allow this sort of thing!
Yes, capitalism is the allocation of capital by private as opposed to government hands. Property (landed) rights are granted, protected and controlled by government. The trading of those granted rights are done by both private and government means.
So if government does not deign to allow poor people to have property rights, they're just out of luck?
If you have real estate already paid off and assets with your business you might get some loans (though rarely to you through a corporation).
Here in California it is tight as a drum even with property and money in the bank. Many escrows fall through.
I could buy another home for cash and have a home paid off, but unless I want a home equity loan they still make you jump through hoops around here.
I heard a local real estate guy on the radio today. He says the lending market is "changing weekly". Specifically, he said that lending was finally loosening up here, and it is getting a lot easier to borrow than it was, say, a year or sig months or even a month ago.
Probably there is a lot of regional variation here, so the local environkment is probably much better in some places than in others.
If however, you are a deadbeat or have no discernible means of repayment or are trying to use pie in the sky, good intentions or high hopes as collateral, now (as usual) you have a tough time borrowing.
If people pay n dollars a month for rent, they have demonstrated the ability to pay n dollars a month. Wouldn't that be "discernable means" of paying n dollars a month on a mortgage?
So if government does not deign to allow poor people to have property rights, they're just out of luck?
Actually it is worse than that!
The government owns a massive amount of land in the US, especially surrounding cites and popular areas to live. Land owners benefit by NOT developing their land, because most property taxes are levied on improved property. As the value of the property increases due to government regulations and ownership the land owners can develop some land during periods when the government is giving subsides for people to buy homes. Then the new home owners take the hit as the value of housing drops, so the money ends up back in the hands of the elite.
Other times the land owners can take out loans or just sell pieces of land off.
If we had a system such as proposed by Thomas Jefferson, Thomas Paine and later Henry George, we would see the opposite dynamic at play and affordable housing would be available to most.
The government owns a massive amount of land in the US, especially surrounding cites and popular areas to live. Land owners benefit by NOT developing their land, because most property taxes are levied on improved property. As the value of the property increases due to government regulations and ownership the land owners can develop some land during periods when the government is giving subsides for people to buy homes. Then the new home owners take the hit as the value of housing drops, so the money ends up back in the hands of the elite.
Other times the land owners can take out loans or just sell pieces of land off.
If we had a system such as proposed by Thomas Jefferson, Thomas Paine and later Henry George, we would see the opposite dynamic at play and affordable housing would be available to most.
Thanks for reminding me about Henry George. I read about him some years ago and he made sense to me. It seemed obvious to me that his 'single tax' was a very good thing for affordable housing.
C: Government shouldn't help (subsidize) people to buy homes they can't afford.
Me: I'm cool with that, I want to buy exactly what I can afford, and not one bit more. I want to buy a tiny house on a tiny piece of land because that's all I can afford.
C: Horrors! That is totally unacceptable. A travesty! Government must not allow this sort of thing!
???????????? What can your point of this post possibly be ???????????
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