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Others already HAVE benefited. As I've already posted, $2 Trillion (MUCH more than the banks got) in QE was created to bail out high-risk mortgage borrowers who never should have been given a loan in the first place. Tens of thousands of them will get their homes for free as they're 5+ years behind on their mortgage payments and the statute of limitations on foreclosure has/will expire.
Likewise, our country spends $1 Trillion each year in means-tested welfare programs to bail out those who are capable of but won't/don't support themselves and their dependents.
You're whining about billions to bail out banks, almost all of which was paid back, while TRILLIONS are being spent on noncontributing deadbeats and all of that expense is placed on the backs of the taxpayers.
Stop with the complaints over your free house already.
That phrase loosely translates to : the wealthy class of people are hoarding the wealth. Instead of creating jobs, they are dodging taxes..
I speak ghetto. 25 years in medicine.
As far as creating jobs , there will be less incentives for small businesses to open in places where they will not be welcomed. On top of it many cities and states are enacting $15 hr minimum wages .
It makes less sense for some people to own a small business and deal with all the headache versus putting that money into something more passive .
Unemployment among young black males is already super high.
Bernie Sanders has said its 51%
Things started to get really tense later in the night when people started screaming ‘f**k white people,’ ‘white people suck’,” Pool said. He continued,” A reporter was grabbed by some locals and threatened and told to leave.”
Pool’s concern peaked when he saw a white man who had been shot in the neck and was then extracted from the crowd by police.
Stop with the complaints over your free house already.
I didn't get a free house. The tens of thousands of Americans who are 5+ years behind on their mortgage payments did. I have no mortgage.
$2 Trillion in QE created to give tens of thousands of deadbeats who never should have even qualified for a mortgage free homes, and you irrationally think the billions given to the banks which they paid back is the problem.
Fannie, Freddie, and HUD's affordable Lending mandates as mission regulators for the GSEs crashed the economy. Barney Frank admitted it, and the Federal Reserve had to create $2 Trillion in QE to bail out Fannie and Freddie by buying the crap-loans based GSEs they issued.
We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."
We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."
- President George W. Bush, Oct. 15, 2002
Actually, the impetus for loan originators to approve mortgage loans to increasingly high numbers of low-income, high-risk, redlined area, and/or credit-compromised borrowers can be seen in this Clinton/Cisneros-era HUD document:
Quote:
"Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) in the secondary mortgage market, are the two largest sources of housing finance in the United States. They fund these mortgages by purchasing loans directly from primary market mortgage originators, such as mortgage bankers and depository institutions, and holding these loans in portfolio, or by acting as a conduit and issuing mortgage-backed securities (MBS), which are then sold in the capital markets to a wide variety of investors.
...HUD is the mission regulator for Fannie Mae and Freddie Mac, and a major aspect of this regulation involves setting minimum percentage-of-business goals for the GSEs’ mortgage purchases. These housing (or lending) goals deal with the enterprises’ support for low-income lending and lending in
underserved geographic areas."
Someone needs to ask that young man what has he done over the past 2-3yrs in order to better his life. I'm curious as to what his answer would be.
I myself am a minority born into a broken home. Father in/out of jail and a mother who raised me on welfare. Today I'm gainfully employed at a major Marketing/Advertising firm and I also run my own small business. Why? I chose to go to school and stay out of the streets. Distanced myself from bad influences and didnt succumb to social peer pressure.
I grew up in the "hood" just like most of these folks. My first goal was to earn enough money to leave. That was 9yrs ago. I bust my behind till this day to make sure I dont have to go back.
Why do you think that the people that you left behind just don't get this?
I didn't get a free house. The tens of thousands of Americans who are 5+ years behind on their mortgage payments did. I have no mortgage.
$2 Trillion in QE created to give tens of thousands of deadbeats who never should have even qualified for a mortgage free homes, and you irrationally think the billions given to the banks which they paid back is the problem.
Fannie, Freddie, and HUD's affordable Lending mandates as mission regulators for the GSEs crashed the economy. Barney Frank admitted it, and the Federal Reserve had to create $2 Trillion in QE to bail out Fannie and Freddie by buying the crap-loans based GSEs they issued.
Not exactly. The banks didn't start REALLY playing fast and loose with the lending criteria until they created the financial devices that allowed them to take the fees and sell the risk off in bits and pieces to others. Like your 401k. Mortgage notes, which had previously been very sound investments, were no better than junk bonds at that point.
Watch the movie The Big Short. But take your shoes off first, so you aren't tempted to hurl one at your television.
"The rich people got all this money and they not tryna give us none , it's sad"
What's sad is thinking that rich people should give anyone money just because of their skin color or just for existing ..
if this guy was trying to better himself and said he was being denied access to college or trade schools due to being black or from a poor neigborhood then it would be one thing . There are opportunities out there but likely 99% of the time people are choosing not to take advantage of the opportunities .
there are so many entrepreneurs that came here with nothing . People that escaped real persecution .. Like the holocaust .
They didn't come here and complain and wait for the government or rich people to give them money . They found ways to earn that money themselves . Some ways we're opening a business and growing it . Bootstrapping . Others went to school and got an education that provided value .
This current mentality , which can be seen in the black lives matter agenda and elsehwhere is a terrible one .
Someone with this guys mentality will never succeed . They don't have the mindset for success .
Someone needs to ask that young man what has he done over the past 2-3yrs in order to better his life. I'm curious as to what his answer would be.
I myself am a minority born into a broken home. Father in/out of jail and a mother who raised me on welfare. Today I'm gainfully employed at a major Marketing/Advertising firm and I also run my own small business. Why? I chose to go to school and stay out of the streets. Distanced myself from bad influences and didnt succumb to social peer pressure.
I grew up in the "hood" just like most of these folks. My first goal was to earn enough money to leave. That was 9yrs ago. I bust my behind till this day to make sure I dont have to go back.
louie0406 that had to be tough, even in white area's peers will tell you "your waisting your time, it's a pipe dream". I learned to keep my dreams to myself as I plugged on.
I would love to hear what this young man has done over the past couple years to better his life? Hanging out with nay sayers no matter what neighborhood you live in only hold you back. Thinking someone else owes you is worse.
I'll bet he and many of his peers thought Obama and think that government will legislate their prosperity. 7+ years later and there they are, still waiting as they will until they die. It's impossible and won't happen.
Last edited by petch751; 08-17-2016 at 12:33 PM..
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