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This is all part of the move to destroy the dollar with it's current backing and replace it with a "credit" of the FED/IMF backed SDR. This isn't going to happen overnight but the wheels are in motion.
This is what voting for the Dems did. Hope you are all happy destroying your savings and putting yourselves under the thumb of govt.
Location: In a city within a state where politicians come to get their PHDs in Corruption
2,907 posts, read 2,067,392 times
Reputation: 4478
Quote:
Originally Posted by zach_33
It's a great idea in principle. The big three are allowed to protect their decision making algorithms from public view. What are they hiding? Loan-to-value ratios and income are legitimate attributes for model selection, but race is unacceptable. It's not okay to continue disenfranchisement of poor and marginalized communities of color.
Sure it is. If it shows a clear pattern one way or the other. If Firestone tires have shown themselves to be more reliable than Continental tires (a hypothetical example), you wouldn't be saying it's wrong to discriminate against Continental tires.
It is what is is. Blacks on average have lower credit scores. Blacks living in certain neighborhoods have lower credit scores. If you don't think that matters, start lending your own money without taking those risks into an account.
That's the most important point in this and most other threads about the nonsense Biden is signing and suggesting.
Nearly none of this crap comes from Biden. He has all he can do to decide what he wants for breakfast. And when we then move on to his handlers, there is only one worth mentioning because he has been running the Democrat war on America for 13 years....Barack Hussein Obama. This is his third term postponed. This is all the crap he wanted but was left undone when he lost the house in 2012.
And yeah, we are helpless to stop it for the moment....given that they've legalized election theft and have the never-questioning blessing of tens of millions of the dutiful drones churned out by our public schools over the last 35 years.
But we were very pleasantly surprised in 2015....and we must cling to hope that it can and will happen again.
Well said. There's an old saying "Nobody ever went broke underestimating the intelligence of the American public". This is pretty much the Dem's unofficial campaign slogan. Tell people whatever they want to hear, be dishonest about the consequences of these decisions, then sit back and watch the fun. This election was interesting because I know numerous very smart, financially savvy people who voted for Biden and are panicking now that he's doing precisely what any reasonable person could have predicted. They let their hatred of Trump shut down their reasoning circuits - which tipped the balance to the Dems in the election. On bright-side, tons of folks are waking up and realizing what a dumpster fire the Biden administration is. The midterm elections will be an unprecedented bloodbath for the Dems unless they start taking corrective action right now.
Sure it is. If it shows a clear pattern one way or the other. If Firestone tires have shown themselves to be more reliable than Continental tires (a hypothetical example), you wouldn't be saying it's wrong to discriminate against Continental tires.
It is what is is. Blacks on average have lower credit scores. Blacks living in certain neighborhoods have lower credit scores. If you don't think that matters, start lending your own money without taking those risks into an account.
While your post makes perfect logical sense and is 100% correct, we no longer live in a rational world. Democrats seem to be hell-bent on making sure that certain demographics won't be held accountable for their decisions.
Back in the 1990s, a friend of mine who was mortgage loan officer met me for lunch. He looked really upset and, when I asked why, he said that they just had a big meeting with all of the loan officers and underwriters and were told to push through loans for people of certain demographics, even if they didn't meet underwriting standards. He left the industry shortly thereafter, but we all know how this turned out: the housing meltdown in 2005/2006. Guaranteed student loans gave us sky rocketing college tuition. When common sense is thrown out the window, particularly when it comes to financial policy, the consequences are typically quick and brutal. Nothing good is going to come out of this, just like nothing good will come of student loan forgiveness. But, with the lunatics in charge of the asylum, we're stuck with this nonsense at least until the midterm elections.
There's several issues with this but one of the big ones is that he wants to transfer the ratings to a government agency. All of your credit spending habits in one place for the government to view. Before you know the public would be getting it via foia. Basically a step in centralizing all of YOUR data for government convenience.
Location: In a city within a state where politicians come to get their PHDs in Corruption
2,907 posts, read 2,067,392 times
Reputation: 4478
Quote:
Originally Posted by YourWakeUpCall
While your post makes perfect logical sense and is 100% correct, we no longer live in a rational world. Democrats seem to be hell-bent on making sure that certain demographics won't be held accountable for their decisions.
Back in the 1990s, a friend of mine who was mortgage loan officer met me for lunch. He looked really upset and, when I asked why, he said that they just had a big meeting with all of the loan officers and underwriters and were told to push through loans for people of certain demographics, even if they didn't meet underwriting standards. He left the industry shortly thereafter, but we all know how this turned out: the housing meltdown in 2005/2006. Guaranteed student loans gave us sky rocketing college tuition. When common sense is thrown out the window, particularly when it comes to financial policy, the consequences are typically quick and brutal. Nothing good is going to come out of this, just like nothing good will come of student loan forgiveness. But, with the lunatics in charge of the asylum, we're stuck with this nonsense at least until the midterm elections.
Any subsidy, designed to help the very same people/groups, it was intended to protect, ends up hurting those very same people. Whether that'd be higher minimum wages, guaranteed loans, rent subsidies/forgiveness, etc. etc. You can't force an employer to hire someone, you can't force a bank to lend money and you can't force a landlord to rent to someone they don't want to.
Not having a recourse action in any transaction is a recipe for disaster.
Location: By the sea, by the sea, by the beautiful sea
68,327 posts, read 54,350,985 times
Reputation: 40731
Quote:
Originally Posted by Kavalier
Exactly.
It's like theft in a store - the store won't pay for losses, they shift that loss in higher costs to their customers.
I think the credit bureaus are trash in how they function and are frankly evil (my credit was like 800, and ONE MONTH I miss - forgot actually - a payment and my credit cratered, even though I have always had fantastic credit), but that is not what we're talking about here.
Liberals are hellbent on destroying America. And every little step they take - DEATH BY A THOUSAND CUTS - they are destroying this nation more and more, making it weaker and weaker, every day that goes by. Just demonic, they are.
Of course it wasn't liberals breaking in to the capital, destroying property, and trying to sell the nonsense of 'massive voter fraud' which they utterly failed to support with facts. I guess that's as easy for conservatives to ignore as the national debt except when the Democrats are in control.
This is just another insidious plot to redistribute wealth.
When I mean wealth, I’m talking about the middle class and their modest accumulation, which would flow down to the lower classes until there is no distinction. Everyone would be made poor.
Of course, the wealthy elites will be largely exempt from the negative consequences of a decision like this.
Biden (his handlers) think we are all stupid out here. We may be helpless to stop it, but we know exactly what they are doing.
Quote:
Originally Posted by burdell
Of course it wasn't liberals breaking in to the capital, destroying property, and trying to sell the nonsense of 'massive voter fraud' which they utterly failed to support with facts. I guess that's as easy for conservatives to ignore as the national debt except when the Democrats are in control.
Were you in a coma last year when your BLM Antifa Shock Troops torched this nation?
Oh I keep forgetting, that was just "peaceful protests".
There's several issues with this but one of the big ones is that he wants to transfer the ratings to a government agency. All of your credit spending habits in one place for the government to view. Before you know the public would be getting it via foia. Basically a step in centralizing all of YOUR data for government convenience.
Yep. Which helps explain how google, facebook and amazon got to be so big.
The three primary reporting agencies analyze consumer borrowing and repayment patterns. They assign scores that are then used to assess a person’s creditworthiness. This can affect their access to an apartment and their ability to hold certain jobs in addition to the amount they can borrow and the interest rates that they are charged. It’s big business — enough to support three public companies (although they have other businesses as well).
Do you know how easy it is for your credit to fall? Do you know how hard & long it takes to get it back up again? Do you know how impossible it is to build your credit & get out of debt when you are constantly punished for it with fees & ridiculously high interest rates? What is wrong with you people? Think before you post.
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