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What do we do about renters' debt?

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    creepycougcreepycoug Member Posts: 22,752
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    doogie said:

    Whaaaaaaa

    You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.

    Next time, develop your contingency plans around a wider swath of hypothetical issues.

    Genuinely have no idea what you're babbling about
    He's just saying you (not you you, but figurative you) levered up to buy what you rightly pegged as an appreciating asset that you were going to finance with rent money.

    An externality was introduced - the Vid - and your rent $ stream was cancel cultured. He's saying too bad.

    I just don't believe we should collectively rescue people or business. The banks in 2008 is different because we were looking at systemic collapse. And we beef'd up regulation after we did it, and rightly so.

    Also, where is the money going to come from to fix this impending shit show. Am I going to see a 50% marginal tax rate before I check out?
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    GreenRiverGatorzGreenRiverGatorz Member Posts: 10,147
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    doogie said:

    Whaaaaaaa

    You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.

    Next time, develop your contingency plans around a wider swath of hypothetical issues.

    Genuinely have no idea what you're babbling about
    He's just saying you (not you you, but figurative you) levered up to buy what you rightly pegged as an appreciating asset that you were going to finance with rent money.

    An externality was introduced - the Vid - and your rent $ stream was cancel cultured. He's saying too bad.

    I just don't believe we should collectively rescue people or business. The banks in 2008 is different because we were looking at systemic collapse. And we beef'd up regulation after we did it, and rightly so.

    Also, where is the money going to come from to fix this impending shit show. Am I going to see a 50% marginal tax rate before I check out?
    Well that I get. That's been a given from the get-go. It's @doogie's bad baseball metaphors that have me scratching my head.

    And I think we're generally in the same boat of "let the chips fall where they may". But like I said, that cat is out of the bag, we already picked and chose where to put the chips. We shut down income streams for renters. We then placed a moratorium on evictions. We earmarked billions in rent relief and continued to funnel additional billions to large corporations in the form of direct cash or increased tax refunds. So let's acknowledge that we already do rescue people and businesses. A lot. And we collectively decided that landlords are going to be the ones who ultimately eat this loss. That wasn't my first choice in this game of picking winners and losers.
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,695
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    doogie said:

    Whaaaaaaa

    You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.

    Next time, develop your contingency plans around a wider swath of hypothetical issues.

    The happy couple buying your house at auction win.

    Normally would agree, but this is all government induced.
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    whatshouldicareaboutwhatshouldicareabout Member Posts: 12,500
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    Good thread pods. I appreciate the various perspectives here.

    Look what you created @DerekJohnson

    A board where people can engage in respectful, intellectual discourse that people can enjoy
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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 102,286
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    Good thread pods. I appreciate the various perspectives here.

    Look what you created @DerekJohnson

    A board where people can engage in respectful, intellectual discourse that people can enjoy
    Fuck off



    lol
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    Pitchfork51Pitchfork51 Member Posts: 26,666
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    The snark answer is start your own bank but we? are better than that here. I agree with most of what creepy said.

    The access to capital for the little guy is why home ownership and business start ups are possible in America. But it isn't free and banks are in fact profit making business who answer to shareholders which is the excuse for all sorts of bad behavior. I once knew a guy that had come here from Holland and I asked him how he liked it and he said he bought a home which never would have been possible back in the old country

    Capital also allows upward mobility rather than blood like the still royal infested Euros.

    Downside is you have to live up to your terms and if you don't you lose your home or business. But you don't get your legs broken or go to debtors prison so there's that.

    Life is about risk and a lot of folks went bankrupt a few times before they got it right. It takes a mindset not to freak out about it. In my repo days I met a guy who just shrugged and told me - I could pay but its a bad investment now and gave me the keys. I also met families losing the family home and they were not shrugging.

    In a perfect world bailouts would go direct to the person not through the institution. Banks could be "made whole" by having the mortgage holder be able to pay and keep the home. You do run into I paid my rent or mortgage and it wasn't easy so why should he get free money because he didn't type stuff.

    Banks are too big to fail allegedly and so their risk is covered. I am not too big to fail so I'm told hey you took the risk and lost so fuck off. That seems to be the crux of the issue.

    Creep is right it's not morality its business but having a corrupt congress with access to trillions of dollars skews the field. A true both sides situation

    Agree with all that, especially the highlight.

    Plus, this is a strong candidate for the Club's "fine people on both sides" POTD. Yes, it sucks that we had to bail out the banks, and yes, I'm talking out of both sides of my mouth when I say "fuck off" to student loan bailouts. But like I said, nobody has explained to me how we function if the banks suddenly fold. People would see very clearly then what it takes to get other people to loan you money or invest in your bidness.

    I remember 3 CEOs ago in my career going on a road show. He left dinner early to go prep. for the next day. I said, "I would have guessed by now you'd have that pitch down by memory." He said, "Yeah, but keep this in mind Creepycoug: you need to be at your very best, no mistakes, no misimpressions, when you are asking people to trust you with their money. And don't wear that shirt tomorrow."

    That is a direct quote. No board malarkey. That's what he said. And if my shoes had needed shinning, he would have said that too.
    So you greased back your hair, fluffed your mustache, and busted out the gucci loafers right
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    TequillaTequilla Member Posts: 19,816
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    Simplest path is to have the stimulus be distributed to as few places as possible to cut down on administrative costs

    Renters aren’t paying rents and we want to give a pass to forgive

    Owners aren’t getting paid so they aren’t paying their mortgages ... so banks aren’t getting paid

    Easiest solution is give the banks the $$$ and use that $$$ to make owners while by forgiving their being behind in mortgages

    Of course, that would never play publicly because it’d get spun in a nanosecond
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,695
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    Tequilla said:

    Simplest path is to have the stimulus be distributed to as few places as possible to cut down on administrative costs

    Renters aren’t paying rents and we want to give a pass to forgive

    Owners aren’t getting paid so they aren’t paying their mortgages ... so banks aren’t getting paid

    Easiest solution is give the banks the $$$ and use that $$$ to make owners while by forgiving their being behind in mortgages

    Of course, that would never play publicly because it’d get spun in a nanosecond

    The percentage of landlords defaulting is still relatively low, all things considered. Not many chose to do forbearance. The money would be better going directly to the landlords' pockets to resolve all of the non-payment evictions that are waiting to happen.
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