What do we do about renters' debt?
Comments
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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.GreenRiverGatorz said:
Genuinely have no idea what you're babbling aboutdoogie 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.
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? -
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 -
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.creepycoug said:
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.GreenRiverGatorz said:
Genuinely have no idea what you're babbling aboutdoogie 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.
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?
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. -
Since we are on the subject and I am 81% decided to move on and never signed a NDA I can talk a bit about Chase. in 2015 I got a job with a GC running the Chase bank account which turned into a partnership in 2016 which is what I have been doing
In 2015 Chase decided to get rid of as many tellers as possible by closing teller stations and replacing them with inside ATMs. I ran that program for the GC. As we were visiting branches to scope for the jobs they would be full of people who drove to the bank and walked past several ATMs to stand in line to talk to a teller. Even I was banking on line and on my phone by then but it sure seemed like a lot of folks liked to go to the branch.
But MBA Ivy League types far smarter than me came up with the program so what do I know? And we grossed 4 million off that program alone in 2015 which is how I got the sweetheart deal with my current partner. Like my flooring king days I did all the management and had a couple of supers and subs. Worked so hard I had to piss in a bottle (little Amazon humor)
Anyway the program was dropped after a year because people were complaining about the lack of tellers as they stared at the inside ATMs while waiting in line. Turns out that Oly High MBA was right.
16,17,18, and 19 we continue to do various programs still designed to get rid of actual humans in the branch and one after another bites the dust. But we get paid. One year we built walls in front of the entire teller line. If Covid hadn't hit we probably would have been removing them last year. That's the rumor anyway.
We are tiny and we probably did 15 million gross as one of many GCs nationwide. That's couch change but also illustrates how to big to fail is also too big to be held accountable. Dimon is some sort of savant as far as I can tell reading his press but I'm not convinced.
The moral of our story is common sense trumps massive construction management and design fees by the fellow mega corporations servicing Chase.
It was people like me that showed them how to flip a bank over the weekend. We also would do the same branch two or three times doing various work instead of doing everything at once over a week or so which is far more cost effective and uniform.
But hey, I'm just a contractor.
Obviously over the years I've been inside a lot of big business but Chase stands out as being remarkably fucktarded -
Agree with all that, especially the highlight.RaceBannon said: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
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. -
Normally would agree, but this is all government induced.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. -
You get as big as Chase and fucktardery is almost a given. It's too big to not be fucktardery. A distinct risk apart from too big to fail.RaceBannon said:Since we are on the subject and I am 81% decided to move on and never signed a NDA I can talk a bit about Chase. in 2015 I got a job with a GC running the Chase bank account which turned into a partnership in 2016 which is what I have been doing
In 2015 Chase decided to get rid of as many tellers as possible by closing teller stations and replacing them with inside ATMs. I ran that program for the GC. As we were visiting branches to scope for the jobs they would be full of people who drove to the bank and walked past several ATMs to stand in line to talk to a teller. Even I was banking on line and on my phone by then but it sure seemed like a lot of folks liked to go to the branch.
But MBA Ivy League types far smarter than me came up with the program so what do I know? And we grossed 4 million off that program alone in 2015 which is how I got the sweetheart deal with my current partner. Like my flooring king days I did all the management and had a couple of supers and subs. Worked so hard I had to piss in a bottle (little Amazon humor)
Anyway the program was dropped after a year because people were complaining about the lack of tellers as they stared at the inside ATMs while waiting in line. Turns out that Oly High MBA was right.
16,17,18, and 19 we continue to do various programs still designed to get rid of actual humans in the branch and one after another bites the dust. But we get paid. One year we built walls in front of the entire teller line. If Covid hadn't hit we probably would have been removing them last year. That's the rumor anyway.
We are tiny and we probably did 15 million gross as one of many GCs nationwide. That's couch change but also illustrates how to big to fail is also too big to be held accountable. Dimon is some sort of savant as far as I can tell reading his press but I'm not convinced.
The moral of our story is common sense trumps massive construction management and design fees by the fellow mega corporations servicing Chase.
It was people like me that showed them how to flip a bank over the weekend. We also would do the same branch two or three times doing various work instead of doing everything at once over a week or so which is far more cost effective and uniform.
But hey, I'm just a contractor.
Obviously over the years I've been inside a lot of big business but Chase stands out as being remarkably fucktarded
That Oly MBA has worked out nicely for you. Weatherwax doesn't have an MBA program. We're? the Harvard of Woodshop though. -
Good thread pods. I appreciate the various perspectives here.
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Look what you created @DerekJohnsonYellowSnow said:Good thread pods. I appreciate the various perspectives here.
A board where people can engage in respectful, intellectual discourse that people can enjoy -
Fuck offwhatshouldicareabout said:
Look what you created @DerekJohnsonYellowSnow said:Good thread pods. I appreciate the various perspectives here.
A board where people can engage in respectful, intellectual discourse that people can enjoy
lol
