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I got lost on that one. Could someone explain that in layman's language?
 

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Red Blooded American
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I got lost on that one. Could someone explain that in layman's language?
"Banksters and their Co-Conspirators" - makes it irrefutable that the epicenter of this laundering and racketeering enterprise has been and continues to be Wall Street and continues to involve the very "Banksters" located there who have repeatedly asked in the past to be "bailed out" and to be "bailed out" in the future.

Sounds as if our own administration officials have irresponsibly chosen to bail out "certain" groups.
 

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steelcomp was here
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Discussion Starter #4 (Edited)
The shit is starting to hit the fan for the big banksters. In April it was a $25billion Federal District Court consent judgement against the five big mortgage banks, (bet you never heard about that one either) earlier this year it was $677billion against them from the FDIC, (again, never heard about it). I think just the last couple weeks we heard of BofA and WF both getting sslapped with a $billion+ fine...
Their chickens are coming home to roost.
I remember saying something about this coming last year...got laughed at. Was told I didn't knwo WTF I was talking about...needed a tin foil hat...LOL.
This is the tip of the iceberg and it started long before Obama. The government and banks have committed fraud on an un precedented scale and have scammed the whole country for decades.
 

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Another sad fact is that the banks even after being given trillions - simply aren't loaning money.

Oh you can get a car or something like that - but a business asset ? Just try it.

Ive been trying to get a business loan for a 100K asset and Ive been to 4 banks trying.
I have 4 times the loan amount liquid cash (5x in equities)
In business for 12 years
A sizable income, minimal monthly costs, & perfect credit (800+) yet no one will loan me the money.

I havent been "denied"- I get the line that there isnt a "match to our packages" line. After they spend 4 weeks asking for this and that.

Well, one bank will, but it turned into a "Chicago style" wheel and deal.
Being fron Chicago I can deal with that and know how it works.

Net net- the banks really arent "loaning" regardless of QE1-4.

They are hoarding cash to protect from lawsuits and other.

Small businesses are fucked- no way to grow because you cant really borrow.


Uncle Dave
 

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steelcomp was here
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Discussion Starter #6
Another sad fact is that the banks even after being given trillions - simply aren't loaning money.

Oh you can get a car or something like that - but a business asset ? Just try it.

Ive been trying to get a business loan for a 100K asset and Ive been to 4 banks trying.
I have 4 times the loan amount liquid cash (5x in equities)
In business for 12 years
A sizable income, minimal monthly costs, & perfect credit (800+) yet no one will loan me the money.

I havent been "denied"- I get the line that there isnt a "match to our packages" line. After they spend 4 weeks asking for this and that.

Well, one bank will, but it turned into a "Chicago style" wheel and deal.
Being fron Chicago I can deal with that and know how it works.

Net net- the banks really arent "loaning" regardless of QE1-4.

They are hoarding cash to protect from lawsuits and other.

Small businesses are fucked- no way to grow because you cant really borrow.


Uncle Dave
If you hve 400K in liquid cash, why are you trying to borrow another 100K? Why not just spend 100K of your own money and get on with business? Honest question...this is not against you UD.

Lot of good that "perfect" credit is doing you. I think the whole "credtit system" is rediculous.
 

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Isn't borrowing money against profits that you haven't earned yet a lot like gambling on something you have little control over? And in fact you want to borrow from those who do have control over the economy....Maybe they are trying to tell you something? They don't want your assets, that want money and they know they won't get bailed out again..If Romney gets elected the rules will change. Just asking....i am more of cash and carry kind of guy...
 

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steelcomp was here
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Discussion Starter #8
Isn't borrowing money against profits that you haven't earned yet a lot like gambling on something you have little control over? And in fact you want to borrow from those who do have control over the economy....Maybe they are trying to tell you something? They don't want your assets, that want money and they know they won't get bailed out again..If Romney gets elected the rules will change. Just asking....i am more of cash and carry kind of guy...
X2. It's been estimated that 95% of the money created today is created as a debt owed to private banks.
 

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If you hve 400K in liquid cash, why are you trying to borrow another 100K? Why not just spend 100K of your own money and get on with business? Honest question...this is not against you UD.

Lot of good that "perfect" credit is doing you. I think the whole "credtit system" is rediculous.
Good question- Ill explain.

Its not MY business per see that needs the asset its the wifes business.

Im positioning the loan as one to my wifes business with me as a cosigner and secondary guarantor
This is so the interest on the debt and write off rightfully follows her business.

Ill probably just pay as you say.

Even perfect credit aint worth shit now

I could sneeze and get this loan in 2005.




Uncle Dave
 

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Good question- Ill explain.

Its not MY business per see that needs the asset its the wifes business.

Im positioning the loan as one to my wifes business with me as a cosigner and secondary guarantor
This is so the interest on the debt and write off rightfully follows her business.

Ill probably just pay as you say.

Even perfect credit aint worth shit now

I could sneeze and get this loan in 2005.




Uncle Dave
Just curious, what rate/terms were you anticipating?

Have you considered VC?
 

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Isn't borrowing money against profits that you haven't earned yet a lot like gambling on something you have little control over? And in fact you want to borrow from those who do have control over the economy....Maybe they are trying to tell you something? They don't want your assets, that want money and they know they won't get bailed out again..If Romney gets elected the rules will change. Just asking....i am more of cash and carry kind of guy...

NOt sure if you are referring to me or not.

If you were - note that I never pledged income against the loan that would be additive on top.

I offered collateral of money GREATER than 1-1 before I got an offer on a structure that I couldn't use.

I started at I deposit 90K in your bank and you loan me 90 - 4 banks wouldnt do it.



Uncle Dave
 

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Just curious, what rate/terms were you anticipating?

Have you considered VC?

Actually I got a rate and a loan it just isnt structured like Id like its to me and not me as a guarantor.

The deal I actually ended up with is pretty unbelievable rate wise but it cost me in other ways.

IF I take it I have to move a disproportionate amount of my business income AND my personal income to accomplish it.


Uncle Dave
 

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Good question- Ill explain.

Its not MY business per see that needs the asset its the wifes business.

Im positioning the loan as one to my wifes business with me as a cosigner and secondary guarantor
This is so the interest on the debt and write off rightfully follows her business.

Ill probably just pay as you say.

Even perfect credit aint worth shit now

I could sneeze and get this loan in 2005.




Uncle Dave
So could someone who had no proof of income.
 

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So could someone who had no proof of income.
Yes thats true - mainly of housing- less so for business loans but yes.

Its also true that we just spent or devalued ourselves with bank bailouts to "fix" the problem Im having and it isn't/hasn't worked.

These guys are mis-allocating government money thats suppsed to flow back to the nation.

racketeering is an understatement.




Uncle Dave
 

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Yes thats true - mainly of housing- less so for business loans but yes.

Its also true that we just spent or devalued ourselves with bank bailouts to "fix" the problem Im having and it isn't/hasn't worked.




Uncle Dave
So your saying the OWS crowd has a point?:happy: I agree we bailed them out with one of the main purposes being to try to keep credit available to keep the economy going, and the fuckers still locked up all the dough and don't seem to interested in lending it out. Last I heard they are sitting on over $2 trillion.:dunno: I saw Jamie Dimon say in a congressional hearing that the government begged and forced his bank to take TARP funds, and that they would have been fine without it. IMO the first thing to do to fix the problem would be reinstating Glass Steagall but that ain't going to happen. The biggest threat to our economy are these "too big to fail" banks. I really don't see anything currently in place that would effectively discourage these banks from makeing foolish decisions in the future where they will need to be bailed out again. They have to know if it comes down to it, they will probably be bailed out again because the alternative is not acceptable. Dodd Frank tries to rectify the situation, but creates more problems than it solves IMO. And nothing is going to change because these big banks have both the Rs and Ds in their pocket. Isn't life grand?:bangmyhead:
 

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OWS is angry at a lot of real issues.

OWS itself is another story.

The group themselves when polled randomly cant seem to get a clear message though and come across as idiots.

dont get me started on wall street....

UD
 

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Yes thats true - mainly of housing- less so for business loans but yes.

Uncle Dave
Although technically true, not 100% accurate. Yes, a little harder to secure a direct business loan, if you were willing, you could EASILY have secured 100.000 in "loan money" just through unsecured credit cards even with out comfirmed income. I know people that had that much "credit line" in CCs with terrible credit. I guess its all in the amount of interest you're willing to pay.



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So your saying the OWS crowd has a point?:happy::
Don't be a moron ram. Less than 10% of them could even explain half the crap they were protesting. Most were bitching to get their student loans they borrowed to become a seagull psyco analyst, or grub worm sex therapist. Nothing but a bunch pof loser not unlike yourself all whining for their bailout. They didn't care to see the WS honchos in jail, they were only looking for their pwn bailout on the taxpayers dime. They still are.



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