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Thread: Food Stamp Rolls to Grow Through 2014, CBO Says

  1. #121
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    That definitely has a part to play for sure. Just because you are given a credit card with a $ limit, doesn't mean that you actually spend it. Just because you are offered that $500K house with no income verification, and a payment of interest only, doesn't mean that you actually sign the loan and take the house you know damned well you can NOT afford.

    j-mac
    That is true, but again, don't forgive those who oftered, who lied, who sought to make profit on the failure of others. Blame rarely lies in one place. And ask yourself one more question, if we don't use credit in a huge, over extending way, what happens to jobs? Will we really have more jobs if fewer are buying and more are saving? Or could it mean less jobs?

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    For the
    period 2007-2009, borrowers were most frequently defaulting in the following order: credit cards, first
    lien mortgage (prime and subprime), second lien home equity (HELOC & HELOAN), and auto loans.
    Focusing on mortgage defaults, our results indicate that the default rate for first mortgages far
    exceeded those of the second lien mortgages during the financial crisis.
    http://www.philadelphiafed.org/resea...011/wp11-3.pdf

    People were defaulting because of job loss primarily followed by strategic defaults due to wealth loss.
    And they still should of made more rational financial decisions.
    Wealth loss is not a justifiable reason to re neg on your mortgage agreement.

    You're excusing the actions of these people, by saying they lost their jobs.
    As if that were something new.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Wow -- 45 million of our 313 million people are on food stamps!

    That's 14.38% -- closing in on twice the rate of the "official" unemployment figure .. and pretty much close to being equal with the unofficial unemployment rate.

    These are good stats to present, as it helps to dispel the myth that we're "recovering".

    As long as our jobs are still being off-shored, we'll still be doling out food stamps.
    You don't trust Trump? Well, there's only one way to leverage him to do what's economically right for us all: Powerful American Political Alliance. Got courage?! .. and a mere $5.00?

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Ontologuy View Post
    Wow -- 45 million of our 313 million people are on food stamps!

    That's 14.38% -- closing in on twice the rate of the "official" unemployment figure .. and pretty much close to being equal with the unofficial unemployment rate.

    These are good stats to present, as it helps to dispel the myth that we're "recovering".

    As long as our jobs are still being off-shored, we'll still be doling out food stamps.
    I really want to agree with you - but I don't think it would be enough to just employ people at a factory job.

    For a small family (2 kids - mom/dad) Min wage is under $2K a month - around $12K a year. . . that's far less than the poverty level.

    It's not so much a reflection of unemployment - it's a reflection of how little money people can make when they even do work full time: and how costly it is to live in a society every everything must be bought and paid for in large sums.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Harry Guerrilla View Post
    And they still should of made more rational financial decisions.
    As I have said before, individual investors had little overview of the world-wide housing bubble, especially those buying 2002 thru 2004.
    Wealth loss is not a justifiable reason to re neg on your mortgage agreement.
    Huh? Investors default or take a loss on investments all the time, for some reason the same rules don't apply to home buyers. If an investment loses 50% of its value and has little chance of recovering for many years if ever, there is no financial reason to keep adding good money to bad.

    You're excusing the actions of these people, by saying they lost their jobs.
    As if that were something new.
    Do you realize how that sounds, "just because they can't make their mortgage payment on an underwater investment due to job loss.... is no excuse".
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Aunt Spiker View Post
    I really want to agree with you - but I don't think it would be enough to just employ people at a factory job.

    For a small family (2 kids - mom/dad) Min wage is under $2K a month - around $12K a year. . . that's far less than the poverty level.

    It's not so much a reflection of unemployment - it's a reflection of how little money people can make when they even do work full time: and how costly it is to live in a society every everything must be bought and paid for in large sums.
    And yet so many here want to make an equivalence of our poverty level to some third world country, as if the cost of living is the same.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Boo Radley View Post
    That is true, but again, don't forgive those who oftered, who lied, who sought to make profit on the failure of others. Blame rarely lies in one place. And ask yourself one more question, if we don't use credit in a huge, over extending way, what happens to jobs? Will we really have more jobs if fewer are buying and more are saving? Or could it mean less jobs?
    And to add, many people were using credit as an addition to income because income levels were not keeping up.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    And to add, many people were using credit as an addition to income because income levels were not keeping up.
    Out of curiosity, is people overextending themselves with credit 1) Bush's fault, or 2) the Bankers fault?

    I won't put in "3) their own fault" as we have seen you disregard any possibility of that one.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    You are lumping the fraudsters with those who acted in good faith together.

    Both the lender and the borrower are signing on a loan, the control of the loan is with the lender. They decide if they will lend. They are suppose to check credit, earnings, the true value of the property they are lending for.....they even get to take out default insurance, and they still retain ownership of the property when it defaults. No one holds a gun to the lender.


    The lending fed the boom, money was in huge supply and was looking for good returns. The stock market was still in doldrums, so investors went for commodities and real estate ALL AROUND THE WORLD. Lenders like Countrywide were giving loans to anyone with a pulse, this was augmented and evident by the low interest rates. Even the Bush admin pushed for increased mortgage lending. It was people like Brooksley Born who warned Greenspan et al of the out of control derivative market that was funding the mortgage tranches. They, the lenders, the credit agencies...they all had the overview of the market to know things were out of control.....NOT the individual borrower. The individual borrower had no inclining of the size of it. Those regulators did nothing, just as they did nothing when the dotcom boom busted. Bush stripped the SEC to nothing, the FBI was not investigating mortgage fraud even when they had full knowledge of it.

    Don't try to shift this blame to individual borrowers, don't try to shift blame to SNAP recipients, those dogs won't hunt.

    Aw, the poor borrowers that knew full well they couldn't afford the $2500. per month mortgage they were signing for, but signed it anyway to get the house because they knew that by the time they were forced to sell they could cash out the fake equity being added at the 20 and 30% fake rates per year, and come out ahead. Nah, don't feed me the unsuspecting poor borrower had nothing to do with, as with the liberals that forced the lenders to make loans they knew were not going to be paid either. That is just pure BS, and in the situation where there is plenty of blame to go around, you are trying to pin it on one scapegoat that you don't like, and that is just dishonest.


    j-mac
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  10. #130
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Aw, the poor borrowers that knew full well they couldn't afford the $2500. per month mortgage they were signing for, but signed it anyway to get the house because they knew that by the time they were forced to sell they could cash out the fake equity being added at the 20 and 30% fake rates per year, and come out ahead. Nah, don't feed me the unsuspecting poor borrower had nothing to do with, as with the liberals that forced the lenders to make loans they knew were not going to be paid either. That is just pure BS, and in the situation where there is plenty of blame to go around, you are trying to pin it on one scapegoat that you don't like, and that is just dishonest.


    j-mac
    I agree, the scenario you created is pure BS.

    If a borrower is forced to sell, due to not being able to meet payments since income is deficient, there is NO equity in the house because you are way, way underwater. The value is gone, it is below what you paid. You are selling at a loss, it is called a short sale. Of course again, the lender is covered, he has insurance for the default, his losses are minimal if at all.
    Oh and to add, the borrower was paying for that insurance....it was part of the mortgage payment.
    Last edited by Gimmesometruth; 04-22-12 at 11:13 PM.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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