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#131516 - 11/17/11 06:14 PM [Off-Topic] Re: Occupy... [Re: jazzmammal]
jazzmammal Offline
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Registered: 06/08/05
Posts: 6370
Loc: Redondo Beach, Ca.
I see Ryszard posted at the same time. The point of even this little side thing is that banking, our economic system and all of this Wall Street crap is incredibly complex and these so called protesters know absolutely nothing about it. They need some basic old school civics lessons in our constitution and our basic legal system. Nobody teaches that any more. All they think is somebody is getting "too rich" and somehow that's at the expense of the rest of is. Maybe a little but that's the way of human beings. Ever hear of Caveat Emptor? We're responsible for our own stuff, not anybody else.

I have several clients who made wads of cash by flipping houses several years ago and then saw the handwriting on the wall and sold everything. I have other clients who are underwater and really hurting. Who's fault is that? If you happened to buy a nice old Martin guitar at a yard sale for $200, found out it's a rare model worth 9 grand and sold it at an aucton for that amount, does that make you a lying, scheming SOB who took advantage of the poor person who ran the yard sale? That's basically all this is and was. There's winners and losers in every market.

There are probably millions of people you don't hear about and the protesters, lame brains that they are, don't know about either who when the market was hot refi'd their house, took out a 100K, bought a new, black Escalade (black means power and money doncha know), new flat screens, went on vacations and then the market tanked and they're underwater and oh, woe is them, poor baby's, now they're going to lose their home or already have and now they're blaming the banks and marching in downtown LA? Please. Millions more were told by mortgage brokers what they needed to put as income in a basic verification statement for a no doc loan and so blatently lied on the mortgage app. Sure, I make 120 grand a year, no problemo. That's a federal felony too, btw. So if somebody wants to open up all those mortgages thinking they're going to catch those dastardly banks in fraudulent activities need to think twice. Oh, yeah, they are arn't they? Want to know why that isn't being done? It's because members of a certain political party who were running Congress at the time know all about that in detail and don't want to throw all their poor inner city constituents in jail for loan fraud.

It all started with a certain President in the 90's followed by certain members of the House holding hearings talking about how all these hardworking poor people just need a little help from us and they too can have their piece of the American dream and if you mr. banker don't do it, we're going to investigate the crap out of you and charge you with discrimination. This is all in the Congressional record but these protesters can't be bothered to read it. Can't let the facts get in the way of a good squat.

That got the ball rolling and the rest was unintended but totally predictable consequences. And yes I freely admit I'm upset at myself for not catching it at the time. The real "one percenters" were the few who did catch it and tried to warn us but it was like pissing in the wind, nobody listened including me, my CPA friend and his friends in New York.

There's a very high powered attorney I know who was appointed to be a federal judge and took the bench at the beginning of this year. He told me at a party four years ago to not buy this house I was telling him about. He's very blunt and told me I was stupid if I went ahead with it. Did I listen? The market was hot, everybody was making money. When everything tanked and we lost those houses I took it like a man and moved on not yelling and screaming about how I'm somehow a victim in all this. And what really hurts is at the time we really were making the kind of money that justified those loans. All of our stuff was full doc with cash downs and completely legal but we still took a big dump.

What are you going to do? It was fun while it lasted.

Bob
_________________________
Win 10 64 bit, Intel 4770, 256 Gig SSD, 16 Gigs Ram, Roland Sonic Cell, Kurzweil PC3, Hammond SK1, Korg PA1XPro, Garritan JABB, Hypercanvas, Sampletank 3, more.

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#131517 - 11/17/11 06:29 PM [Off-Topic] Re: Occupy... [Re: rharv]
jazzmammal Offline
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Registered: 06/08/05
Posts: 6370
Loc: Redondo Beach, Ca.
Quote:

The side effect of requiring me to have my money in an instituion...




Not sure what you're referring to here. Nobody requires you to keep your money anywhere if you don't want to. It's just it's very awkward to try to buy big ticket items with cash because of having to fill out those forms but you can still do it if you insist. Are you saying you really would rather keep that kind of cash behind a cupboard in your kitchen like my grandparents did? They had a house in Flint and a cabin on Houghton Lake. When my dad went back there around 1975 or so to clear everything out after he had to move them out, he found $2,700 in savings bonds behind the wall. He only had a weekend to do everything before the house was going to be demo'd and he always thought he may have overlooked something.

Bob
_________________________
Win 10 64 bit, Intel 4770, 256 Gig SSD, 16 Gigs Ram, Roland Sonic Cell, Kurzweil PC3, Hammond SK1, Korg PA1XPro, Garritan JABB, Hypercanvas, Sampletank 3, more.

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#131518 - 11/17/11 07:04 PM [Off-Topic] Re: Occupy... [Re: jazzmammal]
rharv Offline
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Registered: 05/30/00
Posts: 18591
Loc: Marysville, Mi. USA
Sounds like it worked OK for them if they had a house in Flint, a cabin up north and 2700 in savings he forgot about .. <grin>

Wonder what the odds are of filling out said forms causing IRS audits and other hassles along with the waste of time filling them out initially? I may not be 'forced' to, but they sure make it inconvenient to not give my money to a bank. Possibly hazardous to my finances.
Like I said; I complied, so no worries I guess.
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#131519 - 11/17/11 10:35 PM [Off-Topic] Re: Occupy... [Re: rharv]
jazzmammal Offline
Veteran

Registered: 06/08/05
Posts: 6370
Loc: Redondo Beach, Ca.
Quote:

Wonder what the odds are of filling out said forms causing IRS audits and other hassles along with the waste of time filling them out initially?




Well, that's the whole point, isn't it? If you're the type to do large cash transactions and fill out those forms then sure, that could very easily cause someone to think, hmmm, wonder what he's doing to generate that much cash and has he been reporting it? The good news is there's a three year statute of limitations on most of this tax stuff except outright fraud. That's six years.

Bob
_________________________
Win 10 64 bit, Intel 4770, 256 Gig SSD, 16 Gigs Ram, Roland Sonic Cell, Kurzweil PC3, Hammond SK1, Korg PA1XPro, Garritan JABB, Hypercanvas, Sampletank 3, more.

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#131520 - 11/17/11 11:21 PM [Off-Topic] Re: Occupy... [Re: jazzmammal]
rharv Offline
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Registered: 05/30/00
Posts: 18591
Loc: Marysville, Mi. USA
I've had fun in this discussion, Bob, thanks for being such a great sport.
_________________________
Make your sound your own!

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#131521 - 11/18/11 06:38 AM [Off-Topic] Re: Occupy... [Re: rharv]
Pat Marr Offline
Veteran

Registered: 10/25/08
Posts: 7453
Loc: Winston-Salem, NC
Quote:

The point of even this little side thing is that banking, our economic system and all of this Wall Street crap is incredibly complex and these so called protesters know absolutely nothing about it. They need some basic old school civics lessons in our constitution and our basic legal system. Nobody teaches that any more.




if you've only got so many hours in a school day, you've simply GOT to prioritize, doncha know. Should we teach kids about real life and how society functions? Or should we get them angry about the injustices endured by spotted owls?

In a society where plumbing is deemed a lowly profession, and philosophy is deemed an exalted profession, it's just a matter of time before neither its pipes nor its theories will hold water.

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#131522 - 11/18/11 06:53 AM [Off-Topic] Re: Occupy... [Re: jazzmammal]
John Conley Offline
Veteran

Registered: 09/28/03
Posts: 8333
Loc: London, Ontario, Canada
The guy next door who put out those two TV's that lasted about 3 weeks without getting smacked took them to the 'electronics' recycling depot. When I said something to the guy across the street he said what I think I knew:

"They are inside on Facebook and playing Rambo on some video-game. Kids don't go out to play anymore..."

How true.

My 20 yr. old daughter barely comes up for air. She's even worse than not going out, she's in her room. Didn't the Beach Boys do a song about that?

At least I had the decency to blow up most of my stuff in the garage.

My wife hired a personal assistant. The woman's mother had a job in data entry and the family recently came from India. They did not live in a large city, but she told my wife that in every office, in all of their part of India, you spoke ENGLISH only all day. At first it was hard. But NO ONE actually spoke it well in her office. She's been in the country for 5 years now, left my wife's department for accounting and now is 1 year from her (American equiv. CPA). She's been working on that since before she got here.

Imagine kids being told that when they started work, they had to speak Chinese. Right. Riot right there I suppose. Occupy something.

In France they redistributed the wealth. And the 1% lost their heads. Dangerous stuff once the momentum swings. Maybe they should occupy a Betty Crocker factory. They could at least eat cake.
_________________________
John Conley
Musica est vita

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#131523 - 12/16/11 11:43 AM [Off-Topic] Re: Occupy... [Re: John Conley]
jazzmammal Offline
Veteran

Registered: 06/08/05
Posts: 6370
Loc: Redondo Beach, Ca.
Time to ressurect this thread. I let it die because there was nothing else to talk about without some new developments. Check this out:

http://latimesblogs.latimes.com/money_co/2011/12/sec-fannie-mae-freddie-mac.html

I had no idea the feds were working on this but I sure was hoping they were. This should make the protesters somewhat happy and validates my point earlier that they've been protesting the wrong places. There's certainly plenty of corruption on Wall Street but there's lots of honest WS exec's, hedge fund managers and bankers who should be able to trust what government agencies say concerning these matters. When they're blatently lied to by these FannyMae and FreddieMac exec's what are they supposed to do when they're being unfairly blamed for this mess? The ratings agencies S&P and Moody's have been unfairly blamed too but what was the source of their information? Yep, mostly these two agencies. Imagine a pyramid where these two agencies are at the top and all the analysis that goes on below them is through the filter of the information they give out. Then go back and research what the Congressional finance commitees were telling these two agencies 5-10 years ago and then get an idea about who's really responsible for this mess.

This new development is great and I hope it's not the last indictments, but merely the first.

Bob
_________________________
Win 10 64 bit, Intel 4770, 256 Gig SSD, 16 Gigs Ram, Roland Sonic Cell, Kurzweil PC3, Hammond SK1, Korg PA1XPro, Garritan JABB, Hypercanvas, Sampletank 3, more.

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