Today Obama Used His Executive Powers To Push Student Loan Reform

I LOVE OBAMA MAN OMG HERE COMES ALL THE CHANGE

How about just "Asshole".

You clearly cannot follow the large scope, so let me scale it in.

You and I are neighbors, in a nice neighborhood with a home owner's association.

I see a homeless man digging through my trash and say "Hey homeless man! Here's 20 bucks. Pay it back in 2 weeks." I know damn well he won't be able to, but I have a plan.

So 2 weeks pass, he doesn't pay it back. Big surprise. But that's ok. I have friends at the home owner's association.

So I go to the HOA office and say "gee, I made a bad loan. You'll have to bail me out! If you don't, I won't be able to afford the upkeep on my home and then the neighborhood will look trashy and home values will drop!"

The HOA, with a wink and a nod says "But we don't have any money. But you're a bank, so we can just borrow the money from you at a very high interest rate, then pay you the very money we borrowed. The neighborhood will have to cover this ridiculous cost."

So you, a resident of the neighborhood gets the bill. You're not happy, of course. But if you don't pay it, armed thugs will come to your house and arrest or kill you.




THIS IS WHAT HAPPENED. The Banks made hundreds of billions in bad loans, and somehow were repaid dozens of TRILLIONS.

The homeless man was a bum. That's why you don't give him a loan.

Wearing a suit made of Primacord.

obama is sucking the dick of OWS so bad it's ridiculous.

This is obviously his re-election platform. Fucking sickens me.

Actually, Fucking is totally awesome! Obama sickens me.

That's easy, that's because the banks wanted to rid themselves of any real liability from the dog crap loans they made so they invented derivatives as a way to pass of the real liability to investment firms (read retirement funds) through the sale of the instruments they fabricated.

Then as those funds counted the derivatives as assets on their balance sheets and banks had investments (held equity) in those funds they eventually bought back some of their own dog crap at par and counted in on their own balance sheets as assets.

Pretty soon you had instruments floating around that represented multiples of leverage on the original dog crap debt issued to a homeless person spurred on by Bush saying no one should be left behind. Then Obama and Co. were the clean up crew to ensure more bailout money was funneled to the banks for the unfortunate situation they found themselves in.

Sound insane? Yeah it pretty much is insane.

Sorry..that is not the same thing. You approached a bum..The people approached the bank.

Banks loan to businesses with the thought that they will make money and pay back the loan, same with students it is called an investment. It is up to the Business or the people to go and take the money. They are adults..they make the choices

Wrong. My nephew got tons of letters in the mail about getting loans, and his college counselor set him up with banks. Banks hunt out broke college students, in a society that tries to convince everyone that every person on Earth needs a college degree.

You really believe these banks made these loans to unemployed people, people who had bad credit, people on welfare, etc expecting to have them pay it back?

You think they're that stupid?

Regardless, change my example. Say the homeless man approached me. Banks make bad decisions purposefully, and threaten you with an armed force if you don't pay them for their bad loan.

Last Edited by Jake101 on 10/26/2011 03:10 PM

You forget that it is the lenders responsibility to accurately calculate the risk involved to lend the money and then set the interest according to the risk calculated, or conversely exclude those individuals who represent too great a risk. This is called due diligence.

What the banks did was lower their lending standards intentionally so they could still make $$ on fees, then they passed off the liability of the risk through derivatives to retirement funds (maybe your retirement fund) and when that was found to be without collateral they got the government to subsidize their payment streams (bailouts) for the fraudulent instruments they made.

In some cases got the central bank to outright purchase the worst of the paperwork they fabricated at peak market values, that is at the highest possible price for dog crap before everyone realized it was all dog crap.

Meaning from the massive leverage they magically turned the sale of say $100 in loans (derivative) into $1000 in the fourth or fifth iteration of paperwork (leverage).

He's not forgetting it. He doesn't understand the fundamental principles at play.

Executive "Powers" only affect those in the executive branch of government ( of which he is head). They have no authority over legislative or judicial branches( of which he is not head).

He swings executive orders like he is Dictator. And we see how dictators of other countries have been treated lately by NATO. hmmmm....

I get tons of credit card offers, fix your home offers, buy furniture offers, get his one and for the low low price of $19.99 get a second one free! lots of offers. I am not STUPID enough to go out and accept them. So yes THEY ARE STUPID

Last Edited by Mooshi Kin on 10/26/2011 03:16 PM

So then they're approaching YOU.

so

Does that mean I accept? NOPE
It is called advertisement

Last Edited by Mooshi Kin on 10/26/2011 03:19 PM

What is the take on the private loans here?

I knew that there was talk about allowing private loans to be consolidated to Federal Loans. Was this included?

again..so

do you respond to every offer? An offer can be put out there, by tv, radio, mail..but it is the person who go to the place the offer was made from and accepts the terms.

No one said You HAVE to borrow or buy it

I responded to your stupid story about making an offer to a bum again soo

Last Edited by Mooshi Kin on 10/26/2011 03:23 PM

The Community Reinvestment Act forced banks to lend to those who didn't qualify for loans.

Jake doesn't believe in personal responsibility.

I work for the largest bank in the world. We lobbied for it, so we could qualify for a bailout. Put blame where it belongs.

No, I do. If you borrow money and don't pay it back, you should be black listed.

The difference between you and I, is that I am not so foolish as to believe banks are somehow above the same responsibility.

You're an idiot, and I'm glad you have to pay to banks for their bad decision. I hope it causes you financial hardship. Stupid people deserve to be punished.

ETA: That goes for everyone so stupid as to let the banks get away with this scheme. You're all responsible.

Last Edited by Jake101 on 10/26/2011 03:27 PM

I do. I blame the government officials that gave them the bailouts.

Yes you do

But not the banks, who lobbied for it? Not the banks who purposely made the bad decisions in the first place?

ETA: The government, of course, should be punished as well.

Last Edited by Jake101 on 10/26/2011 03:28 PM

you people are unfriggin'believable. All you effin' do is whine, whine, whine, complain, complain, complain about Obama. If he found the cure to the common cold or found a cure for cancer, you'd be all over him.

I'm sick of your shit. And 99% of us are too.

You've admitted to lobbying for the banks. I hold you responsible. You are a part of the problem.

haha I'm not being punished for it. You are. I work for one of the major companies that did it to you. I'm literally laughing out loud that you're letting my company off the hook.

I have nothing to do with lobbying. I'm trying to explain to people like you what happened. For some reason, you insist on letting the responsible parties completely off the hook.