The next financial crisis is brewing

[Engineer]

Don’t forget to lower taxes without cutting spending so that you can pass some of this debt on to your kids and their kids.

Well, the 'LAUGHER' curve, as it is known by modern day GOP, states that as rates go to ZERO, revenue continues to climb to infinity....therefore paying for themselves....always.***

*** Until a Dem gets into power and then it's cut, cut, cut spending....it's the only way.

 

[s0me0nesmind1]

lol. you naive little child

So tell me what further they can do that is within a legal limits? Or should you have to have a anal rectum exam of all your financial actions - even ones you don't want them to know?

Go on, do tell.

 

[Commodus]

You can be certain that the Trump administration will do absolutely nothing to address the underlying problems, because that would require significant improvements to lower- and middle-class income (not (i.e. not just token, temporary tax cuts) and responsible financial regulation.

The perpetual problem with the Trump administration isn't so much the bad things that have an immediate effect, it's the ones that are setting the stage for problems down the line. It's rampant deregulation that could lead to a repeat of 2007-2008. It's ballooning the deficit. It's climate science denial and the net neutrality repeal. They all have superficial, short-term allures, but there's a real chance it'll all come crashing down. That will cost Trump and the Republicans their jobs, but not before it causes serious damage to the American public.

 

[GoodRevrnd]

So tell me what further they can do that is within a legal limits? Or should you have to have a anal rectum exam of all your financial actions - even ones you don't want them to know?

Go on, do tell.

WTF are you talking about? The point most of us are making is that lenders aren't making particularly sound lending decisions because they defer the risk or misrepresent it and sell it off.

We basically have a whole feedback loop where stupid consumers motivate greedy/stupid lenders who motivate stupid consumers...... Since everyone thinks so short term and bad decisions ultimately get bailed out there's no real incentive for anyone to change other than regulation to put the brakes on this nonsense.

 

[TheVrolok]

They do their due diligence - credit checks, verification of income and such... Are they supposed to have access to all of your life choices ? That seems a bit unreasonable and impossible. How are they supposed to know if you spend $50/week on a drug addiction or something?

I will blame lenders - in the case of things like our housing crisis where they did not do their due diligence...

I had like 15k to my name and was approved for essentially 220k for school. Sure, my credit score was in the 750s at the time, but is that "due diligence?"

 

[s0me0nesmind1]

WTF are you talking about? The point most of us are making is that lenders aren't making particularly sound lending decisions because they defer the risk or misrepresent it and sell it off.

That's what I'm saying - The banks DID their due diligence. They made sure they had enough income. They made sure they were employed. What else can they know? Demand that you provide receipts for the last 10 years of how much you spent on hookers and blow?

And I also mentioned - what are you going to do about the blow-back when democrats start getting denied? You going to tell them that their american dream is over and to enjoy paying $1200/month in rent, never to own your own home?

I had like 15k to my name and was approved for essentially 220k for school. Sure, my credit score was in the 750s at the time, but is that "due diligence?"

Student loans are a WEE bit different, since those are backed by the government - not banks. different topic altogether - But you will have a lot of pissed off schools and students with "gender studies" degrees when the government stops giving stupid kids loans for worthless degrees because of how risky they are. The probability of getting a well-paying job with those types of degrees (psychology, philosophy, etc..) is extremely low - so no banks would pay for those degrees.

 

[GoodRevrnd]

I imagine they make reasonable assumptions about peoples' spending habits based on income level, but they do know outstanding loan balances and credit utilization. They don't need to know anything else. The point is they've been over-incentivized to make riskier loans than they probably should.

 

[fskimospy]

That's what I'm saying - The banks DID their due diligence. They made sure they had enough income. They made sure they were employed. What else can they know? Demand that you provide receipts for the last 10 years of how much you spent on hookers and blow?

And I also mentioned - what are you going to do about the blow-back when democrats start getting denied? You going to tell them that their american dream is over and to enjoy paying $1200/month in rent, never to own your own home?



Student loans are a WEE bit different, since those are backed by the government - not banks. different topic altogether - But you will have a lot of pissed off schools and students with "gender studies" degrees when the government stops giving stupid kids loans for worthless degrees because of how risky they are. The probability of getting a well-paying job with those types of degrees (psychology, philosophy, etc..) is extremely low - so no banks would pay for those degrees.

Philosophy majors have some of the highest median earnings of any undergrad degree.

https://fivethirtyeight.com/feature...et-much-respect-but-their-earnings-dont-suck/

 

[s0me0nesmind1]

Philosophy majors have some of the highest median earnings of any undergrad degree.

https://fivethirtyeight.com/feature...et-much-respect-but-their-earnings-dont-suck/

Not buying that one bit without a reasonable source - and whatever the hell that site is linking to isn't any reputable source I've ever heard of:

But philosophy majors also have some of the highest scores in the LSAT and GMAT — the required tests for entry to law and business school respectively, according to figures from the Educational Testing Service (ETS). And when it comes to earnings for people who only have undergraduate degrees, philosophy majors have the fourth-highest median earnings, $81,200 per year, out-ranking business and chemistry majors, according to the ETS. Bar none, philosophy majors have the highest salary growth trajectory from entry to mid-career.

Which links to this image:

Which cites: http://www.wsj.com/public/resources/documents/Info-Degrees_that_Pay_you_Back-sort.html ...which is a dead link... So I google'd the article name and I think I found it: https://philosophy.uncc.edu/sites/philosophy.uncc.edu/files/media/docs/WSJ Salaries by Major.pdf

And... That article (from WSJ) cites "Payscale.com" as its source... So I go to Payscale for Philosophy major... aaaaaaaaaand. It looks like a load of bullshit. https://www.payscale.com/research/US/Degree=Bachelor's_Degree,_Philosophy/Salary

No data, no facts, no charts. Just a load o' BS.

 

[fskimospy]

Not buying that one bit without a reasonable source - and whatever the hell that site is linking to isn't any reputable source I've ever heard of:



Which links to this image:

Which cites: http://www.msj.com/public/resources/documents/Info-Degrees_that_Pay_you_Back-sort.html ...which is a dead link... So I google'd the article name and I think I found it: https://philosophy.uncc.edu/sites/philosophy.uncc.edu/files/media/docs/WSJ Salaries by Major.pdf

And... That article (from WSJ) cites "Payscale.com" as its source... So I go to Payscale for Philosophy major... aaaaaaaaaand. It looks like a load of bullshit. https://www.payscale.com/research/US/Degree=Bachelor's_Degree,_Philosophy/Salary

No data, no facts, no charts. Just a load o' BS.

You’ve never heard of FiveThirtyEight?? It’s a highly reputable analytics site. The article also cites the ACS and DOL figures which are basically the gold standard.

So yeah, lots of data, lots of facts. Pretty neat how much they get paid, eh?

 

[jackstar7]

Text and charts that all equates to fingers in ears yelling "LA LA LA LA LA"

You should be embarrassed. I know you're not, but you should be.

 

[Jhhnn]

I imagine they make reasonable assumptions about peoples' spending habits based on income level, but they do know outstanding loan balances and credit utilization. They don't need to know anything else. The point is they've been over-incentivized to make riskier loans than they probably should.

Tax cuts for the investor class flood the market with money chasing returns. Bankers oblige with more lending, take their cut off the top. We've seen this before.

 

[s0me0nesmind1]

You’ve never heard of FiveThirtyEight?? It’s a highly reputable analytics site. The article also cites the ACS and DOL figures which are basically the gold standard.

So yeah, lots of data, lots of facts. Pretty neat how much they get paid, eh?

You should be embarrassed. I know you're not, but you should be.

Both of your answers cite no source of salary for philosophy. I went and did the work of going back and checking sources. Payscale shows no data. Please proceed to show your source that proves otherwise?

 

[fskimospy]

Both of your answers cite no source of salary for philosophy. I went and did the work of going back and checking sources. Payscale shows no data. Please proceed to show your source that proves otherwise?

My answer explicitly states two sources, both came from the original piece. The ACS and DOL, basically the two best sources you can get. Are you saying the author was wrong or is lying?

 

[s0me0nesmind1]

My answer explicitly states two sources, both came from the original piece. The ACS and DOL, basically the two best sources you can get. Are you saying the author was wrong or is lying?

Yes - I followed HIS cited source, see my previous post. There is no data from it.

 

[jackstar7]

Have you heard of the Atlantic? It's more than just an ocean.
https://www.theatlantic.com/notes/2015/09/philosophy-majors-out-earn-other-humanities/403555/

 

[s0me0nesmind1]

Have you heard of the Atlantic? It's more than just an ocean.
https://www.theatlantic.com/notes/2015/09/philosophy-majors-out-earn-other-humanities/403555/

lolol links to the same source. Again, with no data. Try again, next time try this cool thing called "reading". It can get you places.

 

[fskimospy]

Yes - I followed HIS cited source, see my previous post. There is no data from it.

He cited like five different sources, including the ACS and DOL.

Are you seriously trying to say the author falsified his data in as highly regarded a source as 538?

 

[jackstar7]

lolol links to the same source. Again, with no data. Try again, next time try this cool thing called "reading". It can get you places.

I get it. You don't read, but just scan for links.

Is this any more help to you?
https://cew.georgetown.edu/wp-content/uploads/2014/11/Unemployment.Final_.update1.pdf

 

[jackstar7]

He cited like five different sources, including the ACS and DOL.

Are you seriously trying to say the author falsified his data in as highly regarded a source as 538?

I'm starting to think he doesn't know what ACS and DOL stand for...

 

[ch33zw1z]

I had like 15k to my name and was approved for essentially 220k for school. Sure, my credit score was in the 750s at the time, but is that "due diligence?"

Wife and I had about 10k to our name, making about 40k/year in MA, got approved for 220k 30 year mortgage, and the bank wanted us to do variable apr...this was right after the housing bubble....we we're like....how the fuck do you think we can afford that??

 

[s0me0nesmind1]

I get it. You don't read, but just scan for links.

Is this any more help to you?
https://cew.georgetown.edu/wp-content/uploads/2014/11/Unemployment.Final_.update1.pdf

Yes, perfect. Thanks for proving the point. The "Experienced College Graduate" salary for Philosophy is in the bottom 10% of all others listed. Thanks

 

[vi edit]

I dont think the democratic party would overall agree with your *ahem* ideas.

See how much your party base approves of "Not allowing hard working Americans to buy a home!". I mean like I said - that woman would be paying more than $600/month for rent. Given, a mortgage also usually entails insurance, mortgage insurance, and property taxes - but my point still remains... You would have a bunch of pissed off democrats, no?

Fiscal responsibility should be politically agnostic. Although if you want to point fingers I think you'll find that most national debts tend to drop under democratic Presidents. Why is that? Because the FYGM isn't a thing under most democratic leadership and they tend to put money into more efficient means and hold predatory and poor practices more accountable.

But hey, I'm just a bleeding heart computer science liberal. What do I know.

 

[fskimospy]

Yes, perfect. Thanks for proving the point. The "Experienced College Graduate" salary for Philosophy is in the bottom 10% of all others listed. Thanks

I see no philosophy listed. What page are you referring to?

 

[fskimospy]

Fiscal responsibility should be politically agnostic. Although if you want to point fingers I think you'll find that most national debts tend to drop under democratic Presidents. Why is that? Because the FYGM isn't a thing under most democratic leadership and they tend to put money into more efficient means and hold predatory and poor practices more accountable.

But hey, I'm just a bleeding heart computer science liberal. What do I know.

I think it’s a mixture of two things - first yes, Democrats are just more fiscally responsible than Republicans. (See the ACA as compared to anything passed under Republican one party rule). The other is that Republicans rediscover their fiscal conservatism under democratic presidents as part of a cynical ploy to prevent social welfare spending.