We are the 53%

[BSmack]

http://usgovinfo.about.com/od/moneymatt ... rnings.htm

Still not plausible to expect all college graduates to amass 1 million dollars in net worth.

[mvscal]

hey that's great if they all become millionares. ooohhhhh sorry that's NOT going to happen you dumb fuck.

That outcome wouldn't be plausible if they all FINISHED college either.

So what?

[Moving Sale]

I was shocked to see how much wealth ordinary citizens accumulate through ordinary lifetimes when I first got into practice.

Define ordinary Mr. 97%er.

[Smackie Chan]

degreed?

One of deseven deadly sins.

[Mace]

The only thing they have accomplished is to artifically inflate the cost of education into the fucking stratosphere.

Maybe, but they've also allowed a very large number of kids to attend college who otherwise couldn't afford it.

and how many of them have flunked the fuck out or just quit after a few years? nice investment.

And how many of them graduated and are productive citizens? All of them had loans that they're required to pay back. Seems like a good investment to me. I had government loans to attend college, as did my wife, and both of the loans are paid in full. My son also has student loans which he will pay in full....that much I can guarantee you. Are there folks who have not paid their loans? Absolutely. The fact that some don't graduate or pay back their loans is not good reason to shitcan the program. Throwing the baby out with the bathwater is not a reasonable option, imo.

[mvscal]

Throwing the baby out with the bathwater is not a reasonable option, imo.

But eating a trillion dollars in shit loans is a reasonable option?

Piss off, dumbfuck.

[BSmack]

Throwing the baby out with the bathwater is not a reasonable option, imo.

But eating a trillion dollars in shit loans is a reasonable option?

Piss off, dumbfuck.

A trillion is a drop in the water compared to what the banks have gotten.

[Truman]

So your advocating Sharia law, that caps bank loans at 3%? Your 401K isn't gonna like that much, B.

[Dr_Phibes]

Sharia Law is actually pro-bono, it effectively puts lawyers out of business. Allah Akbar.

[mvscal]

Throwing the baby out with the bathwater is not a reasonable option, imo.

But eating a trillion dollars in shit loans is a reasonable option?

Piss off, dumbfuck.

A trillion is a drop in the water compared to what the banks have gotten.

Who the fuck do you think these student loan guarantees are going to, you fucking idiot?

[bradhusker]

A trillion is a drop in the water compared to what the banks have gotten.

What do you think has happened, Bri? Did the U.S. government just hand the banks a trillion dollars, no strings attached? Think before you answer.

I'll give you some clues. The federal government, by and through the public/private (somone needs to esplain that one to me, by the way) entities Fannie Mae and to a lesser degree Freddie Mac, lowered lending standards for home ownership. Rather than to require that the purchaser put down 20% of the value of the home as a down payment and show minimum income requirements for the monthly mortgage (and other requirements) in order for the loan to be "merchantable" (i.e., to be purchased by Fannie and Freddie to free up more cash to be loaned by the banks), Fannie and Freddie encouraged Congress (and you know who they leaned on for this) and the Clinton administration to lower those standards dramatically so Fannie and Freddie could buy more loans. This, coupled with a Federal Reserve interest rate reduction policy, made the pool of potential home buyers much, much larger, and made the amount that all home buyers could "afford" much higher, which had the effect of dramatically inflating the value of real estate values. Add some corruption by lenders and appraisers, and in short order you have a very over-inflated real estate market. And then something else happened. Industries other than the real estate and construction industries realized that many millions of Americans now had "equity" in their homes that they did not previously have. So the banks loaned more money on these homes based on the inflated values, and the Americans took that money and spent it on all matter of shit that made the economy sizzle. So, eventually this charade collapsed under its own weight. Why? Because the Americans who got all the money from the banks could not pay back the money they borrowed from the banks. They started defaulting in great numbers. What should have happened? The banks should have failed. They made bad loans to Americans, and should have had to eat a shit sandwich when Americans defaulted on them. But no. Congress and two presidential administrations have forced the American people to make those loans good. How? The U.S. government bought those "troubled assets" to keep the banks from failing. And who has to pay it? The Americans who borrowed and spent all that money in the first place and didn't pay it back. Well, that is only partly true. The Americans who borrowed and spent that money aren't going to pay it back. The 1% of Americans (and maybe another 19% or so below that) will pay it all back even though their default rate on loans is far lower than the Americans who actually took the money, spent it, and do not have to pay it back. Yes, the banks got bailed out. But they got bailed out by the people who pay taxes. The people who won are the Americans who took the money from the banks, spent it as they saw fit, and now have no real obligation to pay it back (either directly or through future taxes). Are the banks corrupt? Probably. But not nearly as corrupt as the politicians the OWS assholes want to see kept in office. If I'm wrong, point out where and why.

you are 100 percent CORRECT!! thank you 88.

What happened here with the Clinton administration, Barney Frank and Chris Dodd, IS CRIMINAL.
IMAGINE? Making it easy for poor people to buy expensive homes they cannot afford?
ARE YOU FUCKIN KIDDING ME?

AND, here is the best part if you will.

George W BUSH warned them way back in 2001, 2003, and then again in 05, Bush warned about the upcoming major economic meltdown, IF something wasnt done about FANNIE AND FREDDIE.

AND GUESS WHAT HAPPENED?

Charles (jew) Schumer, Barney (fag) Frank, and Chris Dodd all LAUGHED at and ignored the president's warnings.

Personally? I'd like those democrat pieces of shit, to be thrown in jail.

AGAIN, thank you 88 for clearly showing how this country was brought down.
oh, and congrats on beating those badger sissies.

[bradhusker]

Don't kid yourself, bradhusker. Bush and his people knew that the books were being cooked and they looked away because they were getting credit for the economic growth that was being fueled on bubble economics. This fuckup sits in the lap of both parties.

I agree with you in part, HOWEVER, you are not gonna deny that Bush publically warned on three seperate occaisions about Fannie and Freddie and the impending economic meltdown if no actions were taken?
Please dont deny that, its a FACT.

[BSmack]

A trillion is a drop in the water compared to what the banks have gotten.

What do you think has happened, Bri? Did the U.S. government just hand the banks a trillion dollars, no strings attached? Think before you answer.

Considering that there are trillions of dollars completely unaccounted for, I'd say the answer is mostly yes.

[bradhusker]

A trillion is a drop in the water compared to what the banks have gotten.

What do you think has happened, Bri? Did the U.S. government just hand the banks a trillion dollars, no strings attached? Think before you answer.

Considering that there are trillions of dollars completely unaccounted for, I'd say the answer is mostly yes.

Unaccounted for? That would be the Obama stimulus, its mostly unaccounted, just like his joke of a presidency.

[bradhusker]

You guys dont get it do you? Liberal policies of tax and spend just dont work. THEY NEVER HAVE.
Throughout our history, our economy was greatly stimulated by cutting taxes.
Kennedy did it back in the early 60's, and Reagan took over the worst economy ever, and turned things around 360. Creating some 16 million jobs in the process, and growing the economy 100 fold.

Roosevelt took over in 1933, and tried the tax and spend philosophy for 8 years leading up to WW 2.
Nothing worked, unemployment was rampant, UNTIL we entered the great war in 41, then, things got rolling.

Tax and spend liberal ideas have failed time and time again, SO why does Obama think that somehow it will finally work now?

I heard someone bring up the Clinton years as an example of tax and spend liberalism. and how it grew the economy? WRONG. This is factually incorrect.
Bill Clinton had the HUGE benefit of the internet bubble during his 8 years in office. Which meant that those million of jobs were not real and lasting jobs, AND, when the internet bubble burst torward the end of his presidency, BUSH was the unlucky benefactor of the recession.
When Reagan was president, he didnt need the internet explosion, he created jobs the old fashioned way, by cutting taxes, and creating an environment where small business can thrive.
Time and again, those liberal ideas are losers and failures.
As long as Obama is in office, this economy is DOOMED. Obama is a poster child for big huge government. And as long as he is our leader, government will stifle any and all growth.

[Moving Sale]

I remember being paritcularly (Sic)surprised at the amount of wealth a couple of retired school teachers had accumulated during their lifetime. It was well in excess of $1,000,000.

Nice anecdotal evidence, but I'll play. How did they amass said wealth? Real estate? By will or trust? Any kids? How much in excess? How many years did they work each? They win a lottery? How do you know their finances? They ever travel? How old is their car?

That should do for now.

[Moving Sale]

The answer to your questions should be "none of your business."

You brought it up not me.

They were both teachers in a rural Ohio school system. He taught history. She taught English. They owned a home of reasonable size for the area and raised one son, who became an officer after attending the U.S. Military Academy.

So in your eyes it is Ordinary to have 3 out of 3 people in a family work for the Government?

You do realize that when you have a combined after tax income of $100,000 per year, and live on half of it (or less), it only takes about fifteen years to amass a million dollars in savings at an interest rate of 5%.

50,000/2/52/42=putting $12 per hr per person into savings. THESE are ordindary people to you?

[Moving Sale]

AGAIN these people are not ordinary. NOBODY that saves 12 bucks an hour, every working hour for 15 years is normal. Your premise is that you are shocked at what ordinary people can amass in their lifetimes. Care to take another crack at it?

[mvscal]

AGAIN these people are not ordinary.

You're right. Intelligence and frugality are extraordinary attributes these days. They lived within their means and were content with a modest but comfortable lifestyle and didn't go balls deep in debt.

They are the 1%.

Of course the fatal flaw in 88's assumption is:

savings at an interest rate of 5%.

Someone help me out and remind when the last time savings returned 5% interest.

[bradhusker]

GUYS, its OVER, its high time the authorities step in and "CLEAN UP" these public parks. These cockaroach protestors are filthy disgusting animals. The department of health is reporting that several diseases are breaking out like wildfire at many of these camps. Including several diseases that have been dornmant for decades now!!

Let me put a little perspective into this. Some of these protestors are actually taking shits where they sleep and eat!!!!
NOW, call me crazy, BUT, even my dear housecat, ELVIS, he is 13, and even he has the good sense to immediately cover his shit. YET, supposed human beings are taking dumps right where they lay their heads down to sleep?

Thank GOD Im a republican.

[smackaholic]

...and Reagan took over the worst economy ever, and turned things around 360.

awesome.

i hear barry has got a 720 turn around in the works for his second term.

[smackaholic]

AGAIN these people are not ordinary. NOBODY that saves 12 bucks an hour, every working hour for 15 years is normal. Your premise is that you are shocked at what ordinary people can amass in their lifetimes. Care to take another crack at it?

there are plenty of people in areas with a reasonable cost of living that can do this. even your neck of the woods used to qualify as reasonable until real estate went crazy. and it went crazy primarily because gubmint enabled it to, as 88 has already pointed out.

[bradhusker]

...and Reagan took over the worst economy ever, and turned things around 360.

awesome.

i hear barry has got a 720 turn around in the works for his second term.

barry couldnt turn around a lemonade stand and make it profitable. IMHO.