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"Some Folks Are Buying Cars..." President Obama Explains Why Subprime Auto Loans Are Great For America - Live Feed
This should be good... On the same day as the administration pushes through 3% down FHA loans for some insane reason, President Obama is in Michigan to discuss the renaissance of the US Autoo industry (or more correctly described- the rebirth of the subprime lending bubble)...
* * *
As we noted previously, Americans need moar and will do anything for it... and as Steve Liesman says - credit is the briddge between work and play (or no work and moar play)... and is the backbone of America. What a sad joke!!
Because many lenders make the loan based on an assessment of a used car’s resale value, not on a borrower’s ability to repay that money, many people find that they are struggling to keep up almost as soon as they drive off with the cash.
As a result, roughly one in every six title-loan borrowers will have the car repossessed, according to an analysis of 561 title loans by the Center for Responsible Lending, a nonprofit in Durham, N.C.
...
The title lending industry, perhaps more than any other facet of subprime auto lending, thrives because of the car’s importance.
The threat of repossession turns the borrower into an annuity for the lenders,” said Diane Standaert, the director of state policy at the Center for Responsible Lending.
* * *
“It is a form of indenture,” said Robert Swearingen, a lawyer with Legal Services of Eastern Missouri, adding that “because of the threat of repossession, they can string you along for the rest of your life.”
“This is nothing but government-authorized loan sharking,” said Scott A. Surovell, a Virginia lawmaker who has proposed bills that would further rein in title lenders.
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Which makes us wonder... if "everything is awesome", why are so many Americans in such desperate need for short-term cash at whatever cost? Silly question really.
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Without subprime auto loans how will GM stuff those channels?
on the bright side though, there should be plenty of well-priced used cars next year.
Everything is Great For America.... So what elese is new?
http://www.zerohedge.com/news/2014-12-18/obamacar-automobile-insurance-s...
Now is the season for action. Now is when we must bring the best
ideas of both parties together, and show the American people that we can
still do what we were sent here to do. Now is the time to deliver on
automobile collision insurance. Now is the time to deliver on
driving.
The plan I'm announcing tonight would meet three basic goals. It
will provide more security and stability to those who have auto
insurance. It will provide insurance for those who don't. And it will
slow the growth of collision repair costs for our families, our
businesses, and our government. (Applause.)
It's a plan that asks everyone to take responsibility for meeting
this challenge -- not just government, not just insurance companies, but
everybody including employers and individuals. And it's a plan that
incorporates ideas from senators and congressmen, from Democrats and
Republicans -- and yes, from some of my opponents in both the primary
and general election.
Here are the details that every American needs to know about this
plan. First, if you are among the hundreds of millions of Americans who
already have collision insurance, nothing in this plan will require you
to change the coverage or the mechanic you have. (Applause.)
Let me repeat this: Nothing in our plan requires you to change what you have.
What this plan will do is make the insurance you have work better for
you. Under this plan, it will be against the law for insurance
companies to deny you coverage because of a preexisting convictions.
(Applause.)
"He's got his sleeves rolled up! He's just like the rest of us — only better!"
And a white guy with hair plugs who stands off to the side behind him sneering, proving that tough white testosterone charged, strong, virile America says Pajamas is A-OK.
"Some Folks Are Buying Cars..." - car not in posession...
one in every six title-loan borrowers will have the car repossessed, - these folks already posses the car, they are borrowing against its value
2 different scenarios...
You are a weak immitation of the original.
we channel-stuffed some folks..
I propose that inorder to get your licence, you must first take a class on the combustion engine, just like they do in Italy. I mean who ever heard of bringing your horse in to get a part replaced when you over worked him.
Yes, every woman should know where the 710 cap is located on their car
Discount 710's and Synthetic Blinker Fliud available here ....
http://kalecoauto.com/index.php?main_page=index&cPath=9&zenid=UDmd0Q9i-p...
No, the muffler bearing is far more critical, as is preventing a short-circuit between the steering wheel and the seat, imho.
seriously tho, knuks, i am thankful for this experience. i haven't particularly enjoyed it, but i learned a shitload. i don't think God is some dude sitting on a cloud above me, recording every thought and action.
i think God made us what we are so that we could at least, in some minscule fashion, realize that we are part of God.
the bible kinda talks to that, but wants you to believe you need leaders to help you find God.
I call bullshit!
Mcgruber mobiles for everyone! Except those at haavad
Get your factory junk. This message was approved by your gvt.
Subprime president.
So what will the payment be on a Z06 with Z07 and LT3 over 7years?!
Dealers make 3-4k on a used car sale.
Dealers make 300-400 on a new car sale. They have to sell them with holdback in order to hit their numbers.
Dealers make money on the loan not the car. When you finance at the dealership they add percentages or part of percentages on to your loan that is how they stay in business. Along with extended warrenties ect ect.
Oh great, a loan you can drive around and have to wash and insure.
You know what bugs me the most about new cars or new car commercials?
That they allow people to remain ensconced in the Matrix even while in between locations. WTF?
"Now you don't even have to live in the real world while you are OUT in the real world with our new 4G wifi enabled Matrix hopper, every passenger can avoid all human interaction!"
Fuck bailing water anymore, I am going to kick some ice around on the deck for a while.
pods
Have you seen the commercials when you can lease the car for an incredible $590 a month? And they make it seem like all Americans should be doing this.
The language in car ads drives me up a wall. It's like from some distant galaxy where the only denizens are marketers.
Whoever came up with those terms like "Winter Sales Event" should be strapped to a saw horse and have a rotating carousel of boots repeatedly kicking him in the ass for fifteen minutes.
You don't like Santa in his red Mercedes sports car being pulled by eight silver Mercedes sedans? You da grinch?
Why only 15 minutes?
I swear, every. fucking. stoplight. has someone who is sitting still on green because they are looking at their phone.
You are the motherfuckin king of january non-sequiturs.
I didn’t realize this until recently but GM extended the ‘Employee Discount’ to all extended family members of all employees.
And to all employees of all the supplier companies. Money for nothing...
If you can't negotiate $1000 off of the car to begin with then you deserve to be duped.
According to the White House, Obama will visit the plant on Wednesday to “deliver remarks highlighting the workers in the resurgent American automotive and manufacturing sector now that the auto rescue has been completed.”
But the Detroit News reports that the same plant will be closed this week due to low demand for its small gas and hybrid vehicles
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Of course, boasting of the economic recovery and the automotive sector’s success while you’re speaking at a plant that’s closed due to low demand might seem like it would be a little awkward — especially if you were the dude who’s been pushing to have a million of these hybrid vehicles on the road this year. And double especially if you wound up being more than 700,000 cars short of that goal — even as buyers apparently aren’t snapping up all the cars that the sometimes-closed factory is turning out.
But apparently, these details don’t faze Obama: The plant actually informed the White House before scheduling the speech that the plant would be closed while he was giving it.
http://www.nationalreview.com/article/395748/obama-brag-about-fixing-auto-industry-plant-closed-due-low-demand-katherine-timpf
I believe the government is using the same theory as an individual when it comes to debt and bankruptcy. If one owes 50K on a 100K home, he has a problem. If he owes 500K on a 100K home the creditor has the problem.
So what the hell, party down while you can.
By the time Japan quits printing the Dalla will be so up you will get a free Honda with your 5 th fill up of gas
Back to normal. Everything is good.
/sarc
Title loans are the worst ! ... I must have missed the part where .gov killed off the usury laws.
If a title loan won't float, you can always reverse mortgage your house. You know, the one you signed for and created the money to buy, then paid back the bankers with interest for the privilege, and now you can let them create more fake ass FRNs and reloan it to you in exchange for your house.
Circle of life complete, banker style!
pods
I reversed mortgaged my home to a shell company I set up in Bimini under a sub corp that will write me back a 140% LTV with a flipper on the backside and two eightballs for the sucker bank that I forged the note to on another loan on the same home...blowing it all on a prepaid vacation to Mars in 2045..I think I can do this.
Some states may vary, but if it's not actually called "interest" it's not subject to usury laws.
You're welcome.
"We have to keep borrowing money to keep from going bankrupt."
Joe Biden
Damn, Joe... You'd think you should be president
Biden's college thesis:
"How can I be out of money when I still have checks?"
pods
I II I I I had to change the Chanel.
Because he he he he he's such an ass ass ass ass ass ass hole.
Good times are here again. Back up the SUV !!!
Cars are excellent stores of wealth, you can sell a 3 month old car for almost 80% of the price you paid for it new.
Which begs the question how the heck does a bank justify an eight year loan at 1%
banks don't give 8-year loans at 1%, only the captive finance companies do. well, i guess technically they become banks when they fuck up and get the bailout $$$ (see GMAC ----> "Ally Financial").
along the same lines though, apparently the banks actually do pay car dealers a finders fee for new loans these days. the fee is bigger for longer term loans, and the dealer gets to keep the money even if the customer repays the loan way early. the dealer is willing to sell at a lower price if you take a bank loan (from the bank they have the deal with) than if you pay cash.
That just sounds like our fiat currency and stock market. What a deal
In Soviet America, car own you!
I like how the marketers even call them "investments".
Govvie's been doing it for years. I first noticed it with Billy Bob Blow Job Clinton.
There are millions of new immigrants who need a job in order to buy a ( used ) car. To get a job, most of them need a car...Here is the problem.. like who was first : chicken or egg... Actually, a car is the most needed item, before housing, food and thus..a job...
That's what the elite found out in 2008. Cars before mortgages.
Maybe in the USA. In Europe lot of people in the cities have no car or feel not comfort driving one daily to work and back. In Germany you will see a lot of people riding bikes.
Public transportation is a farce in the US&A, as if sending the message: get a car; We're pretending to provide transportation. Local-anecdotally, 10-15 minute car trip to adjacent town takes 1.5 to 2 hours in public transpo.
bike? for losers.
/sarcasm.
And a car is a cheap house too, now.
Obama reduced FHA mortgage insurance rates for the dead-beat crowd too.
Something about ' debt junkies are locked out'.....
Anyone but me notice the goobermenit mafia muscling in on private business?
Bad mortgage debt. Bad for the poor and bad for America.
Drive 'em out of business
Then start the very same business
Bad crappy car loans... bad for the poor and bad for America
Drive 'em out of business then go into the business
Calling Mr Soprano, would Mr Soprano please break up the lead pipe and his legs?
Do you think that might work for my health care?
That $20 copay is really chapping my ass.
"Betting on the American Car Industry was the right thing to do." - Obama in the context of supporting the auto bailouts.
So was betting on the banking industry.
I guess when Obama bets on anything it fucks the middle class.
The funnier angle, Bush bailed out the auto industry - but since Bush remains in hiding, Obama gets the credit. LoL
Bush announces $17.4 billion auto bailout
Updated: 12/19/08 1:31 PM EDT
"If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy," Bush said at the White House, in remarks carried live by the national broadcast networks. "In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. The question is how we can best give it a chance to succeed."
Bush said that "bankruptcy now would lead to a disorderly liquidation of American auto companies."
I blame you for allowing this to happen.
If you like your subprime 8 year auto loan you can keep your subprime auto loan.
Don't pay it, let them take it go back for another! America for the win!
wHAT A jERK.
Some folks voted for him. Bastards.
You liked McCain/Palin? Presidents are selected, not elected.
"Subprime loans for new clunkers..Run, don't walk to your nearest Goverment Motors Dealer!"
I can't believe anything he says.
Signing Agents, unregulated by only as much as a Notary Oath report these loans are "going apeshit crazy" and "are the best things since 2007 refis."
The biggest bloatiest loans? Mercedes. In fucking Denver.
Find a local Signing Agent and ask them how many car loans they just worked.
I checked. They're not sure. They're all stoned.
Yeah but Denver. A year ago it was a ridiculous RAM five-ring suspension and truck balls under a vanity plate that said BLCKGLD93. Fuck the meek, attorneys rule the earth?
Maybe I'm missing something here, but how the fuck is 'threat of repossession' of something you've taken delivery of and are using, but have not paid for, under contractual commitment to pay for it over time at an agreed interest rate - how the FUCK is that a form of indenture?
It's a form of Answerable Possession.
Out here, imagine somebody caught one of my stray mares. She's identifiable and possibly branded/chipped.
Similarly, your car brands you, and is a physical handle placed upon you by the looting usurers.
It's not, which is why it's going to fail. These cars get hammered to shit. They'll end up getting repoed and auctioned. But hey, it'll give tow truck drivers, auctioneers and used car lots some business. In two years, the borrower's credit will be cleared and they'll get the next new model.
Although I don't know for sure, I wouldn't be surprised if there is a behind-the-scenes mechanism to cover losses. It gives the industry the appearance of working and provides good govt theater.
Maybe BHO should get a Chrysler 300 rolling on 28s and some giant subs in the trunk. He could do a Superbowl commerical.
I need to borrow for a new car so I can drive to an empty mall
the equifax chart is only thru 2013 ... einstein not needed to figure which way 2014 went.
OCC & FDIC have warned on subprime auto loan delinquencies for MONTHS
cut back on vehicle sales (and all thru the supply train) as credit spigot tightens should mesh well with energy sector FUBAR
my cable provider (comcast) would go broke if all the title loan ads pulled
Obama the Clown having a good giggle and fucking oblivious to the animosity against him from every corner of the globe.
The bastard's left a legacy alright and one day when ' uncle tom ' hangs up his golf clubs he'll find out how deep the HATRED runs.
A nasty CLASS A CUNT
So some folks can get fatter instead of riding a bicycle.
Yesterday's high temperature was 6 (F). Today it is 0(F). I'm very, very sorry I can't meet you bicycle or exercise expectations.
They should be able to get cash direct from the Fed, just like Goldman Shafts.
Fuckin' Obama though - you know, 1 year into Hillary and that whole crew... we may look back with quite a bit of nostalgia for the first black puppet in chief.
Seriously if this Hillary lunatic is president I'll just give up and move to Paraguay or some shit....no way could I hear that cackle day and nite all over everything.
Hillary will go to war...big one...
I've seen in more than a couple of places where the writers felt she was most likely to go "nuclear" of the top presidential picks. Lovely.
I was IN THE ROOM when Hillary promised AIPAC that the US would break out the nukes for 'em.
The Yids were standing on the hotel ballroom tables shouting.
NO SHIT. Scared the shit out of me worse than looking down the barrel of a gun.
It won't be hillary, it'll be that fake indian bitch.
Pratibha Devisingh Patil ?
The question I have is if everyone is eligible to finance a car, and are doing so…. Why did the remaining 670 steel workers get hit with layoffs?
Since when does a layoff disqualify someone?
/sarc
Maybe the company realized that it would still be cheaper to purchase Chinese excess steel, even with the anti-dumping duties that get imposed.
Sure the sub-prime bubble was a huge black eye and everyone swore up and down they'd never do that shit again, but now it's OK they just didn't have the right ninja in charge.
He needs the lemmings keep consuming the oil to slow the oil price free fall, otherwise oil companies will go bust even sooner.
The proof that 90% of the populace is plain fucking dumb!
But its the American way since birt. Live beyond the means do to easy credit!
This Internet thing is a problem for the bankers.
As soon as the Banekrs roll out the repackaged scam, we don’t have to wait months to figure it out. Collectively, we can alert each other in 20 minutes….
Exactly. Why do you think .gov is trying to gain control of the internet?
. Gov has been fleet buying as well, notice all the nice new shiny Police SUV's the revenue enhancers are now driving.
I moved from NJ some years back. A good place to be from. The town where I lived would have an annual 4th of July parade. So I checked out their DPW purchases. How about Ford pickup short bed diesels with chrome wheels? A couple of towns over did manage to reel in their township a bit. They were going to build a multi-million dollar complex for their DPW which they didn't really need. It was so excessive it earned the nickname "The Taj Garage". Hey, what a way to "boost" the economy, eh?
Revenue enhancers AKA 'pirates'.
Folk you.
Superb deal for the single Mom, you've seen them in those expensive SUV's, collecting benefits she'd need a real job at 79 thousand a year to match. They get the car using the rebate as down payment. She won't make payment one, will move every few months and if they ever find her and take the car it was nice while it lasted and one of her Baby Dadies will have to get her another one. No loss as it was probably time to get that first oil change anyway. Meanwhile we drive our ten year old cars to save a buck.
And it will get worse. Oil drops under $50 and every halfwit thinks it's great time to finance a silverado or f-truck with 0 down over 7 years.
I guess watching these people fail is a kind of sick sport to Obama.
Subprime borrowing is a cash cow for Banksters and the entire World knows it all too well after 08. Subprime should be outlawed, but Banksters have no other means of raking in cash on Ponzi America
without it. In the long run of events the subprime debacle will be seen as America's undoing through rupture to the dark pool derivatives universe that Wall Street is attempting to pump up. Sooner or later their bicycle pump subprime inflation of the bubble will spring leaks in the hose and will not inflate no matter how much they PUMP you UP for
a gas guzzling SUV made by the BIG three. GM, FORD, CHRYSLER, are all losing market share each year. Sooner or later the Bnaksters will run out of SUCKERS whilst bottom feeding and then where are they going to shill?
Next headline.... O takes on payday advance high interest loan sharking....
Title loan sharking to follow....
Remeber during the housing boob everybody who thought they were somebody was driving a Hummer?
edit: I meant boom but decided I like the typo better.
This has nothing to do with what’s good for America. But it has everything to do with more acceleration of the transfer of wealth to the supporters of the welfare state, i.e., open borders. Unfortunately, the policies of the socialists have no opposition in Washington, DC. Exhibit A: the reelection of John Boehner as speaker, a man clearly dedicated to the support of expanded social legislation from Obamacare to amnesty to consistent, flagrant increases in the size of government, the size of the debt and the punishment of any who would stand in opposition.
Thus, the media and Pelosi rejoiced with jubilation yesterday upon Boehner’s reelection.
As for the disappearing American middle class (“some argue that the most sensible income amount to attach to the middle class would be the median household income of around $54,000"), The Cheat Sheet wrote recently:
Bill Maher reminded us a few months back that 50 years ago, the largest employer was General Motors, where workers earned an equivalent of $50 per hour (in today's money). Today, the largest employer — Wal-Mart — pays around $8 per hour.
The middle class has certainly changed. We've ranked a list of things the middle class can no longer really afford. We're not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some of them are even necessities. The ranking of this list is based on affordability and necessity. Therefore, items that are necessity ranked higher, as did items that a larger percentage of people have trouble paying for.
Vacations
A vacation is an extra expense that many middle-earners cannot afford without sacrificing something else. A Statista survey found that this year 54% of people gave up purchasing big ticket items like TVs or electronics so they can go on a vacation. Others made sacrifices like reducing or eliminating their trips to the movies (47%), reducing or eliminating trips out to restaurants (43%), or avoiding purchasing small ticket items like new clothing (43%).
New vehicles
Very few people who earn the median income can afford to buy a new car or truck. Interest.com recently analyzed the prices of new cars and trucks, as well as the median incomes across more than two dozen major cities, and found that new cars and trucks were simply not affordable to most middle-earners.
"Median-income families in only one major city [Washington DC] can afford the average price Americans are paying for new cars and trucks nowadays." As of 2013, new cars are priced at $32,086, according to the study. Mike Sante, Interest.com's managing editor reminds us, "just because you can manage the monthly payment doesn't mean you should let a $30,000 or $40,000 ride gobble up all such a huge share of your paycheck."
To pay off debt
These debt statistics come from Debt.org:
"More than 160 million Americans have credit cards.""The average credit card holder has at least three cards.""On average, each household with a credit card carries more than $15,000 in credit card debt."
Not only do we have large amounts of credit card debt, we also have student loans, mortgages, cars, and medical debts. Our debt is growing faster than our income, and many middle class workers have trouble staying afloat. Money-Zine evaluated debt growth and income growth over the past few decades and found that "back in 1980, the consumer credit per person was $1,540, which was 7.3% of the average household income of $21,100. In 2013, consumer debt was $9,800 per person, which was 13.4% of the average household income of $72,600. This means debt increased 70% faster than income from 1980 through 2013."
Emergency savings
To provide ourselves with a degree of financial security, we are supposed to have emergency savings to protect ourselves in the event of job loss, illness, or some other catastrophe. Most members of the middle class don't have at least six months of emergency savings, however, and some working people have no such savings.
A Bankrate survey found that only around one out of four households have six months of emergency money saved, and many of them are in the higher income groups. Another one-fourth have no emergency savings at all, and the remaining household have a small to moderate amount of savings, but not enough to cover six months of expenses.
Retirement savings
If you reach the retirement age with little or no money saved, Social Security is probably not going to be enough to cover your basic needs. Even if you want to work for your entire life, you have no way of knowing whether or not you will be physically capable of doing so.
Although having a lack of a retirement savings is a risky move, so many people bet on double zero, just hoping that things will work out in their favor. While some members of the middle class neglect this aspect of financial planning because they are procrastinating, there are also some workers who cannot afford to set this money aside. Nearly half of those who don't save for retirement say it's because they simply don't have the money.
As of late, around 20% of people near 65 have not saved anything for retirement at all, and the majority of people — 59% — worry that they don't have enough money saved for retirement, according to a Gallup Poll.
Medical care
Medical care is a basic necessity and something we'd think would be affordable for someone earning a middle income. A Forbes article published data indicating that workers in large companies — many of whom are members of the middle class — "face nearly $5,000 in premiums, co-payments, deductibles and other forms of co-insurance."
During the past few years, these costs have had a large impact on working Americans. A report by Feeding America found that a shocking 66% of households say they've had to choose between paying for food and paying for medical care — 31% say they have to make that choice each and every month.
Dental work
According to the U.S. Department of Health and Human Services, "the U.S. spends about $64 billion each year on oral health care — just 4% is paid by Government programs." About 108 million people in the U.S. have no dental coverage and even those who are covered may have trouble getting the care they need, the department reports.
Oftentimes, people will purchase medical coverage and forgo dental because it's so expensive. Plus, dental insurance may cover only 50% of the more expensive procedures, like crowns and bridges. This leaves those who have insurance with large co-payments.
In many cases, middle-earners will delay or even forego some of these procedures in efforts to save on costs. According to the CDC, nearly one in four adults between the ages of 20 and 64 have untreated dental caries (like cavities or infections).
http://www.usatoday.com/story/money/personalfinance/2014/10/25/cheat-sheet-middle-class-cant-afford/17730223/
Let me recommend starting off with an executive summary at the beginning of all your posts.
Do you fucking know how long it takes to skim off 6-months of your paycheck into savings?
Let's say I net $3000 a month. So now I need $18,000.
But I can only afford $200 a month to put towards this because there are other things to cover month to month.
It would take 90 GODDAMN MONTHS TO DO THIS!!!!!!!
+1000. And in 90 months, under the Fed's 9+% annual inflation tax on purchasing power and zero annual earned interest on savings, you still ain't there.
If the America people continue to allow the private bankers who operate the Fed to confiscate their weatlh through debt and inflation and income taxes, sans economic mercy or justice, they will be moved under brute force into world control and universal slavery.
"Saving 'money'" is a very quaint Bretton Woods era idea.
It makes no sense at all to "save" fiat currency. A savings account has a .9% return, meanwhile credit cards offer 1% to 5% cash back rewards.
As for car loans. Lets say you are 18 years old and would like to "save up" for a car from your minimum wage 20 hour a week job because that's all that is out there right now. You'll be 23 years old by the time you get enough cash to buy a car that is relatively reliable. So for 5 years you have to waste time sitting at bus stops waiting for buses that don't show up sometimes, or are late and you miss work. Then you have to beg for rides, or ride a bike places. All for what? To save a couple of months of payments that were paid in interest to banks. The opportunity cost of having a vehicle now at 18, is much better than "saving up" fiat.
I know many on here criticize subprime and I agree with most of their criticisms, but for some borrowers, it actually ends up getting their foot in the door. At least the said 18 year old can establish a credit score with these loans if they pay their bills on time.
I agree with Robert Kiyosaki that the number one issue facing the US in the new Millennium is that most Americans lack a financial education. Americans cling on to obsolete ideas that are beyond irrelevant in the Information Age.
my credit score stinks. i have no debt. 'credit score'? are you kidding me, so they can get deeper into debt?
well - you are right. because i work and worked and pay for things and have no 'credit score'. and they don't work and borrow for things and have more than me, and will never have to pay it back. and the banks get paid back with my taxes.
it really is a great scheme. somehow, i am still not going to do it. or advocate it. it is called stealing, i do not care how entitled you believe you are.
Yeah, well if Rich dad has an online course you should buy it - preferably on a credit card. A fucking car is a depreciating asset; the value drops 20% when the rubber meets the road right out of the dealership. There are many other choices than buying a $30k ride to go to your WMT job. Establish a credit score? You're the 9th Doctor, the 10th must be a veternarian. fucking idjit.
I have never owned a new car and I have no financial worries. Live BELOW your means, work hard, save and invest.... and keep doing it.
Your attack on savings only uses the results of the banking cartel's Keynesian policy and it completely ignores the history of saving that built America and America's standard of living.
Bretton Woods destroyed America’s free market system and frugality; it phased the gold standard out of the monetary system and put the monetary unit as a commodity of honest weight and purity solely in the private hands of the international bankers; it enabled the private bankers at the Federal Reserve to print themselves ultimate power without restriction over the property of individuals and nations and to buy off and control the US Congress and the US presidency.
It gave Janet Yellen sole power to confiscate people’s savings and livelihoods and to transfer that wealth and assets of the nation to the bankers with no opposition from the US politicians.
In short, the Federal Reserve destroyed America’s history of cherished sound money.
Spending and borrowing and printing money do not make a country wealthy.
And, now, the economies of the world through their own inflationary policies are verging on collapse – possibly within the next six months.
As for America, Ron Paul says, “This country has overspent itself. Spending and inflating the currency is not a good thing for the economy. It’s old-fashioned work and savings that has to make a country wealthy.”
Without the ability to save and without viable work opportunities, thanks to globalization policies by the Fed and multinational corporations, America’s middle class is dying. Certainly, the bankruptcy and destruction of the middle class is a key objective of Marxism, of the Fed’s goal of universal socialism.
Henry Hazlitt explains:
“The wrong road has been the road of government economic intervention. The right road would have been to permit and encourage free markets…but there are very few people, even among economists, who understand why the free market solves so many intractable problems and performs so many near miracles.
“The market does this because it reflects and responds to everybody’s demand and to everybody’s supply, and it reflects to some extent everybody’s expectations regarding the future. This means that it makes the maximum use of everybody’s knowledge, and not merely the knowledge of a handful of officials. It reflects this knowledge by constant daily changes in prices of individual commodities and services. These price changes are daily directing production out of this commodity and into that, reducing surpluses and relieving shortages.”
And that includes the price of money, i.e., interest rates.
“The market does not fulfill this function perfectly, because everyone’s knowledge is limited and subject to error; and these errors do not necessarily cancel each other. But the market is constantly and quickly correcting these errors. It works incomparably better in maximizing and properly directing incentives than any other imaginable system.
“Only when this truth is sufficiently recognized by the public will the free market be restored.”
So after twelve people are butchered in Paris by his fellow Islamists this asshole goes on a photo op to a closed car factory?
"Change you got sucked into."
We air black bagged some folks............
This quote spoke to me: "credit is the bridge between work and play"
Let me modify it slightly so Idiot America can get it: "Credit is the bridge between no work and bankruptcy."
Yes, because subprime has worked out so well for us in the past.
It won't matter since slaves won't be in cars much longer
China Limits Car Purchases to 100,000 in Shenzhen…….Google’s Plan Loved By Communists
Australia Advancing Google’s Plan To Get People Out Of Cars
Driverless Cars – Automobiles For Elites Only…….Everything Else For Slaves
Russian Transport Goes On Display With Theme Of Moving People Out Of Cars And Onto Trains…..Like The West
China Plans to Move Majority of Population into Cities by 2020……Agenda 21 To You And Me
http://newworldorderg20.wordpress.com
Slaves haven't been invented yet. Credit is escapable, for now!
Or do it like they do in the city of London. Charge a big fee for driving a private auto in the city's central area. That’s why you see so many expensive Mercedes, Lamborghinis, Ferraris, Bugattis and Audi R8s "clogging" the streets; the fee not only reduces traffic congestion, it keeps out the VW riff raff.
If you want them to buy cars, at least create jobs for them to drive to.
I look at it from the other direction.
The reason why these people need subprime car loans, is so they can drive their car to their shit job that pays $8 nothing an hour.
As prices rise as a result of infinite printing, simply lower the down payment requirement for large purchases. What could possibly go wrong? Shitttttt what a dumbass
" 3% down FHA loans "
ONLY $15K down to get a loan on a $500K house!
IF the Borrower defaults the very first month wouldn't the FHA be fucked for at least 4 or 5% since a R.E. Agent gets 6% to resell -and that is after unpaid property taxes and the legal fees incurred taking the Borrower to court to kick them out are paid?
Using the same $500K house price as a basis: the FHA is very likely down at least $25K on day one if the Borrower flops on the loan immediately after closing and moving in...
I'm sure glad the super-smart ivy league 'Folks' running the govenment learned so much from that crisis on 6 years ago!
Not that housing ever corrects by 8 or 10% nationally let alone locally.
IF it did the FHA might end up needing a seriously huge Fannie/Freddie stylee bailout!
Most Americans don't have $15,000 to put down!
Wasn't there an article on Drudge Report a couple of months back that most Americans only have $600 in savings.
$15,000 is a fortune for most people out there.
The median salary is $29,000 a year. With rent, insurance, groceries, child care, etc. $15,000 down is quite a feat.
Collateral based lending when you know the collateral value sinks like a stone! What was learned from 2008? Shampoo bottle instructions: "Lather, Rinse, Repeat"
We clunkered some folks...
There are a shit load of shiny new cars on the road and each driver thumbs their nose at my PIF beater. Now, I have to smog test my car every year which is bascially a "Used Car Tax." If i buy a new one, they get higher annual registration fees, sales tax, etc. Fuck the Matrix!
who are these "folks" always spoken of?
.... I think they - folks - are the people living in thier cars..... or the people we drone..... or the people we gas..... or the people whose countries we destroy..... or the...ummmmm..... I think generally Folks as used by the hemorrhoid-in-chief refers to anybody not an elitist and at very high risk of being fucked, bombed, burned or hideously mangled in some fashion or another......
ObamaCar, fits in with that health care thingy
Once you dispense with all presuppositions that Obama wants anything positive to happen to the American people, then the intent of this kind of silliness shines through crystal clear.