It's the economy, stupid! (Finance-related news)

[Moss]

https://www.bloomberg.com/news/featu...es-to-the-poor

THIS DEFINITELY DOESN'T LOOK TERRIBLE GUYS

But he looks so trustworthy

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[Zetanio]

He's wearing fucking croc skin shoes.

Jesus christ people are fucking retarded. If you have shitty credit YOU SHOULD NOT OWN A FUCKING HOUSE YOU ARE NOT A TRUSTWORTHY FUCKING BORROWER JESUS FUCKING FUCK.

We don't learn.

[archibaldcrane]

He's wearing fucking croc skin shoes.

Caiman, excuse you

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[Zetanio]

Caiman, excuse you

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nigga pls

[Moss]

I couldn't get past his enormous, disproportionate head

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[archibaldcrane]

nigga pls

You need to diversify yo alligatorids

A caiman is an alligatorid crocodilian belonging to the subfamily Caimaninae, one of two primary lineages within Alligatoridae, the other being alligators.

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[Zetanio]

fair point

[Kalmado]

Serious question/statement incoming. So when I was renting, we were paying $675/m rent plus all utilities. At the time my gym partner, who is a Ramsey nut, said I was stupid for looking at buying a house because I had other debt. Our mortgage plus PMI and escrow was $485/m. Even after that he said I was stupid. Am I missing something?

[Talint]

He's wearing fucking croc skin shoes.

Jesus christ people are fucking retarded. If you have shitty credit YOU SHOULD NOT OWN A FUCKING HOUSE YOU ARE NOT A TRUSTWORTHY FUCKING BORROWER JESUS FUCKING FUCK.

We don't learn.

Objection.

There's nothing to learn. This shitty game of musical chairs is by design, except the guy who doesn't get the chair gets a throne from the government.

Oh, and all the people who are fucked lose their homes. But who cares about them really.

[Zetanio]

I don't care about the fucked people losing their homes if I'm honest. If you can't afford a house, don't fucking buy one.

[Zetanio]

It's really more the fact that people continue to stay ignorant about major parts of their lives. How credit works, how mortgages work, how to save money, how to budget.

I blame Betsy Devos and Common Core.

[dasva]

I don't care about the fucked people losing their homes if I'm honest. If you can't afford a house, don't fucking buy one.

Same even more so for the people buying the 2nd as an investment or something that could barely afford the first

[Zetanio]

Same even more so for the people buying the 2nd as an investment or something that could barely afford the first

Also, assuming that you can rent said second property effectively and use that money to pay the mortgage. God forbid there's a TINY slip in the rental market and you're fucked underwater.

[Kalmado]

Also, assuming that you can rent said second property effectively and use that money to pay the mortgage. God forbid there's a TINY slip in the rental market and you're fucked underwater.

That's why right when our "friend" fell behind his rent payment to us the first time we made plans to move back. It was too much risk and we paid heavily for it. It was a mistake to rent the property while our own rent for a shit apartment was almost double our mortgage payment even if our renter was paying $250 more than the mortgage payment was.

[Talint]

If you can't afford a house, don't fucking buy one.

Houses cost hundreds of thousands of dollars, and the American standard of living mandates home ownership.

It's easy to say things like "how can people be so stupid" and "don't buy a home if you can't afford one", but people's situations are way more diverse and complicated than that.

[Kalmado]

Houses cost hundreds of thousands of dollars, and the American standard of living mandates home ownership.

It's easy to say things like "how can people be so stupid" and "don't buy a home if you can't afford one", but people's situations are way more diverse and complicated than that.

While not in the home industry, I don't have much sympathy for guys like yesterday who live in the city but he's getting a loan for an ATV while he's behind on his car and home insurance by $1000. People will always put their toys before what they actually need.

[Zetanio]

the American standard of living mandates home ownership.

Hey you found the problem. A bunch of politicians decided that everyone needs to own a home and here we are completely fucked because of that decision.

https://www.urban.org/sites/default/...an_dream_0.pdf

Thanks Bill!

[dasva]

Houses cost hundreds of thousands of dollars, and the American standard of living mandates home ownership.

It's easy to say things like "how can people be so stupid" and "don't buy a home if you can't afford one", but people's situations are way more diverse and complicated than that.

Ok i'll bite. What diverse and complicated situation justifies buying things you can't afford (at least at the time) that while they may raise your standard of living but is not necessary and may not even be the most cost efficient way of increasing your standard of living? Note random other people convincing you everyone should own a home doesn't count...

[Talint]

While not in the home industry, I don't have much sympathy for guys like yesterday who live in the city but he's getting a loan for an ATV while he's behind on his car and home insurance by $1000. People will always put their toys before what they actually need.

This is a bit different than home ownership, but I'll point out that this is also by design. The individual refusing to take personal responsibility is one thing (and will always be an issue especially when it comes to extraneous judgement), but I am more focused on the enabler. Nobody is telling the enabler to not give a loan to that individual for an ATV. Rather, it's deliberate to get him into making money off of him in perpetuity. In fact, this is something pushed hard by (American-style) capitalism.

That's a big issue.

Hey you found the problem. A bunch of politicians decided that everyone needs to own a home and here we are completely fucked because of that decision.

https://www.urban.org/sites/default/...an_dream_0.pdf

Thanks Bill!

I tepidly agree with the assessment that not everyone should own a home, but only because of the way it was executed. Honestly thought this idea started with Reagan.

[Zetanio]

This is a bit different than home ownership, but I'll point out that this is also by design. The individual refusing to take personal responsibility is one thing (and will always be an issue especially when it comes to extraneous judgement), but I am more focused on the enabler. Nobody is telling the enabler to not give a loan to that individual for an ATV. Rather, it's deliberate to get him into making money off of him in perpetuity. In fact, this is something pushed hard by (American-style) capitalism.

That's a big issue.



I tepidly agree with the assessment that not everyone should own a home, but only because of the way it was executed. Honestly thought this idea started with Reagan.

It did, Bill codified it. They created this industry of predatory home loans and non-bank loans. I put this firmly at their feet.

Blaming the cocksucker in the article is like blaming a bull for goring a guy because you opened it's pen and prodded it's ass with a brand.