Capitalism Guarantees Rising Inequality

[Indeependent]

The applications weren't lied on, they were fraudulently approved.

Fraudulently approved? What does that even mean?
Are you saying poor people should have been denied a mortgage?
Community organizers disagree.

target your fellow man as the enemy.

I'm targeting your ignorance.

Why are rich guys the enemy?

Most of those Loan Officers weren't making a lot of money until they and their local Bank Managers started bypassing the software and stamping APPROVED on pieces of PAPER.
The Underwriters were instructed NOT TO DO THEIR JOB.

Don't believe me?
Take ANYONE with a 400 Credit Score to your local Auto Leasing shop and their credit will be bumped up immediately to allow the lease to be approved.
Happens all the time.

I had my Credit Score, back in 2006, bumped up almost 200 points, right in front of my face, in order to be approved for a Honda Pilot.

That's awful! Letting poor people take out loans. Despicable!

If they can't pay them back when they're applying, it IS despicable!

 

[Toddsterpatriot]

Most of those Loan Officers weren't making a lot of money until they and their local Bank Managers started bypassing the software and stamping APPROVED on pieces of PAPER.
The Underwriters were instructed NOT TO DO THEIR JOB.

Don't believe me?
Take ANYONE with a 400 Credit Score to your local Auto Leasing shop and their credit will be bumped up immediately to allow the lease to be approved.
Happens all the time.

I had my Credit Score, back in 2006, bumped up almost 200 points, right in front of my face, in order to be approved for a Honda Pilot.

That's awful! Letting poor people take out loans. Despicable!

If they can't pay them back when they're applying, it IS despicable!

Just terrible. They ought to make a law dislosing how much monthly payments will be, to prevent people from borrowing more than they can repay.
For all the liberals with poor math skills.

 

[bripat9643]

Why aren't you attacking these Main Street liars?

The fraudulent part was not typically from the borrower. They would list their honest income $30,000/year and list they work as a jaintor. How were they able to buy a half a million dollar home? Fraud. The applications weren't lied on, they were fraudulently approved.

Predatory mortgage servicing is abusive, unfair, deceptive, or fraudulent mortgage servicing practices of some mortgage servicers during the mortgage servicing process....

In mortgage securitization transactions, the mortgage servicer forwards the borrower's payment of principal and interest to the certificate holders (investors) of the special securitized trust that owns and holds the promissory notes secured by the mortgages and deeds of trust. The mortgage servicer, however, is allowed to retain late fees, BPO fees, inspection fees, and other fees charged or assessed to a borrower's account. In addition to the fee income, the servicer is allowed to retain the net liquidation proceeds of any foreclosure sale (net after foreclosure expenses and principal balance to investors). This provides an incentive to unscrupulous servicers who aggressively interpret mortgage documents to add additional fees[7] to a borrower's mortgage account. Many times, the additional fees added on create an event of default allowing the mortgage servicer to foreclose on the property. This practice is commonly referred to as manufacturing a default or manufactured default.

Where ever you get your information, you need to stop going there. They have made you completely stupid and target your fellow man as the enemy. I can assure you the enemy is not main street who is trying to earn a living and buy a house, its those fucks who make millions a year and millions more in undisclosed earnings.

The applications weren't lied on, they were fraudulently approved.

Fraudulently approved? What does that even mean?
Are you saying poor people should have been denied a mortgage?
Community organizers disagree.

target your fellow man as the enemy.

I'm targeting your ignorance.

Why are rich guys the enemy?

I thought these libturds claimed to love their fellow man. Then why are the always pitting us against one another? They pit the poor against the rich, blacks and Hispanics against whites, women against men.

 

[bripat9643]

That's awful! Letting poor people take out loans. Despicable!

If they can't pay them back when they're applying, it IS despicable!

Just terrible. They ought to make a law dislosing how much monthly payments will be, to prevent people from borrowing more than they can repay.
For all the liberals with poor math skills.

Hmmmm . . . . . I think there already is such a law. they also have to give you an accurate estimate of what the closing costs will be.

 

[bripat9643]

Most of those Loan Officers weren't making a lot of money until they and their local Bank Managers started bypassing the software and stamping APPROVED on pieces of PAPER.
The Underwriters were instructed NOT TO DO THEIR JOB.

Don't believe me?
Take ANYONE with a 400 Credit Score to your local Auto Leasing shop and their credit will be bumped up immediately to allow the lease to be approved.
Happens all the time.

I had my Credit Score, back in 2006, bumped up almost 200 points, right in front of my face, in order to be approved for a Honda Pilot.

That's awful! Letting poor people take out loans. Despicable!

If they can't pay them back when they're applying, it IS despicable!

That's what the term "sub-prime" means. It indicates the borrower has a high probability of default. If lenders weren't allowed to make such loans, they would be in violation of the CRA. Damned if they do. Damned if they don't. That's liberal legislation for ya.

 

[Toddsterpatriot]

If they can't pay them back when they're applying, it IS despicable!

Just terrible. They ought to make a law dislosing how much monthly payments will be, to prevent people from borrowing more than they can repay.
For all the liberals with poor math skills.

Hmmmm . . . . . I think there already is such a law. they also have to give you an accurate estimate of what the closing costs will be.

There is. I was leading the witness.

 

[georgephillip]

No one has benefitted more from capitalism more than poor people. Their quality of life is a million times better than it used to be.

Do you have any proof of that statement?

"In a world of plenty why are hundreds of millions, perhaps billions of people vulnerable at all? The vulnerable and exploited exist because of an inherently unjust social-economic system, which has caused extreme global inequality and built a divided and fractured world society."

Spotlight on Worldwide Inequality

I would have thought the abstract failure of socialism & collectivism around the globe would be sufficient proof enough for the superior nature of the capitalist system...

I suppose that depends on what role you believe collectivism plays in modern corporations and how you define socialism:

"Socialists argue that modern capitalism and private property, which is based on socialized production and joint-stock or corporate ownership structures, is a form of organic collectivism that sharply contrasts with the perception that capitalism is a system of free individuals exchanging commodities.[8]

"Socialists sometimes argue that true individualism can only exist when individuals are free from coercive social structures to pursue their own interests, which can only be accomplished by common ownership of socialized, productive assets and free access to the means of life so that no individual has coercive power over other individuals.[9]

"George Orwell, a dedicated democratic socialist,[10] believed that collectivism resulted in the empowerment of a minority of individuals that led to further oppression of the majority of the population in the name of some ideal such as freedom.

"It cannot be said too often – at any rate, it is not being said nearly often enough – that collectivism is not inherently democratic, but, on the contrary, gives to a tyrannical minority such powers as the Spanish Inquisitors never dreamt of."

Collectivism - Wikipedia, the free encyclopedia

For a few decades after the end of WWII, capitalism did a good job of providing the goods for a majority of Americans; that's no longer the case. World wide as of May 200 5 the three richest people controlled more assets than the combined GDP of the least productive 47 countries.

That's a level of abject failure by any standard.

Spotlight on Worldwide Inequality

 

[gnarlylove]

Spotlight on Worldwide Inequality

The complacent party line of the wealthy is that there is no alternative to the present unhealthy, divisive economic model. The advocates of market fundamentalism have sought to close down totally the intellectual space for enquiry and discourse. As Stiglitz says, if indeed there is no alternative, inequality and poverty will continue to increase, building intensely
...divided societies, [where] the rich will hunker in gated communities, almost completely separated from the poor, whose lives will be almost unfathomable to them, and vice versa.

This shutting down of public discourse and establishing capitalism as the only possible way forward is so widespread. I hear it from my some of my own friends and certainly family members. It's disheartening because this has the sole purpose of maintaining the status quo and here the majority of folks cramming capitalism down throats are the same folks who are doing OK in capitalism, they aren't even doing GREAT! It awful how viscous the propaganda has succeeded to convince these people who would never think about such issues unless it was crammed down their throat. This is warfare on humanity and we are obliging to wage it. Capitalism as practiced today will increase inequality till systemic risk comes around again.

This is bad governance, this is bad policy, this is bad ethics. Capitalism works for the few and its got the rest of us working for it. Humans should want a society that works for everyone, not the limited few and the middle class are thrown a couple bones to keep their rhetoric satisfactory.

 

[Iceweasel]

This shutting down of public discourse and establishing capitalism as the only possible way forward is so widespread. I hear it from my some of my own friends and certainly family members. It's disheartening because this has the sole purpose of maintaining the status quo and here the majority of folks cramming capitalism down throats are the same folks who are doing OK in capitalism, they aren't even doing GREAT! It awful how viscous the propaganda has succeeded to convince these people who would never think about such issues unless it was crammed down their throat. This is warfare on humanity and we are obliging to wage it. Capitalism as practiced today will increase inequality till systemic risk comes around again.

This is bad governance, this is bad policy, this is bad ethics. Capitalism works for the few and its got the rest of us working for it. Humans should want a society that works for everyone, not the limited few and the middle class are thrown a couple bones to keep their rhetoric satisfactory.

Capitalism is what made this country great. Remove head from rear, drive around and observe America's lifestyle and quit drinking the hate flavored socialist Kool-Aid.

 

[Contumacious]

Do you have any proof of that statement?

"In a world of plenty why are hundreds of millions, perhaps billions of people vulnerable at all? The vulnerable and exploited exist because of an inherently unjust social-economic system, which has caused extreme global inequality and built a divided and fractured world society."

Spotlight on Worldwide Inequality

I would have thought the abstract failure of socialism & collectivism around the globe would be sufficient proof enough for the superior nature of the capitalist system...

I suppose that depends on what role you believe collectivism plays in modern corporations and how you define socialism:

Is there more than one definition for socialism and crony capitalism?

.

 

[gnarlylove]

Capitalism is what made this country great. Remove head from rear, drive around and observe America's lifestyle and quit drinking the hate flavored socialist Kool-Aid.[/QUOTE]

We went over this and it's no surprise you keep repeating your tireless mantras--its all you know to do! It also means you never have to think again since you've got every belief and every argument on lock down! Congratulations for being omniscient! What I mean is congratulations on isolating yourself to such a narrow groupthink as to think you a monopoly the answers to the future.

I TOTALLY AGREE AMERICA HAS BECOME HIGHLY PRODUCTIVE SOCIETY. WE PRODUCE TONS OF SHIT! WE ARE VERY GOOD AT THIS! I AGREE WITH YOU!

However, with widening inequality, it will continue to entrap an ever increasing minority of people until we becomes the majority. As it stands 59% of Americans will face a year of poverty or more.

I know your views precisely coincide with what I was talking about: you believe the capitalist propaganda that capitalism is our ONLY FUTURE. That's only true if you refuse to think about alternatives--AND IM NOT talking about caricatures of socialism, communism etc.

the current development model (development for whom?) which has accrued [growth] mostly to the wealthiest billion” people. Not only does inequality slow economic growth, but it results in health and social problems and generates political instability. Inequality is dysfunctional, and there is a grave need to place equity at the centre of the development agenda.
A more just and humane model of development, based on equitable distribution of the world’s resources, is a viable alternative whose time has come.
The idea of equitable distribution – of sharing the food and water, the resources knowledge, skills, ideas and technology of the world – as the guiding principle for development and economic life...

Continuing to ignore inequality which is to say to continue promoting capitalism AS IT OPERATES IN OUR WORLD TODAY will inevitably result in social and political insurrection. In seeing a majority of the world living in abject poverty while .01% of the the world's population own and control more (wealth, land, resources, money etc.) than the majority, we are seeing plutocratic capitalism working at its finest. Why would you support this Iceweasal when it harms your property values among other things? Because you are told to do it and you listen. Then you cry out how ideal capitalism is like you aren't listening to anything being said...

 

[georgephillip]

Spotlight on Worldwide Inequality

The complacent party line of the wealthy is that there is no alternative to the present unhealthy, divisive economic model. The advocates of market fundamentalism have sought to close down totally the intellectual space for enquiry and discourse. As Stiglitz says, if indeed there is no alternative, inequality and poverty will continue to increase, building intensely
...divided societies, [where] the rich will hunker in gated communities, almost completely separated from the poor, whose lives will be almost unfathomable to them, and vice versa.

This shutting down of public discourse and establishing capitalism as the only possible way forward is so widespread. I hear it from my some of my own friends and certainly family members. It's disheartening because this has the sole purpose of maintaining the status quo and here the majority of folks cramming capitalism down throats are the same folks who are doing OK in capitalism, they aren't even doing GREAT! It awful how viscous the propaganda has succeeded to convince these people who would never think about such issues unless it was crammed down their throat. This is warfare on humanity and we are obliging to wage it. Capitalism as practiced today will increase inequality till systemic risk comes around again.

This is bad governance, this is bad policy, this is bad ethics. Capitalism works for the few and its got the rest of us working for it. Humans should want a society that works for everyone, not the limited few and the middle class are thrown a couple bones to keep their rhetoric satisfactory.

Capitalism is inherently undemocratic, as it's practiced in the US.
Its cult of "free markets" that are entirely dependent on the US military to enforce a Washington (Wall Street) consensus on emerging market has more in common, from an ethical standpoint, with the Taliban than with Adam Smith.
US workers are required the leave any rights to democracy at the workplace door.
In other parts of the world like Germany, for example, labor unions have voting members sitting on the boards of directors of the corporations they work for.
Hence. when German capitalists wanted to outsource German jobs to China, they got their rich white butts kicked while US labor got the rust belt. It is almost discouraging how often conservatives bow low to their rich "job creators".

 

[georgephillip]

I would have thought the abstract failure of socialism & collectivism around the globe would be sufficient proof enough for the superior nature of the capitalist system...

I suppose that depends on what role you believe collectivism plays in modern corporations and how you define socialism:

Is there more than one definition for socialism and crony capitalism?

.

Maybe so.
When Lenin came to power in 1917 his success depended upon finding enough food to feed his starving population. According to some accounts, Wall Street provided the food in exchange for Lenin dissolving the worker Soviets which were supposed to control the economy.

Both sides got what they wanted.
Lenin created a powerful state-run economy which actually crushed the socialist model, and capitalists in the US created a version of "socialism" they could turn against domestic progressives who wanted to curtail corporate power during the decades between WWI and WWII.

 

[bedowin62]

waaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!!!

"true" Socialism has never been tried; and that's why you meanies think it doesnt work!!!!

 

[bripat9643]

I suppose that depends on what role you believe collectivism plays in modern corporations and how you define socialism:

Is there more than one definition for socialism and crony capitalism?

.

Maybe so.
When Lenin came to power in 1917 his success depended upon finding enough food to feed his starving population. According to some accounts, Wall Street provided the food in exchange for Lenin dissolving the worker Soviets which were supposed to control the economy.

Lenin's people were starving because of Lenin's economic policies. ALl he had to do to provide them with enough food is allow them to grow it and sell it without the government trying to control everything. The "accounts" you've read are from communist propagandists who refuse to acknowledge their crimes.

[Both sides got what they wanted.
Lenin created a powerful state-run economy which actually crushed the socialist model, and capitalists in the US created a version of "socialism" they could turn against domestic progressives who wanted to curtail corporate power during the decades between WWI and WWII.

There is no "model" of socialism that isn't state run. It's impossible to have voluntary socialism. What happened in the USSR was horrifying for the simple reason that socialism is horrifying.

 

[bripat9643]

waaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!!!

"true" Socialism has never been tried; and that's why you meanies think it doesnt work!!!!

How do you know when you have true socialism? All the cars are powered by unicorn farts and every child is above average.

 

[Truthmatters]

dear idiot.

You are the one who said we should return to kings and queens Bri bri

 

[Truthmatters]

socialism can not work.

You think corruption is bad now?


try socialism.


well regulated capitalism combined with democracy is the only way

 

[Truthmatters]

stop the republican party from cheating in elections and everything will work out.

what we have right now is democracy being abused by the republican party

 

[bripat9643]

dear idiot.

You are the one who said we should return to kings and queens Bri bri

No, I only said that monarchy would be infinitely preferable to the rule by Obama and Harry Reid that we are all currently suffering under. At a minimum, our taxes would be less than 20% of what we now pay.