I am currently working in downtown Chicago this week, every time I go to the nearest Home-depot, I get asked about fifty times if I need help by not only mexican dudes but everybody. I dont know what everybody else thinks but, I see an awful lot of closed businesses everywhere. I am really doubting that this stimulus is going to do anything but put a band-aid on a gunshot wound. A man was almost crying to me about his need of work, fpr him and his family. I only could do what the government can do, give him a couple bucks to get coffee and a doh'-nut.
Quote from: GIGOLO on February 18, 2009, 07:50:50 PMI dont know what everybody else thinks but, I see an awful lot of closed businesses everywhere.
Well, what is the necessary incentive to be in business at times like these?
If your growth or extension of your business is your intention, hey, the government might just take that extra part. You know, loot it off for the common good. Not that you'd pay your bills, decide to expand, or whatever...after all, it is your money, isn't it?
The governor of Wisconsin announced some new taxation. So, one can expect more unemployment.
Might just want to hunker down and wait four years. Yeah, you've got to make enough to pay rent, bills, food, etc...but I'm seriously wondering if I should wait on my project. I have time. If someone's going to take my money, why should I make it? I make it for the benefit of customers and myself. Not for someone else...unless I decide that that's what
I want to do.
I have noticed a lot of new construction that just started up around me. Oddly enough its all new banks, I wonder why that is. There was a program on last night called frontline, its on channel 11 or wttw in Chicago. It talked about how CEO's of all these banks still wrote themselves giant bonus checks, and were the specific companies that were "bailed out". By no means am I an economist, but I distinctly remember having the teacher tell me that the reason they just can't print more money is because it makes the dollar less valuable. All these "tax-cuts" and bail-outs, where is this going to leave the dollar on the world market? Also mentioned in this show was that Bernie Madoff is not the only one on wall-street doing illegal activities.
Interesting fact- If you spent a million dollars everyday since Jesus was born you couldn't spend a trillion dollars. Whats our national debt?
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
I have noticed a lot of new construction that just started up around me. Oddly enough its all new banks, I wonder why that is.
Well, you can start by asking your congressman, who mandated via the "Community Reinvestment Act" among other things that branches be built in a variety of neighborhoods. While you're at it, ask him or her why they required banks to relax loan covenants so loans could be made to people who were unable to pay them back and why they now act so surprised as they throw it all back on the evil bankers. That's just a start though, there's plenty of blame go around.
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
It talked about how CEO's of all these banks still wrote themselves giant bonus checks, and were the specific companies that were "bailed out"
Yep, ALL the CEOs of ALL the banks are writing GIANT bonus checks if they were bailed out. Prone to generalizations and hyperbole are we? Haven't heard of anyone in banking and industry denying themselves salary and bonus recently? National Public TV may have slept through those press releases. God knows I fall asleep whenever I try to watch the Public TV channel.
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
By no means am I an economist, but I distinctly remember having the teacher tell me that the reason they just can't print more money is because it makes the dollar less valuable.
Did you really need a teacher to teach you that? Really?? But unfortunately they didn't listen to the same lecture so...
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
All these "tax-cuts" and bail-outs, where is this going to leave the dollar on the world market?
In the shitter, although the dollar is in a lesser shitter than most other world currencies. Whose currency would you like to replace the dollar as the world reserve currency?
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
Also mentioned in this show was that Bernie Madoff is not the only one on wall-street doing illegal activities.
Do ya think? They are sharp, those public broadcast folks.
Quote from: GIGOLO on February 18, 2009, 10:21:20 PM
If you spent a million dollars everyday since Jesus was born you couldn't spend a trillion dollars.
Leave him out of it. He's the only one that tried to warn us.
Sorry, you threw the bait (and I'm gonna regret that I took it).
Quote from: dylanfan53 on February 19, 2009, 12:03:47 AM
Well, you can start by asking your congressman, who mandated via the "Community Reinvestment Act" among other things that branches be built in a variety of neighborhoods.
I guess I should have clarified that there are about 10 banks in a 1/2 mile stretch of road by my house that these banks are being built on. Secondly, I don't live in a bad neighborhood at all. Lastly, wasn't it the Bush "regime" that de-regulated the banks in the first place?
Quote from: dylanfan53 on February 19, 2009, 12:03:47 AM
Yep, ALL the CEOs of ALL the banks are writing GIANT bonus checks if they were bailed out. Prone to generalizations and hyperbole are we?
No, in fact its not a generalization, as per the agreement between the fed and the banks. Not all, 5 are in question as of now. (According to Frontline)
Quote from: dylanfan53 on February 19, 2009, 12:03:47 AM
Did you really need a teacher to teach you that? Really??
When I was 10 yes. I like reminiscing about my childhood when things were simple and sarcasm didn't bother me.
Didn't seem like your post was really about construction, and the CRA was the first to come to mind as just one small (politically incorrect to mention it) example of government involvement which is conveniently forgotten as stories like those continue to try to point blame at one industry as the cause of everything. Bush deregulated, Clinton did too if you're thinking of Glass Steagall being repealed in late '90s. Plenty of blame to go around.
Another reason banks are building branches is to attract deposits (good old checking, savings, CDs) since that represents high quality capital that they need.
You didn't like the sacastic SNL bit? Really??
I thought it was funny.
There's too much blame to go around and too many people have been hurt by these events to make this a fun internet thread.
Quote from: GIGOLO on February 19, 2009, 01:45:01 AM
Lastly, wasn't it the Bush "regime" that de-regulated the banks in the first place?
hardly... see for yourself
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Quote from: GIGOLO on February 19, 2009, 01:45:01 AM
I guess I should have clarified that there are about 10 banks in a 1/2 mile stretch of road by my house that these banks are being built on. Secondly, I don't live in a bad neighborhood at all. Lastly, wasn't it the Bush "regime" that de-regulated the banks in the first place?
Are you talking about the CRA? That was Carter. Addtionally, there have been groups that have put pressure on banks to lend to those that haven't had the normal means of what was once recognized as responsible lending. ACORN is one of them. "Deregulating" is kind of a really broad term. Freddie and Fanny were entities that really helped that blossom too.
Quote from: GIGOLO on February 19, 2009, 01:45:01 AM
No, in fact its not a generalization, as per the agreement between the fed and the banks. Not all, 5 are in question as of now. (According to Frontline)
Well, if you were watching all that as it happened, you might remember that there was talk that those banks were forced to take the money by Paulson. They were instructed to take the money and buy the banks that were struggling. However, they were not to reveal that information to the public. Even when Barney Frank hammered them, they we required not to acknowledge this. It's starting to come out now that that was in fact what happened. It's just strange like it came out of the book Atlas Shrugged.
Either way, there are many in the finanical world that get a low salary, then they are paid bonuses based on achievement. I have recognized that the markets were going down for some time. They were in charge of cushioning that blow to the company, investors, etc. Their bonuses are based on their work for their company.
The government is so set to screw everyone right now.
Quote from: Super Dave on February 19, 2009, 02:06:51 PMThe government is so set to screw everyone right now.
When I was younger, minus the kids, I would hear about a child abduction or a child found dead and would care enough to get emotionally conscious. Now that I have kids, when I hear about it I get sick to my stomach. Point is that I am starting to see this economic state more and more each day. Now I am worried, now I care about whats going on. Circuit city went out-of-business, well, they owe our company alot of money for plowing and salting. I hear that the maintenance company that hired us hasn't gotten paid, so we are last on the list. Its not fair especially because the maintenance company didn't put up 8k for salt. I brought my son to the tae-kwon-do school that I went to, and the guy that taught me owns it and basically told us that he wasn't going to be around after 2 more weeks. That school has been there for decades. Its sad, I hate seeing other people suffer, when I have a job to go to everyday. I am thankful for that.
My dad grew up hungry. He remembered the first time he was ever on carpeting. They didn't have electricity at the house until after he was back from the Korean War. So, when he was on ships, he had electricity and running water...neither of which he had at his home. He remembered going to bed hungry. Honestly hungry. Dad was a good shot, and they could sell pelts of animals for a little extra money, in addition to the meat for the family.
So much collective thought has pushed our government to establish so much for those that have "need". All with the extraordinary cost and lack of accountability for what little it does. Does that money looted from our incomes provide anything when compared to when we give it from our own free well?
Circuit City? Their prices weren't ever valuable, and, like I read someone else say that I'll echo, I didn't think their customer service was worth crap. So, models for businesses fail. How many times did Edison go bankrupt? It is always a potential part of business. It is not perpetual.
Additionally, when you own a business and cities, states, and the feds just go after your income, increase you property tax, and increase their giving to "causes", hey, at some point, what is the point? If one cannot see reward in hard work, why do it as the government just takes. It has done little recently to protect freedom of the individual. It has become corrupted in protecting "groups". As the smallest group, an individual, I'm calling BS on them.