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  • SpaceX making out of orbit travel look easy
    If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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    • Originally posted by RSchmitz View Post

      Bolthed, I appreciate the positive spin you are trying for, but I think you are out of touch with my pov if you think it has anything to do with pride or something to gloat about. Managing debt is a matter of survival, and if you've ever lived in poverty you'd know that. You'd have literal PTSD when spending money that you do not have and did not absolutely need to spend, and wouldn't be able to relate either.

      My stance on student debt isn't because I think we should screw over people who made unwise choices, I am just a realist who knows we don't live in a utopian society where we can have all of the things. So, since I know that we have to triage which social dilemmas should be tackled first, student debt forgiveness where people actually were given a choice to take on massive debt is further down my list. There are many, many, many Americans who aren't students that could also use a bail out just as badly if not worse. Medical debt, housing debt, vehicle debt, are these any less important? With UBI we don't have to choose.
      OK, I agree with you there. I’m in favor of a one-time large (say up to $50,000) debt cancellation for anyone who makes under $80,000 a year or any couple that makes under $150,000.

      I'm also in favor of UBI, but I think for most Americans it’s a bridge too far. Maybe the results of a large-scale debt cancellation coupled with The Great Resignation would get us as a society to a place where UBI would sound palatable, even wise.

      Inch by inch toward the Librul Utopia, my friend!
      “Could I had posted cite a site?” — WWW dot Trump makes you dumb dot RU

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      • Originally posted by Bolthed View Post

        OK, I agree with you there. I’m in favor of a one-time large (say up to $50,000) debt cancellation for anyone who makes under $80,000 a year or any couple that makes under $150,000.

        I'm also in favor of UBI, but I think for most Americans it’s a bridge too far. Maybe the results of a large-scale debt cancellation coupled with The Great Resignation would get us as a society to a place where UBI would sound palatable, even wise.

        Inch by inch toward the Librul Utopia, my friend!
        I think debt cancellation would actually be more difficult to get people to bite on.

        What I love about UBI is it is flexible and doesn't need to be screened, no accountability or bookkeeping necessary. You can spend it on anything you want, and I can think of many scenarios where people without debt could use it productively. IMO people make better stewards of what is best to spend their money on than the government. I am glad you are on the UBI bandwagon, as a futurist I think this will happen sooner than later!
        If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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        • Pretty big year as far as space is concerned, JWST is set for launch at the end of the year
          If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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          • Elizabeth Warren today said that she would oppose the renomination of Jerome Powell, saying that there has been too much deregulation in banking and saying that Powell has been "lucky" and leading the charge to diversify the heads of the Central Bank. Warren has turned into perhaps my least favorite Democrat.
            If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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            • You like banking deregulation?

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              • Originally posted by the_narrow_way View Post
                You like banking deregulation?
                If it helps our economy grow, increases GDP, and helps low wage earners, yes. Saying someone got “lucky” while invoking 2008 is such a fearmongering populist move, his job is literally to ride that line to maximize economic growth while safeguarding against something like 2008, which he navigated amazingly well with covid. It would be like calling a perfect Stamkos slapshot into the corner of the net lucky.

                Him giving the banks a blank check helped us avoid a disaster like 2008. He is still doing it now, with the threat of inflation lingering he hasn’t budged on rates, which is in line with what the Biden cabinet wants until minority wage earners see a return to pre-covid job rates. He could easily do the safe thing and increase rates, hurting the recovery and decreasing job growth, the only reason to attack him as far as I can see is partisanship.
                If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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                • No question he has loosened restrictions on banks, but the question of whether that would cause a collapse of the financial sector was answered with covid, he was proven correct. He did what they did not do in 2008, quickly reassure the public that the United States would secure all bank assets. If he hadn’t done that, who knows maybe Wells Fargo goes the way of Bear/Lehman
                  If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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                  • Deregulating the banks is a wildly, breathtakingly, stupid idea. I'm hard pressed to find a dumber idea in modern finance, although if I read Elon Musk's twitter feed I'd probably find some.
                    Bullshit Centrist and Ondrej Palat fan club member

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                    • I think Powell has done a pretty decent job, but if the last 15-20 years are any indication, the last fucking thing on planet earth that is needed is fewer people trying to keep bankers from blowing up the world economy; which they tend to do when left to their own devices.

                      I disagree with Warren on Powell; but I agree a million percent with her on bank regulation.
                      Bullshit Centrist and Ondrej Palat fan club member

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                      • Originally posted by dannybolt View Post
                        Deregulating the banks is a wildly, breathtakingly, stupid idea. I'm hard pressed to find a dumber idea in modern finance, although if I read Elon Musk's twitter feed I'd probably find some.
                        So is over regulation, just like everything there is a balance. Loosening restrictions on banks so they can offer more and better loans to consumers and small businesses, methodically, is not wild. What happened in 2008 is that banks were left completely unchecked, "The Big Short" does a great job of highlighting the absurdity of what happened. I am sure you know this. The PTSD from that near collapse caused the government to over-regulate, calibrating the financial system afterwards with some deregulation where it wasn't necessary is not breathtakingly stupid IMO.

                        If you are going to overregulate the financial system, you might as well just dissolve it and create a national central bank, at least that would be backed fully by the government and could be trusted by the public, minus the crazies who think that the government is out to get them. If you are in favor of capitalism and the current financial system however, you have to accept that some deregulation is needed to stimulate growth and that sometimes shocks to that system are inevitable.
                        If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

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                        • Originally posted by RSchmitz View Post

                          So is over regulation, just like everything there is a balance. Loosening restrictions on banks so they can offer more and better loans to consumers and small businesses, methodically, is not wild. What happened in 2008 is that banks were left completely unchecked, "The Big Short" does a great job of highlighting the absurdity of what happened. I am sure you know this. The PTSD from that near collapse caused the government to over-regulate, calibrating the financial system afterwards with some deregulation where it wasn't necessary is not breathtakingly stupid IMO.

                          If you are going to overregulate the financial system, you might as well just dissolve it and create a national central bank, at least that would be backed fully by the government and could be trusted by the public, minus the crazies who think that the government is out to get them. If you are in favor of capitalism and the current financial system however, you have to accept that some deregulation is needed to stimulate growth and that sometimes shocks to that system are inevitable.
                          Wells Fargo agrees.
                          I’m a senior. As are Donnie, Puckhead, and JB.

                          Who knew?

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                          • Originally posted by Flycoon View Post

                            Wells Fargo agrees.
                            I don't think anybody is advocating for the deregulation of fraud.

                            An example of deregulation would for instance be allowing banks to decide if they want to treat all debt the same way. Should student loan debt be treated like credit card debt, severely handicapping college grads who want to buy a house? Allowing banks to decide which risk they want to assume isn't necessarily a bad thing.
                            If no government system will guarantee a utopia, then our best choice is to look for the least exploitive one

                            Comment


                            • Originally posted by RSchmitz View Post

                              I don't think anybody is advocating for the deregulation of fraud.

                              An example of deregulation would for instance be allowing banks to decide if they want to treat all debt the same way. Should student loan debt be treated like credit card debt, severely handicapping college grads who want to buy a house? Allowing banks to decide which risk they want to assume isn't necessarily a bad thing.
                              You wanna know how to encourage fraud? Deregulate.

                              You're arguing for loosening ropes that were barely tightened in the first place. You are right; I am extremely well versed in the 2008 financial crisis, what caused it, and what was done to prevent it from happening again. And I'm telling you right now that deregulating further from where we are right now is a collossally, mind bendingly stupid idea. We still don't know what systemic risk is posed by the derivatives market. It is still completely opaque. Investment banks are still able to act as commercial banks, the Glass-Steagal wall was never rebuilt under Dodd-Frank. Investment banks are still able to place bets against the same securities they are selling. Hell, they might still be bribing the ratings agencies to gold plate their shitty CDOs and other packaged securities. But tell me again how we over-regulated. We might have not regulated appropriately, but that is a totally different conversation.

                              Your statement that the government over-regulated in response shows you are completely, wholly, and totally uninformed about what you are talking about. You've had the two tax people on the board just tell you as much. If NJ, who has a finance degree and has worked in the securities industry were to chime in, he'd likely tell you the same.
                              Bullshit Centrist and Ondrej Palat fan club member

                              Comment


                              • Originally posted by RSchmitz View Post

                                I don't think anybody is advocating for the deregulation of fraud.

                                An example of deregulation would for instance be allowing banks to decide if they want to treat all debt the same way. Should student loan debt be treated like credit card debt, severely handicapping college grads who want to buy a house? Allowing banks to decide which risk they want to assume isn't necessarily a bad thing.
                                Banks already decide what risks they want to assume, and theoretically charge rates to reflect the varying degrees of risk that they will assume from the individual borrower. Student loans and revolving credit debt are completely different, and should not be treated the same. One can be discharged through bankruptcy and one can't. That shouldn't be a bank decision. Unless you think banks should be able to change bankruptcy laws.
                                Bullshit Centrist and Ondrej Palat fan club member

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