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College Conspiracy
- Thread starter MIJ-VI
- Start date
Then they should not get mortgages. If you're too stupid to understand what you're borrowing, don't borrow. People are RESPONSIBLE for understanding their personal finances. Those who don't try or bother to understand get what they deserve. The world does not accommodate stupid or terminally careless people.
It used to be a reasonable assumption that a bank would not make a bad loan - but it's also necessary for the person asking for the loan to know they're potentially overextended.
Agreed...and I agree that they are the primary offenders. But the people who were too stupid to know they couldn't pay also bear a lot of the blame.
A lot of the people who are renting need to stay that way.
I don't think people were necessarily stupid. It's easy to blame people for their problems, in hindsight. And, even if they were stupid, the effects of their stupidity is presently being compounded by the unwillingness of the banks to disclose the true market value of the collateral underlying their mortgage investments -- which is why they won't modify underwater mortgages. The punishment doesn't fit the crime.
Remember that renting is not risk-free either. Under normal circumstances renting costs more than owning. If you own a house, you collect "imputed rent" in addition to subsidies on your mortgage interest and taxes. I am sitting on a pile of wealth thanks to owning my house (even in these dark times) that is a safety net in case something happens to my job. In addition, it would be hard to find an affordable property to rent in one of the neighborhoods with the best schools in town.
I'm pointing these things out because it's a case where there is no "neutral" position that is risk free.
Back to the subject at hand.
The people who thought all of these loans, the lack of regulations, and credit default swap derivatives were great ideas were for the most part graduates from Harvard or Yale. Wether it be the Treasury secretaries, the occupant of the WH or the giants of Wall Street. Perhaps the people should be asking what they're teaching for an MBA at those fine institutions? Maybe it is a conspiracy? The people who subsidized those educations sure didn't get their moneys worth.
The people who thought all of these loans, the lack of regulations, and credit default swap derivatives were great ideas were for the most part graduates from Harvard or Yale. Wether it be the Treasury secretaries, the occupant of the WH or the giants of Wall Street. Perhaps the people should be asking what they're teaching for an MBA at those fine institutions? Maybe it is a conspiracy? The people who subsidized those educations sure didn't get their moneys worth.
Back to the subject at hand.
The people who thought all of these loans, the lack of regulations, and credit default swap derivatives were great ideas were for the most part graduates from Harvard or Yale. Wether it be the Treasury secretaries, the occupant of the WH or the giants of Wall Street. Perhaps the people should be asking what they're teaching for an MBA at those fine institutions? Maybe it is a conspiracy? The people who subsidized those educations sure didn't get their moneys worth.
Same as they're teaching everywhere else, except that the graduates of Harvard and Yale start out smarter in the first place, learn the material better, and have better connections when they graduate.
Those same universities also produce a fair share of Nobel Prize winners.
are you kidding me... watch the "rent is too damn high party" video... it's funny and not really a political documentary...
im laughing just thinking about "rent is too damn high" ... man that crap was funny
in short... you can't summarize something like this... you'll be entertained i promise
First, I wouldn't dispute that America's better colleges turn out great graduates in the hard sciences. It's economics, law, humanities, education, and the social sciences where I have my doubts. I suspect that in those areas they receive far more indoctrination than education.
And I suspect that many of us have our doubts about the Nobel prize winners in those areas too.
There is no doubt that the giants of Wall Street and those who regulate them all got their business educations from the Ivy Leagues finest. And they either forgot it, or they need more ethics classes in those places, a lot more.
You don't have to scam to make money. Making money is what capitalism is all about. Without capitalism, there would be no money generated to pay the entitled. Keep in mind, the fundamental purpose of any commercial enterprise is to enhance the wealth of its shareholders. A lot of people benefit by getting paid to work in that enterprise, and the smart ones figure out how to become shareholders. The rest work for wages.
First, I wouldn't dispute that America's better colleges turn out great graduates in the hard sciences. It's economics, law, humanities, education, and the social sciences where I have my doubts. I suspect that in those areas they receive far more indoctrination than education.
And I suspect that many of us have our doubts about the Nobel prize winners in those areas too.
There is no doubt that the giants of Wall Street and those who regulate them all got their business educations from the Ivy Leagues finest. And they either forgot it, or they need more ethics classes in those places, a lot more.
Hmmm ... we actually agree on something. One of us must be wrong.
Education is generally the first step of socialization into any field, discipline, or trade. It's not exclusive to one field but not another. Some would even say that natural science students are indoctrinated into accepting a positivist ontology.
Cool. Now all's you need is evidence, and you're on your way to a theory.
And I suspect that many of us have our doubts about the Nobel prize winners in those areas too.
There is no doubt that the giants of Wall Street and those who regulate them all got their business educations from the Ivy Leagues finest. And they either forgot it, or they need more ethics classes in those places, a lot more.
I suspect that anybody with an education from anywhere, or nowhere, would be just as likely -- or unlikely -- to engage in the same behaviors if given a chance. People probably follow the ethics of their parents, and an ethics course in college, while intellectually interesting, isn't going to change anybody's ethics.
Accusing your opponents of being brainwashed is a classic ad hominem attack.
I have a science degree. What's a positivist ontology?
rockstarbassist
Inactive
lol yeah, no... it isn't. however, next time you visit your doctor/surgeon/attorney/CPA ask them how wasteful college was...
oh and those engineers? yeah, i mean WTFrank have those guys ever contributed over history?
research scientists too!! i mean good lord how stupid of an idea is medication?? LAME! tryin' to make me feel better when obviously nature doesn't want me too...
all be up in here with their learnin' 'n shiz...
oh and those engineers? yeah, i mean WTFrank have those guys ever contributed over history?
research scientists too!! i mean good lord how stupid of an idea is medication?? LAME! tryin' to make me feel better when obviously nature doesn't want me too...all be up in here with their learnin' 'n shiz...
- May 30, 2000
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You're only right about he better connections and that's the thing that's going to make the biggest difference, all other things being equal. You don't have to be smart, you just have to know the right people.
Yep, I've seen some pretty dumb things done by both Harvard and Yale Graduates. Out last 4 Presidents came from those places, and you can argue none of them were the brightest bulbs in most rooms.
I suspect connections, relations to alumni and last name has a lot to do with getting into the Ivy leagues finest. One other fact that is interesting about the best schools. The track to get into those schools is in many cases started as early as elementary school. I'm not saying they don't get some elite minds, I'm just not sure they've cornered the market on them.
I think we are mostly in agreement, particularly in terms of the responsibility the banks bear. They sat on the stimulus money instead of making loans or finding ways to get people out of bad mortgages...and they continue to do so.
I don't see the risk of renting, and I don't see a problem with "imputed rent" unless you're trying to rent in some place like Vail or Sun Valley. In most places, rent is not ridiculous. When renting, you may not be building collateral, but that's not a big deal. The only thing you can do with a house is sell it -and then you either need another (which will have borne similar inflation or deflation of value) or rent. A house is not a very liquid asset.
I still feel that many people who own homes should be renting.
In my view the main risk of renting is simply ending up with a lot less wealth at the end of the game. Lack of wealth is a risk.
Right now, with real estate prices falling, the scales probably tip towards more people falling into the category where they should be renting. I'll grant you that.
Right now, with real estate prices falling, the scales probably tip towards more people falling into the category where they should be renting. I'll grant you that.
