Just sick of all the money going to banks Rewarding their risky behavior and increasing our deficit. Of course I pay all my bills, I was saying I’m in no hurry to pay off student loans bc interest is likely to be forgiven.
We could have wiped out every student loan with the feds latest injection that already vaporized. Had we wiped it out, economy instantly stimulated. People can’t get mortgages or other loans due to their DTI
I never had an issue w/ employment my entire life, was always able to find a better job when I looked. But in March 2008 I joined a small company, a month later Bear Sterns was gone, 2 more mos, Lehman Bros gone. In Nov banks wouldn’t loan companies monies for payroll, so while driving to airport for a vacation I was let go from a job that had a “18mo runway of funding”.
I was out of work for 8mos till June 2009, I had perfect credit, never missed a mortgage payment and there was nothing there for us. Wells Fargo said they couldn’t even re-write my mortgage at a lower rate, because I had no income to qualify.
Thankfully we owned both cars, so no payments there, but we needed some wiggle room w/ the monthly mortgage nut, and even though I called my Congressmen and Senators, there nothing was available for a financially responsible person.
We figured it out w/ a little help from family, blowing thru our savings and credit cards, but it took over 5yrs to recover.It would have helped my wife and I to know we had a little help, but it was a reinforcing experience that the only person we can rely on are ourselves.
My recommendation is do your best to figure it out and if in dire straits, cut your lifestyle to the bone like we did. Jettison the cable bill, other services, switch to lower cost cell plans etc, buy critical items from stores you would not usually shop in (I learned earlier what good deals where available at Aldi a place I drove by for years and never considered stopping at). Get creative w/ your business, investments etc, but don’t sit back and wait for a helping hand or bail-out, its likely not going happen. Surviving things like this is all up to you.
Yes played by the rules and shafted. While banksters get golden parachutes…
I would never take advantage of a small business or any other person. But my moral obligations to banks, big govt and most large corporations ended in 2008 with hank paulson and that entire criminal organization of appointed representatives.
Do you realize that 25 trillion dollars could never be paid off? It’s a criminal debt and I don’t acknowledge it and will do everything in my power to legally avoid paying any of it.
Which is why you were an ardent defender of the CFPB, right? (Serious question). How many times did you write your Congress-critters about stress testing and Too Big to Fail and putting the CEO of Wells in Prison?
Excuse me while I rant. Big business just got a huge tax cut where they saved a lot of money supposedly to “compete.” Instead of saving and investing in the community, most of them did share buybacks to boost the share price and thus C-suite pay. And now, a mere few weeks into a virus event, the billion dollar companies have the gall to come running to the taxpayers looking for a bailout?
And after the bailout, will they clamor for a raise in their corporate taxes to help cut the deficit?
Capitalism on the way up, socialism on the way down.
And the airlines and cruise industry with their record profits the last 12 years will be broke by June they’re claiming…
That bothers me so much. Delta just touted its massive profits, to the point it was well-publicized that they gave employees 2 months’ salary as a bonus. Maybe they should keep a reserve of some of that money?
I’m ok with them giving their employees a bonus. Maybe stock in the company would have been a better choice.
And cruise ships don’t hire many Americans. They incorporate out of the Bahamas to pay no taxes. Then we bail them out? Amazing.
America is Capitalism no bill paying self sufficient American wants socialism. There is great pride in working and earning. While I’m against big business there survival is hinged on ours. Without the powers of three in every industry you have monopolies that would ruin the middle and lower class. Trickle down economics requires these bailouts to keep markets afloat and fair. It’s simple economics, is it fair? Some would say no, but we have running water, sewer systems and freedom. I take America and capitalism all day.
Let me stop you right there. That disproved right wing fantasy requires nothing.
So did USSR, but has nothing to do with Capitalism.
Yikes, were doing this again huh. LBJ is a Democrat but used supply side as well. I don’t hear many people left or right, complain about Reagan and he used a form of it as well in Reaganomics. If it’s so bad here and the Government owes you something write your congressman. I personally believe all the steps taken fiscally since a “right wing” President has been in office has been a huge benefit to Americans.
This post is American politics in a nut shell. We agree on most points and yet, based on our previous posts, I believe we vote for different politician and parties. Same for many of the other people who voted differently than I on this thread. Yet, If the two of us could design a politician from scratch they would probably have pretty similar policies.
Edit - case in point: deficits. How many people here want the government to run a deficit during a bull market? Probably not many. But we all make excuses for doing so when our party is in control.
Bringing this thread back on topic, as usual Benedetto is correct. First, the last thing a bank wants right now is hundreds of thousands of repossesed cars to sell. No one is buying cars during this crisis. What are the banks gonna do with them? The banks are much better off working something out to get payment once the economy restarts.
Also, normally you need a court order to seize a car if someone parks in garage or other inaccessible location. But, in much of the country, civil courts are basically closed. In these States, it will be very difficult for the bank to get a court order and sheriff’s deputy (or similar law enforcement agency) support to repo cars parked indoors. Finally, in California you have all these rights to challenge repo. No one ever does cause peopt who have cars repoed can’t afford lawyers. But I wouldn’t want to risk getting challenged in court three months from now and if I lose owing the full value of the note to the bank.
LBJ is not anything, party affiliation is only lifetime. 
And seriously, you don’t hear any complaints about Regonomics? Try taking fingers our of your ears sometimes.
This brings us back to OP’s topic: he shouldn’t get a bail out, but the large corporation should why exactly?