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wardd
06-09-2011, 06:10 PM
http://www.huffingtonpost.com/2011/06/09/financial-ignorance-and-denial_n_873181.html


The evidence indicates many Americans have difficulty protecting themselves financially. But the move to create an agency to defend consumers from abuse faces a slow, difficult political track.

Republicans have made clear their opposition to appointing Elizabeth Warren, an outspoken consumer advocate and Harvard law professor, to head the newly-created Consumer Financial Protection Bureau. Warren conceived the agency and is currently shaping it as an appointed adviser.

Last month, a group of nearly 45 Senate Republicans also sent President Obama a letter indicating they would not support any nominee for the CFPB chair position until Congress is given more oversight of the agency, The New York Times reported. Republicans fear the agency will be able to exercise too much control or place too many limits on financial businesses and the way they interact with customers.

wonder who's side the republicans are on

Canoeyawl
06-09-2011, 06:30 PM
http://www.huffingtonpost.com/2011/06/09/financial-ignorance-and-denial_n_873181.html



wonder who's side the republicans are on

No need to wonder, they make it pretty clear.

Bob Triggs
06-09-2011, 06:52 PM
Nice people don't have money problems.

ccmanuals
06-09-2011, 07:41 PM
The repubs claim the left "fears" Palin but it's child's play compared to their real fear of Elizabeth Warren.

Waddie
06-09-2011, 08:25 PM
So you're saying Americans are financially stupid now?

What financial practices do I need the government to protect me from that I can't protect myself ? Please be specific.

regards,
Waddie

PS. I do think the government does a decent job of regulating and protecting me from some types of abuses, like tainted food, but I don't see a need in this instance, where I can evaluate for myself.

skipper68
06-09-2011, 08:34 PM
So true. IF I was nice, I would run for office. Than be Robin Hood. I am sick, where our democracy has gone. We need a leader, someone to tell the truth, and people who care. HOW can you be informed when your 3 PT jobs keep you running on a hamster cage? NO benefits-no sick leave,Fired cuz your baby has stomach problems. Indentured survitude for you.It's really working in their plan.

skipper68
06-09-2011, 08:45 PM
BUT....WHAT IS Money? The s**T is going to show up. Paper? The wars are about the USA walking away from the GOLD standard. These country's don't want debt. Bomb their a*ses. ?GOT GOLD??? I do. i SAID IN 2001, BUY IT. MY KIDS CALL ME "MRS t!" LOOKS GOOD ON ME TOO!

Michael D. Storey
06-09-2011, 08:51 PM
well, about the title of this train wreck: I am not rich, and from the pix of where some of youse live, a bunch of you are doin better than me, but lemme tell ya, outside of compound interest, all you need to know to keep out of financial trouble you had learned by the end of fourth grade arithmetic. I reckon the probs show up when common sense and greed get in the way.

skipper68
06-09-2011, 08:58 PM
look.the paper dollars can be printed forever. Gold was taken OUT of value. The USA made it illegal years ago, while stockpiling it.Remember the silver certificates? Turn them in they said.We wont honor them. Silver-NOT gold. We all have to smell the dirty dog in the room.Libya went back to gold standard. NO...Welcome to the NATO bombs.Lots of reasons. Now they are issuing Viagra to rape the women! No gold for you!

skipper68
06-09-2011, 09:03 PM
The plan is to have Lybia in debt. Cant be in debt with gold. We, and our other "sadness and despair"UN, will follow the rules. Debt is the rule. Gold really don't go with the new world order.

skipper68
06-09-2011, 09:20 PM
Go to Michale Morres documentary "Consumerism, A love story" She went to give a lecture on stopping bad loan loss at CITI bank. The CEO told her, they give loans to those who CANT pay back. It was their buissness plan! (Thank goodness our government bailed out the "TOO big to Fail)NOW, all them empty houses are OUR problem! Your tax dollars at work.Geeze!

Waddie
06-09-2011, 10:33 PM
well, about the title of this train wreck: I am not rich, and from the pix of where some of youse live, a bunch of you are doin better than me, but lemme tell ya, outside of compound interest, all you need to know to keep out of financial trouble you had learned by the end of fourth grade arithmetic. I reckon the probs show up when common sense and greed get in the way.

I don't think common sense is the problem.
Greed, though, is the source of many financial problems.

Enron pays better than other company's in that sector. SHOULD be a red flag, but greed blinded people.
Bernie Madoff never has a down quarter, even when every other investment strategy like his has losses? SHOULD be a red flag, but greed blinded people.
A person making $38K a year buys a $250K house. SHOULD be a red flag for the borrower and lender alike. But greed blinded people.

Rule of thumb; even if both spouses work, make sure you can make it on ONE paycheck. The people I feel we should help are the ones that lost even that one paycheck.

regards,
Waddie

wardd
06-10-2011, 01:57 PM
So you're saying Americans are financially stupid now?

What financial practices do I need the government to protect me from that I can't protect myself ? Please be specific.

regards,
Waddie

PS. I do think the government does a decent job of regulating and protecting me from some types of abuses, like tainted food, but I don't see a need in this instance, where I can evaluate for myself.

credit cards and any financial agreement that is over 2 pages long or has less than #10 font size

Waddie
06-10-2011, 02:10 PM
credit cards and any financial agreement that is over 2 pages long or has less than #10 font size

Can't read it or don't understand the terms---simple---don't sign on the dotted line until you do understand what you're signing. I've had loan officers perturbed at me for taking so long to close a loan, as I actually read everything that I have to sign--and ask questions.

less than #10 font size; honestly, I know it sounds silly, but that's what a magnifying glass is for.

I once went in to close on a rental property and looked over the contract. The annual percentage rate was correct for my credit score (I'd shopped around) but when I looked over the contract I saw that it was an adjustable rate mortgage, not the 15yr fixed rate I was promised. Had to come back the next day since the contract had to be rewritten. Read EVERYTHING...!!! :)

regards,
Waddie

S.V. Airlie
06-10-2011, 02:12 PM
I'm so glad some can set me straight..Thanks Wardd!

ishmael
06-10-2011, 02:14 PM
I can't imagine why we would need yet a another department in the federal government. Would it help people organize their finances? I seriously doubt it. It would help some federal employees with theirs.

As to people living beyond their means...people have always done that.

When was the last time you dealt with the federal system? When I first moved to Bangor I had a confusion around my SS # and spent a good day talking to clerks. It was worse than the DMV, which is saying something.

wardd
06-10-2011, 02:25 PM
lawyers are paid big bucks to make contracts as uninteligeable to the average person as possible and they earn their money

people like waddie are as welcome at banks as systems players at casinos, ie very welcome

when commerce laws are written by the very people that write consumer contracts, the average consumer doesn't have a chance

i sometimes wonder, well often wonder how people like sva, waddie and others here don't think they need protection from financial predators

reminds me of the ceo who gave his employees a choice of 401 plans and expected them to make the choice themselves but when it came to his company funded plan he had an agreement that the company would pay for his financial advisor

the rich can afford lawyers the equal of the ones that write consumer contracts the middle class can't

Waddie
06-10-2011, 03:59 PM
lawyers are paid big bucks to make contracts as uninteligeable to the average person as possible and they earn their money

people like waddie are as welcome at banks as systems players at casinos, ie very welcome

when commerce laws are written by the very people that write consumer contracts, the average consumer doesn't have a chance

i sometimes wonder, well often wonder how people like sva, waddie and others here don't think they need protection from financial predators

reminds me of the ceo who gave his employees a choice of 401 plans and expected them to make the choice themselves but when it came to his company funded plan he had an agreement that the company would pay for his financial advisor

the rich can afford lawyers the equal of the ones that write consumer contracts the middle class can't

Most people of average intelligence can read a contract. The terms are spelled out. It will list the interest rate, late charges and other fees. If there is something you don't understand, I repeat, DO NOT SIGN it. Any fool should be able to follow that. Choosing a 401K? As Warren Buffet said, "I don't invest in anything I don't understand". So I would research, or get professional advice, before choosing a product. Buffet's advice is the best financial advice ever given.

regards,
Waddie

oznabrag
06-10-2011, 05:01 PM
...
Greed, though, is the source of many financial problems.
...
regards,
Waddie

Yes, and that's what every scam artist relies upon: Greed.

So, you have a scam artist, and his victim. One is greedy, the other is a criminal.

Sounds like you favor the criminal.

wardd
06-10-2011, 05:39 PM
i wonder what universe waddie lives in

like i said do away with the irs send your money directly to your designated rich dude

Waddie
06-10-2011, 05:49 PM
i wonder what universe waddie lives in

like i said do away with the irs send your money directly to your designated rich dude

How does being competent enough to manage your own financial affairs without government supervision translate into supporting criminal activity or advocacy of the rich?

regards,
Waddie

Keith Wilson
06-10-2011, 05:49 PM
Most people of average intelligence can read a contract. The terms are spelled out. It will list the interest rate, late charges and other fees. And that's because of laws (Oooooh, horrors! Big Government! Vade retro satanas!), which were opposed by the financial companies when first proposed. Passing laws to prevent deceit and victimization, even of the stupid and gullible, is entirely legitimate.

We're going to have to change the confirmation process. When a minority of the Senate can block an appointee, and in this case has sworn to block absolutely anyone, things are seriously screwed up. This is not what the Constitution means by advice and consent.

wardd
06-10-2011, 05:52 PM
How does being competent enough to manage your own financial affairs without government supervision translate into supporting criminal activity or advocacy of the rich?

regards,
Waddie


not everybody has degrees in the law or financial arts nor can many afford those that do

and frankly a lot of people aren't smart enough so does that mean they are fair game for the shysters?

Waddie
06-10-2011, 07:45 PM
not everybody has degrees in the law or financial arts nor can many afford those that do

and frankly a lot of people aren't smart enough so does that mean they are fair game for the shysters?

No, I'm not for people being "fair game". But I don't think we need yet another government dept or layer of government to make some reasonable improvements. Everything we might need to do can be legislated or put into practice by existing governing institutions. Want the details spelled out more in layman's terms? We have the power to do that already. Want bigger type? We can do that already. These types of changes do not require a new agency.

You are never, and I repeat never, going to be able to legislate away stupid. No matter how many new rules you put in place.

regards,
Waddie

wardd
06-10-2011, 08:22 PM
No, I'm not for people being "fair game". But I don't think we need yet another government dept or layer of government to make some reasonable improvements. Everything we might need to do can be legislated or put into practice by existing governing institutions. Want the details spelled out more in layman's terms? We have the power to do that already. Want bigger type? We can do that already. These types of changes do not require a new agency.

You are never, and I repeat never, going to be able to legislate away stupid. No matter how many new rules you put in place.

regards,
Waddie

in this case i think an agency dedicated to one purpose is a good idea

when you have split missions things get confused