The Republicans are the Problem

[Dirty Penguin]

Then why are a lot of business moving to Texas.

Everything's bigger in Texas I guess. But it's only a matter of time before you saturate a particular area and then find yourself not able to make as much money as you use to.

I will say this. Texas has the biggest wind farm in the whole world (I believe). Definitely a model for the rest of the country.

 

[Magic Man]

Not for me, I had two years of work lined up in 2008.

Obviously, and then everything went to crap...while he was still in office. Your lack of business has nothing to do with Obama.

 

[Revoltingest]

Not for me, I had two years of work lined up in 2008.

There will be individual variation. 2001 saw Michigan's real estate market (both commercial & residential) crash, & the business community scale down.
Where I fault Bush is his response to 9/11, eg, lending restrictions, 2 wars, stimulus, lender bail-outs, dysfunctional tax policy. Where I fault Obama is his
continuation of the worst of Bush's agenda.

The businesses hit worst here appear to be those dependent upon financing, eg, start-ups needing venture capital, contractors whose customers need to
borrow money for major projects, landlords who need to refinance.

 

[Alceste]

You remind me of four years ago Alceste. Tell me again that the Democrats are the fiscal party.

I did my part, I voted for a TEA party candidate and sent Rand Paul to the Senate to represent me. I absolutely love Mitch McConnell as well. Two great Senators from the great state of Kentucky.

I've said it before and I will say it again, what this country needs is a balanced budget amendment. Honestly, why do we even tax anyone in our country? One trillion, two trillion, whats the difference? Lets just print money and send every American a million dollars. Why just spend money we don't have on pet projects?

I'm not telling you the Democrats are "the fiscal party". I'm telling you their fiscal record is better than the Republicans. This is a fact you can feel free to look up for yourself.

Please do continue voting for the Tea Party. You might want to encourage your Tea Party candidates to disassociate themselves with the walking, talking fiscal disaster known as the Republican party, and to start a third party. Or you could vote for Gary Johnson, of the Libertarian party.

You do have options, you know. It doesn't have to be a race between dumb and dumber. You don't have to vote for the guy who wants to add 7 trillion to the national debt just to get rid of the guy who added 5 trillion to it.

 

[1robin]

I skimmed it again and I can't see anything of substance. The first chunk is the only relevant part to my own comment, regarding the deficit. The fact is, Obama inherited a deficit of 1.3 trillion from the republicans, and added 500 billion worth of stimulus, which turned the economic collapse around, and now the deficit has shrunk to 1.1 trillion.

Your second chunk of text appears to be just a lengthy tirade of personal insults, disorganized fictions about Romney's platform and general ranting. I can't find anything in there to address, except to point out that Romney is indeed promising to increase the deficit: he is promising enormous tax cuts and huge increases in military spending, like Bush, and providing no details on how these costly initiatives are to be funded. I take this to indicate that, like Bush, he actually hasn't got a plan as to how these programs are to be funded. He's just going to help out his rich buddies, start a few pointless wars and hope it all works out for the best.

Boy was that ever a successful strategy the last time it was tried!

When a person makes this statement in response to one that said I didn't understand what was said:

Whoever chooses to spout this particular conservative talking point immediately brands himself or herself as an ignorant fool who is totally disinterested in understanding the criticism.

And they then insinuate that others are being too personally negative in their comments, then that is a good time to take a break. Shalom,

 

[Reverend Rick]

The businesses hit worst here appear to be those dependent upon financing, contractors whose customers need to
borrow money for major projects

This is exactly the problem. Investors with the credit score and income are put on hold for financing. Never mind they never paid a payment late or repaid every dime they ever borrowed. Never mind they have had 30 prievious loans with no default, now they wait and wait for financing on projects even thought they are qualified.

It is like they are being punished for the no money down crowd who defaulted on their liar loans. They took loans they could not afford and ruined things for everyone else.

Small business people are treated like they are billionaires with all this class warfare bullcrap. Envious losers love to see sucessful people struggle and Obama/Biden is their leaders.

The only way we all are going to be equal is to reduce the "rich folks" income.

People should not be rewarded for hard work and sacrifice. They don't deserve to be well off. We should all be reduced to the lowest common denominator, then the Obamanation crowd will be happy. After all, we never built anything, we owe a debt for trying to better ourselves. [/rant]

 

[Falvlun]

This is exactly the problem. Investors with the credit score and income are put on hold for financing. Never mind they never paid a payment late or repaid every dime they ever borrowed. Never mind they have had 30 prievious loans with no default, now they wait and wait for financing on projects even thought they are qualified.

It is like they are being punished for the no money down crowd who defaulted on their liar loans. They took loans they could not afford and ruined things for everyone else.

Small business people are treated like they are billionaires with all this class warfare bullcrap. Envious losers love to see sucessful people struggle and Obama/Biden is their leaders.

The only way we all are going to be equal is to reduce the "rich folks" income.

People should not be rewarded for hard work and sacrifice. They don't deserve to be well off. We should all be reduced to the lowest common denominator, then the Obamanation crowd will be happy. After all, we never built anything, we owe a debt for trying to better ourselves. [/rant]

I agree with you up to the point where you seem to imply that Obama, and liberals in general, are the reason small business owners can't get money, and that we are actually happy about that.

Money flow is definitely a problem right now, but it has more to do with economic uncertainty, rather than any specific policy, as far as I can tell. And I really don't see democrats, liberals, the struggling middle class, poor people, and Obama jumping up and down in glee that the banks won't lend.

 

[tytlyf]

It is like they are being punished for the no money down crowd who defaulted on their liar loans. They took loans they could not afford and ruined things for everyone else.

Ahh....the refreshing sound of deregulation. Blame the person, not the institution. Most people had it good, especially if you invested. What people didn't realize is that in the end, almost everyone was screwed before Bushy left office.
Take my family for example. They vote (R) every election and happened to buy a property at the top of the market. Now it's worth about 30-40% less.
Please fact check people, too much panic mongering conspiracies going around!
I was listening to Rev Rush today and caught a ton of lies. Within the first minute of listening I heard him say that Felix had no options but to jump. :slap:

 

[Shermana]

This is exactly the problem. Investors with the credit score and income are put on hold for financing. Never mind they never paid a payment late or repaid every dime they ever borrowed. Never mind they have had 30 prievious loans with no default, now they wait and wait for financing on projects even thought they are qualified.

It is like they are being punished for the no money down crowd who defaulted on their liar loans. They took loans they could not afford and ruined things for everyone else.

Small business people are treated like they are billionaires with all this class warfare bullcrap. Envious losers love to see sucessful people struggle and Obama/Biden is their leaders.

The only way we all are going to be equal is to reduce the "rich folks" income.

People should not be rewarded for hard work and sacrifice. They don't deserve to be well off. We should all be reduced to the lowest common denominator, then the Obamanation crowd will be happy. After all, we never built anything, we owe a debt for trying to better ourselves. [/rant]

A well run national bank could solve all that. Alexander Hamilton had the right idea. It's just a matter of making it under the control of the Treasury. Just force the ultra rich to drop some money in it via the 1940s-70s tax system.

 

[esmith]

You talk about deregulation and how bad it would be. I will give you a personal example of how the new regulations affects the average person.
In 2006 we purchased a new manufactured home on an acre of land that we owned outright. We took out a 30 year loan, 5 years later we had reduced the loan by 35% by paying extra payments every month (had to forgo some things we would have liked to do). The interest rates in 2011 were lower that when we took out the loan so we decided to refinance. When we went to our financial institution to refinance, we were told that due to the new regulations the institution could not refinance us since our property tax home value did not meet the current criteria. The loan officer said that if the new regulations had not been passed he would have approved without thinking twice, but his hands were tied. Fortunately for us he suggested we get the home reappraised, at our expense by the way, the new appraisal qualified us for refinancing. So, as far as we are concerned you can take Dodd-Frank and scrap it.

 

[Revoltingest]

A well run national bank could solve all that. Alexander Hamilton had the right idea. It's just a matter of making it under the control of the Treasury. Just force the ultra rich to drop some money in it via the 1940s-70s tax system.

The Royal Bank of Scotland is almost entirely (82%) owned by the British government, yet they are wasteful & crooked.
(I've dealt with them personally, & find that they & their US subsidiaries, Citizens & Charter One, are destructive boneheads.)
Fannie Mae & Freddie Mac were created by the US gov, yet they refuse to work with struggling homeowners, preferring to foreclose.
The problem with a national bank is that it's owned by the same government which would regulate it.

 

[Dirty Penguin]

You talk about deregulation and how bad it would be. I will give you a personal example of how the new regulations affects the average person.
In 2006 we purchased a new manufactured home on an acre of land that we owned outright. We took out a 30 year loan, 5 years later we had reduced the loan by 35% by paying extra payments every month (had to forgo some things we would have liked to do). The interest rates in 2011 were lower that when we took out the loan so we decided to refinance. When we went to our financial institution to refinance, we were told that due to the new regulations the institution could not refinance us since our property tax home value did not meet the current criteria. The loan officer said that if the new regulations had not been passed he would have approved without thinking twice, but his hands were tied. Fortunately for us he suggested we get the home reappraised, at our expense by the way, the new appraisal qualified us for refinancing. So, as far as we are concerned you can take Dodd-Frank and scrap it.

I'm not sure your loan officer was telling you the truth. I live here in VA and banks should not be telling you that you wouldn't qualify due to regulations. They should be telling you the truth about what type of loans they could have provided to meet your needs. As you said...you had to have your home reappraised. That I know of this is standard in the housing industry. In my area you would go through the lender and the lender would require an appraisal. The appraisal would then help the lender to determine what loan program you would qualify for in addition to your credit score. Now, in my area the home owner or purchaser is usually responsible for getting and paying for the appraisal unless otherwise stipulated by the seller or lender - they would pay the cost. The cost varies but is usually between $300 to $450. Being a homeowner of two homes and going through the refinance options a few times as well as having one friend who's mortgage broker and another who's an agent helped me to get and understanding of a lot of the nuances. Trust me. The so called "regulation restrictions" or "tight regulations" aren't hurting the housing market. JP Morgan reported better than expected profits their third quarter due to the housing market getting better despite the "tough regulations". Regulations are tight for a reason.

JPMorgan reports record high $5.7 billion earnings | NJ.com

"JPMorgan Chase today reported a third-quarter profit of $5.7 billion, up 34 percent from a year ago, as the bank showed signs of strength in consumer and corporate lending."

:clap

 

[Revoltingest]

I'm not sure your loan officer was telling you the truth. I live here in VA and banks should not be telling you that you wouldn't qualify due to regulations. They should be telling you the truth about what type of loans they could have provided to meet your needs. As you said...you had to have your home reappraised. That I know of this is standard in the housing industry. In my area you would go through the lender and the lender would require an appraisal. The appraisal would then help the lender to determine what loan program you would qualify for in addition to your credit score. Now, in my area the home owner or purchaser is usually responsible for getting and paying for the appraisal unless otherwise stipulated by the seller or lender - they would pay the cost. The cost varies but is usually between $300 to $450. Being a homeowner of two homes and going through the refinance options a few times as well as having one friend who's mortgage broker and another who's an agent helped me to get and understanding of a lot of the nuances. Trust me. The so called "regulation restrictions" or "tight regulations" aren't hurting the housing market. JP Morgan reported better than expected profits their third quarter due to the housing market getting better despite the "tough regulations". Regulations are tight for a reason.

Interesting....I've financed & refinanced dozens of properties (3 currently in process), but in the last couple decades every lender required that they select the appraiser.
I also disagree with your contention that current regulations don't hurt the market. When commercial loans come up for renewal, & the bank's auditors say that some
loans cannot be renewed, it sends us to the market for new loans. But if banks aren't lending, we're sent into foreclosure. Just last year, I spent $70K in legal fees
fighting over the consequences of these "tight for a reason" regulations. This points out to me the downside of having a prez with no business experience wanting
to dictate business regulation. Certainly, regulation is needed. But when there is too much of it, & it's ill considered, it will be very destructive. Regulation should be
smarter & more streamlined.

 

[Dirty Penguin]

Interesting....I've financed & refinanced dozens of properties (3 currently in process),
but in the last couple decades every lender required that they select the appraiser.

Oops...!!....

I think I was mixing up a couple things...Appraiser and Inspector.

YES....The lender requires an appraiser before financing or refinancing. That's what I was speaking to. esmith said he wasn't able to get refinancing because he was told they couldn't because of regulations. I've never heard a lender say that. There's always regulations a lender has to follow. But once he said he got an appraisal then that made sense that they would then refinance him seeing as though the appraisal is required by the lender.

Are Appraisals Needed to Refinance an FHA Loan? | Home Guides | SF Gate
"Whether you have a current FHA loan or a non-FHA loan, you have the option of refinancing into an FHA-insured loan. But, to do so, there are standards your home must meet. One of them comes in the appraisal process. In most cases, your home will need to undergo an independent appraisal by an FHA-licensed appraiser before your refinance is approved."

 

[Revoltingest]

Oops...!!....
I think I was mixing up a couple things...Appraiser and Inspector.

I hate it when that happens!
Lousy words are always switching themselves around as they fly out of my head.

YES....The lender requires an appraiser before financing or refinancing. That's what I was speaking to. esmith said he wasn't able to get refinancing because he was told they couldn't because of regulations. I've never heard a lender say that.

I've told that by several lenders where I've known the loan officers many years & they grant me more candor than is perhaps usual.

 

[Magic Man]

It is like they are being punished for the no money down crowd who defaulted on their liar loans. They took loans they could not afford and ruined things for everyone else.

They were also given loans they couldn't afford. We need to stop blaming just the buyer. The banks shouldn't be giving out these loans in the first place. It should be that if they give out bad loans, it hurts them financially, but that wasn't the case during the bubble. If there is no incentive to give out bad loans, the problem is fixed.

Small business people are treated like they are billionaires with all this class warfare bullcrap. Envious losers love to see sucessful people struggle and Obama/Biden is their leaders.

The only loser in this equation is the person who calls anything that's happening "class warfare", and believes small businesses are being treated like billionaires. No one is envious of what you or anyone else has. There was a perfect example of this on a commercial for "Undercover Boss" recently. It was some higher-up in Subway who was working in one of the restaurants for the day. One of the employees there, possibly a manager, was great with customers and was telling the boss how much she loved that part of her job. She had turned down opportunities to advance because they would take away her customer interaction.

It shows the problem with your thinking. We need people like her too. Just because people want those who make much much more to pay their fair share doesn't mean they're envious. It means they want things to work right. No one wants to see you struggle, and no one is envious of you (well, most people aren't). Stop giving yourself so much credit and pretending everyone else is so beneath you.

The only way we all are going to be equal is to reduce the "rich folks" income.

No one is saying we should be "equal". People are saying income disparity shouldn't be quite so unequal. It's fine for people to make billions of dollars, while some others make minimum wage. We just need to stop the trend of helping the rich make even more and the poor and middle class struggle more.

People should not be rewarded for hard work and sacrifice. They don't deserve to be well off. We should all be reduced to the lowest common denominator, then the Obamanation crowd will be happy. After all, we never built anything, we owe a debt for trying to better ourselves. [/rant]

I guess some things never change, huh? The biggest problem in this country is that intelligent people like you buy into this complete BS.

No on is saying hard work and sacrifice shouldn't be rewarded. Do you not consider making $1 million after taxes a reward for hard work and sacrifice? We're not asking for millionaires to stop making a lot of money. We're asking for them to pay a few percent more. But to you making $600,000 after taxes is somehow not rewarding, while making $650,000 is.

No one says people don't deserve to be well off. I'd say making $600,000 a year still makes you well of. Even $500,000 makes you plenty well off.

As for the lowest common denominator, that's what you are when you buy into this crap.

And enough with the "didn't build that" crap. He didn't say you didn't build your business. He said you didn't build the infrastructure that allows your business to function. Of course you built your business, but you still owe society a debt for giving you that opportunity. Unless, that is, you want to try building your business in Somalia.

 

[Magic Man]

You talk about deregulation and how bad it would be. I will give you a personal example of how the new regulations affects the average person.
In 2006 we purchased a new manufactured home on an acre of land that we owned outright. We took out a 30 year loan, 5 years later we had reduced the loan by 35% by paying extra payments every month (had to forgo some things we would have liked to do). The interest rates in 2011 were lower that when we took out the loan so we decided to refinance. When we went to our financial institution to refinance, we were told that due to the new regulations the institution could not refinance us since our property tax home value did not meet the current criteria. The loan officer said that if the new regulations had not been passed he would have approved without thinking twice, but his hands were tied. Fortunately for us he suggested we get the home reappraised, at our expense by the way, the new appraisal qualified us for refinancing. So, as far as we are concerned you can take Dodd-Frank and scrap it.

That's a great anecdote. Do you have anything to back it up other than "some financial guy said the regulations screwed us"?

 

[esmith]

Oops...!!....

I think I was mixing up a couple things...Appraiser and Inspector.

YES....The lender requires an appraiser before financing or refinancing. That's what I was speaking to. esmith said he wasn't able to get refinancing because he was told they couldn't because of regulations. I've never heard a lender say that. There's always regulations a lender has to follow. But once he said he got an appraisal then that made sense that they would then refinance him seeing as though the appraisal is required by the lender.
"

We could not refinance because the value of our property, according to the current property tax assessment was below the 20% requirement. Now, the loan officer knowing our financial status and credit score said that he would have approved the refinancing instantly if it had not been for the new regulations. The loan officer knew we had and continued to make additional principle payments. That the refinance would have lowered our monthly payment which we would have and did continue to make the old payments plus the additional payments. So, the government that knows basically nothing about the business overrules the years of experience of a person in the business. GET THE DAMN GOVERNMENT OUT OF THE WAY AND LET THE COUNTRY THRIVE.

 

[Reverend Rick]

Well Matt, I feel like I am waiting on a bus that is not on the way. I have rode out many recessions in the past, but not like this one. Doubling down on Obama seems like an exercise in insanity.

Yes, I have hope the good times will return, but the dream is slowly fading away. My last hope is to see another Republican in office that understands the challenges small business faces each and every day.

I'm to the point of just saying, why bother any more? Retirement is looking better and better to me each and every day.

Myself and many others are just waiting on the election results to decide to pull the plug or not.

 

[Magic Man]

We could not refinance because the value of our property, according to the current property tax assessment was below the 20% requirement. Now, the loan officer knowing our financial status and credit score said that he would have approved the refinancing instantly if it had not been for the new regulations. The loan officer knew we had and continued to make additional principle payments. That the refinance would have lowered our monthly payment which we would have and did continue to make the old payments plus the additional payments. So, the government that knows basically nothing about the business overrules the years of experience of a person in the business. GET THE DAMN GOVERNMENT OUT OF THE WAY AND LET THE COUNTRY THRIVE.

Sounds like someone is ignorant of what caused the financial crisis.