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Wall Street is feasting off Main Street’s pain
To those who think Obama's team doesn't listen; State of the Union excerpt 2010 To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans. (Applause.) Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. (Applause.) And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years –- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college. Now we know he walks into a lobbyist buzz saw, and passage will be difficult, but he listens to us, and works hard.— January 27, 2010 11:10 p.m.
Wall Street is feasting off Main Street’s pain
Re:69 Very funny. But when you wandered onto the topic of opera, the topic of my useless and priceless degree, you stated an untruth, opera is more than enough. There are many operatic Beckett settings, and I think he should wait for Godot the opera. Of course Godot may only be produced after we die. (lack italics ruining joke) In any case Psycholizard is my band for funny music, Electrolizard is the serious stuff. http://www.myspace.com/psycholizards Slap that Sallie bitch 4 me.— January 27, 2010 10:30 p.m.
Wall Street is feasting off Main Street’s pain
Re:72 Well that loan offer had me laughing, but at least it was a fixed rate. I didn't read the penalty rates however. I heard a banker state (on television) that maximum interest rates would be the end of capitalism. If so, the John Birchers were right- I grew up under communist controlled bankers. Somehow they made a living at 10% and less.— January 27, 2010 9:01 p.m.
Copley Sold U-T at Bottom, Whether or Not iPad Rescues Newspapers
Mr. Bauder's column was best for window cleaning the smoky offices where the deals were cut. Sunshine has amazing force. Civic vampires melted into orange jumpsuits. The undead live on, of course, and Mr. Bauder blogs on.— January 27, 2010 8:28 p.m.
Wisely Listening to Volcker, Obama Proposes Restrictions on Banks
Weird that entities protected from full responsibilities of citizenship should assert full rights. Limited liability means limited responsibility after all. That legally mandated Inc. or LTD. is meant as warning. I am for corporate personhood if that means these firms could be subjected to the full unlimited penalties of the law. If three felony strikes meant an end to a corporation, everyone in these firms would think first of obeying the law. Many of these firms have long rap sheets that would make a gangster proud, but after paying fines still prowl the street.— January 27, 2010 2:14 p.m.
Copley Sold U-T at Bottom, Whether or Not iPad Rescues Newspapers
When the UT published their Bulldog edition, they pioneered the first paper dedicated exclusively to responsible pet management, which may be the future of newspapers. There is no better place for your dog's business than the business page of the UT. The patterns of your dog's business on the stock quotes are better than the investment advice found there. You know your cocker spaniel will not sell stock his business suggests you should buy. It was the bizarre rants of Rob Kibble that made me quit reading. Jury tampering by newspaper is not a crime as it is in the UK, but it is still very wrong. Newspapers may die, but there is a new generation that blogs and texts, good writing will survive, even in the hundred word essay.— January 27, 2010 12:50 p.m.
Wall Street is feasting off Main Street’s pain
Re: 64 I remember the articles about the new bankruptcy laws and was opposed, mostly out of sympathy for the underdog, but I didn't understand how they would wreck the home mortgages. Most of the reforms I favor involve returning to the apparently radical times of my youth. In those days when you borrowed money the bank told you when and how much you would pay to the penny to avoid default. Now when you borrow money the bank asks you to make a play in some cost of funds markets that the banker finds too risky and therefore wants you to hedge his bets or in the case of the credit cards just makes up the amount you will repay with sliding interest rates. Two individuals have the right to draw up any contract for repayment they like. but if the judge is asked to collect the contract should be simple and clear. Radical ideas of course, but they did work before.— January 26, 2010 10:40 p.m.
Wall Street is feasting off Main Street’s pain
Re:59 et al I am so ashamed that anything I wrote might be confused with moralizing, which I believe should be left to hypocrites, because they are so good at it. Mr. Bauder likes to add a little spice to his column because some, incredibly, find economics bland, I endorse this. I merely wanted to shake a few more drops of the hot sauce. I forgot that some would drink the sauce straight, and forget the meal. Main street hustlers and Wall Street hustlers share a complete lack of shame, in this the metaphor is completely apt. I think it's obvious now who the followers of this blog like more. As for personal experience, I drove La Jolla cab and got to meet both types, they get along well. When the loan sharks meet the deadbeats in bankruptcy court, we should leave the moralizing to the party of family values, and get to work reforming lending laws as Mr. Bauder suggests. It would not be wrong to divert some of the trillion dollar bank bailout to add some sweetener to the process in the form of lower interest rates for distressed borrowers, since we already loan at 0% to the banks, and without the bailout they also would be deadbeats, or so they say. I think we all enjoy hard times with funny people more than lavish parties with the humorless. Done both. Steve— January 26, 2010 2:47 p.m.
Wall Street is feasting off Main Street’s pain
Mr. Bauder 52 try Dating Sallie Mae is catching herpes from your first girl friend, fun and educational at first, but you pay forever. We should overlook the morals of the borrowers and lenders involved and get them some treatment, because the disease is spreading.— January 24, 2010 11:19 a.m.
Wall Street is feasting off Main Street’s pain
re: 39, 42, 47: It is so wrong to compare loan sharks to prostitutes just because someone gets screwed. Technically the hos don"t do the screwing and cheating, and work hard for their Ben Franklins. And they never go to the judge to make you pay up.— January 24, 2010 1:03 a.m.