tag:blogger.com,1999:blog-13164186.post115021815005299869..comments2024-01-27T19:26:32.604-05:00Comments on Bubble Meter: Bernanke: Most in U.S. manage money wellDavidhttp://www.blogger.com/profile/11169148764438565562noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-13164186.post-1150296875134801522006-06-14T10:54:00.000-04:002006-06-14T10:54:00.000-04:00David Lereah has a part in all this. In reality he...David Lereah has a part in all this. In reality he is the one who was pushing the idea that everything is ok. Seems like Bernanke has bought into that very reasoning, which is emboldening him to raise interest rates. Be careful what you wish for David Lereah!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150252927893653052006-06-13T22:42:00.000-04:002006-06-13T22:42:00.000-04:00Hey anonymous #1,234,523, you are picking a fight ...Hey anonymous #1,234,523, you are picking a fight where none exists. Personally, it looks like to me that you do not like the message of this blog and you will use any excuse to attack it even if you have to invent one.Marinitehttps://www.blogger.com/profile/01778945220593425787noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150247763588541842006-06-13T21:16:00.000-04:002006-06-13T21:16:00.000-04:00So it seems that illegals are good persons and poo...So it seems that illegals are good persons and poor and by virtue of these they have right to be here. Good point. There are billions and billions of poor people around the world and it would be a great service to them if somehow someone helps them to get smuggled them in this country, so that they have better life.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150245545373015012006-06-13T20:39:00.000-04:002006-06-13T20:39:00.000-04:00When Bernanke says "the democratization of credit"...When Bernanke says "the democratization of credit" what it means is that too many people are getting loans. This means by definition they are not managing their credit well.<BR/><BR/>It is not good for someone with a low income to borrow to buy a bunch of things they can not afford. It would be better for them to save their money for the future. Pointing this out can not possibly be racist.<BR/><BR/>Bernanke is not going to burst any bubbles. The bubbles will be burst for him, when foreign creditors eventually stop loaning us money.<BR/><BR/>A Redskins fanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150235676481514822006-06-13T17:54:00.000-04:002006-06-13T17:54:00.000-04:00Wow, Bernanke and the central bankers are drying u...Wow, Bernanke and the central bankers are drying up liquidity worldwide and the economy will now have to rely on payday loans for liquidity! That is the fricken dumbest thing I have ever heard from a central banker! <BR/><BR/>And he goes on to say that families are managing debt well when we know that major adjustability is on the horizon. <BR/><BR/>But we know that Bernanke is not an idiot. He is just providing a rationale for raising rates and stamping out inflation. He is either really believing that tightening won't sink the housing market, or else he is secretly trying to sink that market. I am not sure which.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150234976341265382006-06-13T17:42:00.000-04:002006-06-13T17:42:00.000-04:00Your attitude on what poor and people of lessers m...Your attitude on what poor and people of lessers means than you sure makes it seem like you think it's their fault that they are where they are in life. If you don't consider yourself a rascist or a classist, that's fine. But maybe you should think about what struggles others have to go through before disparaging how they live and survive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150232554881220572006-06-13T17:02:00.000-04:002006-06-13T17:02:00.000-04:00"So let me get this straight - if I point out that..."So let me get this straight - if I point out that your attitude against payday loans hurts those most at risk in society, then that is a personal insult against you? And then you delete what I said because you don't like what I said?"<BR/><BR/>When you accuse or suggest me to be a rascist or classist, then that is what I delete.Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150228457862812582006-06-13T15:54:00.000-04:002006-06-13T15:54:00.000-04:00Anonymous,You should pointed out why you think Dav...Anonymous,<BR/><BR/>You should pointed out why you think David was wrong without calling him a racist and classist. You hurled insults and that was inappropriate.ihateyuppieshttps://www.blogger.com/profile/14656529543240441687noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150228332074966532006-06-13T15:52:00.000-04:002006-06-13T15:52:00.000-04:00whoa, talk about a touchy subject... those payday ...whoa, talk about a touchy subject... <BR/><BR/>those payday lending outlets seem predatory to me, it's a captive niche so in a sense it's smart business. when this boom busts and the undocumented are RIF'd we'll see most these places shuttered.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150228255944276492006-06-13T15:50:00.000-04:002006-06-13T15:50:00.000-04:00So let me get this straight - if I point out that ...So let me get this straight - if I point out that your attitude against payday loans hurts those most at risk in society, then that is a personal insult against you? And then you delete what I said because you don't like what I said? <BR/><BR/>Honey, you need to look up the meaning of fascist.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150227390443337362006-06-13T15:36:00.000-04:002006-06-13T15:36:00.000-04:00Enough already. "payday" loans are a red herring....Enough already. "payday" loans are a red herring.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150227196369707312006-06-13T15:33:00.000-04:002006-06-13T15:33:00.000-04:00"And it's the poor and minorities who rely on payd..."And it's the poor and minorities who rely on payday loan shops, not the latte-drinking folks."<BR/><BR/>That may be true generally. But I know it is not scrictly true here in Marin County (one of the wealthiest counties in the country). My best friend (we've been friends since kindergarten) owns one of these shops. I visit him every Friday and have spent many hours in his shop. His clientele is almost entirely white. Incidentally, he has been amazed by how business has picked up over the last year suggesting financial stress here.Marinitehttps://www.blogger.com/profile/01778945220593425787noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150227117104777022006-06-13T15:31:00.000-04:002006-06-13T15:31:00.000-04:00Anonymous,What is your point? David implied that t...Anonymous,<BR/><BR/>What is your point? David implied that these lending instituations are not a good development for the economy.<BR/><BR/>Do you dispute this? If so, why?<BR/><BR/>If not, then your point agrees with David.<BR/><BR/>Either way you're the one that brought race and class into the discussion and then labeled David a racist/fascist.<BR/><BR/>My $0.02.MyTwoCentshttps://www.blogger.com/profile/10642606797401998999noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150226930125809152006-06-13T15:28:00.001-04:002006-06-13T15:28:00.001-04:00" I find it pretty racist and classist for David t..." I find it pretty racist and classist for David to be taking shots at the payday loans outlets"<BR/><BR/>No, you made it racist by connecting it to "people of color", etc.Marinitehttps://www.blogger.com/profile/01778945220593425787noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150226902464892392006-06-13T15:28:00.000-04:002006-06-13T15:28:00.000-04:00Debt makes us slaves to producers and property own...Debt makes us slaves to producers and property owners.ihateyuppieshttps://www.blogger.com/profile/14656529543240441687noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150226110701406952006-06-13T15:15:00.000-04:002006-06-13T15:15:00.000-04:00anon,I am not a racist or facist. I truly do beli...anon,<BR/><BR/>I am not a racist or facist. I truly do believe that the vast majority of low income workers are hard working and law abiding people. <BR/><BR/>Personal insults against me will NOT be tolerated and are subject to deletion. Be warned.Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150224992902680552006-06-13T14:56:00.000-04:002006-06-13T14:56:00.000-04:00To the anonymous poster, you make very excellent p...To the anonymous poster, you make very excellent points but I think you're off topic.<BR/><BR/>The fact that these payday lending institutes are thriving is despicable because they do take advantage of low income people. They loan money for fees that amount to interest rates in the 100's of percentage points. Yes hundreds. The fee and debt structure can quickly build to the point where someone can become quickly trapped in the cycle.<BR/><BR/>Cashing a check for a fee, and taking out a shortterm loan against an upcoming check are 2 very different things.<BR/><BR/>And I really believe David's original point was that Ben B's assertion that the proliferation of this readily available credit line is a good thing is laughable. For the reasons I mention and for the reasons you yourself give.<BR/><BR/>My $0.02.MyTwoCentshttps://www.blogger.com/profile/10642606797401998999noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150224848305354642006-06-13T14:54:00.000-04:002006-06-13T14:54:00.000-04:00Perhaps the "anonymous poster" had to bring up rac...Perhaps the "anonymous poster" had to bring up race and class because most of you have no idea what it's like to be poor and a minority. And it's the poor and minorities who rely on payday loan shops, not the latte-drinking folks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150224597009672352006-06-13T14:49:00.000-04:002006-06-13T14:49:00.000-04:00And another thing: Your attitude seems to be that ...And another thing: Your attitude seems to be that it's the fault of people of limited means that they are either poor or black or brown. And that it's their fault they have to rely on payday places instead of opening a bank account like "real" people do.<BR/><BR/>This attitude is dangerous and fascist! It's not the fault of the people at the bottom of our socio-economic strata that they are where they are! The blame lies with the system we have in place that forces these good people to remain in their "proper place." The attitude that you are expressing simply contributes to keeping these good and decent and hardworking people in their place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150224449792256102006-06-13T14:47:00.000-04:002006-06-13T14:47:00.000-04:00David never singled out a particular class or race...David never singled out a particular class or race. His comment was directed at the organizations that takes advantage of its low-income customers. It was the anonymous poster that brought class and race into the discussion.<BR/><BR/>Surprise, surprise...<BR/><BR/>My $0.02.MyTwoCentshttps://www.blogger.com/profile/10642606797401998999noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150224233277886552006-06-13T14:43:00.000-04:002006-06-13T14:43:00.000-04:00This is the sort of thing I was expecting. Why can...This is the sort of thing I was expecting. <BR/><BR/>Why can't they get proper identification? Because some of them are undocumented workers. And others don't have the necessary paperwork to get government identification. I know it must be tough to understand unless one has walked in their shoes, but some people just aren't privileged like you to have been born in the right country, or with the right skin color, or with the right family. <BR/><BR/>For them, their only option is the payday shops. And for you to criticize them for merely trying to cash their checks is grossly immoral. Who are you to criticize those less fortunate than you? Just because $250 isn't a whole lot of cash to you doesn't mean that's not a small fortune to others.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150223758184309662006-06-13T14:35:00.000-04:002006-06-13T14:35:00.000-04:00"But perhaps Davis is unaware that many people of ..."But perhaps Davis is unaware that many people of color and of limited earnings simply can't use traditional banks either because they don't have any money in that bank or because they lack all the proper identification needed."<BR/><BR/>Why can't they get proper identification? <BR/><BR/>At many Banks the minimuim of opening an account is $250Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150223247388125362006-06-13T14:27:00.000-04:002006-06-13T14:27:00.000-04:00I find it pretty racist and classist for David to ...I find it pretty racist and classist for David to be taking shots at the payday loans outlets. Are payday loans better than banks? No. <BR/><BR/>But perhaps Davis is unaware that many people of color and of limited earnings simply can't use traditional banks either because they don't have any money in that bank or because they lack all the proper identification needed. So they're only remedy is to cash their checks at the only places that do take them as customers. Yes payday loan shops overcharge customers. But if it's a choice between paying a surcharge or not getting your check cashed, most people of color or of limited means won't hesitate. I'm sure that David and others like him are offended that a payday loan shop has opened up in their neighborhood because of the "wrong" kind of people it may attract. But for some of our most defenseless members of society, such shops are the only places where they can cash their checks.<BR/><BR/>In the future, I would hope that David is more cautious about how things he post can be seen in a very uncaring manner by people of color and who aren't privileged to earn as much as he does.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150222929383585382006-06-13T14:22:00.000-04:002006-06-13T14:22:00.000-04:00Personal bankruptcies continue at a fast pace. Co...Personal bankruptcies continue at a fast pace. <BR/><BR/>Consumers have a net negative savings rates...first time since the Great Depression.<BR/><BR/>Total amount of goods and services purchased by credit is reaching new heights each month. <BR/><BR/>Income growth continues to move at a sluggish rate. <BR/><BR/>Record number of home owners are using the exotic mortgage methods to pay for the high costs of real estate. <BR/><BR/>The cost of college education and health care continue to skyrocket. <BR/><BR/>Yeah, America is doing great with its finances. Get a clue, Ben!ihateyuppieshttps://www.blogger.com/profile/14656529543240441687noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150222456902291912006-06-13T14:14:00.000-04:002006-06-13T14:14:00.000-04:00Sorry, David, you know I'm not averse to your thou...Sorry, David, you know I'm not averse to your thoughts on the housing market, but if you disagree with Bernanake on some economic matter, doubting Bernanke is not my first instinct.<BR/><BR/>Payday lending may seem bad, but given that it's mostly replaced pawnshops, it may not be so awful.<BR/><BR/>Many, maybe most people, probably do manage their credit well. It probably makes sense to save little when interest rates are low, and do your saving when they're high. <BR/><BR/>There are some people who do a very poor job of managing their finances. Exactly what we need to do, if anything, to protect these people, is an area worth discussing.Anonymousnoreply@blogger.com