Laura Brown7 said:There is a lot of truth in that... people just grab everything being offered to them without ever stopping to consider how expensive it will be to pay it all back... you can't teach an old dog new tricks.🙂
But still, the banks are greedy and they are cruel.
With this kind of policy where they squeeze America under the guise of instability, keeping interest rates high for so long... they've shown just how much of a difference there is between loans in Italy or Canada compared to what they charge us here in the States.
By failing to invest in the actual economy, they have done the most to make this situation worse.
So what if nobody is taking out car loans now and they're facing problems? They’re sitting on unsold homes because they refuse to lower prices or drop interest rates?
Honestly, who cares about them, let them fail... some other bank will just step in. They are private entities, just like all the others they destroyed through foreclosures. Now it’s finally time we turn the tables on them! ☕
So, how exactly should they be investing? 🤔 And why on earth do you think this instability is just an excuse?
swiftsurfer27 said:I find myself in agreement. It is truly unfortunate that their approach isn't discussed more frequently in our news cycles or online media...
Furthermore, it would be a significant gesture if everyone were to withdraw their capital—their savings and hard-earned assets—from the banks all at once, just to contribute to their eventual downfall.
And here is a little trivia question for you: How many truly domestic American banks actually exist where massive amounts of capital aren't being funneled straight overseas? 😁
What "big money" are you even talking about? Since when is someone not allowed to spend their own paycheck however they damn well please? 🤷 How would I know if some big-shot CEO at a major US bank isn't heading abroad for a ski trip?
briskdrifter3 said:And then there are the other geniuses—the ones who think it’s perfectly fine to slaughter the chicken just to get one golden egg. They can act surprised when, after driving thousands of citizens—and even worse, thousands of businesses—straight into bankruptcy, the banks wonder why nobody wants to take out loans anymore or why business has completely dried up.
Don't sweat it. There will always be people desperate enough for credit, and they'll drive themselves into bankruptcy anyway by overextending themselves way past their means.☕
briskdrifter3 said:Are you planning on throwing families—people with actual children—out onto the streets? Because there are thousands of them out there... just waiting for a break. And how exactly do you intend to explain that to a five-year-old? "Look, kid, your old man was just being a greedy idiot when he signed those mortgage papers, so now you have to leave your bedroom behind. Take your teddy bear if you want..." It’s just... well, it's beyond absurd.
Look, if you’re going to stand there spilling nonsense about contracts, banking regulations, profit margins, and the sheer depth of human stupidity—then honestly... just keep it to yourself.
My suitcase is practically overflowing with nothing but excuses from the banks—just endless, hollow justifications for their blatant highway robbery...
I don't know why you're so worked up about the banks, but if you owe the government money, they’ll kick you to the curb just as fast. Like I said before, if the system is this rigged, then a house shouldn't be used as collateral in the first place.
neondriver5 said:? Quite the opposite, if you ask me. I’d bet two-thirds of those non-performing loans are still in their first third of repayment—meaning they’ve maybe cleared a fifth of the principal. They don't have much to liquidate because their debt levels remain essentially the same; maybe slightly lower, but certainly not enough to cover the gap.
I was just reading some articles today about those $40 billion in bad loans and debated whether to start a thread. Ultimately, I thought, why bother? Anyone with half a brain knows this is inevitable. If you don't see it coming, knowing that every other loan is delinquent won't change anything for you anyway (and by delinquent, I mean installments overdue by 90 days or more).
That’s the whole point I keep making to the "chicken hawks" out there: the banks did everything in their power to maximize short-term profits, but mid-term, this trajectory is unsustainable. What kind of growth are we even talking about here? A massive influx of foreign capital? Please. You’re looking at 7% interest on savings accounts while practically paying 10-12% on everything else, like mortgages and auto loans. Meanwhile, property prices are sliding and unemployment is climbing. The only way this survives is if someone invents an economic "magic trick." There is no other way.
The real question is—how do we play this? Let’s assume we have some cash on hand and zero debt. What’s the move? I highly doubt any loans will be forgiven. We aren't in the South, so trying to short the market on that assumption isn't going to work.
Since most of these non-performing loans are held by corporations, I doubt we'll see some massive stampede of real estate hitting the market. I don't know.
I was talking about the banks. About 20% has been paid off, and since they're selling loan portfolios at 50 cents on the dollar, only about 30% is actually uncollectible.
neondriver5 said:? Quite the opposite, if you ask me. I’d bet two-thirds of those non-performing loans are still in their first third of repayment—meaning they’ve maybe cleared a fifth of the principal. They don't have much to liquidate because their debt levels remain essentially the same; maybe slightly lower, but certainly not enough to cover the gap.
I was just reading some articles today about those $40 billion in bad loans and debated whether to start a thread. Ultimately, I thought, why bother? Anyone with half a brain knows this is inevitable. If you don't see it coming, knowing that every other loan is delinquent won't change anything for you anyway (and by delinquent, I mean installments overdue by 90 days or more).
That’s the whole point I keep making to the "chicken hawks" out there: the banks did everything in their power to maximize short-term profits, but mid-term, this trajectory is unsustainable. What kind of growth are we even talking about here? A massive influx of foreign capital? Please. You’re looking at 7% interest on savings accounts while practically paying 10-12% on everything else, like mortgages and auto loans. Meanwhile, property prices are sliding and unemployment is climbing. The only way this survives is if someone invents an economic "magic trick." There is no other way.
The real question is—how do we play this? Let’s assume we have some cash on hand and zero debt. What’s the move? I highly doubt any loans will be forgiven. We aren't in the South, so trying to short the market on that assumption isn't going to work.
Since most of these non-performing loans are held by corporations, I doubt we'll see some massive stampede of real estate hitting the market. I don't know.
If Linić hadn't introduced that real estate tax, buying up property right now might actually make sense.🤷
Everyone seems to assume these loans were all taken out yesterday. 🙂 If we're talking about mortgages from a few years back, a good chunk of them is already paid down. Plus, most of those houses could probably be liquidated pretty quickly at, say, 50% of their value. That means the actual amount the bank would struggle to recover is much smaller than people think, ☕
From what I can tell, Intuit is an independent outfit with no ties to any specific bank. How everything actually works will depend on which banks and companies decide to plug into their system. Honestly, I’m struggling to see the upside here—it seems like it might just be more complicated than setting up a standard recurring payment 🙄 A checking account is usually meant for businesses or freelancers with steady income, rather than someone just collecting a paycheck.
There’s already been some talk about this, but since there aren't any names attached, it could be an issue online. It just says payments go directly to a checking account, though I'm not sure if that includes covering the monthly maintenance fees 🤷
It’s not really a standard checking account since there aren't any fees; it's more like you're just loading cash directly onto the card. You can only make deposits in US dollars.
I haven't a clue about making deposits via Zelle 🤷
If you're looking to buy things on installment plans, you'll need a revolving credit line. But honestly, if you're planning to just withdraw cash and go on a massive shopping spree using installments, my best advice is to skip the card entirely. It’ll save you a lot of headaches later on.😉
I've been looking into that too. As far as security goes, it doesn't qualify for FDIC insurance, and the returns are a bit of a gamble—anywhere from 0% to 7.5% annually🤷 btw, JPMorgan Chase has a nearly identical setup using mutual funds, which seems like a better move to me.
Sam Wright21 said:That kind of commitment feels far too long for me, and frankly, I’ve never even heard of Wells Fargo. Who exactly are these people? On another note, what’s everyone’s take on keeping savings in US dollars?
That's actually the maximum term, not a commitment. As for the dollar, you get better interest, sure, but there's more risk involved. Personally, I think the risk outweighs the extra interest.
Sam Wright21 said:After digging through the fine print and doing some actual homework, I’ve come to the conclusion that their fixed-term certificates of deposit are where the real value lies.
Their standard savings accounts are pretty much garbage—honestly, they aren't much better than what you'll find at Chase or Wells Fargo—but I did stumble upon two specific options worth noting:
The "Daily Accrual" option for those sitting on a more substantial nest egg—starting at roughly $250 or upwards of $100,000, for instance.
The "Structured Growth" plan here, the entry point is a modest $500, but if you step up to anything over $30,001, you lock in a fixed 5% rate! For amounts between $500 and $30,000, the rate sits at 4%. The term is set for 12 months plus one day.
You can opt to have the interest paid out as regular income, provided you open a limited checking account with them for free. Maintenance fees for that account are just $2.25 per month, and even then, that only applies if there's actually activity on the account—like, say, when you withdraw your interest.
Wells Fargo is offering a fixed 4.30-5.20% rate for a 3 (three) year term.
What you can actually build depends entirely on the local zoning board. Usually, they’re looking for at least a couple of acres of cleared land—and according to the property records, it can't be zoned as forest land.
I’ve even seen people try to pass off some crazy fairy-tale villas with pools as simple "mixed-use residential" buildings.😁
In parts of California, you can find rates hitting $1 per square foot. Honestly, if you’re just messing around with this as a hobby, I think that’s plenty. But if you're actually buying heavy machinery and trying to run a serious operation? Yeah, that’s nowhere near enough. 🤷