Financial Crisis

[midas]

personal bankruptcy did not exist in Germany until some years ago and in most countries of continental Europe it does not exist at all, e.g. in Switzerland bankruptcy is only possible for corporations.

moreoever, the conditions are quite stringent (i refer to Germany where your finances and commitments to pay your creditors partially are SEVEN YEARS under the jurisdiction of a bankruptcy judge). id est in no way comparable to those conditions of the Greatest Nation on Earth™ where you can walk away from a mortgage or declare selective bankruptcy on your Visa Card but keep your Master Card without being harrassed.

I do tend to get the impression that any social stigma that previously existed regarding bankruptcy

in Europe will be rapidly going out of the window if people see what their governments are considering

"The paper contains other explosive ideas. CSU leaders, according to Der Spiegel, consider creating a bankruptcy procedure to kick out of the euro countries that aren't willing to stick to the debt limits laid out in the euro zone's Stability and Growth Pact. "

http://online.wsj.com/article/SB10001424053111904199404576536362512060274.html?mod=googlenews_wsj

[midas]

personal bankruptcy did not exist in Germany until some years ago and in most countries of continental Europe it does not exist at all, e.g. in Switzerland bankruptcy is only possible for corporations.

moreoever, the conditions are quite stringent (i refer to Germany where your finances and commitments to pay your creditors partially are SEVEN YEARS under the jurisdiction of a bankruptcy judge). id est in no way comparable to those conditions of the Greatest Nation on Earth™ where you can walk away from a mortgage or declare selective bankruptcy on your Visa Card but keep your Master Card without being harrassed.

I do tend to get the impression that any social stigma that previously existed regarding bankruptcy

in Europe will be rapidly going out of the window if people see what their governments are considering

"The paper contains other explosive ideas. CSU leaders, according to Der Spiegel, consider creating a bankruptcy procedure to kick out of the euro countries that aren't willing to stick to the debt limits laid out in the euro zone's Stability and Growth Pact. "

http://online.wsj.com/article/SB10001424053111904199404576536362512060274.html?mod=googlenews_wsj

Euro crisis back on !!

Euro bail-out in doubt as "hysteria" sweeps Germany

German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga.

http://www.telegraph.co.uk/finance/financialcrisis/8728628/Euro-bail-out-in-doubt-as-hysteria-sweeps-Germany.html

[Naam]

"The paper contains other explosive ideas. CSU leaders, according to Der Spiegel, consider creating a bankruptcy procedure to kick out of the euro countries that aren't willing to stick to the debt limits laid out in the euro zone's Stability and Growth Pact. "

= absolute explosive bullshit! by the way, CSU leaders are since decades well known to publish rubbish. everybody knows bloody well that a single party of a single EU state can't change one iota of the EU charta. naturally a journàsslist of the WSJ can't differentiate between agreed debt limits and bankruptcy.

here's the quote from "Der Spiegel":

"Ist ein Mitgliedstaat nicht gewillt, die Konvergenzkriterien dauerhaft zu erfüllen, besteht die Möglichkeit, die Euro-Zone zu verlassen", heißt es dazu in dem Papier."

...should use the possibility to leave the monetary union

for the umpteenth time! EU member states canNOT be kicked out. however, they can leave the EU or the EU monetary union on their own accord. period!

[Naam]

I do tend to get the impression that any social stigma that previously existed regarding bankruptcy

in Europe will be rapidly going out of the window if people see what their governments are considering

bankrupt people don't care about any social stigma. what they care about is the limitations bankruptcy invokes.

[midas]

I do tend to get the impression that any social stigma that previously existed regarding bankruptcy

in Europe will be rapidly going out of the window if people see what their governments are considering

bankrupt people don't care about any social stigma. what they care about is the limitations bankruptcy invokes.

If the paradigm has shifted as much as I think it has for a great many people, I think the importance or significance

of “ limitations “ have also gone out the window.

[Naam]

I do tend to get the impression that any social stigma that previously existed regarding bankruptcy

in Europe will be rapidly going out of the window if people see what their governments are considering

bankrupt people don't care about any social stigma. what they care about is the limitations bankruptcy invokes.

If the paradigm has shifted as much as I think it has for a great many people, I think the importance or significance of “ limitations “ have also gone out the window.

YAWNN... having no credit anywhere for years to come (in Germany seven years) is not something that "goes out of the window" easily.

why can't we discuss more interesting things related to the topic of this thread? e.g. how internet bitcoins, silver coins in one of the Malaysian states, a comparison between a Muslim and a Mormon fourth wife may provide a solution to the financial crisis.

[midas]

YAWNN... having no credit anywhere for years to come (in Germany seven years) is not something that "goes out of the window" easily.

although I do have to admit sometimes the method of " collection " is somewhat unorthodox

Local media: SWAT team busts into house over student loan default

http://www.rawstory.com/rawreplay/2011/06/swat-team-busts-into-house-over-student-loan-default/

[BlackJack]

Stop the presses

finally a fix for the GFC and all that follow

we are all now fabulously RICH

now how to collect?

My link

[midas]

hey you are correct manarak and there was a benefit to Ireland being a member of the EU after all

Ireland turns to bankruptcy tourism

Bankruptcy in Britain offers a way out for Irish entrepreneurs crushed by debt from heady property boom

" The fantasy of becoming a property millionaire did not last long and now the farm manager is in negative equity to the tune of €250,000 and with a glut of empty properties on the market, he has no hope of meeting monthly repayments from rent.Declaring himself bankrupt in Ireland is not a realistic option: bankrupts must wait 12 years before they are discharged from their debts. But under European Union law he can file for bankruptcy anywhere in Europe. If he relocates to London or Manchester he can be free of his debts within 12 months, courtesy of the "progressive" UK law."

http://www.guardian....kruptcy-tourism

You missed the best bit.

He bought three houses as a buy-to-let sideline between 2004 and 2006. Although he earned a modest salary of €25,000 a year (less than £17,000 then), the banks gave him two mortgages of more than €300,000 and another one for more than €200,000 – a loan-book worth 32 times his salary.

No wonder Ireland's fuc_ked. "A buy-to-let SIDELINE"

And then later the guy muses,

my life will be a misery. Why should I do that for the banks, which to be honest, shouldn't have given me the mortgages in the first place – I only earn €25,000."

Well, yep, hindsight is really good, innit?

same thing on the other side of the pond...........

Young Couple With $783K In Debt Shows What's Wrong With America

http://www.businessinsider.com/this-young-couple-with-783k-in-debt-shows-whats-wrong-with-america-2011-8

[flying]

same thing on the other side of the pond...........

Young Couple With $783K In Debt Shows What's Wrong With America

This is the kind of thing that leaves me disgusted with the mindset of many borrowers

but also disgusted with the attitudes of banks loan departments.

The guy makes 93k a year...so probably 74+k after taxes

divided by 12 months $6200 a month

Is there anyway the bank should allow him a mortgage on 410k townhouse?

The old ratio was 25% of your income for housing That is $1550 a month mortgage payment

I can guess his is at least 3k a month & probably more. Because we have not even started with property taxes, insurance etc etc etc

Then the other banks can all see his credit & outstanding liabilities yet some other jackass writes him a mortgage for a condo?!!!!

Only to be outdone by the next jackass that writes him a loan for a car?

Last but not least the biggest jackass of all the government will make him a student loan?

Good night ......yeah I see no problems ahead

Edited August 30, 2011 by flying

[JimGant]

The below quote is from the article, above, where her salary (left unstated) will now evaporate with the pregnancy, further adding, dollar for dollar, to the cost of having kids.

Parenting magazine just quoted a new study saying that the typical cost to raise a child to age 18 is approximately $190,000. This couple is already in a financial hurt locker, and now they are adding a newborn child to the picture. Wanna bet that they'll "have to" have a second child? I've seen it too often.

Yeah, and that's only if he joins the Navy at 18 -- forgoing university.

Price of a vasectomy co-pay: $20. You do the math. Oh, you like kids? Visit your sister's brats -- you won't have to change them -- and you can always leave when the get cranky.

The little bastards really are overrated, and not just from a cost angle. Labrador retrievers are nice, however.

Edited August 30, 2011 by JimGant

[flying]

The little bastards really are overrated, and not just from a cost angle. Labrador retrievers are nice, however.

:lol:

[12DrinkMore]

The little bastards really are overrated, and not just from a cost angle. Labrador retrievers are nice, however.

Its that look of, dunno how to describe it, on a new mother's face as she parades the brat around in public that really gets me.

"Ohh look, everyone, I can reproduce, I'm soooo important!"

Well just keep the thing out of earshot, will ya? And don't expect me to contribute for its upbringing, something which I was forced to do in Farangland through bloody taxes, but now I don't pay taxes, so you're own your own, bitch. (To use the vernacular)

And I'm not fond of dogs or cats either. Unless they are the cute cuddly toys I can kick around the garden.

[JimGant]

And I'm not fond of dogs or cats either

You might like this pooch...... I sure do.

http://www.huffingtonpost.com/2011/08/24/dog-of-fallen-navy-seal-refuses-to-leave-casket_n_935707.html?icid=main|hp-desktop|dl1|sec1_lnk1|222886

[flying]

Compare And Contrast To The Great Depression: In Three Parts

[midas]

Labrador retrievers are nice, however.

we agree on something

[midas]

The little bastards really are overrated, and not just from a cost angle. Labrador retrievers are nice, however.

Its that look of, dunno how to describe it, on a new mother's face as she parades the brat around in public that really gets me.

"Ohh look, everyone, I can reproduce, I'm soooo important!"

Well just keep the thing out of earshot, will ya? And don't expect me to contribute for its upbringing, something which I was forced to do in Farangland through bloody taxes, but now I don't pay taxes, so you're own your own, bitch. (To use the vernacular)

And I'm not fond of dogs or cats either. Unless they are the cute cuddly toys I can kick around the garden.

I have a friend in Australia and back in the days when smoking was still allowed

on the planes, they would ask him " smoking or no-smoking "? his reply would be " no children "

Edited August 30, 2011 by midas

[JimGant]

his reply would be " no children "

Seems some restaurants are wising up....

http://articles.nydailynews.com/2011-07-14/entertainment/29792380_1_mcdain-s-restaurant-restaurant-owner-kids

So what's a sitter-less parent to do? "Go somewhere else," Quarta said. "Go to Chuck E. Cheese."

[midas]

his reply would be " no children "

Seems some restaurants are wising up....

http://articles.nydailynews.com/2011-07-14/entertainment/29792380_1_mcdain-s-restaurant-restaurant-owner-kids

So what's a sitter-less parent to do? "Go somewhere else," Quarta said. "Go to Chuck E. Cheese."

I wonder if there are any restaurants who have a separate section say upstairs or in an annex to the building

where all the kids could be left in the care of a " nanny " on the premises while the adults enjoy a meal

and good conversation ?

Edited August 30, 2011 by midas

[midas]

his reply would be " no children "

Seems some restaurants are wising up....

http://articles.nydailynews.com/2011-07-14/entertainment/29792380_1_mcdain-s-restaurant-restaurant-owner-kids

So what's a sitter-less parent to do? "Go somewhere else," Quarta said. "Go to Chuck E. Cheese."

I wonder if there are any restaurants who have a separate section say upstairs or in an annex to the building

where all the kids could be left in the care of a " nanny " ( for an extra charge ) on the premises while the adults enjoy a meal

in peace. I'm sure that would be worth something to some parents and they would be prepared to pay for it.

[midas]

flying i know you like this subject.... have you seen this list ?

Troubled Bank List as of 09/30/2010

http://bankimplode.com/list/troubledbanks.htm

[12DrinkMore]

flying i know you like this subject.... have you seen this list ?

Troubled Bank List as of 09/30/2010

http://bankimplode.c...oubledbanks.htm

Blimey, there are more banks in the States than Big M Golden Arches.

[CoCo55]

The below quote is from the article, above, where her salary (left unstated) will now evaporate with the pregnancy, further adding, dollar for dollar, to the cost of having kids.

Parenting magazine just quoted a new study saying that the typical cost to raise a child to age 18 is approximately $190,000. This couple is already in a financial hurt locker, and now they are adding a newborn child to the picture. Wanna bet that they'll "have to" have a second child? I've seen it too often.

Yeah, and that's only if he joins the Navy at 18 -- forgoing university.

Price of a vasectomy co-pay: $20. You do the math. Oh, you like kids? Visit your sister's brats -- you won't have to change them -- and you can always leave when the get cranky.

The little bastards really are overrated, and not just from a cost angle. Labrador retrievers are nice, however.

Labrador retrievers are nice, however.

Especially in Sakhon Nakhon apparently.......

[flying]

flying i know you like this subject.... have you seen this list ?

Troubled Bank List as of 09/30/2010

http://bankimplode.com/list/troubledbanks.htm

Yes....I dont post about it much anymore but I still check the FDIC list every Friday

Last week they did not shutter any banks because....Well Bernanke had just given his Jackson Hole speech.

Other than that it continues

68 this year so far 2011

160 last year in 2010

140 in 2009

Yet you never hear about it anymore eh? Remember last year how FDIC had no money left?

Yet the continue to pay & pay & pay....perhaps they have their own press now too?

Edited August 30, 2011 by flying

[flying]

Dissent at the FED ?

A Few Fed Policy Makers Favored ‘More Substantial’ Move Aug. 9

Nice play on words

Weakest Six Months

The U.S. government reported Aug. 26 that the world’s largest economy grew less than previously estimated in the second quarter, capping the weakest six months of the recovery that began in mid-2009. Gross domestic product climbed at a 1 percent annual rate, compared with an initial estimate of 1.3 percent growth.

Edited August 30, 2011 by flying

[Wrong Turn]

capping the weakest six months of the recovery that began in mid-2009. Gross domestic product climbed at a 1 percent annual rate, compared with an initial estimate of 1.3 percent growth.

To reiterate an article I read yesterday (that I've forgotten) this is not really the 'Great Recession' but the Great Contraction.

After 3 decades of over-leveraging and higher growth, there is now slower growth and de-leveraging. It's take years to to it.

[Naam]

flying i know you like this subject.... have you seen this list ?

Troubled Bank List as of 09/30/2010

http://bankimplode.c...oubledbanks.htm

Blimey, there are more banks in the States than Big M Golden Arches.

that's what i am stating here since a couple of years. one would think that the S&L crisis of the 80s did a good weeding but that was obviously not the case. but one should not blame the founders of a bank. after all it's much easier and less dangerous to make money by establishing a bank than to rob a bank.

[flying]

after all it's much easier and less dangerous to make money by establishing a bank than to rob a bank.

Oh you don't know how true that is these days.

Walk into any new bank around here these days & guess what you see?

Nothing except maybe one lady sitting looking at a cosmetic magazine.

To your left a semi circle of terminals.

That my friend is the tellers.

Walk up to one click a button a face comes on the screen....

Yes? may I help you?

Anything you want to do you put in a tube that goes by air suction who knows where.

later....I mean much later like 5-10 minutes the tube comes back with....gasp....cash.

If your one of the last in the world like me to actually demand cash rather than just depositing checks from customers.

I guess we are a dying breed & maybe that is why it takes so long to get a few thousand in dead presidents together.

Oh did I mention the inkless finger print kit they send back to you in the tube before the cash? Yeah you need to put your John Q fingerprint on it to cash it.

Even though they have my signature & matching ID's...I always make sure to use my middle finger print

Thats about it....No tellers to rob or even flirt with.

I dont know but I feel it is a lot like those stinking auto voice programs when you call

many companies these days. Just today I gave up while calling the United States Postal Service here

After going through 40 or so prompts in both English & Spanish I was on hold 10 minutes before I said fack it.

No wonder they are going broke year after year.

They pay those guys 50K+ each & they cant put a human on the phone?

Heheheh I wanna go back in time to when things actually worked.

Edited August 31, 2011 by flying

[BEENTHEREDONETHAT]

after all it's much easier and less dangerous to make money by establishing a bank than to rob a bank.

Oh you don't know how true that is these days.

Walk into any new bank around here these days & guess what you see?

Nothing except maybe one lady sitting looking at a cosmetic magazine.

To your left a semi circle of terminals.

That my friend is the tellers.

Walk up to one click a button a face comes on the screen....

Yes? may I help you?

Anything you want to do you put in a tube that goes by air suction who knows where.

later....I mean much later like 5-10 minutes the tube comes back with....gasp....cash.

If your one of the last in the world like me to actually demand cash rather than just depositing checks from customers.

I guess we are a dying breed & maybe that is why it takes so long to get a few thousand in dead presidents together.

Oh did I mention the inkless finger print kit they send back to you in the tube before the cash? Yeah you need to put your John Q fingerprint on it to cash it.

Even though they have my signature & matching ID's...I always make sure to use my middle finger print

Thats about it....No tellers to rob or even flirt with.

I dont know but I feel it is a lot like those stinking auto voice programs when you call

many companies these days. Just today I gave up while calling the United States Postal Service here

After going through 40 or so prompts in both English & Spanish I was on hold 10 minutes before I said fack it.

No wonder they are going broke year after year.

They pay those guys 50K+ each & they cant put a human on the phone?

Heheheh I wanna go back in time to when things actually worked.

Let me know when you're leaving and I'll tag along.

[flying]

Heheheh I wanna go back in time to when things actually worked.

Let me know when you're leaving and I'll tag along.

Will do BTDT...All we need is to generate the 1.21 gigawatts of electricity for the flux capacitor