Minimum Wage --Prevents-- Wealth Acquisition!

[Boss]

BZZ wrong Bubba, yes Dubya changed Clinton RULES that disallowed SUBPRIME LOANS QUALIFYING FOR THE AFFORDABLE HOUSING GOALS, but ZERO to do with Dubya FORCING F/F TO PURCHASE THE $440 BILLION IN MBS'S FROM THE BANKSTERS IN THEIR WORLD WIDE CREDIT BUBBLE BUBBA!1!

BZZZ.. I've already corrected your stupidity regarding this. The actual problem started with the introduction of ARMs back in 1980, something that Carter did.... surprise, surprise! Then repealing Glass-Steagall in 1999, something Clinton did...surprise, surprise! Then you get to Dubya's non-conservative compassionism to make it easy for low-income families to purchase homes. When the bottom fell out on home prices, ALL OF THESE POLICIES resulted in a collapse of the financial sector. To try and blame it all on Bush is typical of the lying piece of shit hack you are.

Sure Bubba, sure YOU keep "believing" that nonsense



Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf


Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

Q. Er uh, didn’t you notice your link said the explosive growth of subprime mortgages started in 2001?

A. It did kinda say that didn’t it? However, the link below clearly states subprime was 10 % in 2003. 9% in 2001 to 10% in 2003 is only a 1% increase. A 1 % increase over 3 years is flat not explosive. 10 % in 2003 to 40% in 2006 is explosive. So the explosive growth started in 2004 which lines up pretty good but not exactly with the timeframe of the Bush Mortgage Bubble.


“In dollar terms, nonprime mortgages represented 32 percent of all mortgage originations in 2005, more than triple their 10 percent share only two years earlier


FRB: Finance and Economics Discussion Series: Screen Reader Version - 200899

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors.




Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2004)
Lowering Investment banks capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments PER YEAR (2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)


But the biggest policy was regulators not enforcing lending standards.


FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

It's a shame you can't make your font size any bigger. I clearly laid some of the blame on Bush's policies. I guess you missed that while you were digging up more propaganda from thinkprogress?

 

[Dad2three]

BZZ wrong Bubba, yes Dubya changed Clinton RULES that disallowed SUBPRIME LOANS QUALIFYING FOR THE AFFORDABLE HOUSING GOALS, but ZERO to do with Dubya FORCING F/F TO PURCHASE THE $440 BILLION IN MBS'S FROM THE BANKSTERS IN THEIR WORLD WIDE CREDIT BUBBLE BUBBA!1!

BZZZ.. I've already corrected your stupidity regarding this. The actual problem started with the introduction of ARMs back in 1980, something that Carter did.... surprise, surprise! Then repealing Glass-Steagall in 1999, something Clinton did...surprise, surprise! Then you get to Dubya's non-conservative compassionism to make it easy for low-income families to purchase homes. When the bottom fell out on home prices, ALL OF THESE POLICIES resulted in a collapse of the financial sector. To try and blame it all on Bush is typical of the lying piece of shit hack you are.

Sure Bubba, sure YOU keep "believing" that nonsense



Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf


Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

Q. Er uh, didn’t you notice your link said the explosive growth of subprime mortgages started in 2001?

A. It did kinda say that didn’t it? However, the link below clearly states subprime was 10 % in 2003. 9% in 2001 to 10% in 2003 is only a 1% increase. A 1 % increase over 3 years is flat not explosive. 10 % in 2003 to 40% in 2006 is explosive. So the explosive growth started in 2004 which lines up pretty good but not exactly with the timeframe of the Bush Mortgage Bubble.


“In dollar terms, nonprime mortgages represented 32 percent of all mortgage originations in 2005, more than triple their 10 percent share only two years earlier


FRB: Finance and Economics Discussion Series: Screen Reader Version - 200899

The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors.




Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2004)
Lowering Investment banks capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments PER YEAR (2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)


But the biggest policy was regulators not enforcing lending standards.


FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

It's a shame you can't make your font size any bigger. I clearly laid some of the blame on Bush's policies. I guess you missed that while you were digging up more propaganda from thinkprogress?

SOME OF THE BLAME ON DUBYA? LOL

Yeah that Was Carter/Clinton's fault *shaking head*


Conservatives just ignore facts and reality. They have "faith" that their ideology is correct.

 

[TheGreatGatsby]

Any artificial barrier prevents wealth acquisition. Don't vote Democrat if you don't want your wealth taken from you by those leaches.[/QUOT

Or we continue to elect CONservatives/GOP who don't "believe in" Gov't and Gov't regulations/regulators then are shocked when Gov't doesn't work for the bottom 90% of US?

Yea__ no. GOP walks lock step with you Demtards on regulations and phony systems.

Oh another guy who hasn't outgrown his Randian fetish that has NEVER worked ANYWHERE EVER. Weird

STFU, tard.

 

[Dad2three]

Any artificial barrier prevents wealth acquisition. Don't vote Democrat if you don't want your wealth taken from you by those leaches.[/QUOT

Or we continue to elect CONservatives/GOP who don't "believe in" Gov't and Gov't regulations/regulators then are shocked when Gov't doesn't work for the bottom 90% of US?

Yea__ no. GOP walks lock step with you Demtards on regulations and phony systems.

Oh another guy who hasn't outgrown his Randian fetish that has NEVER worked ANYWHERE EVER. Weird

STFU, tard.

 

[Muhammed]

BZZ wrong Bubba, yes Dubya changed Clinton RULES that disallowed SUBPRIME LOANS QUALIFYING FOR THE AFFORDABLE HOUSING GOALS, but ZERO to do with Dubya FORCING F/F TO PURCHASE THE $440 BILLION IN MBS'S FROM THE BANKSTERS IN THEIR WORLD WIDE CREDIT BUBBLE BUBBA!1!

BZZZ.. I've already corrected your stupidity regarding this. The actual problem started with the introduction of ARMs back in 1980, something that Carter did.... surprise, surprise! Then repealing Glass-Steagall in 1999, something Clinton did...surprise, surprise! Then you get to Dubya's non-conservative compassionism to make it easy for low-income families to purchase homes. When the bottom fell out on home prices, ALL OF THESE POLICIES resulted in a collapse of the financial sector. To try and blame it all on Bush is typical of the lying piece of shit hack you are.

"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.


PLEASE NAME THE LAW REQUIRING OVER HALF OF MORTGAGES TO BE SUBPRIME/LOW DOC LOANS IN 2006? PRETTY PLEASE?



Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them. And then they sold the loan and risk to investors and GSEs clamoring for the loans. Actually banks, pension funds, investment banks and other investors clamored for them. Bush forced Freddie and Fannie to buy an additional $440 billion in mortgages in the secondary market.


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

Actually there were laws in force since the Carter Administration, in the 70s.

In practice, they gave the 3 most powerful (but non-productive) credit rating corporations free reign over the US economy.

Basically, via federal law, all of the 3 major credit reporting agencies decided who was credit-worthy enough to get a loan to buy real estate. Any bank was allowed to give someone a loan, and any insurance company was disallowed from saying, "Hey! this is bullshit!" to those people who obviously can't afford the payments to buy that house.

Didn't matter to the loan company salesmen because they are paid by commission. The more loans they approve, the more moola they get. And the insurance agents had the same motivation. Greed. The more insurance policies they sell, the more money they get paid.

 

[TheGreatGatsby]

Any artificial barrier prevents wealth acquisition. Don't vote Democrat if you don't want your wealth taken from you by those leaches.[/QUOT

Or we continue to elect CONservatives/GOP who don't "believe in" Gov't and Gov't regulations/regulators then are shocked when Gov't doesn't work for the bottom 90% of US?

Yea__ no. GOP walks lock step with you Demtards on regulations and phony systems.

Oh another guy who hasn't outgrown his Randian fetish that has NEVER worked ANYWHERE EVER. Weird

STFU, tard.

You're a cornball whom I suspect is on the govt. dole one way or another.

 

[theliq]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

 

[Wyatt earp]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

 

[theliq]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

 

[Wyatt earp]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

 

[theliq]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

I'm with you now.......Bear, the minimum wage should be circa $18,but companies like 7Eleven,Makkas etc under pay ...we always pay top $ for our employees,we demand the Best and pay accordingly.......the starting pay is $26 at the moment,5 Weeks holidays and pay super.........plus other benefits....We have a very high retention rate of keeping staff and excellent team members....we have always said "You are only as good as your weakest link in business,we train extensively and weakness is only the odd occasion for us"but you have to work at it.

Where a lot of businesses want to pay as little as possible..we are the reverse....and it has been good for us and our team collectively.....steve.......Commitment and Self Motivation and Honesty is all we ask for...It works for us and always has it is not unusual to have three generations working

 

[Wyatt earp]

I may be the only employer chiming in here, the existing minimum wage is not a hindrance for me or my business. Right now it's pretty low and has not adjusted upward in years. I dont feel it unfairly inflates the minimum wage cost on businesses I've run, even those with a high amount of minimum wage earners. The real goal is probably twofold; (1) offer an incentive to work and to get off the dole. As a conservative I support that. (2) help fund society to some minimal standard whether through minimum wages or government assistance. I still prefer wages over handouts.

If America really wanted a high minimum wage it would close the borders and support domestic manufacturing. Our nation has done neither but it's a broken system of government we're now dealing with.

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

I'm with you now.......Bear, the minimum wage should be circa $18,but companies like 7Eleven,Makkas etc under pay ...we always pay top $ for our employees,we demand the Best and pay accordingly.......the starting pay is $26 at the moment,5 Weeks holidays and pay super.........plus other benefits....We have a very high retention rate of keeping staff and excellent team members....we have always said "You are only as good as your weakest link in business,we train extensively and weakness is only the odd occasion for us"but you have to work at it.

Where a lot of businesses want to pay as little as possible..we are the reverse....and it has been good for us and our team collectively.....steve.......Commitment and Self Motivation and Honesty is all we ask for...It works for us and always has it is not unusual to have three generations working

Thanks wish their was more people like you/your company that understood it.

 

[theliq]

I employ over 300 here in Paradise...our minimum wage is $26 per hour.........American Wages are a Total Disgrace

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

I'm with you now.......Bear, the minimum wage should be circa $18,but companies like 7Eleven,Makkas etc under pay ...we always pay top $ for our employees,we demand the Best and pay accordingly.......the starting pay is $26 at the moment,5 Weeks holidays and pay super.........plus other benefits....We have a very high retention rate of keeping staff and excellent team members....we have always said "You are only as good as your weakest link in business,we train extensively and weakness is only the odd occasion for us"but you have to work at it.

Where a lot of businesses want to pay as little as possible..we are the reverse....and it has been good for us and our team collectively.....steve.......Commitment and Self Motivation and Honesty is all we ask for...It works for us and always has it is not unusual to have three generations working

Thanks wish their was more people like you/your company that understood it.

Over the years Bear,we have gone into businesses that are failing,often at the State Governments behest,It's the same old story where staff are cut to the bone when things get tough......causing total demotivation,worry and failure..........we turn some around but with others it's too late...........A lot of Business people are very poor at business in my opinion,often the work force are better equipped ........For me it all started when I was 4,my Mom was widowed at the aged of 28 with 6 kinder......growing up we looked after each other,we had a very happy childhood and unbreakable solidarity which has lasted a life time,I'm pleased to say......... It in a way was the best form of Socialism........and we took this attitude into business,I was a millionaire at 23 but I have never been motivated by money,money comes if you work very hard....I had Great satisfaction when we purchased a home for Mom overlooking the Ocean at 25

I do many seminars on motivation all fees goes to charity,I was once asked by Dr Vincent Peel the Great American Motivational Speaker to join his company in America in the early days,which I declinded.........Everyone though I was a fool but I didn't,I had another agenda completely.

My best advice to anyone is to think this....."IF IT IS TO BE,IT IS UP TO ME"................Although I am getting on a bit.....I will never retire because I have been retired all my life..my working life has never been a JOB...never being accountable to anyone(except the little Lady LOL) but myself...it has made for a Happy Life

 

[Wyatt earp]

What trade/profession?

I still don't get how the government of Australia micro manages every trade.

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

I'm with you now.......Bear, the minimum wage should be circa $18,but companies like 7Eleven,Makkas etc under pay ...we always pay top $ for our employees,we demand the Best and pay accordingly.......the starting pay is $26 at the moment,5 Weeks holidays and pay super.........plus other benefits....We have a very high retention rate of keeping staff and excellent team members....we have always said "You are only as good as your weakest link in business,we train extensively and weakness is only the odd occasion for us"but you have to work at it.

Where a lot of businesses want to pay as little as possible..we are the reverse....and it has been good for us and our team collectively.....steve.......Commitment and Self Motivation and Honesty is all we ask for...It works for us and always has it is not unusual to have three generations working

Thanks wish their was more people like you/your company that understood it.

Over the years Bear,we have gone into businesses that are failing,often at the State Governments behest,It's the same old story where staff are cut to the bone when things get tough......causing total demotivation,worry and failure..........we turn some around but with others it's too late...........A lot of Business people are very poor at business in my opinion,often the work force are better equipped ........For me it all started when I was 4,my Mom was widowed at the aged of 28 with 6 kinder......growing up we looked after each other,we had a very happy childhood and unbreakable solidarity which has lasted a life time,I'm pleased to say......... It in a way was the best form of Socialism........and we took this attitude into business,I was a millionaire at 23 but I have never been motivated by money,money comes if you work very hard....I had Great satisfaction when we purchased a home for Mom overlooking the Ocean at 25

I do many seminars on motivation all fees goes to charity,I was once asked by Dr Vincent Peel the Great American Motivational Speaker to join his company in America in the early days,which I declinded.........Everyone though I was a fool but I didn't,I had another agenda completely.

My best advice to anyone is to think this....."IF IT IS TO BE,IT IS UP TO ME"................Although I am getting on a bit.....I will never retire because I have been retired all my life..my working life has never been a JOB...never being accountable to anyone(except the little Lady LOL) but myself...it has made for a Happy Life

Thanks by your sincerely on here I believe you are the real deal, not like all these other American pretend leftist millionaires and business owners I met on these political forums.

I have been in injection molding for 30 years and I know the business on the production floor A to Z, held every position and at this this age of my life all I want to do is fix machines, program robots, teach young employees and the like.

I was never motivated by money but my love of trying to be the best.

The company I work for now, it's like family to me, last week I was offered a job by an old boss for $8 bucks more an hour, I told him no and he up it to $10 bucks more an hour, I thought about it and still turned him down.

This what kind of ticks me off, my company has 8 plants and could afford to have better pay (note I am not really complaing because I make around $75,000 a year with overtime) and don't see why they don't, my operators would be more happy even though they make twice the minimum wage.
Again I wish their was more business owners like you in this world.

But I hate the American left's attitude, that they want the goverment to make a law to force company's to pay higher wages. That's what I don't like they don't understand in America half the business is run by small business owners not by millionaires.

I have been trying to tell my Fellow americans forget about raising the MW
Pass a law that a CEO or business owner couldn't make like 100 times more then his lowest employee

My reasons for this are the following:

1. It would help start up company's compete with the giant cooperation

2, People that work for giant company's would be making not $12 bucks an hour but let's just say $30 bucks an hour ... They can build up capitol to start their own company's

3. People like me with our talents some of us would stay with "family" a "team" and help our owners build up the small company..... Sure at first we would be played less... But the pay off would be great.....it would be a rising tide that raises all ships.


Please give me your thoughts sir....

BTW the way nice talking to you
.

 

[Dad2three]

BZZ wrong Bubba, yes Dubya changed Clinton RULES that disallowed SUBPRIME LOANS QUALIFYING FOR THE AFFORDABLE HOUSING GOALS, but ZERO to do with Dubya FORCING F/F TO PURCHASE THE $440 BILLION IN MBS'S FROM THE BANKSTERS IN THEIR WORLD WIDE CREDIT BUBBLE BUBBA!1!

BZZZ.. I've already corrected your stupidity regarding this. The actual problem started with the introduction of ARMs back in 1980, something that Carter did.... surprise, surprise! Then repealing Glass-Steagall in 1999, something Clinton did...surprise, surprise! Then you get to Dubya's non-conservative compassionism to make it easy for low-income families to purchase homes. When the bottom fell out on home prices, ALL OF THESE POLICIES resulted in a collapse of the financial sector. To try and blame it all on Bush is typical of the lying piece of shit hack you are.

"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.


PLEASE NAME THE LAW REQUIRING OVER HALF OF MORTGAGES TO BE SUBPRIME/LOW DOC LOANS IN 2006? PRETTY PLEASE?



Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them. And then they sold the loan and risk to investors and GSEs clamoring for the loans. Actually banks, pension funds, investment banks and other investors clamored for them. Bush forced Freddie and Fannie to buy an additional $440 billion in mortgages in the secondary market.


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

Actually there were laws in force since the Carter Administration, in the 70s.

In practice, they gave the 3 most powerful (but non-productive) credit rating corporations free reign over the US economy.

Basically, via federal law, all of the 3 major credit reporting agencies decided who was credit-worthy enough to get a loan to buy real estate. Any bank was allowed to give someone a loan, and any insurance company was disallowed from saying, "Hey! this is bullshit!" to those people who obviously can't afford the payments to buy that house.

Didn't matter to the loan company salesmen because they are paid by commission. The more loans they approve, the more moola they get. And the insurance agents had the same motivation. Greed. The more insurance policies they sell, the more money they get paid.

Hell at least you get points for originality Bubba, lol

Hint NO FEDERAL LAW GAVE ANY COMP (MUCH LESS THE CREDIT RATING AGENCIES) " all of the 3 major credit reporting agencies decided who was credit-worthy enough to get a loan to buy real estate"

THAT'S NONSENSE






A "LAW" AROUND SINCE 1970'S CAUSED THIS BUBBLE?

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”





Weird elect guys who "don't believe in" Gov't and Gov't regulators, and you have the Dubya subprime bubble, the Reagan S&L crisis and the Harding/Coolidge great depression!



"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.


GIVE ME THE NAME OF THE LAW THAT REQUIRED THIS TO HAPPEN BUBS?



Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.

FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

 

[Dad2three]

Or we continue to elect CONservatives/GOP who don't "believe in" Gov't and Gov't regulations/regulators then are shocked when Gov't doesn't work for the bottom 90% of US?

Yea__ no. GOP walks lock step with you Demtards on regulations and phony systems.

Oh another guy who hasn't outgrown his Randian fetish that has NEVER worked ANYWHERE EVER. Weird

STFU, tard.

You're a cornball whom I suspect is on the govt. dole one way or another.

You suspect? Oh right the usual right wing BS when they can't use reason, logic or honesty.

Moron I have more assets that about 95% of American's, though since I'm not a greedy right wing bastard, I don't charge a lot on my rentals!

 

[Dad2three]

Various.........Manufacturing(Export and Home) Retail,and Food Products..steve.......Here,business manages itself mainly but Wheat,Iron Ore and Metals etc.,Live Cattle and Sheep Exports plus food production do have Government standards which are Very Stringent Indeed, both for Home and Overseas markets.

Sorry you misunderstood me, I read Australia had different minimum wages for different trades And profession, for example for fast food workers there in Australia MW was $15 bucks, I was curious what trade pays $26

I'm with you now.......Bear, the minimum wage should be circa $18,but companies like 7Eleven,Makkas etc under pay ...we always pay top $ for our employees,we demand the Best and pay accordingly.......the starting pay is $26 at the moment,5 Weeks holidays and pay super.........plus other benefits....We have a very high retention rate of keeping staff and excellent team members....we have always said "You are only as good as your weakest link in business,we train extensively and weakness is only the odd occasion for us"but you have to work at it.

Where a lot of businesses want to pay as little as possible..we are the reverse....and it has been good for us and our team collectively.....steve.......Commitment and Self Motivation and Honesty is all we ask for...It works for us and always has it is not unusual to have three generations working

Thanks wish their was more people like you/your company that understood it.

Over the years Bear,we have gone into businesses that are failing,often at the State Governments behest,It's the same old story where staff are cut to the bone when things get tough......causing total demotivation,worry and failure..........we turn some around but with others it's too late...........A lot of Business people are very poor at business in my opinion,often the work force are better equipped ........For me it all started when I was 4,my Mom was widowed at the aged of 28 with 6 kinder......growing up we looked after each other,we had a very happy childhood and unbreakable solidarity which has lasted a life time,I'm pleased to say......... It in a way was the best form of Socialism........and we took this attitude into business,I was a millionaire at 23 but I have never been motivated by money,money comes if you work very hard....I had Great satisfaction when we purchased a home for Mom overlooking the Ocean at 25

I do many seminars on motivation all fees goes to charity,I was once asked by Dr Vincent Peel the Great American Motivational Speaker to join his company in America in the early days,which I declinded.........Everyone though I was a fool but I didn't,I had another agenda completely.

My best advice to anyone is to think this....."IF IT IS TO BE,IT IS UP TO ME"................Although I am getting on a bit.....I will never retire because I have been retired all my life..my working life has never been a JOB...never being accountable to anyone(except the little Lady LOL) but myself...it has made for a Happy Life

Thanks by your sincerely on here I believe you are the real deal, not like all these other American pretend leftist millionaires and business owners I met on these political forums.

I have been in injection molding for 30 years and I know the business on the production floor A to Z, held every position and at this this age of my life all I want to do is fix machines, program robots, teach young employees and the like.

I was never motivated by money but my love of trying to be the best.

The company I work for now, it's like family to me, last week I was offered a job by an old boss for $8 bucks more an hour, I told him no and he up it to $10 bucks more an hour, I thought about it and still turned him down.

This what kind of ticks me off, my company has 8 plants and could afford to have better pay (note I am not really complaing because I make around $75,000 a year with overtime) and don't see why they don't, my operators would be more happy even though they make twice the minimum wage.
Again I wish their was more business owners like you in this world.

But I hate the American left's attitude, that they want the goverment to make a law to force company's to pay higher wages. That's what I don't like they don't understand in America half the business is run by small business owners not by millionaires.

I have been trying to tell my Fellow americans forget about raising the MW
Pass a law that a CEO or business owner couldn't make like 100 times more then his lowest employee

My reasons for this are the following:

1. It would help start up company's compete with the giant cooperation

2, People that work for giant company's would be making not $12 bucks an hour but let's just say $30 bucks an hour ... They can build up capitol to start their own company's

3. People like me with our talents some of us would stay with "family" a "team" and help our owners build up the small company..... Sure at first we would be played less... But the pay off would be great.....it would be a rising tide that raises all ships.


Please give me your thoughts sir....

BTW the way nice talking to you
.

"But I hate the American left's attitude, that they want the goverment to make a law to force company's to pay higher wages. That's what I don't like they don't understand in America half the business is run by small business owners not by millionaires."


IF min wage was higher, who cares if owned by a millionaire or not? EVERYONE'S costs would be the same MINIMUM on labor right?

I just don't understand people like YOU, who "think" that small Biz is paying ANYWHERE near the tax rates at the top!


There is no possible way someone will cap pay, THAT'S WHY WE HAD HIGH TAX RATES 1932-1980.



Own a widget factory and have a profit today of $10,000,000 you MIGHT pay 25% BUT if you went back to older rates where the EFFECTIVE rates were around 60%-70% for that type of income, the owner of a Comp would HATE paying that high of tax rate, and would probably just try to reinvest in his comp and create more wealth that isn't taxed ass income. Whereas today, they take it out to gamble on Vegas East! l

 

[Boss]

IF min wage was higher, who cares if owned by a millionaire or not? EVERYONE'S costs would be the same MINIMUM on labor right?

Right. Which means the cost of everything across the board is raised accordingly.

82 years ago, FDR said corporations who couldn't pay a "living wage" didn't deserve to exist in America. This was his reasoning for adopting the minimum wage in 1933. Today, we hear the same cries for a "living wage" and calls to raise the minimum wage dramatically. So for 82 years, your "solution" has failed and your answer is to do more of it on a larger scale.

 

[CultureCitizen]

Right. Which means the cost of everything across the board is raised accordingly.

82 years ago, FDR said corporations who couldn't pay a "living wage" didn't deserve to exist in America. This was his reasoning for adopting the minimum wage in 1933. Today, we hear the same cries for a "living wage" and calls to raise the minimum wage dramatically. So for 82 years, your "solution" has failed and your answer is to do more of it on a larger scale.

Interesting ... I've just connected some ideas :
A) Productivity and product demand are the main factor allowing higher wages.
B) The last years have seen a rise in employee productivity due to automation, and interconnection
C) Nevertheless the rise in productivity will probably not be the same around all sectors / company sizes.
D) If productivity is not coupled with a rise in purchasing power or export growth , eventually you get stagnation.

Theliq has said Australia has several minimum wages by sector. And by my previous post, some countries ( like switzerland , Germany until recently and Singapore have no minimum wage).
So maybe a one size fits all policy is what really is wrong : productivity has not risen evenly nor the cost of living is the same across the US. There might be a need to have minimum wages with a finer granullarity.

 

[Dad2three]

IF min wage was higher, who cares if owned by a millionaire or not? EVERYONE'S costs would be the same MINIMUM on labor right?

Right. Which means the cost of everything across the board is raised accordingly.

82 years ago, FDR said corporations who couldn't pay a "living wage" didn't deserve to exist in America. This was his reasoning for adopting the minimum wage in 1933. Today, we hear the same cries for a "living wage" and calls to raise the minimum wage dramatically. So for 82 years, your "solution" has failed and your answer is to do more of it on a larger scale.

Weird, you thing paying min wage is failure? lol

Across the board? Oh like when other costs go up, rent, utilities, etc? Yep, a GOOD Biz deals with it!


Dramatically? lol

Traction is there for 10, nothing else Bubs, HOPEFULLY tied to inflation!