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Who owns the cars if he can't pay the credit union or the seller?
Whereas I was talking about lines of credit for operating capital. Business Loan, Unsecured Lines Of Credit, Small Business Loans
Do you understand the difference?
Yes, I do, and that's the kind of line of credit I'm talking about, too. My BIL and his sons came up with cash and personal loans to buy a few cars at auction; then they went to the credit union with a business plan. (I did forget to mention that they had help from the SBA, which I don't think enough small businesses take advantage of.) They did have to put up some cash at the outset which they drew against, and in less than a year, they were able to get the bank loan they needed in the form of a letter of credit for operating expenses. I don't know how much clearer I can get. I don't know what his financial arrangements are today as a result of changing over to trucks and snowplows, but I do know that he sold the remaining used car inventory almost at cost and the bank didn't lose a thing. I know because I got first pick--a 2002 Chevy Prism, which is the best car I've ever owned, bar none, by the way.
There is no letter of credit for operating capital, that's a line of credit. Also, you have demonstrated only that the was able to get a loan after he was already up and running which is completely different than my point about access to capital for new businesses or new divisions. These areas are the purview of private investors, which now have to operate according to the rules banks and credit unions use.
Horsecrap, guys. The folks who know say our unemployment would be 50% higher than what it is now without the actions of Bush and Obama in 2008 and 2009. You have absolutely nothing to counter that, absolutely nothing.
Who are these "folks who know?" Are they the same ones that completely misread the state of the economy when they made the predictions that didn't pan out? Looks like they didn't know too much after all.
Show us the policies are failures, then. You can't. You are just running your mouth.
a miscalculation by the economic advisors for sure. then again, would you like 15% unemployment?
No. Was that a concern?
The reaility would have been far worse because the chart is flawed drastically.
Yes, I do, and that's the kind of line of credit I'm talking about, too. My BIL and his sons came up with cash and personal loans to buy a few cars at auction; then they went to the credit union with a business plan. (I did forget to mention that they had help from the SBA, which I don't think enough small businesses take advantage of.) They did have to put up some cash at the outset which they drew against, and in less than a year, they were able to get the bank loan they needed in the form of a letter of credit for operating expenses. I don't know how much clearer I can get. I don't know what his financial arrangements are today as a result of changing over to trucks and snowplows, but I do know that he sold the remaining used car inventory almost at cost and the bank didn't lose a thing. I know because I got first pick--a 2002 Chevy Prism, which is the best car I've ever owned, bar none, by the way.
There is no letter of credit for operating capital, that's a line of credit. Also, you have demonstrated only that the was able to get a loan after he was already up and running which is completely different than my point about access to capital for new businesses or new divisions. These areas are the purview of private investors, which now have to operate according to the rules banks and credit unions use.
I think it's a no-brainer that a brand new business would have difficulty getting a loan from ANYWHERE without some rich investors as backups. That's been true for eons. Why not take your plan to the SBA?
SBA funding increased 23 percent Times Record News
Who are these "folks who know?" Are they the same ones that completely misread the state of the economy when they made the predictions that didn't pan out? Looks like they didn't know too much after all.
Show us the policies are failures, then. You can't. You are just running your mouth.
It's in the OP. The Obama economic team made predictions. They failed.
Who are these "folks who know?" Are they the same ones that completely misread the state of the economy when they made the predictions that didn't pan out? Looks like they didn't know too much after all.
Show us the policies are failures, then. You can't. You are just running your mouth.
It's in the OP. The Obama economic team made predictions. They failed.
There is no letter of credit for operating capital, that's a line of credit. Also, you have demonstrated only that the was able to get a loan after he was already up and running which is completely different than my point about access to capital for new businesses or new divisions. These areas are the purview of private investors, which now have to operate according to the rules banks and credit unions use.
I think it's a no-brainer that a brand new business would have difficulty getting a loan from ANYWHERE without some rich investors as backups. That's been true for eons. Why not take your plan to the SBA?
SBA funding increased 23 percent Times Record News
I agree it has always been difficult. Now it's even harder due to the financial reform law. The SBA doesn't help most businesses, too much red tape and social engineering. Selling an idea to a government bureaucrat or a banker is next to impossible. Good for franchises and urban outreach, but not for innovative leading edge entrepreneurs.
Those predictions were not reasonable:Show us the policies are failures, then. You can't. You are just running your mouth.
It's in the OP. The Obama economic team made predictions. They failed.
Yeah, their Magic 8 Ball got stuck. Good grief, are we back to that nonsense? At the time, when all the hidden waves were beginning to break, the predicted 8% seemed reasonable. No one knew how much worse it would get because no one knew how much individuals and businesses had invested in the ongoing success of the housing market. When all hell broke loose and the house of cards came tumbling down, obviously unemployment was going to be worse than predicted. That's hardly a "policy" failure.
That shocked the crap out of me when I read it a couple of months ago. I was even more shocked when I found out shortly afterwards that Jamie Dimon offered to join the Obama administration and was turned down. After he had to be bribed to take on Bear Sterns despite the BS building being built in the shape of the JP Morgan Chase logo, turning down Morgan Stanley as a freebie and getting WaMu for $1B gross (the FDIC added so many incentives to that deal it too may have been a cash out at the close deal) the Obama team still didn't realize that he was a better pick than Bernancke, Summers and Geithner combined."If you didn't see the 2006 peak beforehand and take advantage of it, don't talk to me. Your opinion is worthless."
word.
Show us the policies are failures, then. You can't. You are just running your mouth.
It's in the OP. The Obama economic team made predictions. They failed.
No, they did not. We are not 15% or worse unemployment. It is only 2% higher than predicted, which is the result of failed GOP economic policies since 1994. Get used to that, because that is what is.
The social engineering was done by Bush's team who unhooked government regulation from economic reality.
This is going to take awhile to work out. Your way, Asterism, would capsize the boat. No two ways about that.
Show us the policies are failures, then. You can't. You are just running your mouth.
It's in the OP. The Obama economic team made predictions. They failed.
Yeah, their Magic 8 Ball got stuck. Good grief, are we back to that nonsense? At the time, when all the hidden waves were beginning to break, the predicted 8% seemed reasonable. No one knew how much worse it would get because no one knew how much individuals and businesses had invested in the ongoing success of the housing market. When all hell broke loose and the house of cards came tumbling down, obviously unemployment was going to be worse than predicted. That's hardly a "policy" failure.
I think it's a no-brainer that a brand new business would have difficulty getting a loan from ANYWHERE without some rich investors as backups. That's been true for eons. Why not take your plan to the SBA?
SBA funding increased 23 percent Times Record News
I agree it has always been difficult. Now it's even harder due to the financial reform law. The SBA doesn't help most businesses, too much red tape and social engineering. Selling an idea to a government bureaucrat or a banker is next to impossible. Good for franchises and urban outreach, but not for innovative leading edge entrepreneurs.
READ THE LINK. The SBA has made a record number of loans since 2009. Correction: Guaranteed said loans.
That shocked the crap out of me when I read it a couple of months ago. I was even more shocked when I found out shortly afterwards that Jamie Dimon offered to join the Obama administration and was turned down. After he had to be bribed to take on Bear Sterns despite the BS building being built in the shape of the JP Morgan Chase logo, turning down Morgan Stanley as a freebie and getting WaMu for $1B gross (the FDIC added so many incentives to that deal it too may have been a cash out at the close deal) the Obama team still didn't realize that he was a better pick than Bernancke, Summers and Geithner combined."If you didn't see the 2006 peak beforehand and take advantage of it, don't talk to me. Your opinion is worthless."
word.
Those predictions were not reasonable:It's in the OP. The Obama economic team made predictions. They failed.
Yeah, their Magic 8 Ball got stuck. Good grief, are we back to that nonsense? At the time, when all the hidden waves were beginning to break, the predicted 8% seemed reasonable. No one knew how much worse it would get because no one knew how much individuals and businesses had invested in the ongoing success of the housing market. When all hell broke loose and the house of cards came tumbling down, obviously unemployment was going to be worse than predicted. That's hardly a "policy" failure.
Shiller, Roubini and many others were predicting deeper downturns long before the bubble peaked in 2006.
Michael Lewis in "The Big Short" tells the story of many non-famous people who profited from the bubble bust that they predicted would happen as early as 2003 in many cases.
As NN Talib said (to the best of my recollection), "If you didn't see the 2006 peak beforehand and take advantage of it, don't talk to me. Your opinion is worthless." Obama consulted almost exclusively with people whose opinions were provably worthless to make those predictions. And except for Jamie Dimon who is an unofficial and casual adviser Obama still tends to avoid talking to his own supporters who can find their butt with both hands when it comes to economics.
"The public has been sold this notion that somehow we can control the economy -- that we can fine-tune it so we don't get inflation on the upside, we don't get recessions on the downside, [that] when something happens, they can step in and offset it," says another long-time Washington insider, Douglas Holtz-Eakin. "The economics profession is painfully aware that this is just not true, and [that it] has a terrible impact on politicians, Presidents in particular."
That shocked the crap out of me when I read it a couple of months ago. I was even more shocked when I found out shortly afterwards that Jamie Dimon offered to join the Obama administration and was turned down. After he had to be bribed to take on Bear Sterns despite the BS building being built in the shape of the JP Morgan Chase logo, turning down Morgan Stanley as a freebie and getting WaMu for $1B gross (the FDIC added so many incentives to that deal it too may have been a cash out at the close deal) the Obama team still didn't realize that he was a better pick than Bernancke, Summers and Geithner combined."If you didn't see the 2006 peak beforehand and take advantage of it, don't talk to me. Your opinion is worthless."
word.
It's in the OP. The Obama economic team made predictions. They failed.
Yeah, their Magic 8 Ball got stuck. Good grief, are we back to that nonsense? At the time, when all the hidden waves were beginning to break, the predicted 8% seemed reasonable. No one knew how much worse it would get because no one knew how much individuals and businesses had invested in the ongoing success of the housing market. When all hell broke loose and the house of cards came tumbling down, obviously unemployment was going to be worse than predicted. That's hardly a "policy" failure.
Plenty of people (including me) said the stimulus was going to fail and even said that it was going to make things worse and that's exactly what happened.
Sheesh, you seem so blind to obvious facts that you can't even concede a correct prediction.
People are super-sensitive to the latest news, for good or ill, because their vision of the future is blurred and their bias is gloomy. Having underrated economic risk during the boom, Americans may be overrating it now. Unfortunately, perceptions can become self-fulfilling.
The Obama administration is grappling uneasily with this reality. It can rightly claim that its economic policies quelled the near-hysteria of late 2008 and early 2009. But the success was partial, and the administration isn't getting much credit even for that.
