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Thread: Occupy Wall Street PROTESTERS Not Letting Up - Nationwide

  1. #171
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    I also think people need to study what debt relief is, what forms it takes, and why the student loan bit is SUCH a mess. wikipedia has a nice article, basic, but nice.

    and this is taken from the article:

    In US tax law, debt forgiven is treated as income, as it reduces a liability, increasing the taxpayer's net worth. In the context of the bursting of the United States housing bubble, the Mortgage Forgiveness Debt Relief Act of 2007 provides that debt forgiven on a primary residence is not treated as income, for debts forgiven in the 3-year period 2007–2009. The Emergency Economic Stabilization Act of 2008 extended this by 3 years to the 6-year period 2007–2012.
    and here's a bit about that act.

    In bankruptcy and foreclosure, debt often is and can be forgiven between creditors and private citizens.

    Heck, I would be happy if student loans were able to be managed via bankruptcy. That alone would make me happy. I'm no where near filing for it, but I can imagine that many people are. And if they could get that debt restructured or forgiven, then heck yeah, let it happen.
    Last edited by Zoebird; 10-12-11 at 12:53am.

  2. #172
    Senior Member Yossarian's Avatar
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    Quote Originally Posted by Zoebird View Post
    ERG,

    I'm really not interested in googling right now. put up your own links to demonstrate your points.

    That being said, google coughed up this: NYTs articles.

    And included is this one: http://dealbook.nytimes.com/2010/11/...ef=bailoutplan
    Those don't support your contention.

  3. #173
    Senior Member Yossarian's Avatar
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    This is what they should be talking about: https://www.nytimes.com/2011/10/09/s...that-good.html

    Quit fighting over how to divide a shrinking pie and foucs on making more pie.

  4. #174
    Senior Member Catwoman's Avatar
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    Theme song for OWS protestors:

    http://www.youtube.com/watch?v=TRTkCHE1sS4

  5. #175
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    Quote Originally Posted by East River Guide View Post
    This is what they should be talking about: https://www.nytimes.com/2011/10/09/s...that-good.html

    Quit fighting over how to divide a shrinking pie and foucs on making more pie.
    More pie! Yes.

  6. #176
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    Quote Originally Posted by redfox View Post
    More pie! Yes.
    "Let's make the pie higher."

    GWB

  7. #177
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    my favorite quote is that there aren't any demands, because they are not expecting anyone else to solve this problem. they are striving to solve it themselves.

    and i think they're trying to move away from pie, and move into cakes, cookies, all manner of casseroles, and many raw salads and cooked salads as well. you know, to extend the food analogy.

  8. #178
    Senior Member Jemima's Avatar
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    Quote Originally Posted by Dragline View Post
    But the bigger question is the prospective one -- what happens when these banks fail again (even under current accounting standards), which is happening right now as Europe goes down the toilet? Will they be restructured or bailed out? Will we continue to reward failure at the highest level? Neither party is listening and both are being paid. And we will hear the BIG LIE again -- "we have to pay these people/institutions off or the world will end."
    It looks like another "Too Big To Fail" failure is looming on the horizon:

    Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?

    "The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding (consisting of Interest Rate, FX, Equity Contracts, Commodity and CDS) among the Top 25 commercial banks (a number that swells to $333 trillion when looking at the Top 25 Bank Holding Companies), a mere 5 banks (and really 4) account for 95.9% of all derivative exposure (HSBC replaced Wells as the Top 5th bank, which at $3.9 trillion in derivative exposure is a distant place from #4 Goldman with $47.7 trillion)." -Zero Hedge

    LINK: http://tinyurl.com/Five-Banks

  9. #179
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    Quote Originally Posted by Jemima View Post
    It looks like another "Too Big To Fail" failure is looming on the horizon:

    LINK: http://tinyurl.com/Five-Banks
    It sounds like we're moving from "too big to fail" to "too big to save".

  10. #180
    Senior Member jp1's Avatar
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    http://www.nytimes.com/2011/10/15/bu...rotesters.html

    A member of the 1% managed to very succinctly spell out two of the reasons the protests are happening. What a moron.

    said one longtime money manager. "Financial services are one of the last things we do in this country and do it well."

    ...He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. "They need to understand who their constituency is," he said.

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