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#Post#: 1650--------------------------------------------------
Here's how Elon Musk's fortune has benefited from taxpayer help
By: RE Date: November 14, 2021, 2:02 pm
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Here's how Elon Musk's fortune has benefited from taxpayer help
HTML https://www.cnn.com/2021/11/14/investing/elon-musk-wealth-taxpayer-support/index.html
#Post#: 1654--------------------------------------------------
Re: Evergrande: BK or Not BK? That is the question?
By: Phil Potts Date: November 14, 2021, 3:30 pm
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[quote author=RE link=topic=60.msg1642#msg1642 date=1636896590]
Over the last week we have had conflicting reports that EG
had/had not missed it's bond payments. Why the confusion?
Because EG hasn't admitted it, nor has it declared BK. Now
however at least one creditor who has not been paid will file,
which SHOULD trigger BK proceedings. I say should because WTF
knows with the FUBAR legal system these days?
I think EVERYBODY KNOWS EG is BK, but the usual E & P game is
being played. Everybody also figures the Chinese goobermint
will step in at the last possible minute to stop the bleeding.
The CCP is loathe to do this, because EG is just the tip of the
iceberg in their property market, currently valued at $55
TRILLION! Even just a 10% correction there is more than the
FSoA infrastructure bill Uncle Joe is trying to sell!
The Little Chinese Boy has his finger in the EG hole in the
dyke, but it's leaking. When the water comes rushing through,
watch out.
Global financial crash: China Evergrande heading for 'bankruptcy
in days'
HTML https://www.indexmundi.com/blog/index.php/2013/02/19/food-exports-and-imports-worldwide/
RE
[/quote]
Wrong link there.
Could be the PBOC isn't interested in bailing out a HK real
estate company, because it's helping British banking. Of course
it also affects the mainland real estate companies that go down
as well, but Xi's govt might want the bubble burst and less
speculation, similar to banning crypto mining.
Joe Biden and Jerome Powell pumping money to Blackrock will
probably cover any losses. The EG CEO and board of directors
will also make out like bandits, it's called catabolic
capitalism.
#Post#: 1702--------------------------------------------------
93% of Student-Loan Borrowers Are in Default After Pandemic Reli
ef
By: RE Date: November 17, 2021, 12:56 am
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Nor are these loans ever likely to be paid back. Irredeemable
debt, of course. Another part of the E & P game that
manufactures money, out of Nothing at All. The real problems
only surface when there is Nothing at All to buy on the
fertilizer shelf at the Feed Store.
The student-loan payment pause didn't help most of the 7.7
million borrowers who were behind on federal bills at the start
of the pandemic. 93% of them still are.
HTML https://www.businessinsider.com/student-loan-borrowers-in-default-after-pandemic-pause-debt-payments-2021-11
RE
#Post#: 1703--------------------------------------------------
93% of Student-Loan Borrowers Are Screwed Lewd and Tattooed
By: K-Dog Date: November 17, 2021, 1:38 am
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[quote author=RE link=topic=60.msg1702#msg1702 date=1637132204]
Nor are these loans ever likely to be paid back. Irredeemable
debt, of course. Another part of the E & P game that
manufactures money, out of Nothing at All. The real problems
only surface when there is Nothing at All to buy on the
fertilizer shelf at the Feed Store.
The student-loan payment pause didn't help most of the 7.7
million borrowers who were behind on federal bills at the start
of the pandemic. 93% of them still are.
HTML https://www.businessinsider.com/student-loan-borrowers-in-default-after-pandemic-pause-debt-payments-2021-11
RE
[/quote]
Banks collect more in fees from people in default. The dice is
rolled that some will actually be in a position to pay something
back someday. Of course the paperwork is daunting. It was
meant to be.
#Post#: 1704--------------------------------------------------
Re: 93% of Student-Loan Borrowers Are Screwed Lewd and Tattooed
By: RE Date: November 17, 2021, 9:06 am
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[quote author=K-Dog link=topic=60.msg1703#msg1703
date=1637134722]
Banks collect more in fees from people in default. The dice is
rolled that some will actually be in a position to pay something
back someday. Of course the paperwork is daunting. It was
meant to be.
[/quote]
7% of people currently are in position to pay. 93% are not.
When will they be in such a position? The banks can add late
fees, but if the borrower can't pay the current balance, they
sure won't be able to pay a larger one. There is no paperwork
to file, you just don't pay the coupon each month.
The lender is the one that has paper work to file. If it is a
Federally Guaranteed loan, they file with Da Goobermint to get
paid by them. Otherwise they file with the courts, which
involves expensive legal costs for them.
For the federal loans, once the debt is settled with the bank,
the IRS takes over. However, if your taxable income is below
the poverty level, legally they can't garnish your wages. For
single taxpayers, that is currently $12,880. But you also have
the Standard deduction, this year set at $12,550. So your gross
income is at $25,430. Can you live on that? Of course you can!
I do.
If you work 30-35 hrs/wk flipping burgers at Mickey D's, you
make your $25K. You share an apartment or McHovel with a couple
of friends or another couple if you have a girlfriend. For some
extra untaxed cash, you mow some lawns, shovel snow off your
neighbors driveway, do some babysitting, whatever. Staying
below the poverty level, you'll also qualify for Medicaid for
free health insurance, easily a $10K/yr value.
Unless and until you can grab a job paying minimum $50-60K,
you'll never pay off a loan, they'll just take a minimum monthly
payment out of your paycheck and you are right back where you
started. So why would you even bother to do that.?
I expect most of these loans, as in >50% to remain as
irredeemable debt for the forseeable future. In most cases, it
will eventually be absorbed into the federal deficit, maybe
after 10 or 20 years, if the monetary system lasts that long.
RE
#Post#: 1759--------------------------------------------------
Global financial crash: Evergrande to be removed from stock inde
x as meltdown looms
By: RE Date: November 20, 2021, 4:08 am
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Another domino falls in the Evergrande saga falls.
Global financial crash: Evergrande to be removed from stock
index as meltdown looms
HTML https://www.express.co.uk/finance/city/1524220/global-financial-crash-news-economy-china-evergrande-collapse
RE
#Post#: 1763--------------------------------------------------
China's property market facing COLLAPSE – bubble always 'bursts'
By: RE Date: November 20, 2021, 10:25 am
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HTML https://www.express.co.uk/finance/city/1522519/global-financial-crash-china-evergrande-debt-world-economy
China's property market facing COLLAPSE – bubble always 'bursts'
RE
#Post#: 1803--------------------------------------------------
Why the global inflation surge could signal an economic collapse
By: RE Date: November 22, 2021, 12:08 am
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HTML https://www.scmp.com/comment/opinion/article/3156716/why-global-inflation-surge-could-signal-economic-collapse
Why the global inflation surge could signal an economic collapse
RE
#Post#: 1813--------------------------------------------------
‘Indentured servitude’: low pay and grueling conditions fueling
US truck driver shortage
By: RE Date: November 22, 2021, 6:45 pm
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A few things I would argue with in this article, like that
before deregulation in the 80s trucking was ever a great job or
decently paid for the hours you actually put in. Certainly in
the 90s when I was doing it it was basically indentured
servitude. I did my year with Schneider to pay off the free
training, and that model obviously persists to this day. The
huge turnover rate and retension problem also existed back then,
less than half of new recruits even made it through the first
year.
But things have definitely gotten worse over the last 20 years
or so. The electronic logging system which tracks your hours
and driving time limits the freedom you have and ability to
control your own hours. Costs across the board for independents
have increased exponentially. You can still make OK money if
you hook on with a good firm, but breaking it down by an hourly
wage, it's slave wages.
As with Europe, the job has consistently been s5taffed by recent
immigrants, but with the Trump era immigration restrictions, not
enough new slaves were imported to replace those dropping out of
the industry. Thus you have worked up the popularly quoted
figure of 80,000/year deficit in recruitment.
The current "solution" to this problem appears to be trying to
entice retired drivers back to the job, and legalizing 18 year
olds to drive a big rig. Who has the highest accident rate
among 4 wheel drivers? 18 year olds. lol. Do you want to be on
the road with these idiots pulling 20 tons of beer in the
trailer?
Another solution floated for the supply chain FUBAR is for
Konsumers to stop BUYING so damn much stuff! lol. Eat less!
Drink less! Buy fewer gadgets! Shit less! We need too much
TP! lol.
Demographic problems are a bitch. They sneak up insidiously,
then when they hit Critical Mass, POW, you got a big problem.
Anyhow, I'm one ex-Trucker who will never go out OTR again.
Even if I was healthy I wouldn't do it.
‘Indentured servitude’: low pay and grueling conditions fueling
US truck driver shortage
HTML https://www.theguardian.com/business/2021/nov/22/indentured-servitude-low-pay-and-grueling-conditions-fueling-us-truck-driver-shortage
RE
#Post#: 1822--------------------------------------------------
Global financial crash: China Evergrande's share price drops aga
in as meltdown looms
By: RE Date: November 24, 2021, 3:16 am
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Another slow motion train wreck.
Global financial crash: China Evergrande's share price drops
again as meltdown looms
HTML https://www.express.co.uk/finance/city/1525099/global-financial-crash-china-evergrande-collapse-default-payments
RE
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