topic Re: Government Involvement: Good or Bad? in Credit in the News

Government Involvement: Good or Bad?

jordanmedical — Thu, 27 Sep 2012 03:55:10 GMT

https://email.quizzle.com/pub/sf/FormLink?_ri_=X0Gzc2X%3DWQpglLjHJlTQGnvUnRjvCUWXEfHzbOFE0PWTWUt84LBHXBPqSD6InzczdzaVXMtX%3DWQpglLjHJlTQGrejnJzbveUsONbqO8WgB2MEWUt84LBHXBPqSD6Inzczdza&_ei_=ElG48U_ckqQe9ROpVZY_pw73OhTEWhFH7bhIZ76v1Ik3g66cfSRPPnqShC6A8GqVS5h_CqXkqLgsirNHPtJizXdSgK-FTF2UI6hpCq1RDJXc7t4K_XzMFnsIXHPjTNR0HvqXsyg2xO0rXrQBDLsHNi__vE45c4Y72qpjGRgi0cq6G6tQmiGDUBOXNWOYw6wnywvnNSjkydUfwx4gbWkc6GT_Rj5a1gWtETeIfIFV0r2nK8gABDpCWso3PBRYYg.

Re: Government Involvement: Good or Bad?

Duncanrr — Thu, 27 Sep 2012 04:16:30 GMT

Im guessing that while it may help some people out, government involvement will be more of a negative than a positive.

Re: Government Involvement: Good or Bad?

dmsteidl — Thu, 27 Sep 2012 04:25:15 GMT

^ My thoughts as well.

Re: Government Involvement: Good or Bad?

CreditScholar — Thu, 27 Sep 2012 04:28:39 GMT

dmsteidl wrote:
^ My thoughts as well.

+2. Anytime the government becomes involved, whatever it is suddenly becomes subjected (at least in part) to public opinion. The information that these bureaus are providing shouldn't be subjected to this potential bias, because there are millions of ignorant people out there who may get their way if they whine loudly enough. That isn't working as intended.

Re: Government Involvement: Good or Bad?

seigex — Thu, 27 Sep 2012 04:39:51 GMT

+3 ... All government oversight is going to do is muddle the credit worthiness, they're probably going to collect demographic info so they modify credit info for more risky people because the gov't thinks they're "unfairly disadvantaged." All this is going to do is make creditors less likely to be willing to give out credit, that is until the gov't forces them to at threat of takeover.

Re: Government Involvement: Good or Bad?

youngandcreditwrthy — Thu, 27 Sep 2012 15:24:35 GMT

Jeez, you all need to calm down with your "anti-government" attitudes. I'm sorry, but the roads you drive on... the schools your kids go to... the hospitals you need.. all funded and helped by YOUR gov't.

Anyone remember what it's like to be a broke college student? ( I am now!)

Furthermore, banking regulation is needed in this country (anyone remember the financial crisis that recently occured?)

Idk if anyone else here has had a fraud account on their report, but I have, and let me tell you... it's a pain in the a** to get it off bc as soon as you do.. the current collection Company always sells it EVEN though it's a fraud account.

I got the same email from Quizzle, and I'm glad the CFPB is trying to rein in erroneous credit reporting.

anyone remember that stat about 60% of all credit reports have inaccuracies? LOL

Best wishes :-)

Re: Government Involvement: Good or Bad?

amex77 — Thu, 27 Sep 2012 15:35:11 GMT

Not one thing you mentioned is funded by the government. They are funded by the taxpayer. The government is the middleman. They take our money and give it to someone else and we have very little say in the matter.

Re: Government Involvement: Good or Bad?

Jlu — Thu, 27 Sep 2012 15:35:24 GMT

Bad.

Always bad.

Always.

Re: Government Involvement: Good or Bad?

LS2982 — Thu, 27 Sep 2012 15:51:53 GMT

I can wee it from both sides of the fence, but it would be very nice if someone, anyone regulated these CB's!!

Re: Government Involvement: Good or Bad?

MoneyPurchaseOptions — Thu, 27 Sep 2012 16:02:38 GMT

youngandcreditwrthy wrote:
Jeez, you all need to calm down with your "anti-government" attitudes. I'm sorry, but the roads you drive on... the schools your kids go to... the hospitals you need.. all funded and helped by YOUR gov't.

Anyone remember what it's like to be a broke college student? ( I am now!)

Furthermore, banking regulation is needed in this country (anyone remember the financial crisis that recently occured?)

Idk if anyone else here has had a fraud account on their report, but I have, and let me tell you... it's a pain in the a** to get it off bc as soon as you do.. the current collection Company always sells it EVEN though it's a fraud account.

I got the same email from Quizzle, and I'm glad the CFPB is trying to rein in erroneous credit reporting.
anyone remember that stat about 60% of all credit reports have inaccuracies? LOL

Best wishes :-)

++1

Re: Government Involvement: Good or Bad?

youngandcreditwrthy — Thu, 27 Sep 2012 16:15:17 GMT

LOL you're saying inaccuracies cause low interest rates?

okay.. but the taxpayer IS the gov't..

idk if you know this or not, but

in a democracy.... "we the people..." control the gov't...

LOL

furthermore,

all of my balances are at 0% interest.

I suppose there is just a difference in ideology, but the consumers are winning on this one... just sayin'

*insert quote from Elizabeth Warren here*

Hate to be so political, but I assume some to believe that "tax breaks cure all" as well?

hapahaphaha

AGAIN, refer to financial crises in the past... TYPICALLY due to LOW regulation and TOOO lax of credit.

;-)

Re: Government Involvement: Good or Bad?

ramblin_wreck08 — Thu, 27 Sep 2012 17:58:12 GMT

amex77 wrote:
Not one thing you mentioned is funded by the government. They are funded by the taxpayer. The government is the middleman. They take our money and give it to someone else and we have very little say in the matter.

+1. Beat me to it.

It's like giving your money to a stranger to spend for you. If you walked up to someone and asked them to do that, they'd look at you like you're crazy. You know what your wants and needs are better than they do. Giving your money to the government is the same way. Sure, there are certain things (like national defense) that we really couldn't take care of ourselves in an efficient manner. But the general rule of thumb is that when the government steps in, things are worse off. Take social security as an example. Talk about mismanagement.

Re: Government Involvement: Good or Bad?

youngandcreditwrthy — Thu, 27 Sep 2012 19:23:42 GMT

No lol that isn't the general rule of thumb... Sure if you are of certAin ideology.. Yeah, it is lol. Omg..
Are you serious?! VOTING for LAWS and in ELECTIONS lol... That's not handing money to strangers.
Forgive me for having faith in America.
Pahaha oh wow...
I guess being an Econ major and actually understanding the role of gov't makes me an outlier hahaha!

You guys are cray:-P

Btw... Many things are quasipublic in nature, such as the items I mentioned.

Either way, the CFPB is good for the average American.
:-)

Re: Government Involvement: Good or Bad?

ramblin_wreck08 — Thu, 27 Sep 2012 20:19:41 GMT

youngandcreditwrthy wrote:
No lol that isn't the general rule of thumb... Sure if you are of certAin ideology.. Yeah, it is lol. Omg..
Are you serious?! VOTING for LAWS and in ELECTIONS lol... That's not handing money to strangers.
Forgive me for having faith in America.
Pahaha oh wow...
I guess being an Econ major and actually understanding the role of gov't makes me an outlier hahaha!

You guys are cray:-P

Btw... Many things are quasipublic in nature, such as the items I mentioned.

Either way, the CFPB is good for the average American.
:-)

Maybe handing money to a friend is a better analogy.

While not an Econ major, I do have solid background in both Econ and government. And as far as an ideology is concerned, I tend to agree with much of what the founding fathers viewed as ideal. Take these two quotes from Thomas Jefferson, for instance. They define the appropriate role of government as our founding fathers viewed them. They also describe mismanagement according to them. I would have to agree on both:

"A wise and frugal Government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government, and this is necessary to close the circlue of our felicities."

"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."

Re: Government Involvement: Good or Bad?

bahbahd — Thu, 27 Sep 2012 20:00:03 GMT

Jus

youngandcreditwrthy wrote:
No lol that isn't the general rule of thumb... Sure if you are of certAin ideology.. Yeah, it is lol. Omg..
Are you serious?! VOTING for LAWS and in ELECTIONS lol... That's not handing money to strangers.
Forgive me for having faith in America.
Pahaha oh wow...
I guess being an Econ major and actually understanding the role of gov't makes me an outlier hahaha!

You guys are cray:-P

Btw... Many things are quasipublic in nature, such as the items I mentioned.

Either way, the CFPB is good for the average American.
:-)

Just wait till you are out of college for a good while, son.

Re: Government Involvement: Good or Bad?

youngandcreditwrthy — Thu, 27 Sep 2012 20:03:13 GMT

Lol... You mean wait until Im old and rich and have no empathy for others? Not gonna happen. LOL. Although, I'm totally success driven :-)
Either way
, freedom of speech rocks as evidenced by
this convo ahhaah!

I trust my friends btw!! :-)

Re: Government Involvement: Good or Bad?

Settemio — Thu, 27 Sep 2012 20:27:02 GMT

dont feel so bad, I got turned down too just now... my credit scores are around 720 with 25% util and they still said no... I am done with this card now. It served its purpose.

Oh sorry, posted on wrong thread... lol... yeah Crap1.

Re: Government Involvement: Good or Bad?

youngandcreditwrthy — Thu, 27 Sep 2012 20:17:48 GMT

Oh haha Capital One, eh?

The bastards!

Re: Government Involvement: Good or Bad?

ramblin_wreck08 — Thu, 27 Sep 2012 20:33:04 GMT

youngandcreditwrthy wrote:
Lol... You mean wait until Im old and rich and have no empathy for others? Not gonna happen. LOL. Although, I'm totally success driven :-)
Either way
, freedom of speech rocks as evidenced by
this convo ahhaah!

I trust my friends btw!! :-)

There is a distinct difference between your generalization about being "old and rich and hav(ing) no empathy for others", and the views that I, and others, have expressed here. I am only 22 years old and am a recent college graduate. However, I am atypical in that not only do I listen to my elders, I actually ask for their input. With age comes wisdom. You would be surprised what you could learn. You will find that it will change your opinion about a lot of things. Life lessons and realizing the actual effects of things over time can be quite powerful in molding opinions.

Ah, yes, freedom of speech - so long as you don't say something that could possibly offend others (not politically correct) or be misconstrued as making you uncaring or lacking in empathy. But that is another topic entirely - as if we aren't off topic enough already.

Re: Government Involvement: Good or Bad?

jamie123 — Thu, 27 Sep 2012 21:01:04 GMT

The government needs to step in when people are abused and injured by the products sold in the marketplace. Yes, many people have been abused and injured by the financial institutions in this country!

How can anyone make a statement that all government is bad? That is absolutely ludicrous!

Take automobiles as an example, if the government didn't regulate this industry we would still be doing the following:

Cars would be getting 10 miles per gallon of gasoline.

We wouldn't have seat belts.

We wouldn't have air bags.

Kids would be riding unrestrained and in the front seats.

Tires would be failing left and right.

We would be losing family members to crashes in unsafe vehicles.