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Regular Contributor
ramblin_wreck08
Posts: 181
Registered: ‎08-09-2012
0

Re: Government Involvement: Good or Bad?


jamie123 wrote:

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.


I did not say that all government is bad.  On the contrary, I said that they have their role in our lives.  Please do not misconstrue a general statement of mine by believing it applies to all areas.

 

As for the automobiles example, innovation is driven by people and the market is controlled through supply and demand.  If people demand a safer ride, that's what they'll get.  Let's use the gasoline statement for an example.  Increases in technology have led to better, more fuel efficient vehicles.  When gas prices go up, people demand these vehicles.  This breeds competition, and car companies start competing for this market.  This leads to a natural increase in fuel economy.  Tires are also a quick one to explain.  If you know that a tire had failed, you wouldn't buy that tire, would you?  Manufacturers would have to step up their game to compete or go out of business.  Tires will fail and corrections will be made - with or without government intervention. 

 

We must not ignore secondary effects either.  Air bags were being developed in the late 60's as test beds for improving car safety in addition to various seat belt designs (not yet government regulated, but had been around or nearly two decades).  After laws passed mandating seat belts, the auto industry spent time and money investing exclusively in seat belt tooling and standardization, putting air bags on the sidelines for several decades.  Imagine how many lives could have been saved from the implementation of airbags decades earlier.

 

Might I add that many of the innovations/improvements you mentioned are the direct result of innovation.  The government simply said "that's good...let's have that in every car."




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Regular Contributor
ramblin_wreck08
Posts: 181
Registered: ‎08-09-2012
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Re: Government Involvement: Good or Bad?

Anyway - sorry to the OP for getting so off topic.  I'll refrain from continuing the debate on here.




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Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
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Re: Government Involvement: Good or Bad?

[ Edited ]

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 :-)


 


youngandcreditwrthy wrote:

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.

 

;-)


 1. Banking meltdown was thanks to government forcing banks to give out loans to people who were extreme credit risks, simply because they were considered to be oppressed based on demographics and location without proving they could pay back the loan, or have the means to pay back the loan. Ever heard of the Community Reinvestment Act created by Jimmy Carter and pushed by Bill Clinton, freddy mac, fannie mae, acorn? look it up... You're just helping me make my point...

 

2. Roads are funded by the "evil rich people with no empathy" who make up the 53% of taxpayers (yes 47% of Americans don't pay taxes, a refund is not government giving you free money, it's the government REFUNDING you your tax overpayments) for the purpose of creating infrastructure.

 

3. we are not a democracy, we are a representative republic, California state gov't is run as a direct democracy, and look what that's gotten us (yes I'm a CA citizen)

 

4. I will reiterate my point, the consumers are not winning on this one, as with the "banking failure" the government will step in and force creditors to give credit to people who otherwise can't support it, just as with student loans, just as with the housing bubble of the 2000s. This will create inflation as more people get credit (who wouldn't otherwise have it) as people who are bad credit risks max out their credit cards with purchases, falsley pushing up the GDP. Then a few more years down the road, as with the mortgage crisis, people won't be able to pay their credit cards again, everyone will default, and the banks will be blamed.

 

Remember, you are NOT ENTITLED TO CREDIT or property purchased using credit, and It's really not a crazy idea that you let the BANKS WHO ARE LENDING THE MONEY make the rules on who should get credit. The point of the credit reporting system is, as MANY people on this forum do, to force you to learn how to control your finances, control yourself when it comes to financial spending and credit, and then when you are able to handle it, open you up to more credit opportunities.

 

EDIT:


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!! :-)


just to add one more thing, empathy is the ability to recognize and understand someone's plight. Just because you have empathy for someone, doesn't mean your actions will help them. A "rich" person who doesn't give away free stuff to others less fortunate doesn't mean they don't empathize. Creating a job that a non "rich" person would get helps that person, as does purchasing a yacht. Ever count how many employees are created by the purchase of a single yacht by a rich person? From the service industry, to the parts industry, to the people who mine for the materials for the parts, the people who build the road to ship the parts, the people who work the docks, the people who clean the boat? 

 

How about the other side, the person who drives up to someone holding a sign on the freeway offramp, and hands them $10. I'm sure that person emphatizes as well, but the person holding the sign takes that $10, and buys a hit of meth and spends the night high instead of taking care of their kid. Whose actions are better, the peson who provides the homeless person opportunity to take control of their lives and make something for themselves, or the person who enables the homeless person's bad behaviour?

 

</soapbox>

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Senior Contributor
youngandcreditwrthy
Posts: 6,229
Registered: ‎08-16-2012
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Re: Government Involvement: Good or Bad?

Seriously... Im not reading all of that.

Great job for getting off of topic.

Fact: CFPB is here to HELP people who don't understand financial products or get hoodwinked by GOVERNMENT or TAXPAYER bailed out institutions... Well, not only them lol.

CFPB= exactly what the name insinuates(sp)
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Senior Contributor
youngandcreditwrthy
Posts: 6,229
Registered: ‎08-16-2012
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Re: Government Involvement: Good or Bad?

This isn't a political debate....
Moooodddddddssss where are you, shut it dooowwnnnn!! Lolzz
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Valued Contributor
ryanbush
Posts: 1,299
Registered: ‎08-19-2012
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Re: Government Involvement: Good or Bad?

it's almost like you think you have a right to credit, if the credit card companies are so bad then don't give them your busines..

 

novel idea... lol

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Established Contributor
sccredit
Posts: 850
Registered: ‎09-14-2012
0

Re: Government Involvement: Good or Bad?


youngandcreditwrthy wrote:
Seriously... Im not reading all of that.

Great job for getting off of topic.

Fact: CFPB is here to HELP people who don't understand financial products or get hoodwinked by GOVERNMENT or TAXPAYER bailed out institutions... Well, not only them lol.

CFPB= exactly what the name insinuates(sp)

That is not a fact, it is an opinion.  Don't mix the 2 up.

 

From someone who DID read it and someone who actuallly has a degree in Finance and Econ AND has actually worked for a living in that field I can tell you that the points you are refusing to read are 100% spot on.
 

You can't complain about things getting off topic when you were right in the middle of it and then scream for someone to clean up your mess.

 

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Established Contributor
sccredit
Posts: 850
Registered: ‎09-14-2012
0

Re: Government Involvement: Good or Bad?


ryanbush wrote:

it's almost like you think you have a right to credit, if the credit card companies are so bad then don't give them your busines..

 

novel idea... lol


+1

 

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Government Involvement: Good or Bad?


sccredit wrote:

youngandcreditwrthy wrote:
Seriously... Im not reading all of that.

Great job for getting off of topic.

Fact: CFPB is here to HELP people who don't understand financial products or get hoodwinked by GOVERNMENT or TAXPAYER bailed out institutions... Well, not only them lol.

CFPB= exactly what the name insinuates(sp)

That is not a fact, it is an opinion.  Don't mix the 2 up.

 

From someone who DID read it and someone who actuallly has a degree in Finance and Econ AND has actually worked for a living in that field I can tell you that the points you are refusing to read are 100% spot on.
 

You can't complain about things getting off topic when you were right in the middle of it and then scream for someone to clean up your mess.

 


+1. This attitude is a perfect example of why a lot of people can't stand GenY. When he grows up a bit more, he might actually understand how the world really works. Until then I wouldn't pay him much mind.
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Established Contributor
sccredit
Posts: 850
Registered: ‎09-14-2012
0

Re: Government Involvement: Good or Bad?


CreditScholar wrote:

sccredit wrote:

youngandcreditwrthy wrote:
Seriously... Im not reading all of that.

Great job for getting off of topic.

Fact: CFPB is here to HELP people who don't understand financial products or get hoodwinked by GOVERNMENT or TAXPAYER bailed out institutions... Well, not only them lol.

CFPB= exactly what the name insinuates(sp)

That is not a fact, it is an opinion.  Don't mix the 2 up.

 

From someone who DID read it and someone who actuallly has a degree in Finance and Econ AND has actually worked for a living in that field I can tell you that the points you are refusing to read are 100% spot on.
 

You can't complain about things getting off topic when you were right in the middle of it and then scream for someone to clean up your mess.

 


+1. This attitude is a perfect example of why a lot of people can't stand GenY. When he grows up a bit more, he might actually understand how the world really works. Until then I wouldn't pay him much mind.

To me it's akin to the law student who knows EVERYTHING about the law.  I use attorneys everyday in my job and can tell you that they are not afraid to admit when they don't know something about a specific code.  I was trying to stay out of it until the screaming for help after starting a bunch of crap.  Definitely shows an immense lack of maturity.  Have to agree to the paying him no mind part.  Off to coach the kid's soccer practie.  Have a good night all.

 

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