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Carl,
To add a little to the discussion. The Federal government had a huge hand in creating this bubble. In a previous life I used to sell identity and access management software to banks so they could meet GLBA regulations. Back then banks were threatened with FDIC audits if they didn't loan enough money to folks with poor credit scores. The banks were also told that it was in their best interest to buy stock in Fanny & Freddy. Having littlenchoice, the banks made those loans, and then sold them as fast as possible to F&F. Goldman Sachs on the other hand should have some people sitting in jail for selling these derivatives all the while shorting the housing market. Maybe we should go back to the old ways where you are either a bank or an investment firm, not both.
Originally Posted by Carl Spackler
(Post 1109509)
I know this is going to sound hardass in this day of undeserved self-affirmation, but none of the financial and investment misjudgment you've stated here caused the extreme home valuation rise...that was caused by the home buyer who agreed to buy their homes at prices that were almost doubling every two years when inflation was not. When buyers are willing to pay any price for something, a bubble will ensue.
Also, none of the financial and investment misjudgment you've stated caused home valuations to collapse. That was caused by people walking away from their contractual promises to pay those mortgages when home prices stopped doubling every two years. Mom and pop speculators were buying as many homes as their leverage would allow, betting that prices would continue to skyrocket. When the speculators walked away from their promises to pay, the bubble burst. Now we have websites devoted to teaching you how to walk away from a mortgage you can afford, but to free yourself from a home you've paid too much for. Its an outrageous example of what happens when too many of us lose our moral compass. And banks have noticed this missing moral compass. Thus loans have dried up. This should come as no surprise to anyone. Carl |
Originally Posted by The Chow
(Post 1109577)
Carl,
To add a little to the discussion. The Federal government had a huge hand in creating this bubble. In a previous life I used to sell identity and access management software to banks so they could meet GLBA regulations. Back then banks were threatened with FDIC audits if they didn't loan enough money to folks with poor credit scores. The banks were also told that it was in their best interest to buy stock in Fanny & Freddy. Having littlenchoice, the banks made those loans, and then sold them as fast as possible to F&F. Goldman Sachs on the other hand should have some people sitting in jail for selling these derivatives all the while shorting the housing market. Maybe we should go back to the old ways where you are either a bank or an investment firm, not both. But for the first 10 years after high school graduation, I was one of those poor sots that didn't even have a credit score because I was so broke. It was southern California in the late seventies when real estate was going straight up. I had buddies willing to "hook me up" and get in on it even though I couldn't afford it. I didn't do it. Why? Because I couldn't afford it unless my income never went backwards. All my old buds went broke in the 80's when socal real estate went bust. The moral of this ever repeating story is simple. If you can't afford it, don't buy it. If you buy it anyway, it's your own damn fault. There will always be financial instruments available to give you the dreams you can't afford. If you fall for it, it's your fault. Carl |
Ad for China Job Fair
Hi Guys, Just checking the L&G thread and now have a Ad for a China Job Fair (Land a Dream Job Flying in China)
Pan Am and WASINC, China's largest pilot leasing company are pleased to announce the 2012 All-China Pilot Job Fair for hundreds of international candidates at Pan Am's Miami and Las Vegas Training Centers. This Job Fair is specifically designed for commercial pilots seeking jobs in China, an ever-growing exploding region with tremendous opportunities. Ten major Chinese Airlines will have representatives in attendance, including: Shenzhen Airlines Air China Hainan Airlines Tianjin Airlines Sichuan Airlines Xiamen Airlines Chengdu Airlines Spring Airlines Okair West Air Business Aviation Asia Airline interviews and evaluations Attendees will have the opportunity to pass evaluations, meet and greet the hiring airlines, and formally interview. Qualifying pilots will receive on the spot conditional offers. Pilot Presentations - What's it like working in China Attendees will have the opportunity to participate in an open forum workshop where they will hear commercial pilots currently flying for Chinese airlines share their insights and answer questions. Visiting VIPS Representatives from China's CAAC, as well as US Government officials will be in attendance. Open house & qualified use of simulator fleet Airlines and candidates will have access to Pan Am's training facilities and a vast fleet of commercial jet simulators for qualified flight tests. A complete listing of Miami Simulators and Las Vegas Simulators can be viewed here. Participant Pre-Qualifications Registration is required in order to receive a personal interview including simulator evaluation. Applicants must meet the following minimum requirements in order to receive an interview (requirements may vary slightly by airline). Must have 500 hours PIC time on type Must have 3000+ hours total time Last flight must be within 12 months Airlines in attendance will be looking for Captains on the following aircraft: B777, B747-400, B767, B737NG and EFIS, A340, A330, A320, EMB190, EMB145. Fees and Registration This event is FREE to qualified pilots. Pre-registration is required. Registration includes entry and a clearance pass to attend general speaker session, interviews, and workshops. To register click China Job Fair Registration and include your name and contact information in the email. A confirmation email will be returned. Or you may register by calling Pan Am International flight academy within the US toll free at 1-877-394-2118. Seating is limited. Register early to guarantee your participation. This won't work for me, as I have been flying old jets my whole career. They aren't looking for DC9, DC10, B727, D737-200 & B747-200 guys, but maybe some of you Busboys (Ferd) & NG (Buzz) guys might want to take a look.:D |
I wonder if the ex-pat flying the E-145 in a dust mask would rather be a Delta captain?
I've been bombarded by these ads and e mails lately - they must really be hurtin' for warm bodies. |
Originally Posted by Carl Spackler
(Post 1109519)
OK, here's Mr. Hardass again. In the theoretical example I've bolded above, that means a pilot would have bought a 500,000 home (since most areas have dropped by 50%). If a pilot who was in a position to be furloughed paid 500,000 for a home, that is HIS problem and his societal DUTY to pay it back. Notwithstanding the unbelievably poor judgment that shows, he has a duty to pay that back.
Carl But, the point I am trying to make, which I'm not sure you disagree with, is that not everyone who has defaulted or will default on this promise made a bad decision when they decided to buy a house. People make plans and they make decisions based on those plans, and sometimes they don't work out. Are you really meaning to imply that when you signed your mortgage papers that your repayment to the bank was a guaranteed, sure fire thing? Are you really suggesting that people who don't pay their mortgages be prosecuted? Do you mean criminally? If your answer to any of these questions is yes, I would love to share an ocean crossing with you. We would have a lot to discuss. :D |
Originally Posted by Carl Spackler
(Post 1109583)
Totally agree here with every word.
But for the first 10 years after high school graduation, I was one of those poor sots that didn't even have a credit score because I was so broke. It was southern California in the late seventies when real estate was going straight up. I had buddies willing to "hook me up" and get in on it even though I couldn't afford it. I didn't do it. Why? Because I couldn't afford it unless my income never went backwards. All my old buds went broke in the 80's when socal real estate went bust. The moral of this ever repeating story is simple. If you can't afford it, don't buy it. If you buy it anyway, it's your own damn fault. There will always be financial instruments available to give you the dreams you can't afford. If you fall for it, it's your fault. Carl I believe one of the biggest problems with education in America, is that we don't teach teenagers/high schoolers basic life skills ... -Checking accounts, how they work, how to balance them, what happens when you bounce a check -Credit cards, the good, the bad, the ugly -Interest and how it can make you rich or poor -What is a contract/lease -What is wage garnishment -Free resources for financial help, job training, job search, etc. -The judicial system and you -How to buy a home -Renting versus owning -Savings accounts -401ks -Car insurance, medical insurance etc.etc. |
Every high school graduate should have to read Dave Ramsey's books such as the Total Money Makeover.
Either you work for your money or your money works for you.
Originally Posted by KC10 FATboy
(Post 1109613)
Carl, I totally respect everything you've said regarding finances. I wish everyone had a father or grandfather with your wisdom.
I believe one of the biggest problems with education in America, is that we don't teach teenagers/high schoolers basic life skills ... -Checking accounts, how they work, how to balance them, what happens when you bounce a check -Credit cards, the good, the bad, the ugly -Interest and how it can make you rich or poor -What is a contract/lease -What is wage garnishment -Free resources for financial help, job training, job search, etc. -The judicial system and you -How to buy a home -Renting versus owning -Savings accounts -401ks -Car insurance, medical insurance etc.etc. |
Originally Posted by orvil
(Post 1109504)
Call Curtis at DALPA. He's the man. One stop shopping.
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Originally Posted by buzzpat
(Post 1109625)
orvil, or someone, can you pm me curtis's contact info? I couldn't find it. Thanks in advance!
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This was on Yahoo! I guess giving the dumb guy the gun and a lot of cash wasn't a good plan after all:
KANSAS CITY, Mo (Reuters) - A man trying to board a Delta Airlines flight in Kansas City with a loaded handgun was charged on Thursday with carrying a concealed weapon, authorities said. Anthony Winn, 26, of Kansas City was caught by a security screener Wednesday with what appeared to be a gun in his carry-on bag, according to U.S. Attorney Beth Phillips of the Western District of Missouri. Officers at the airport found a loaded 9 millimeter Glock handgun with 23 live rounds of ammunition, including one in the chamber, said a criminal complaint filed Thursday. Police also found $4,906 in Winn's pants pockets and $26,515 in three pairs of jeans in his carry-on bag. Winn said he was bringing the bag to a friend in Arizona and did not know it contained a gun. He was charged with having a concealed handgun in his bag and with being a felon in possession of a firearm. Winn has two prior felony burglary convictions and a conviction for unlawful use of a weapon, authorities said. Winn was bound for Minneapolis and then Tuscon, according to the case documents. U.S. Attorney spokesman Don Ledford said authorities believe Winn had "no terrorist motives or connections." He is being held in federal custody as he awaits a detention hearing on January 3. |
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