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  • On 30 Jan 2015 in New Greek government already making good on its anti-austerity promises, bob2356 said:

    thunderlips11 says

    What you're advocating is Socialism for the Wealthy.

    It's only called welfare if government money is going to poor people. If government money goes to rich people it's called investment. They would never blow it on mansions, yachts, and lobbying for more government money.

  • On 30 Jan 2015 in New Greek government already making good on its anti-austerity promises, bob2356 said:

    Bellingham Bill says

    Spain of course has horribly anti-borrower lending terms.

    "Also problematic are Spain's punitive personal bankruptcy laws, which don't allow unpaid debt to be canceled and make it difficult for bankrupt persons to enter all kinds of contracts, from apartment leases to cellphone plans. Bankruptcy protection is so onerous in Spain that only 235 families applied for it in the fourth quarter of 2012a 15% increase over a year earlier."

    Spain didn't have personal bankruptcy at all until 2003. Why they bothered is a mystery since the revised law isn't much better.

    That being said, america is the one out of the mainstream. Personal bankrupcty discharge of debts is pretty much unheard of in many other countries. You can get the debt restructured, but it still exists and is expected to eventually be repaid. Of course other countries don't have millions of lawyers saying it's always someone else's fault either. People are expected to be responsible for what they do.

  • On 30 Jan 2015 in 2015 Financial Prediction Thread, bob2356 said:

    iwog says

    Have you ever invested in the forex before?

    Has indigenous invested in (i think you mean with) forex? Now that's truly funny. I'm sure he has at least as much skin in the game as the captain.

  • On 30 Jan 2015 in Wall Street Is Gobbling Up Two-Thirds of Your 401(k), bob2356 said:

    Call it Crazy says

    Thanks for informing me that we have a working age population in this country of 62 million (those age 16 and older).

    It's a good thing there are no retirees (aged 65 to 90+) that have a 401k account....

    Working population, not working age. Don't be a putz, sorry that's like asking you not to breath. Tell you what, if you can figure out how many aren't working but are desirous of setting up a 401k then I will be glad to add them into the number..

    Of course there are retirees with 401k's but it would be impossible to figure out how many. Not a great many, 401k's didn't really take off until the 90's. Again, go figure it out and I'll be glad to revise my number.

  • On 30 Jan 2015 in RMB now #5 World Payment Currency - was #14 December 2012, bob2356 said:

    thunderlips11 says

    Quigley says

    I would add to the definition of currency value: the fidelity of the issuing nation, willingness and ability to pay its debts.

    China has no problem in that department.

    Everytime the US tries to sanction a BRIC, expect the RMB to look more and more useful.

    That's only the tip of the iceburg. Lots of people looking to bypass the usd these days for many reasons. China is looking to take advantage every way they can. Going to be a hard road though. No one really knows what's on china's books.

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