America...the newest third world country.

Discussion Topic

Return to Forum List

This thread has been locked

Messages 281 - 290 of total 290 in this topic

<< First | < Previous | Show All | Next > | Last >>

Ghost

climber

A long way from where I started

Jun 30, 2014 - 11:47am PT

They have exactly one. Just fitted out last year here in Dalian.

And that one is not exactly state-of-the-art if what I've read is true.

HighTraverse

Trad climber

Bay Area

Jun 30, 2014 - 11:52am PT

Were is the locations where the US is concerned about Chinese territorial claims? Where, on a world map, does the US defacto claim by it's routine military presence?

Why everywhere of course, for both questions.
Pax Brittania has become Pax Americana. Or so McCain, Cheney, Kristol etc want us to believe.

Bruce Morris

Social climber

Belmont, California

Jun 30, 2014 - 01:48pm PT

Except the "Pax Brittanica" ultimately bankrupted the UK. Is that what the "Pax Americana" is ultimately going to do to the US?

KabalaArch

Trad climber

Starlite, California

Jun 30, 2014 - 02:34pm PT

I'm guess I'm late enough to this party line to take everything out of context - no offense intended to anyone.

It's not like there was some SUDDEN moment in time when everything just went poof,

2007 – 2008 seemed pretty sudden to many. Although not an economist by any stretch, lately I've found myself wondering if the events of 9/11 started the collapse run up. Didn't the Fed need to bail out most of our common air carriers, who faced BK after, what? 4 days grounded?

I have run a carpentry business since 82,I made more in the 80's than I do now

I can relate to that. Especially in terms of our relative purchasing power at that time.

Who the f*#k can support a family on minimum wage? No one, that's who. Nevermind the bootstrap bullshit espoused by some. If you don't have a fighting chance to begin with, why bother?

When I entered the workforce, min wage = $1.65/hr. It was still only about $3.50/hr when I graduated Berkeley, married; it was (barely) enough for the both of us to fund our education, with a minimum of student loans. That's what I'd call both a fighting chance, and fine bootstrapping. Not to imply roses post-grad – I was to discovered a glass ceiling shortly thereafter, as Cal matriculates 100's in my profession each and every year. This, naturally, exerts a downward influence on wage increases based on work experience, since one can be so easily replaced by the fresh cadets.

I bet Rick knows the ins and outs of under bidding pretty gud.

aka: a market “penetration strategy.” Inherently unsustainable, since, in the free market, someone will eventually do the job for even less, assuming you've managed to survive profitless long enough to attract the competition. It is, however, another good way to keep wages artificially low.

Or, in other, well chosen words...

Construction is a different beast compared to whatever HT had going...You've got every mouth -breather that sat thru a Home Depot training course under- bidding your well-established and legit bussiness...Hard to make a profit in that climate playing by the rules...rj

Galt was the prototypical recluse inventor.

Galt was the prototypical libertarian. Whatever he did in his basement had zip to do with his essential presence in the book. He was the shining city on the hill for all the brilliant people who were getting tired of soiling themselves in the world of mere men and women.

His Ivory Tower was even more reclusive than the Eastside, home to an astonishingly diverse population of intellectual hermits. Economic self determination for the Eastside is unlikely, but remains a goal towards which many actively work.

the "adolescent plausibility" of them quickly founders on the hard rocks of rigorous refutation.

All of Rand's protagonists were cast in the heroic mold, and, naturally, wouldn't survive a moment any any world we know of.

Where is the second world?

I've always harbored the misapprehension that the second world referred to the Old World – most of which was built by the labor of slaves. Some downthread posts clarified a closer definition, but, in those terms, does that mean our decline to third world status will initiate with a second world status first?
Leaving aside the whole welfare state part of the Mexican and Central American immigration issue (most in this area are exceptionally hard workers, and are indeed reaching for the “American Dream”), when more than 50% of Latin America is under the age of 18 (citation needed), effectively putting Calcutta at our doorstep, the sheer numbers suggest a not so distant future sociological median where our generation's standard of living shall decrease in proportion to the increase in the immigrants'.

Maybe if Americans didn't insist upon living beyond their means we wouldn't
be having this 'discussion'. It wouldn't hurt, either, to learn the word 'save'.

I'm waay out of my depth on this one (not that it's stopped MO before) – but a short while ago I was leafing through an economics periodical. Therein I was morbidly captivated by a hypothesis of a potentially endless recessionary future. This theory, best I could understand, seemed to imply that the Fed will remain obligated to maintain artificially low interest rates, meanwhile treading an extremely fine line to avoid deflation. Went on to suggest that deflation (with the corresponding savings interest rates) might need to penalize the use of hard cash, in order to force enough bank-held assets to float the boat. IOW, use a cc for a $10 transaction, you will receive a higher retail value (including bank fees – especially bank fees!) than you would were it a cash purchase.

This brought to mind a scary episode I had with BofA, maybe now 20 years ago. At that time, my fledgling biz had, well, checking & savings. More preoccupied with deadlines than accrued savings interest, I rarely checked that account's statements. Well, a few months go by, and a looksee reveals that BofA had instituted a 0% interest on a standard savings account. This was explained as a move to force people into interest bearing business checking accounts.

I beefed my way up to the regional office, presenting the argument that I'd not received proper written notice, and, no, fine print on some random statement does not constitute proper notice for such a radical policy shift. They capitulated; credited the account $1k.

Now, if I was an economist, I might understand the rationale and mutual benefit of forcing the small businessman into alternative investment instruments. But, since I'm not, it's really difficult to avoid the sense that the banks are enriching themselves by robbing us blind, with our own money.

jstan

climber

Jun 30, 2014 - 04:37pm PT

rationale and mutual benefit of forcing the small businessman into alternative investment instruments.

I looked at B of A's boiler plate on business accounts but could find no discussion of how the bank invests those monies. If the FDIC does not consider those investments as suitable for a depository account the account is not FDIC insured. This would mean the B of A could ignore the various depository restrictions placed on depository accounts.

The "Truth in Savings" law requires institutions make available all information bearing on accounts offered. I used to be able to find these disclosures. No more.

Here is a description of the process you have to go through to get information. No information though.

https://www.bankofamerica.com/online-banking/eComm-Disclosure.go

HighTraverse

Trad climber

Bay Area

Jun 30, 2014 - 04:43pm PT

I used to be able to find these disclosures. No more.

I'm sure you can get them if you go down to your Bank's home office in person.
Or write the bank's VP of compliance a certified letter.

KabalaArch

Trad climber

Starlite, California

Jun 30, 2014 - 10:36pm PT

BofA dropped FDIC 10 years ago.

TFPU.

Edit: BofA has closed its Mammoth Branch office, as of a month or two ago. What used to be a showpiece 8,000 sf bldg as soon as you hit town is now reduced to two ATM's over in a Minaret Village Mall storefront of about 300 sf.

Fortunately, the best of bad options was to transfer accounts, about 2 years ago. BofA would hold my deposited funds for more than a week, either pay A/P or not, and charge me $35 either way.

The Title transfer of their 35 year old bldg is an innaresting story in its own right, passing ever so briefly through the gossamer of the ski lift, just long enough for the present Owners, with a long time presence in what used to be Cyn Blvd & Minaret, to either choose the fire or the frying pan up at quaint N. Village.

"...the Look of an authentic Village which has grown over time..."
_to paraphrase the design guidelines of mmmmth's socioeconomic ruin, in less than 5 years.

Someone more economically facile than most of many should initiate a new Thread: "What We Sold the Golden Generation; What Did They Buy?"

wilbeer

Mountain climber

Terence Wilson greeneck alleghenys,ny,

Jul 28, 2014 - 04:54pm PT

http://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014.html#.U9bhVPm-30s

HighDesertDJ

Trad climber

Jul 28, 2014 - 05:18pm PT

John posted

I agree that the Fed has the ball, John, but they are under tremendous pressure to keep interest rates low because of what an increase in interest rates would do to governmental budgets, not the stock market.

While there is some truth to this, the stock market seems to react pretty acutely to any interest rate related news. I don't think this is as quite as true as you're making it sound.

Kabala posted

BofA has closed its Mammoth Branch office, as of a month or two ago. What used to be a showpiece 8,000 sf bldg as soon as you hit town is now reduced to two ATM's over in a Minaret Village Mall storefront of about 300 sf.

I had my bank account there for 15 years. Just closed it a few months ago because BofA is just looking to charge fees, not help customers. I plan on avoiding BofA for the rest of my life.