| User Info
| Government "Urges" Banks in forum [Market-Ticker]
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Txin1880
Posts: 4737
Incept: 2009-02-25
Texas
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What a sick ****ing joke. It's embarrassing, really.
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Realization - Rage - Resolve - Rifles - Rope - Recovery - Rinse - Repeat
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Themortgagedude
Posts: 8853
Incept: 2007-12-17
saint louis
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I like that the banks are ****ing over the service members as well. I thought about this a while back. The soldiers might sit idly by when our Cairo moment arives if they've had banker dick shoved up their ass for years.
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I'm already visualizing you with duct tape over your mouth.
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Bagbalm
Posts: 4264
Incept: 2009-03-19
Just North of Detroit
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Too weak to protect you - that leaves who? You and your friends...
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Videopro
Posts: 1898
Incept: 2007-08-03
L.A. Area
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I have a good friend that was called up from reserve status during Gulf War I to work in-fill staffing at Long Beach Naval Hospital in California while the active duty personnel went to the Middle East.
He left his regular job to do so and his income decline drastically as a result. He discontinued paying his mortgage during his service to our country at the hospital in order to get-by financially.
His mortgage holder foreclosed. Although he AND the Navy made their case strongly about the laws forbidding military members from enduring foreclosure action during their active duty stints, the bank completely ignored all parties.
It ultimately resulted in a Marshall coming and throwing him out of his home. He lost everything as direct result of his military service and the bank's illegal action. The bank could not have cared less.
My friend never got over it. He's been basically a drifter every since, pretty much a broken spirit. It infuriates me every time the thought and memory of it is brought up again, such as this threat.
The banks can burn for all I care. They deserve it.
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"The Spinning Cyclone Of Deflation Is Fueled By Deficit Spending. An efficient asset destroying storm powered by the printing press". - Me
When the Nazi's broke every law when coming to power, people in later years were asked, how were they allowed to do it? The answer was easy: They Simply Did It.
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Gamma
Posts: 5592
Incept: 2008-01-20
Northern CA
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I having deja vu on this...didn't this Ticker appear about 2 years ago, *verbatim*?
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Genesis
Posts: 130807
Incept: 2007-06-26
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Uh, yeah, I think it kinda did.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Uwe
Posts: 6458
Incept: 2009-01-03
19446
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Philosophical question: Why should military personnel (who are, after all, government employees) be a special privileged class as far as their debts are concerned?
-Uwe-
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“Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience.” - John Locke
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Genesis
Posts: 130807
Incept: 2007-06-26
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I consider the military benefit package part of their pay. This is part of that, and the lenders know it at the time they make the loans; it does not exactly come as a surprise.
In addition a military career, at least here, often requires moving every 2 years or less due to PCS orders. This makes things lots of fun, especially if you get deployed in the middle of your tour too.
I don't have a problem with it, as everyone knows going in. It's like access to the BX and recreational facilities (e.g. bowling alley, pool, etc) on base - I can't use them and I'm ok with that - they're a perk that comes with service, and it's part of the compensation.
Same thing with VA loans.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Peterm99
Posts: 4995
Incept: 2009-03-21
SoCal
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Not arguing with your logic, Gen, but many of the protections were put into place when the military pay was pretty much crap. (I recall my 91.60 per month as an E-1, and ~$300 per month as an O-1 way back when.) Note the E-1 numbers were less than one-half the minimum wage at the time even if one assumes a 40 hr. workweek.
With today's E-1 pay at $1468 and O-1 base pay at $2784 per month (plus one hell of a lot more benefits than previously), I think Uwe's question is not an unreasonable one.
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". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed
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Seedyrum
Posts: 417
Incept: 2009-04-09
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Pres Obama is the leader of the military as well as President of the USA. It galls me that he will say to Egypt that they should have democracy and follow "the rule of law".
Where is the democracy in USA? I guess I should ask what is meant by democracy as it pertains to USA. Also, what is meant by the "rule of law" as it pertains to citizens of USA.
I wish Pres Obama stop being a hypocrite or does he know what the word means?
Pres Obama should be stopping this practice by the banks against the troops he lead as well as against the citizens of USA.
What is Attorney General Holder doing or should we define his job description.
Sadly, Egypt is doing what we in America haven't the will or nerve to do.
We talk a good game but when its time to act, the citizens of USA are MIA.
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USA IS EGYPT May God Have Mercy On Our Souls and Even That Is Not Enough.DIVIDE AND CONQUER
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Blackswan
Posts: 5564
Incept: 2007-11-06
Just outside of Philly
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I don't think anyone went to jail for that Prudential Insurance servicemen and women death benefits scandal. Banks and insurance firms can keep on screwing over the military (or anyone for that matter outside of congress) with impunity.
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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Pika-steph
Posts: 54735
Incept: 2007-09-11
Live Free Or Die; US Army Est. 1775
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Peter wrote..With today's E-1 pay at $1468 and O-1 base pay at $2784 per month (plus one hell of a lot more benefits than previously), I think Uwe's question is not an unreasonable one. Yeah. That's quite enough compensation for being in the MIDDLE OF A ****ING WAR ZONE. Is that enough comp for YOU to dodge RPGs, IEDs and bullets all day long and live in a ****ing tent for a year (or more) eating MREs? Didn't think so.
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Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli
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Genesis
Posts: 130807
Incept: 2007-06-26
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For an E-1 that's about $18k/year.
You call this good wages? For humping a rifle and getting shot at?
What planet are you from?
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Zayla
Posts: 104
Incept: 2009-04-02
Utah
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You can not compare officer pay to basic enlisted pay. I am married to an airmen and we struggled HARD the first 4-5 year of our marriage. It is just this last year or 2 that we have been doing fairly well for ourselves, after 12+ years of service. Although, we still make substiantially less then our family & friends, even now after the financial crisis.
Not to mention what KD says about moving all the time. My husband was also deployed for at least part of the year, every single year, for the first 7 years our of marriage. It's been extremely hard for me to get a career of my own going, not knowing when we are going to be uprooted. Not saying it's impossible, but it is far harder than in the civilian world.
Sorry for the rant, but this subject really struck a nerve. There are a lot of real life struggles that go on in many military families that are invisible to the average joe.
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"We can often endure an extra pound of pain far more easily than we can suffer the withdrawal of an ounce of accustomed pleasure."
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Abn0rmal
Posts: 9261
Incept: 2009-01-10
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Being married in the military is rough during the first few years. If you're single on the other hand 95% of your income is discretionary.
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Tesla
Posts: 15543
Incept: 2008-04-03
State of Disbelief
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That's why there's this thing called "combat pay". See, you get paid extra in a theater of war, but not when your butt is sitting in a comfy chair back in the States.
If you compare the just out of high school pay and the basic pay plus allowances of a new pfc, I'm sure you will find the soldier doing at least as well if not better. Add in combat pay, which I believe is definitely earned!, plus medical for the rest of his life and the soldier is being very well compensated. The worker in the States, who runs the risk of dying while getting to and from work (what's that number 30k auto fatalities a year?), doesn't get combat pay and likely doesn't have health insurance/care paid by his employer either.
It's all in how you compare the situations.
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Cmalbatros
Posts: 202
Incept: 2008-05-07
Woodstock, GA
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Try getting the "Combat Pay" off of the fed, my step son has been for 3yrs,a big chunk of change due and getting nowhere fast. He is now a disabled vet and the Army keeps cutting off his benefits on a regular basis which requires many phone calls and increased stress. Oh and isn't a Law without an "or else" just a rule?
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The only regulation that works - is failure.
Remember, the value/price of stocks and shares fall as well as plummet.
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Genesis
Posts: 130807
Incept: 2007-06-26
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Actually, a law without an "or else" is a suggestion.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Themortgagedude
Posts: 8853
Incept: 2007-12-17
saint louis
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Steph - you probably shouldn't even bother with this - you're just gonna get*****ed. Not many see this thru the eyes of a mother.
Personally I think you should be getting combat pay yourself for the worrying you must do. I've got a friend over there and I say a little prayer occasionally for both him and your son.
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I'm already visualizing you with duct tape over your mouth.
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Halfbrite
Posts: 2459
Incept: 2008-10-13
Arizona via California
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E-1 gets 18K/yr. First year CA cop - 100K. First year CA fireman - 80K.
yeah, they're the same.
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"That which cannot continue, will not continue. Brace for impact!"
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Pika-steph
Posts: 54735
Incept: 2007-09-11
Live Free Or Die; US Army Est. 1775
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Thank you TMD. Every prayer helps. At least I believe so.
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Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/"The only regulation that really works is failure."--Rick Santelli
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Uwe
Posts: 6458
Incept: 2009-01-03
19446
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KD wrote..I consider the military benefit package part of their pay. This is part of that, and the lenders know it at the time they make the loans; it does not exactly come as a surprise. Another philosophical question: Is it moral and constitutional for our government to require private businesses (in this case lenders) to make costly special accommodations for our troops, and if so, where does the power of the government to require private entities to make costly special accommodations for our troops (or other government employees) end? Now let's look at this thing pragmatically: If lenders know at the time of loan origination that they have to make special costly accommodations to a certain group of people, the rational thing to do would be to charge that group a higher rate of interest to begin with. Thus enforcing such laws might actually end up as a net detriment to our troops, as opposed to a benefit. -Uwe-
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“Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience.” - John Locke
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Batgirl791
Posts: 828
Incept: 2009-06-20
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When I was in the military, I was deployed somewhere, I don't remember if it was turkey or saudi Arabia, but in any case, something disrupted the mail service and all my bill payments were late. I had those late payments on my credit report for years. Of course, this was before online payments, etc, but I think the military folks should get some grace, because when you are out of the country, there isn't really much you can do from so far away.
It wouldn't surprise me at all if a lot of these guys are deployed and their pay is getting direct deposited, but wifey goes loco and doesn't pay the bills and the guy comes home to a big fat financial mess. A lot of these people have POAs that probably don't take care of the bills, etc.
I think it's good to protect the service members until they come home, so they don't have to worry about this crap while they are getting shot at.
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Abn0rmal
Posts: 9261
Incept: 2009-01-10
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Uwe wrote..Another philosophical question: Is it moral and constitutional for our government to require private businesses (in this case lenders) to make costly special accommodations for our troops, and if so, where does the power of the government to require private entities to make costly special accommodations for our troops (or other government employees) end? The correct way for the government to do it would be to make any missed payments for the individual involved and take it out of their paychecks. |
