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Old 2009-04-11, 13:35   Link #861
Anh_Minh
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Quote:
Originally Posted by Xellos-_^ View Post
Credit Score rating companies are also beginning to mix in utility bills. So paying your power and water bill on time will also help. As for a alternative to scores, what do you propose? Banks need a way to assess the risk of lending to a potiential customer. If banks don't use credit score what do you propose they use?
We manage without "Credit Score". Though we do have to provide evidence of being employed. And of how much we make.

And apparently, our paperwork is worse... Also, there's a strict, legal limit to how much we can borrow based on our income. And the possibility of being blacklisted by the banks - that means no check or debit card.

I'm not saying our system is better. But it is possible to lend and borrow without looking to deeply into people's history.

And I'd just like to note that your Credit Score system didn't save us from the financial crisis.
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Old 2009-04-11, 14:03   Link #862
Xellos-_^
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Quote:
Originally Posted by Anh_Minh View Post
We manage without "Credit Score". Though we do have to provide evidence of being employed. And of how much we make.

And apparently, our paperwork is worse... Also, there's a strict, legal limit to how much we can borrow based on our income. And the possibility of being blacklisted by the banks - that means no check or debit card.

I'm not saying our system is better. But it is possible to lend and borrow without looking to deeply into people's history.

And I'd just like to note that your Credit Score system didn't save us from the financial crisis.
that is because the banks were ignoring the credit score when they made all those loans. If the loans were made strictly in accordance with risk management which includes the use of Credit Scores this whole mess might not have happen.

As one of the poster on page you link to. The French system seems more like the Chex system for American banks. However i did note that the blogger said that if the French were aware of how much she had in student loans, she would not be able to get loans in France. So to me that means the French do have some sort of credit score system. Not the same as ours but they are tracking how many loans a individual has and how big they are.
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Old 2009-04-11, 14:56   Link #863
Anh_Minh
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Quote:
Originally Posted by Xellos-_^ View Post
that is because the banks were ignoring the credit score when they made all those loans. If the loans were made strictly in accordance with risk management which includes the use of Credit Scores this whole might not have happen.

As one fo the poster on page you link to. The French system seems more like the Chex system for American banks. However i did not that the blogger said that if the French were aware of how much she had in student loans, she would not be able to get loans in France. So to me that means the French do have some sort of credit score system. Not the same as ours but they are tracking how many loans a individual has and how big they are.
Yes. As I said, you can't be indebted for more than a third of your income. Let's say you earn 1800/month. That means that the sum of the repayments of your home loan + car loan + whatever loan can't be more than 600/month.

I don't know if the banks tell each other these things (I don't think it's even legal, without a waiver signed by you), or if they just ask you.

But let's say you had a financial problem last year, failed to pay a few credit card bills, but set everything right between then and now. Then it shouldn't matter to you getting a loan or not.
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Old 2009-04-15, 17:57   Link #864
Shadow Kira01
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Considering what Obama has been doing lately with regards to the economy, I am starting to have doubts of his capability to lead a nation and fix the economic crisis. I think he does not have the ability to succeed. If this feeling of mine is correct, then the next 4 years will be tough luck for the world, especially the ones who live in the States.

20 more days and it will be his first 100 days in office, nothing achieved. Very impressive!
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Old 2009-04-15, 21:35   Link #865
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If one thinks that this crisis can be solved within the first 100 days, perhaps you want to rethink your train of thought. This problem would not be solved, even in a year or two. The fact is that the administration has to be reminded that there are OTHER pressing stuff besides the crisis. Long-standing elephants in the living room include the Arab-Israeli conflict, and North Korea.
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Old 2009-04-15, 22:26   Link #866
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Noone expects the administration to solve the crisis within 100 days... It's going to take time until recovery comes... even though the worst is already over. Remember, they inherited the crisis from the Bush Administration which did little to try to fix the problem.
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Old 2009-04-15, 22:28   Link #867
Shadow Kira01
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Originally Posted by chikorita157 View Post
Noone expects the administration to solve the crisis within 100 days... It's going to take time until recovery comes... even though the worst is already over. Remember, they inherited the crisis from the Bush Administration which did little to try to fix the problem.
You got a good point.
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Old 2009-04-15, 23:10   Link #868
james0246
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Quote:
Originally Posted by Shadow Minato View Post
Considering what Obama has been doing lately with regards to the economy, I am starting to have doubts of his capability to lead a nation and fix the economic crisis. I think he does not have the ability to succeed. If this feeling of mine is correct, then the next 4 years will be tough luck for the world, especially the ones who live in the States.

20 more days and it will be his first 100 days in office, nothing achieved. Very impressive!
Of the 500 (known) campaign promises that the Obameter tracks at Politifact.com, they list Obama as having addressed nearly 100 of those promises, only breaking 6 of them.

I would say, even if the majority of the "promises" he is working on are smaller scale, the sheer fact that he has started (or finished) the process of working on so many is a good sign of progress, even if only slow and steady...
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Old 2009-04-16, 00:06   Link #869
Nosauz
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Originally Posted by james0246 View Post
Of the 500 (known) campaign promises that the Obameter tracks at Politifact.com, they list Obama as having addressed nearly 100 of those promises, only breaking 6 of them.

I would say, even if the majority of the "promises" he is working on are smaller scale, the sheer fact that he has started (or finished) the process of working on so many is a good sign of progress, even if only slow and steady...
Sorry man, even if he has only broken six as you say, hes maintained some of the worst ones... like the suspension of haebeus corpus. This is the one thing that really made the past administration stand from others, from guantanamo to abu graib, the infringement of others rights under the guise of "national security" when we could keep our country safe without having to suspend their rights. This is harking back to mccarthyism and the red scare, and I'll say that it makes the US seem hippiocritical of its stance on freedom, one thing that shouldn't be done is being schizophrenic about our stance on freedom.
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Old 2009-04-16, 00:48   Link #870
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^That wasn't quite my point. I am not currently trying to criteque Obama's Presidency (we have another thread set up specifically for that). Rather, I was disagreeing with the notion that Obama has made no progress what so ever, and that nothing has been achieved (which is why I used the clear number count of campaign promises and those that have been presently addressed as a means of showing that the President has been working on what he originally said he would be working on).
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Old 2009-04-16, 04:10   Link #871
yezhanquan
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Originally Posted by Nosauz View Post
Sorry man, even if he has only broken six as you say, hes maintained some of the worst ones... like the suspension of haebeus corpus. This is the one thing that really made the past administration stand from others, from guantanamo to abu graib, the infringement of others rights under the guise of "national security" when we could keep our country safe without having to suspend their rights. This is harking back to mccarthyism and the red scare, and I'll say that it makes the US seem hippiocritical of its stance on freedom, one thing that shouldn't be done is being schizophrenic about our stance on freedom.
Er, Nosauz, go check up the record on the suspension on HC. HC is ALWAYS suspended in every war the US has been in (since WWI at least or MAYBE even earlier), and in every case, there has been someone who stood up and start a debate on the issue.

On the economic front, things are not yet moving at a radical pace. The house-cleaning just began.
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Old 2009-04-16, 06:30   Link #872
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Er, Nosauz, go check up the record on the suspension on HC. HC is ALWAYS suspended in every war the US has been in (since WWI at least or MAYBE even earlier), and in every case, there has been someone who stood up and start a debate on the issue.

On the economic front, things are not yet moving at a radical pace. The house-cleaning just began.
EXCEPT democrats made a big stink about it when Bush suspended HC, and Obama claimed that he would unsuspended it, and the war on terror is not a conventional war, which makes it similar to the war on drugs. Its asinine when it really isn't a war, but a military engagement in areas that we have troops stationed. Being in prepetual war only benefits the executive and so to claim that HC was suspended in war, well that was CONVENTIONAL war, wait till they start rounding up americans, then lets see you claim its fair to round up people in the name of the war on terror
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Old 2009-04-16, 06:39   Link #873
yezhanquan
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They already rounded up Americans of Japanese descent during World War II, and those are loyal citizens. I wouldn't be surprised if America chose to go through that again.
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Old 2009-04-16, 06:41   Link #874
Nosauz
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Originally Posted by yezhanquan View Post
They already rounded up Americans of Japanese descent during World War II, and those are loyal citizens. I wouldn't be surprised if America chose to go through that again.
So because one group of americans was wronged in the past we should all watch wat we say... OK sounds a ok for me. Let me just bend over for uncle sam because other americans have already bend over...
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Old 2009-04-16, 06:43   Link #875
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Well, it's your choice. And I thought the term "war on terror" was already dropped?

The ground forces are facing a well-known challenge in Afghanistan. This land chews up foreign armies and spits them out without a second thought. Given the shortage of funds, people should watch this front tightly.
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Old 2009-05-22, 22:34   Link #876
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Obama signs a Credit Card bill which limits credit card companies to charge or raise the interest rates... but the question is... will it work since it doesn't go in effect until February 2010

Quote:
Obama Signs Credit-Card Overhaul Legislation Into Law
WASHINGTON -- President Barack Obama put his signature on legislation Friday clamping down on credit-card companies' ability to boost interest rates and slap higher fees on consumers, a measure long-sought by the White House but reviled by the banking sector.

"We're not going to give people a free pass, and we expect consumers to live within their means and pay what they owe, but we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives," Obama said at a signing ceremony in the Rose Garden.

The measure received bipartisan support despite the banking industry's opposition. Credit-card companies say the legislation will force them to raise rates and tighten credit.

Acknowledging the critics, Mr. Obama said the bill doesn't condone reckless behavior by borrowers and added that credit-card companies provide a "valuable service."

"We don't begrudge them turning a profit," he said. "We just want to make sure that they do so while upholding basic standards of fairness, transparency and accountability."

But he said credit cards all too often become an "anchor" rather than a lifeline for consumers and small businesses as terms change and rates rise. Over the past decade, Mr. Obama said, U.S. credit-card debt has grown by 25%.

The legislation stops retroactive rate increases, requires companies to post credit-card agreements online, ends the practice of shifting payment dates, and requires statements to be mailed 21 days before a payment is due.

The credit-card bill was passed with an amendment that will allow people to carry loaded, concealed weapons into national parks and wildlife refuges. Mr. Obama didn't mention the provision when trumpeting the merits of the new credit-card restrictions.

The credit-card bill was the latest in a series of measures Mr. Obama signed this week with implications for the economy or business interests. The other measures revamped federal housing programs, broadened anti-fraud laws, created a new commission to look into the origins of the financial crisis and overhauled the way the Pentagon makes major acquisitions.

"This has been a historic week, a week in which we've cast aside some old divisions and put in place new reforms," Mr. Obama said.
Source: Wall Street Journal
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Old 2009-05-23, 19:56   Link #877
yezhanquan
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Well, we have horse trading to pass this bill. I guess the great outdoors just got a little more dangerous in the States.
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Old 2009-05-23, 21:41   Link #878
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Since they passed a provision that allows concealed weapons into parks... yes.. it was probably used so it will gain Republican support, but now national parks are unsafe because people can now bring weapons. He should of thought about that provision before passing the bill...
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Old 2009-05-24, 01:23   Link #879
Vexx
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National parks weren't very safe *before* people could legally take weapons there.... wildlife and human predators are a problem when law enforcement can be hundreds of miles away and there's no cell coverage.

People who carry concealed permits undergo background checks and many states require training both legal and tactical. Many people who *live* near national parks *have* to cross their boundaries to live their daily lives. The support for the amendment was bipartisan amongst western and large state congressmen who understand the problem. It had nothing to do with "urban concentration" issues of gun ownership. (and little to do with the economic crisis).

The *best* estimates I've ever seen on the economic mess is 2-4 years before any significant recovery. The most I'll critique Obama for is that Geithner(?) is way too chummy with the fatcats who need to share the pain they oversaw and don't seem to want to. The finance boys have had a "free lunch" for the last 25 years and now are scrambling to avoid the tab. The Republicans are totally bereft of working ideas at the moment -- 8 years of Bush seems to have sucked whatever clues out of them they had in the 90s.
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Old 2009-05-26, 04:34   Link #880
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Leaving aside the usual pork that come with bills, there will likely be unintended consequences arising from this bill. Everything from (1) more - and possibly higher - annual fees to (2) immediate higher rates instead of teasers to (3) immediate charging of interest without grace periods to etc. Banks don't provide credit for no reason, and if they can't make money, then they will either stop or charge more.

OTOH, if this means people save more - perhaps due to an immediate notice that they have less money in their bank accounts - that isn't a bad thing. At least, not on a personal and individual level.
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