2011 Off topic thread(basketball,movies,etc whatever)

[MMA_scientist]

Well in fact, re-financing is not something that happens a lot in canada.
That is something that happens A LOT in the USA, nad that is one of the primary reason for the depression that your are in right now. Your economic situation is pretty much based on all the re-financing that people were doing on their house to get more money to pay their debts.

And the maximum you can get in canada was 5 years to sign for a mortgage, so you have to sign back every 5 years. Because of it, the competition between the banks is higher, which means lower rates for us.

By they way, by saying that re-financing is the reason of your depression in the states, I am not talking about renew your actual mortgage. I am talking about getting more money. Let's say you buy your house for 300 000$ in 2009. in 2011, the value of your house went up to 330 000 and you are re-financing the house for a new mortgage at 330 000$, getting 30 000$ cash in your pocket to pay for your bills of debts. I don't know the exact name for that procedure in english but I tought it was re-financing.
That was something that americans has been doing a lot in the past years. Cause #1 for the depression

let me know if it's hard to understand what I am trying to explain.

Your english is better than most of the people that post... I have no problem understanding what you are saying.

Generally refinancing without a cash-out is what I was talking about... so basically, you DO re-finance every 5 years. Do you have to re-qualify and pay closing costs every time? or do you just stay with the same lender and the rate is adjusted?

Yeah, one reason the cash-outs were bad here is because there were not a lot of controls on the actual value of the property, appraisers just give whatever number the bank needs... and then of course housing values went down leaving a lot of people underwater.

[MMA_scientist]

I think nobody got it because Guida was actually in an insurance commercial but I didn't remember which insurance company it was for.

Was it a joke? I think luke is just seeing jokes that are not there...

[sbjj]

Funny you say DEPRESSION in the USA Trotterz. Because this is something I have been discussing with some guys lately. I am starting to believe we are indeed in an actual depression as we speak. Unemployment is much higher than the advertised 9%. A close to record number of people are in poverty. This depression will last longer than it would because of GOV. intervention. For some reason they will not let the bubbles completely burst. so instead of a severe year or two...see 1920 depression. We are in store for a lost decade like the Japanese went through. But our debt is so high, that who knows, this shit might last forever.

meanwhile there is a whole generation coming up that now does not trust the markets and probably does not believe a whole lot in the American dream. this shit is big time dangerous.

and trotterz, Cananda seems to actually be doing pretty well. they actually seem to have their shit together. and besides the frantic reaction to the fact that they have Govt. funded healthcare. Canada is actually much more Business friendly and is now viewed as a more economically free country than the US.

[MMA_scientist]

It is definitely a scary time to be investing, there is a lot of fear out there that the market will never bounce back... but for me that means it is time to buy.

But I agree, there is definitely a lingering thought in the back of my mind that says it is all over. Fortunately (or maybe unfortunately) my greed overwhelms that part of my brain.

[MMA_scientist]

I don't know the exact name for that procedure in english but I tought it was re-financing.

re-financing just refers to getting a mortgage to replace your old mortgage. You can change whatever you like, the term, and the amount in some cases. When you take some of your equity out, we call it a "cash out." At least that's what I call it.

[trotterz]

Funny you say DEPRESSION in the USA Trotterz. Because this is something I have been discussing with some guys lately. I am starting to believe we are indeed in an actual depression as we speak. Unemployment is much higher than the advertised 9%. A close to record number of people are in poverty. This depression will last longer than it would because of GOV. intervention. For some reason they will not let the bubbles completely burst. so instead of a severe year or two...see 1920 depression. We are in store for a lost decade like the Japanese went through. But our debt is so high, that who knows, this shit might last forever.

meanwhile there is a whole generation coming up that now does not trust the markets and probably does not believe a whole lot in the American dream. this shit is big time dangerous.

and trotterz, Cananda seems to actually be doing pretty well. they actually seem to have their shit together. and besides the frantic reaction to the fact that they have Govt. funded healthcare. Canada is actually much more Business friendly and is now viewed as a more economically free country than the US.

Well in fact,
I think it's aroung like 70% of the stuff that canada is exporting is to the USA, so we have been really affected by your economic situation, since you are buying less from Canada.
Our situation is not super good, but well better that you guys. There is a lot more control by our banks, govs, etc than in the US. Letting everyone refinance their house to the maximum of the house value wince the market was going up was not a smart move. people were living a life more expensive than what they could really afford. With the emergence of the chinese ,arket, it is pretty much impossible to compete with.
i bought some new lights for my car on ebay from china for 0.99$ shipped to my door.
just to send a letter to china would cost me probably 10$, How could they manage to ship me a box of lights for 99$, and this is excluding the value of the lights, which would cost probably around 30$ in canada. nobody can compete with that. So people companies are starting to get their work done in countries like that, helping their own numbers as a company, but not helping the economy for the country since there is less and less jobs, blabla it's always the same thing.

and SBJJ, you are not in a situation as bad as you seem to think.
When I was in last year of University to get my finance degree (4 years ago) I did a huge work about the actual USA economic situation that was starting to go really bad. Since then, it is getting much better.
you guys are being more carefull now

[sbjj]

I firmly believe we are not any better than we were a few years ago. In fact, IMO we are waorse, because now we have even more debt. The Feds have been able to somewhat prop up the Banks and Wall street. But at the expense of the taxpayer. The dollar will continue to lose value and the chance of hyperinflation is great.

Trotterz, in all actuality, Canada is less regulated than the US. A recent study showed that Cananda was one of the least regulated industrial countries on earth. The problem was not deregulation IMO. We have mountains or regulation here. The SEC alone is a prime example. they have incredible power, yet are a completely useless agency.

The big problem in America is the tax code. Which forces Corporations to pay off politticians to get their breaks. but that does nothing for the indiviual taxpayer who doe not have the means to lobby congress for those tax breaks.

[sbjj]

Watch Peter Schiff. He predicted this whole mess to a T. He also predicted the Feds would do exactly what they are doing to try to fix it. And what he predicts going foward is Fn scary.

I remember before the meltdown he would make his predictions on FOX, CNN, and MSNBC. And the people around him would literally laugh at him. All while he was correctly predicting what was about to happen. Now they laugh at wht he says we need to do to correct the situation at hand.

I also encourage anyone to read about the 1920 depression. This is all horeseshit that you are being fed that we need Gov. spending to get us out of this mess. The 1920 depression is proff of what we need to do.

[sbjj]

http://mises.org/daily/3788

read this.

[trotterz]

Watch Peter Schiff. He predicted this whole mess to a T. He also predicted the Feds would do exactly what they are doing to try to fix it. And what he predicts going foward is Fn scary.

I remember before the meltdown he would make his predictions on FOX, CNN, and MSNBC. And the people around him would literally laugh at him. All while he was correctly predicting what was about to happen. Now they laugh at wht he says we need to do to correct the situation at hand.

I also encourage anyone to read about the 1920 depression. This is all horeseshit that you are being fed that we need Gov. spending to get us out of this mess. The 1920 depression is proff of what we need to do.

Here is also a huge problem of companies findings ways to not pay taxes.
This is defenetely to much technical to type in english since I only know the terms in french, but the big rich companies, are using whole sort of ways to not pay the taxes that they should have, having the effect that more taxes are asked to the population. money that they don't have

[trotterz]

people are getting more and more educated, and are constantly trying to find ways of flaws in the law to avoind paying taxes

[sbjj]

Trotterz, I do not believe Companies should pay ANY tax. That money will eventually be taxed on an individual basis. As long as there is a corporate tax, you will have Corporations giving politicians hand jobs at the expense of the taxpayer.

think about it, who actually gets screwed from the Corporate tax code...we do. So why not just eliminate it completely along with the deductions individuals get. Why should I get a tax break because I have a kid or own a home?

the tax code makes us slaves to the politicians. And the fact that the big corporations have the politicians bought off means we have both the politicians and Big Corp. working against us(the taxpayers) together.

[trotterz]

wow, If the companies would not pay any tax, the taxpayer would have to pay WAY more... I don't think you understand the percentage of the taxes revenu that is paid by the companies.

On the other hand, I don,t think people should pay less taxes because they have children.
Over here, we haev some people that are not working at all, no job, but since they have 6 childrens, they are receiving money from the gov, so they have no money problem. that is just stupid.

Some poor people have having childs just to get money from the gov.
that money is paid by the taxpayer

[sbjj]

http://www.cato.org/pub_display.php?pub_id=9880

[sbjj]

[QUOTE=trotterz;304273]wow, If the companies would not pay any tax, the taxpayer would have to pay WAY more... I don't think you understand the percentage of the taxes revenu that is paid by the companies.

On the other hand, I don,t think people should pay less taxes because they have children.
Over here, we haev some people that are not working at all, no job, but since they have 6 childrens, they are receiving money from the gov, so they have no money problem. that is just stupid.

Some poor people have having childs just to get money from the gov.

Trotterz, so which is it. You talk of Companies paying NO tax. But then talk of how much they pay.

Trotterz, Companies do not pay taxes...they simply pass them down to us in higher taxes. And some are lucky enough(like GE) to pay no taxes and maybe get money from the Feds.

If they companies had no tax...what would they do with the money? They would either give it back to the shareholders or reinvest it. But make no mistake it does get taxed at some point.