The Biden Administration Thread

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Mar 11, 2006
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That was fascinating. It also highlighlights a few points.
  1. This was really close to becoming an absolute catastrophe. Members of Congress could have been abducted, injured, or killed. The electoral votes were on the floor and could have been destroyed. There are digital copies with the Federal Registrar, but I’m sure a conspiracy would be created about how those were altered, etc.
  2. Elements of the insurrection were organized and planned. Oath Keepers, Proud Boys, etc. had trained and planned for this. Those who say this was planned terribly or it was little more than a Capitol tour are being disingenuous. Luckily it wasn’t more organized, or see point 1. This was mostly a brute force blitz overwhelming security by numbers.
  3. Security obviously were doing everything they could not to use lethal force on the rioters. A lot more than Ashli Babbitt could have been killed. The security seemed focused on protecting the members of Congress and trying to manage the crowd without stoking them further or creating fatalities.
This is not from The Onion or The Babylon Bee.

I have to admit this made me laugh. The Daily Beast is certainly exhausting every effort to keep a story going.
https://twitter.com/thedailybeast/status/1412728870797709315?s=21
 
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UrbanCowboy1

Some cowboys gots smarts real good like me.
Aug 8, 2006
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Wall Street is literally in a frenzy buying houses that costs much, much, much more than the asking price should be.. and it's happening all over the US, even buying entire neighborhoods. The potential - and very likely- ramifications of such will create a disaster. If you thought the 2008 crash of the housing market was bad, we ain't seen nothing yet. Institutional investors were an important part of the market shortly after the last housing market collapse in 2008.

The last housing boom between 2004 and 2005 was fueled by loose lending, which could only go on provided home prices continued to increase. Eventually, the market tanked, wiping out $11 trillion in household wealth

Various countries have allowed such a thing to occur, which ended up causing an economic catastrophe. Just google search it. This country is heading toward an economic apocalypse.
This is nothing like the 2008 housing market. There are actual fundamental forces at work, and they are leveling off as we speak. I live in arguably the hottest market in the country, Phoenix, and even we just saw a cool off the last month. Not a crash, not a collapse, not a catastrophe - just settling at a higher level than what it was pre-pandemic.

I'm concerned about our economic future and am particularly worried about inflation - but housing is almost right where it should be.
 
Sep 6, 2012
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Edmond
Wells Fargo is shutting down all personal line of credit accounts (cnbc.com)

KEY POINTS
  • The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
  • The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
  • With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.
 
Dec 18, 2019
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Central Oklahoma
Wells Fargo is shutting down all personal line of credit accounts (cnbc.com)

KEY POINTS
  • The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
  • The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
  • With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.
My sister used to work for Wells in the HELOC department approving loans. One person used to be able to approve 50/day prior to 2008. After the new regulations came along the new goal was 5/day and it was rare any of them could meet that goal.
 
Aug 16, 2012
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This is nothing like the 2008 housing market. There are actual fundamental forces at work, and they are leveling off as we speak. I live in arguably the hottest market in the country, Phoenix, and even we just saw a cool off the last month. Not a crash, not a collapse, not a catastrophe - just settling at a higher level than what it was pre-pandemic.

I'm concerned about our economic future and am particularly worried about inflation - but housing is almost right where it should be.
Zillow adds $5k to my house every week (30 miles north of downtown Dallas). We are putting our house on the market within the month.

There was a piece of crap house in east Plano, 1700 SF, old, no improvements and it was run down with a non-operable pool taking up the tiny backyard. Looks like hoarders lived there and all the photos were as-is with trash and junk everywhere to compliment the 70s wood paneling and popcorn-texture ceiling (looks like an elderly person may have died and the kids just listed it as-is). The listing was for $250k and it sold for $265k in under a week. For reference, I have a golf buddy that lives in the same general area and his house is listing at $180k. People are buying anything, in any condition, at asking or more, right now. A house in my neighborhood sold three years ago for $550k, people moved in, gutted it, renovated it, and it just sold for mid-$800s. My house is not at that price point but what they are going for now, I can sell and retire a good five years earlier than planned.
 
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Aug 16, 2012
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Wells Fargo is shutting down all personal line of credit accounts (cnbc.com)

KEY POINTS
  • The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
  • The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
  • With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.
I had one of these when I started my business. For the first two years, I maxed it out with start up costs. Every time I dropped the balance by $1000, they lowered the credit limit by that amount. They did that for about two years when I went in, paid it off and closed six WFB accounts in protest. Local folks I had worked with for years were upset we were leaving and sympathetic, but they had no say regarding the loan management. Been with a local bank every since and banking has never been simpler.
 

oks10

Federal Marshal
A/V Subscriber
Sep 9, 2007
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Zillow adds $5k to my house every week (30 miles north of downtown Dallas). We are putting our house on the market within the month.

There was a piece of crap house in east Plano, 1700 SF, old, no improvements and it was run down with a non-operable pool taking up the tiny backyard. Looks like hoarders lived there and all the photos were as-is with trash and junk everywhere to compliment the 70s wood paneling and popcorn-texture ceiling (looks like an elderly person may have died and the kids just listed it as-is). The listing was for $250k and it sold for $265k in under a week. For reference, I have a golf buddy that lives in the same general area and his house is listing at $180k. People are buying anything, in any condition, at asking or more, right now. A house in my neighborhood sold three years ago for $550k, people moved in, gutted it, renovated it, and it just sold for mid-$800s. My house is not at that price point but what they are going for now, I can sell and retire a good five years earlier than planned.
I obviously understand what's driving people to sell right now but I can't for the life of me figure out why anyone would want to buy right now other than to make a quick flip.
 
Nov 6, 2010
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I obviously understand what's driving people to sell right now but I can't for the life of me figure out why anyone would want to buy right now other than to make a quick flip.
Lots of people are gonna get burned when interest rates start going up. Keeping them so low for so long has inflated this bubble to a really dangerous point.
 

UrbanCowboy1

Some cowboys gots smarts real good like me.
Aug 8, 2006
3,831
1,937
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Phoenix, AZ
Wells Fargo is shutting down all personal line of credit accounts (cnbc.com)

KEY POINTS
  • The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
  • The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
  • With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.
I'm going to chalk this one up to record savings levels - people don't need PLOC's to consolidate debt when there's less debt.