Um, it did. They got at least one person who was giving the kickbacks.
A Singaporean national named Chua Kim Guan has also been charged by Singaporean courts with giving kickbacks to Devine, according to the U.S. Department of Justice.
Just one person? What about the entire negotiating team for even a single supplier, which would likely comprise several high-level execs and their legal team. Surely they were made aware of the "information" so they could use it. Where did they think it came from?
Wait a minute. Your family members lost their houses because they took on a mortgage greater than they could afford and you're blaming the Government? Most people who blame the Government are political conservatives. Don't Conservatives preach personal responsiblity? The rise in home prices has nothing to do with someone's ability to pay the mortgage if they're already in the home. At worst, it means that they paid higher real-estate taxes over time. And if they're buying a home, it still takes an idiot to buy a home they can't afford. I'll never live in Manhattan or Westchester because I can't afford it. I'm not going to buy there and then blame the Government or a bank because I can't afford the mortgage that I chose to take on.
The reality is that the banks are at fault, not the U.S. Government, because it was the banks who repackaged bad loans into complex "products" that were high risk and no one could understand while not having the capital in place to support losses. And consumers share responsibility for taking on more debt than they could afford or who had promotional interest rates that were going to go up, but they acted as if the rate was always going to be the promotional rate. The deficit (as other posters have claimed) has nothing to do with it. Yes, the Government should have had more regulations on the banks, but Republicans opposed those regulations and STILL DO!
The consumers who were not to blame are those who lost their jobs in the resulting recession. Since it was the banks who caused this problem, they shouldn't have forced consumers out of their homes.
I've always wondered how people who made far less than I did seemed to live a much richer lifestyle. It was because they took on tons of debt and I have no debt except for a reasonable mortgage. My variable rate mortgage was on terms that I understood and in fact, with interest rates low the last dozen years, my mortgage payments have declined almost every year (although my co-op maintenance payments have risen substantially and are now 40% more than my mortgage payment). It's currently about 3%. When I first got the mortgage in 1990, it was probably something like 9%.
So while I do blame the banks for the big crash, I have to admit that my bank has been quite wonderful in regards to my own mortgage. They've delivered exactly what they promised. I cannot complain about a 3% interest rate.
There is little truth in his statement. Many bank 'salesman' were giving mortgages to young or poor folk that they shouldn't have simply to get commissions. That went on for sure. That said, most of the people I know, and I live in a wealthy area, took on massive extra mortgages and either flipped houses to get richer or just blew the money on cars and vacations. The music stopped and they were left with unsold homes and many had already flipped several before they were caught with their pants down. Most walked away from the debt. Like you, I didn't see them being forced by anyone to do this. The local Lexus and BMW dealer was willing to overlook those with foreclosure debts as long as it was on homes they were flipping and not their own within a very short time. Of course we all paid for these peoples' greed and unpaid debts.
I was curious what this guy looked like and it does not surprise me in the least bit and you can bet this guy had done this before. This is not unusually in the Asian supply chain communities, it kind of standard practices.
Debt-to-GDP: On this, I was wrong -- it is forecasted to rise from 74% of GDP in 2014 to 77% of GDP by 2024. I don't, however, view that as a major increase. (It is available from the same CBO source as linked above).
Data on stock markets: obvious
The fact that Spain, Greece, and Ireland control their fiscal policies but not monetary policies related to Euro: obvious.
US dollar against world currencies (higher number implies dollar appreciation -- I think I am linking you to the graph for the past year, but if not, click on "1Y" on the top right): http://www.bloomberg.com/quote/DXY:CUR
I was curious what this guy looked like and it does not surprise me in the least bit and you can bet this guy had done this before. This is not unusually in the Asian supply chain communities, it kind of standard practices.
Debt-to-GDP: On this, I was wrong -- it is forecasted to rise from 74% of GDP in 2014 to 77% of GDP by 2024. I don't, however, view that as a major increase. (It is available from the same CBO source as linked above).
From the report you site (or a version of it), here is a more complete statement:
"The primary deficit projections in Chart 5, along with those for interest rates and GDP, determine the debt-to-GDP ratio projections shown in Chart 6. That ratio was 72 percent at the end of FY 2013, and under current policy is projected to be 69 percent in 2023, 112 percent in 2043, and 277 percent in 2088. The continuous rise of the debt-to-GDP ratio after 2023 indicates that current policy is unsustainable" (http://www.publicdebt.treas.gov/fsreports/rpt/finrep/finrep13/citizenguide/fr_citizen_guide_where_we_are_headed.htm)
From the report you site (or a version of it), here is a more complete statement:
"The primary deficit projections in Chart 5, along with those for interest rates and GDP, determine the debt-to-GDP ratio projections shown in Chart 6. That ratio was 72 percent at the end of FY 2013, and under current policy is projected to be 69 percent in 2023, 112 percent in 2043, and 277 percent in 2088. The continuous rise of the debt-to-GDP ratio after 2023 indicates that current policy is unsustainable" (http://www.publicdebt.treas.gov/fsreports/rpt/finrep/finrep13/citizenguide/fr_citizen_guide_where_we_are_headed.htm)
Huh? TradingEconomics? Who are they? You're asking me why their numbers are different from official US government statistics? Why don't you ask them?
Forecasts for 2088? Sure. " src="http://forums-files.appleinsider.com/images/smilies//lol.gif" />
Add: I notice you have a fan in SpamSandwich. What a surprise.
Please. The repackaging of high risk mortgage securities to masquerade them as safe investments was criminal, and I think it's at the very least disingenuous to claim that the government forced the banks to give mortgages to people who couldn't afford them.
The fact is that banks conspired to manufacture what they knew full well was a pyramid scheme, knowing that in the end the government would have no choice but to bail them out with taxpayer money, meanwhile their top executives all got crazy rich.
That's FRAUD. Madoff went to jail for it, and they just did it on a much bigger scale. Again, the Apple guy belongs in jail, I'm just pissed off that these people are getting away with much worse simply because of their high power friends.
Please. The repackaging of high risk mortgage securities to masquerade them as safe investments was criminal, and I think it's at the very least disingenuous to claim that the government forced the banks to give mortgages to people who couldn't afford them.
The fact is that banks conspired to manufacture what they knew full well was a pyramid scheme, knowing that in the end the government would have no choice but to bail them out with taxpayer money, meanwhile their top executives all got crazy rich.
That's FRAUD. Madoff went to jail for it, and they just did it on a much bigger scale. Again, the Apple guy belongs in jail, I'm just pissed off that these people are getting away with much worse simply because of their high power friends.
Totally correct, add in so many people's greed, flipping and spending, going bust then not repaying .... it was a perfect storm.
Comments
The "/sarcasm" tag in your post is misplaced. Unless your household is allowed to print money.
/sarcasm
Yes, you have me there. I could never print money fast enough to keep up with the U.S. government.
Um, it did. They got at least one person who was giving the kickbacks.
A Singaporean national named Chua Kim Guan has also been charged by Singaporean courts with giving kickbacks to Devine, according to the U.S. Department of Justice.
Just one person? What about the entire negotiating team for even a single supplier, which would likely comprise several high-level execs and their legal team. Surely they were made aware of the "information" so they could use it. Where did they think it came from?
I will when I'm not on my cell phone. I'd like to provide your assertions with an appropriately sized avalanche of opposing information.
"Assertions"?
Would you like links to the data? Happy to oblige.
Yes, you have me there. I could never print money fast enough to keep up with the U.S. government.
So what's the problem with the US government printing money? Have any facts you'd like to share?
Yes, you should provide all of your sources, to be refuted if necessary. If they're solid, you're good.
There is little truth in his statement. Many bank 'salesman' were giving mortgages to young or poor folk that they shouldn't have simply to get commissions. That went on for sure. That said, most of the people I know, and I live in a wealthy area, took on massive extra mortgages and either flipped houses to get richer or just blew the money on cars and vacations. The music stopped and they were left with unsold homes and many had already flipped several before they were caught with their pants down. Most walked away from the debt. Like you, I didn't see them being forced by anyone to do this. The local Lexus and BMW dealer was willing to overlook those with foreclosure debts as long as it was on homes they were flipping and not their own within a very short time. Of course we all paid for these peoples' greed and unpaid debts.
http://www.cnbc.com/id/102232857
Yep, this guys mistake was not simply working for Google or Samsung then he'd be a free man today.
I was curious what this guy looked like and it does not surprise me in the least bit and you can bet this guy had done this before. This is not unusually in the Asian supply chain communities, it kind of standard practices.
Yes, you should provide all of your sources, to be refuted if necessary. If they're solid, you're good.
Most recent GDP numbers: http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
Employment data: http://www.bls.gov/news.release/empsit.nr0.htm
Inflation data (actual): http://inflationdata.com/Inflation/Inflation_Rate/HistoricalInflation.aspx
Budget deficits (actual): http://www.bea.gov/iTable/iTable.cfm?reqid=16#reqid=16&step=1&isuri=1
Budget deficits (projected): https://www.cbo.gov/publication/45653
Debt-to-GDP: On this, I was wrong -- it is forecasted to rise from 74% of GDP in 2014 to 77% of GDP by 2024. I don't, however, view that as a major increase. (It is available from the same CBO source as linked above).
Data on stock markets: obvious
The fact that Spain, Greece, and Ireland control their fiscal policies but not monetary policies related to Euro: obvious.
Forgot to add:
Forecasted inflation rate in the US (through 2019): http://www.statista.com/statistics/244983/projected-inflation-rate-in-the-united-states/
US dollar against world currencies (higher number implies dollar appreciation -- I think I am linking you to the graph for the past year, but if not, click on "1Y" on the top right): http://www.bloomberg.com/quote/DXY:CUR
I was curious what this guy looked like and it does not surprise me in the least bit and you can bet this guy had done this before. This is not unusually in the Asian supply chain communities, it kind of standard practices.
Yikes. All that based on his photograph?
Budget deficits (projected): https://www.cbo.gov/publication/45653
Debt-to-GDP: On this, I was wrong -- it is forecasted to rise from 74% of GDP in 2014 to 77% of GDP by 2024. I don't, however, view that as a major increase. (It is available from the same CBO source as linked above).
Why do those numbers differ so substantially from these: http://www.tradingeconomics.com/united-states/government-debt-to-gdp which are based on data from US Bureau of Public Debt (and show a ratio quickly approaching the all-time, post-WWII high?
From the report you site (or a version of it), here is a more complete statement:
"The primary deficit projections in Chart 5, along with those for interest rates and GDP, determine the debt-to-GDP ratio projections shown in Chart 6. That ratio was 72 percent at the end of FY 2013, and under current policy is projected to be 69 percent in 2023, 112 percent in 2043, and 277 percent in 2088. The continuous rise of the debt-to-GDP ratio after 2023 indicates that current policy is unsustainable" (http://www.publicdebt.treas.gov/fsreports/rpt/finrep/finrep13/citizenguide/fr_citizen_guide_where_we_are_headed.htm)
Why do those numbers differ so substantially from these: http://www.tradingeconomics.com/united-states/government-debt-to-gdp which are based on data from US Bureau of Public Debt (and show a ratio quickly approaching the all-time, post-WWII high?
From the report you site (or a version of it), here is a more complete statement:
"The primary deficit projections in Chart 5, along with those for interest rates and GDP, determine the debt-to-GDP ratio projections shown in Chart 6. That ratio was 72 percent at the end of FY 2013, and under current policy is projected to be 69 percent in 2023, 112 percent in 2043, and 277 percent in 2088. The continuous rise of the debt-to-GDP ratio after 2023 indicates that current policy is unsustainable" (http://www.publicdebt.treas.gov/fsreports/rpt/finrep/finrep13/citizenguide/fr_citizen_guide_where_we_are_headed.htm)
Huh? TradingEconomics? Who are they? You're asking me why their numbers are different from official US government statistics? Why don't you ask them?
Forecasts for 2088? Sure.
" src="http://forums-files.appleinsider.com/images/smilies//lol.gif" />
Add: I notice you have a fan in SpamSandwich. What a surprise.
Please. The repackaging of high risk mortgage securities to masquerade them as safe investments was criminal, and I think it's at the very least disingenuous to claim that the government forced the banks to give mortgages to people who couldn't afford them.
The fact is that banks conspired to manufacture what they knew full well was a pyramid scheme, knowing that in the end the government would have no choice but to bail them out with taxpayer money, meanwhile their top executives all got crazy rich.
That's FRAUD. Madoff went to jail for it, and they just did it on a much bigger scale. Again, the Apple guy belongs in jail, I'm just pissed off that these people are getting away with much worse simply because of their high power friends.
and not one person from wall street was tried and/or served time in jail for the crash several years ago.
shows you where the priorities are in this country.
Forecasts for 2088? Sure.
" src="http://forums-files.appleinsider.com/images/smilies//lol.gif" />
The statement was "The continuous rise of the debt-to-GDP ratio after 2023 indicates that current policy is unsustainable" (http://www.publicdebt.treas.gov/fsreports/rpt/finrep/finrep13/citizenguide/fr_citizen_guide_where_we_are_headed.htm)
You realize that 2023 is 9 years away, right?
First time visit on your forum really that was amazing concept and with good discussion. Thanks for sharing this information.
Totally correct, add in so many people's greed, flipping and spending, going bust then not repaying .... it was a perfect storm.