well-temperedforum.groupee.net    The Well-Tempered Forum  Hop To Forum Categories  Off Key    Let's bring back Huey Long
Page 1 2 

Moderators: QuirtEvans, pianojuggler, wtg
Go
New
Find
Notify
Tools
Reply
  
Let's bring back Huey Long
 Login/Join
 
Minor Deity
Picture of Bernard
posted
"Share Our Wealth Society"

Adjust it for today's economy.

https://en.wikipedia.org/wiki/Share_Our_Wealth

quote:
The key planks of the Share Our Wealth platform included:

No person would be allowed to accumulate a personal net worth of more than 300 times the average family fortune, which would limit personal assets to between $5 million and $8 million. A graduated capital levy tax would be assessed on all persons with a net worth exceeding $1 million.
Annual incomes would be limited to $1 million and inheritances would be capped at $5.1 million.
Every family was to be furnished with a homestead allowance of not less than one-third the average family wealth of the country. Every family was to be guaranteed an annual family income of at least $2,000 to $2,500, or not less than one-third of the average annual family income in the United States. Yearly income, however, cannot exceed more than 300 times the size of the average family income.
An old-age pension would be made available for all persons over 60.
To balance agricultural production, the government would preserve/store surplus goods, abolishing the practice of destroying surplus food and other necessities due to lack of purchasing power.
Veterans would be paid what they were owed (a pension and healthcare benefits).
Free education and training for all students to have equal opportunities in all schools, colleges, universities, and other institutions for training in the professions and vocations of life.
The raising of revenue and taxes for the support of this program was to come from the reduction of swollen fortunes from the top, as well as for the support of public works to give employment whenever there may be any slackening necessary in private enterprise.[1]


--------------------------------
http://www.twistandvibrations.blogspot.com/

 
Posts: 10495 | Location: North Groton, NH | Registered: 21 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of jon-nyc
posted Hide Post
Jolly and Bernard agree on something!

(eta: don’t know about this proposal specifically, but Jolly has written approvingly of Long over the years)


--------------------------------
If you think looting is bad wait until I tell you about civil forfeiture.

 
Posts: 32826 | Location: On the Hudson | Registered: 20 April 2005Reply With QuoteReport This Post
Minor Deity
Picture of Bernard
posted Hide Post
quote:
Originally posted by jon-nyc:
Jolly and Bernard agree on something!


OMG. The sky is falling.

I stumbled upon SOW Society attempting to rebut a quote demeaning of welfare recipients that my cousin posted on FB.


--------------------------------
http://www.twistandvibrations.blogspot.com/

 
Posts: 10495 | Location: North Groton, NH | Registered: 21 April 2005Reply With QuoteReport This Post
Minor Deity
Picture of Bernard
posted Hide Post
I'm really ticked off today. I found out my neighbors across the street are losing their home. Repossessed by the bank. They had a variable rate mortgage and it's now beyond their means. I'm so angry. They both work full time jobs. He's a mechanic, not sure what she does but it's something to do with children. They obviously don't make a lot of money and they have had serious medical bills because their middle son (now 15 years old but wasn't expected to live to see his 1st birthday due to a condition in which the kidneys don't grow. Long story short, they finally started growing but he had surgeries and needs medications). They're not bums, they're productive people. Yet the bank is taking their home. It really pisses me off.


--------------------------------
http://www.twistandvibrations.blogspot.com/

 
Posts: 10495 | Location: North Groton, NH | Registered: 21 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of QuirtEvans
posted Hide Post
quote:
Originally posted by Bernard:
I'm really ticked off today. I found out my neighbors across the street are losing their home. Repossessed by the bank. They had a variable rate mortgage and it's now beyond their means. I'm so angry. They both work full time jobs. He's a mechanic, not sure what she does but it's something to do with children. They obviously don't make a lot of money and they have had serious medical bills because their middle son (now 15 years old but wasn't expected to live to see his 1st birthday due to a condition in which the kidneys don't grow. Long story short, they finally started growing but he had surgeries and needs medications). They're not bums, they're productive people. Yet the bank is taking their home. It really pisses me off.


I don’t mean to be hardhearted, but they intentionally took that risk when they got an adjustable rate mortgage. They probably bought more house, or had more disposable income, than they’d have been able to have by getting a lower variable rate than the fixed rate.

Everyone wants to think that the risk will never materialize.
 
Posts: 44371 | Registered: 20 April 2005Reply With QuoteReport This Post
Pinta & the Santa Maria
Has Achieved Nirvana
Picture of Nina
posted Hide Post
Or, an alternate view, they were suckered by a shady loan officer. I've seen it happen. Yes, they "should have known" about the ARM, but a (possibly) shady loan officer should have given them the full risk profile, if they didn't.

(Note the unisex use of "they" Big Grin )
 
Posts: 33578 | Location: West: North and South! | Registered: 20 April 2005Reply With QuoteReport This Post
Minor Deity
Picture of Bernard
posted Hide Post
At a certain income level and below there are not a lot of choices. I think it's entirely reasonable to have an optimistic outlook--to think that one's mortgage payment, although it may go up, will not end up being more than double the original amount. Are they responsible? Sure, they took it. Under what circumstances? They remortgaged to save their son's life.


--------------------------------
http://www.twistandvibrations.blogspot.com/

 
Posts: 10495 | Location: North Groton, NH | Registered: 21 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of Daniel
posted Hide Post
quote:
Originally posted by Nina:
Or, an alternate view, they were suckered by a shady loan officer. I've seen it happen. Yes, they "should have known" about the ARM, but a (possibly) shady loan officer should have given them the full risk profile, if they didn't.

(Note the unisex use of "they" Big Grin )


tsktsk
 
Posts: 22480 | Registered: 31 March 2007Reply With QuoteReport This Post
czarina
Minor Deity
Picture of piqué
posted Hide Post
That's absolutely horrible, Bernard. I have personal experience with banks trying to sucker homeowners with deals that end in them losing their house. Happened to some good friends of mine. They became local couch surfing refugees, at an age when they should have been enjoying their retirement--they are in their late 70s. They house sit and he is working for ten bucks an hour in a call center, and she is cleaning houses. He had been an optometrist and was even in the state legislature in his younger years. The only reason they aren't homeless is because their many friends have made sure they won't be. He was, admittedly, suckered by Bank of America offering him a good deal on refinancing their home. A year before I met them, BOA was calling and writing to me repeatedly trying to get me to take the same deal. It's only because of my reporting skills that I found out that everything they said to me on the phone was a lie. As a result, we paid off our mortgage so I wouldn't have to deal with them any more. It was clear to me that if there was the slightest slip up, they would foreclose.

Monsters, truly.


--------------------------------
fear is the thief of dreams

 
Posts: 19856 | Registered: 18 May 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of QuirtEvans
posted Hide Post
This may be totally an aside, but our legal system used to do a much better job of protecting consumers from unfair contract provisions. I'm not sure at what point the change happened, but it's certainly related to the internet and people clicking on their agreement to Terms of Service.
 
Posts: 44371 | Registered: 20 April 2005Reply With QuoteReport This Post
Minor Deity
Picture of Mikhailoh
posted Hide Post
I would want to understand just how their variable rate was governed. It would seem interest rates have not risen enough yet to make THAT much of a difference, but it may not have been reasonably proportional.

In any event my heart goes out to your neighbors.


--------------------------------
“Today's mighty oak is just yesterday's nut, that held its ground.” - David Icke

 
Posts: 12160 | Registered: 20 April 2005Reply With QuoteReport This Post
Serial origamist
Has Achieved Nirvana
Picture of pianojuggler
posted Hide Post
quote:
Originally posted by QuirtEvans:
This may be totally an aside, but our legal system used to do a much better job of protecting consumers from unfair contract provisions. I'm not sure at what point the change happened, but it's certainly related to the internet and people clicking on their agreement to Terms of Service.
There has been an erosion over the last couple decades... corporate lawyers getting more clever, mandatory arbitration clauses, severability or lack thereof, and basically corporations using their wealth and power to seize more wealth and power and a few congresscritters. The GOP juggernaut to reduce or eliminate regulation of every industry has certainly benefitted corporations and hurt consumers.

And only a small handful of people like Elizabeth Warren have been trying to push back.

From the side of the legal system, how can you argue with a judge who says, "you signed the contract which indicates your read and understood the contract... it's your own darned fault if you are unhappy with the outcome"?


Wells Fargo opening accounts without your authorization, Comcast adding on services you didn't agree to, or The Trump Organization unilaterally changing a contract after it's been signed is a different story.


Deepest condolences to Bernard's neighbors. The answer, in my humble opinion, is the CFPB.


--------------------------------
pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

When a door closes, a can of worms opens.

 
Posts: 27981 | Registered: 27 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of CHAS
posted Hide Post
quote:
Originally posted by Nina:
Or, an alternate view, they were suckered by a shady loan officer. I've seen it happen. Yes, they "should have known" about the ARM, but a (possibly) shady loan officer should have given them the full risk profile, if they didn't.

(Note the unisex use of "they" Big Grin )


That was very common around 2008. Encountered it myself when a a mortgage broker told me I was being too conservative. Told her I was not going to buy bigger.


--------------------------------
After seeing how some people wear their masks I can understand how contraception fails.



 
Posts: 22579 | Location: Still living at 9000 feet in the High Rockies of Colorado | Registered: 20 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of Steve Miller
posted Hide Post
Interesting how little time it took for the good people of Louisiana to go from Huey Long to Spanky.

What made them change their convictions?


--------------------------------
Life is short. Play with your dog.

 
Posts: 29825 | Location: Yorba Linda, CA | Registered: 23 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of Daniel
posted Hide Post
Did he swear?
 
Posts: 22480 | Registered: 31 March 2007Reply With QuoteReport This Post
  Powered by Social Strata Page 1 2  
 

    well-temperedforum.groupee.net    The Well-Tempered Forum  Hop To Forum Categories  Off Key    Let's bring back Huey Long