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From what I understand debt works similarly to gravity in a road runner cartoon
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Feb 9, 2018 00:27
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Pick posted:the only time I wasn’t working was STEM doctoral studies How good for you
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Feb 9, 2018 00:27
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https://www.youtube.com/watch?v=SGX8EOH82pc
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Feb 9, 2018 00:28
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Zhulik posted:From what I understand debt works similarly to gravity in a road runner cartoon it doesn’t matter until it does? pretty much.
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Feb 9, 2018 00:29
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Ytlaya posted:I majored in finance at NYU Stern, and some of my college friends/acquaintances work in what people normally describe as "high finance." Yeah, to put in perspective how privileged finance people are, a friend of mine started working at BlackRock after college. Then worked at a hedge fund. After five years working at a regular job, I have 50k saved. Whereas he retired this year.
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Feb 9, 2018 00:29
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Ramrod Hotshot posted:why can't the debt just keep going up as it usually does? Are you saying the US could go into default? Nobody in Congress actually thinks the debt means anything they just gave trump another 80 billion for the fun of it, free college for everyone would be 60 billion a year BTW
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Feb 9, 2018 00:31
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@realDonaldTrump: "RAMBLIN RAND at it Again! Must vote now, end Chain Migration! Kill the darkies!"
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Feb 9, 2018 00:32
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Ccs posted:Yeah, to put in perspective how privileged finance people are, a friend of mine started working at BlackRock after college. Then worked at a hedge fund. holy balls
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Feb 9, 2018 00:32
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Ramrod Hotshot posted:see, this is what I don't get. whoever's not in power seems to think the "debt" is a problem and it never turns out to be. but this is different because interest rates are rising? no we’ll never default. it’s basically impossible unless the republicans willingly decide to do it for the lulz. the debt is manifested in things like ten year bonds which when they mature we pay it off and then roll out new debt. if we rack up enough of it we eventually hit the point where most of our revenue is just being used to service the interest without actually paying down the principal. if rates go up then the debt which used to be manageable can suddenly become much more expensive to roll over and we’re unable to even meet our interest obligations. normally this would lead to default but since we can print money we can just print the money to pay off the debt. the problem with this is it leads to pretty steep inflation- which rich people hate above all other things. the reason people said not to worry about the debt in the past was because it was both at a manageable level and interest rates were very low so it was basically costing us nothing to service it. now that republicans have slashed taxes on the wealthy it’s going to start piling up way faster PLUS higher interest rates are going to make it more expensive. they’re absolutely going to use it as an excuse to launch an austerity campaign which will only make things worse but whatcha gonna do, vote for a democrat? lol
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Feb 9, 2018 00:37
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Ramrod Hotshot posted:see, this is what I don't get. whoever's not in power seems to think the "debt" is a problem and it never turns out to be. but this is different because interest rates are rising? the theory is that at some point people will stop buying US government debt and we will need to raise interest rates (increasing the cost of borrowing and slowing down "honest" business which needs to borrow for capital) or print money (driving up prices, private interest rates, and creating an inflationary spiral). further, because capitalism is self-optimized, any increase is obviously the straw that breaks the camel's back. the reality is that it's abject bullshit manufactured by a fundamentalist fervor for capitalism by both parties. japan owes twice as much per-gdp as us and has spent the entire Heisei regnal era - 1989 to the erased Heisei 31 in the first few months of 2019 before abdication matching the traditional year - mired in stagnant deflation since no one's willing to be the first one in the pool. american interest rates have been sub-inflation since 2008, to the point where bongholders are explicitly paying the us government to give them money for a few years. even the historical dips after a default are far less painful than our continual austerity has been; the loathing for being first is only matched by the loathing for being third, and new currencies for fundamentally productive economies tend to spring back within a few years. what it does do is pop the bubbles of assholes holding a lot of old dollars, and what those old dollars do get purposed to is buying all major political tendencies to ensure their value at all costs.
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Feb 9, 2018 00:48
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bongholders is accurate and perfect, so i'm leaving it
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Feb 9, 2018 00:48
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So here's how regular people are hosed: hi there hyperinflation
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Feb 9, 2018 00:49
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Ccs posted:Yeah, to put in perspective how privileged finance people are, a friend of mine started working at BlackRock after college. Then worked at a hedge fund. I think that, arguably even more than the money, the problem is that people within the system end up blind to the harm caused by the greater system they're a part of. They see people say bad things about finance and talk about the harm it causes, but they look around them and see their friendly and often (in an academic sense, at least) intelligent coworkers. So they come to the conclusion that the people criticizing them clearly have no idea what they're talking about, since the people they know aren't terrible stereotypes. And then there's the whole aspect where most people working in finance aren't directly engaged with anything harmful. They look at their own work and can't really see the link between it and any sort of harm. It's basically a "person doing random logistical work for a concentration camp" sort of situation. The money finance employees' coworkers make is also an important factor. While an individual making a bunch of money fucks with their perception of the world, it can be even worse if everyone they know and associate with also makes a lot of money. Everyone I know who ended up going into finance (or a similar field, like this one friend who became an accountant for a hedge fund) has an extremely distorted sense of what "normal" money is. They generally believe that it is standard and normal for a person to make ~$60k right out of undergraduate, and to end up making six figures by the age of 30+. And even when they acknowledge that people like retail/service workers don't make this kind of money, they still dramatically overestimate what they make and assume that a "low end" full time worker makes between $30k and $40k. This happens because literally everyone they closely know fits this mold. Most people they know come from privileged backgrounds where it's normal to get this kind of job out of college, and the few who came from less privileged backgrounds are unlikely to talk about it*. People who aren't on this general career track are as foreign to them as an illiterate person living in Appalachia is to someone like me or you, if not even more foreign (because at least that person in Appalachia and myself share life experiences like "literally any sort of material or financial stress"). *I'm a good example of this. I just kept my mouth shut about the fact that I was from a family where my mom was a school teacher and my dad was an x-ray tech (which honestly was perfectly middle class, but it's still significantly less than the sort of background my peers came from). If I had stayed on that career track (and not needed to change career track due to graduating in 2008), I likely would have adopted all of the same cultural norms in an effort to fit in.
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Feb 9, 2018 00:51
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ikanreed posted:So here's how regular people are hosed: hi there hyperinflation Hyperinflation only occurs when governments want it to happen
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Feb 9, 2018 00:52
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ikanreed posted:So here's how regular people are hosed: hi there hyperinflation oh no hyperinflation, how will i ever deal with my education debt being paid off with can deposits
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Feb 9, 2018 00:53
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Karl Barks posted:How good for you you can almost feel the gritted teeth behind this post
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Feb 9, 2018 00:59
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Pick posted:Ppl in This thread justifying why they have no money, capitalism and systematic abuses not required ah, cool, its good to see you're a libertarian now
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Feb 9, 2018 01:00
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Mandoric posted:oh no hyperinflation, how will i ever deal with my education debt being paid off with can deposits I'm sold. Print USD please
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Feb 9, 2018 01:02
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Inflation is good if your in debt because it gobbles it the gently caress up. Why do you think the boomers have such nice houses that are paid off even thought intrest rates were so high.
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Feb 9, 2018 01:07
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Pick posted:Ppl in This thread justifying why they have no money, capitalism and systematic abuses not required 👏 for 👏 twelve 👏 years 👏 you 👏 have 👏 been 👏 asking 👏
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Feb 9, 2018 01:08
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Rex-Goliath posted:no we’ll never default. it’s basically impossible unless the republicans willingly decide to do it for the lulz. Cool, thanks. It'll be interesting to see if this all comes to pass at least Trump is opposed to austerity, that is until someone tells him what you told me about inflation
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Feb 9, 2018 01:10
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bawfuls posted:dafuq credit union is giving you 2% on a checking account?? Bellco
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Feb 9, 2018 01:13
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Ytlaya posted:I think that, arguably even more than the money, the problem is that people within the system end up blind to the harm caused by the greater system they're a part of. They see people say bad things about finance and talk about the harm it causes, but they look around them and see their friendly and often (in an academic sense, at least) intelligent coworkers. So they come to the conclusion that the people criticizing them clearly have no idea what they're talking about, since the people they know aren't terrible stereotypes. And then there's the whole aspect where most people working in finance aren't directly engaged with anything harmful. They look at their own work and can't really see the link between it and any sort of harm. It's basically a "person doing random logistical work for a concentration camp" sort of situation. Wow gently caress these people. Bring on the guillotines. Ytlaya posted:If I had stayed on that career track (and not needed to change career track due to graduating in 2008), I likely would have adopted all of the same cultural norms in an effort to fit in. Do you regret it?
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Feb 9, 2018 01:15
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ikanreed posted:So here's how regular people are hosed: hi there hyperinflation i will have you know that inflation disproportionately affects the rich and 
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Feb 9, 2018 01:16
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Inflation is good for debtors, bad for people who own that debt. You can imagine why rich people really hate inflation.
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Feb 9, 2018 01:16
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Mandoric posted:oh no hyperinflation, how will i ever deal with my education debt being paid off with can deposits which is exactly why rich institutions (holders of your debt) hate hyperinflation e: beaten to death but it's true. they seethe at the idea of your freedom and reduction of their power over you
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Feb 9, 2018 01:21
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If you saved any money you would hate it also.
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Feb 9, 2018 01:23
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rich people really can't stand it when poors catch any kind of break
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Feb 9, 2018 01:25
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If you stashed any of daddys money ftfy
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Feb 9, 2018 01:25
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hi guy who saved money here lol, just lmao if your not expecting that poo poo to get literally stolen by whatever financial institute its with if this turns into another depression
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Feb 9, 2018 01:26
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MAGA Warlord posted:Inflation is good for debtors, bad for people who own that debt. You can imagine why rich people really hate inflation. yep bingo
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Feb 9, 2018 01:26
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Mandoric posted:oh no hyperinflation, how will i ever deal with my education debt being paid off with can deposits Finance vampires hate inflation since it would gently caress up their debt slavery plans for everyone.
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Feb 9, 2018 01:26
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Pick posted:If you saved any money you would hate it also. 👏“You👏have👏heard👏it👏said👏that👏this👏is👏an👏age👏of👏moral👏crisis.👏You👏have👏said👏it👏yourself,👏half👏in👏fear,👏half👏in👏hope👏that👏the👏words👏had👏no👏meaning.👏You👏have👏cried👏that👏man’s👏sins👏are👏destroying👏the👏world👏and👏you👏have👏cursed👏human👏nature👏for👏its👏unwillingness👏to👏practice👏the👏virtues👏you👏demanded.👏Since👏virtue,👏to👏you,👏consists👏of👏sacrifice,👏you👏have👏demanded👏more👏sacrifices👏at👏every👏successive👏disaster.👏In👏the👏name👏of👏a👏return👏to👏morality,👏you👏have👏sacrificed👏all👏those👏evils👏which👏you👏held👏as👏the👏cause👏of👏your👏plight.👏You👏have👏sacrificed👏justice👏to👏mercy.👏You👏have👏sacrificed👏independence👏to👏unity.👏You👏have👏sacrificed👏reason👏to👏faith.👏You👏have👏sacrificed👏wealth👏to👏need.👏You👏have👏sacrificed👏self-esteem👏to👏self-denial.👏You👏have👏sacrificed👏happiness👏to👏duty.👏
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Feb 9, 2018 01:28
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lol just shy of 60% of americans can't even afford an emergency $400 bill just lmao saving money
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Feb 9, 2018 01:29
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feed people into the guillotine as a function of their net worth the higher the net worth, the sooner your number is called continue until you make america great again
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Feb 9, 2018 01:29
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Rhesus Pieces posted:which is exactly why rich institutions (holders of your debt) hate hyperinflation it's why i don't agree with the orthodox assumption that inflation is bad since lenders are often small retirement savers and borrowers are often financiers. any basic thought about the implication of government pensions or building equity through mortgage repayment makes it absolutely clear that the american economy reverses these. there would be human costs to hyperinflation, but it would be murdering a five-year cohort to save the other 13 or 15 of them at this point, a Carneadean choice that could even be padded with retirement assurances from the newly debt-free government.
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Feb 9, 2018 01:29
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Tiberius Christ posted:Also china owns more american bonds then they did in 2008 even though theyve been wanting to get rid of them. Last time Putin almost convinced them to team up and cash them in to crash the american economy but were China's main importer. However China has been building the One Belt One Road to sell all the poo poo they make to their own people and the growing asian middle class so lets see if they make that deal now. ah yeah china is going to destroy a 500 billion a year export surplus for ????
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Feb 9, 2018 01:30
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Might hobble us enough to avert nuclear war in the peninsula?
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Feb 9, 2018 01:31
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also remember that by definition inflation includes wages the shorthand of "everything only gets more expensive" is called Wage Arbitrage when employers gently caress over wages via pushing against inflation which is a whole separate thing that can happen regardless of the level of inflation occurring
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Feb 9, 2018 01:32
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Sheng-Ji Yang posted:ah yeah china is going to destroy a 500 billion a year export surplus for ???? punishing us for starting a nuclear war on their border op
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Feb 9, 2018 01:33
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