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yeah, financial strength w/ the swiss and the nordics and such has led, like in east asia, to more and more cartoonish methods of eternal debt
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Jan 16, 2024 17:18
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there are definitely pros and cons from a policy standpoint to fixed rate mortgages but as someone with a 3% fixed interest rate it sure feels great
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Jan 16, 2024 17:55
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kissekatt posted:Infinite mortgages are the norm in Sweden. In 2016 there was finally a law passed to force people to start paying off the principal that exceeds 50% the value of the house. The last 50% you can keep as long as you like, as long as the loan amount doesn't exceed 4.5 times your yearly income. "as long as you like"? Are people just itching to rack up more interest?
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Jan 16, 2024 18:07
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TikTok "investors doing a series of mycrimes.mp4 https://twitter.com/TikTokInvestors/status/1746588400516321354
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Jan 16, 2024 19:02
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Ditocoaf posted:"as long as you like"? Are people just itching to rack up more interest? Mortgage interests in Scandinavia were below inflation for a while, so there was no reason to pay more than absolutely necessary towards your mortgage. Sadly, those days are over.
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Jan 16, 2024 19:18
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Ditocoaf posted:"as long as you like"? Are people just itching to rack up more interest?
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Jan 16, 2024 20:54
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kissekatt posted:You fail to consider that money you use to pay off debt is money you can't spend on fun stuff right this very minute. yeah this is quite important.
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Jan 16, 2024 20:57
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I think we found the new Pauzible... https://try.easyknock.com/?utm_source=directmail&utm_content=try.easyknock quote:Unlock Your Cash in 3 Easy Steps I'm guessing they're hoping you use the money to improve the home, and they're going to be pretty heavy-handed on the eviction process. Oh, and if your dishwasher breaks or something, you're on your own.
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Jan 16, 2024 21:36
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AceClown posted:TikTok "investors doing a series of mycrimes.mp4 banks hate this one simple trick!
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Jan 16, 2024 23:07
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AceClown posted:TikTok "investors doing a series of mycrimes.mp4 quote:Circe
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Jan 16, 2024 23:37
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Dan Olson has a deep, deep, deep dive into apes being strong together: https://www.youtube.com/watch?v=5pYeoZaoWrA I like Folding Ideas but this is two and a half hours long and I honestly don't think the topic merits or supports this detailed an analysis.
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Jan 17, 2024 01:00
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blackmet posted:I think we found the new Pauzible... Big fan of easy knockers personally
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Jan 17, 2024 01:00
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Phanatic posted:Dan Olson has a deep, deep, deep dive into apes being strong together: These people have descended in to trademark fights and insane amounts of drama and it’s hilarious. There’s a memestock thread here with some good info.
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Jan 17, 2024 01:02
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AceClown posted:TikTok "investors doing a series of mycrimes.mp4 Are these really any different from the people on r/churning that do manufactured spending to hit credit card bonuses? It seems like the people on r/churning are even “worse” because they commit the crime of taking money away from a bank, while those tiktokers seem to only be doing the crime of increasing their credit limit? Or like the people on doctorofcredit that find random bank bonuses that are like “get 10 cents back on every purchase with the card” and then they set up a web of automated transactions where they pay 3 cents to get 10 cents back but a couple thousand times? Boris Galerkin fucked around with this message at 04:08 on Jan 17, 2024 |
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Jan 17, 2024 04:06
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Boris Galerkin posted:Are these really any different from the people on r/churning that do manufactured spending to hit credit card bonuses? It seems like the people on r/churning are even “worse” because they commit the crime of taking money away from a bank, while those tiktokers seem to only be doing the crime of increasing their credit limit? Using your credit card to buy gift cards or other products that you are legally allowed to purchase with a credit card is very different from bank fraud. Credit card bonuses are promotional loss leaders to get people to try the cards. Signing up for a free trial and then cancelling before you get billed is not fraud either.
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Jan 17, 2024 04:10
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Boris Galerkin posted:Are these really any different from the people on r/churning that do manufactured spending to hit credit card bonuses? It seems like the people on r/churning are even “worse” because they commit the crime of taking money away from a bank, while those tiktokers seem to only be doing the crime of increasing their credit limit? Generally anything that involves fake invoices and false business records is a crime. Not legal advice or anything but if you ever find yourself inventing fake businesses to pass money back and forth you're probably doing at least a few financial crimes.
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Jan 17, 2024 04:15
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Boris Galerkin posted:Are these really any different from the people on r/churning that do manufactured spending to hit credit card bonuses? It seems like the people on r/churning are even “worse” because they commit the crime of taking money away from a bank, while those tiktokers seem to only be doing the crime of increasing their credit limit? Yes, this is very different. For instance, one is illegal, the other is not.
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Jan 17, 2024 04:27
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Boris Galerkin posted:Are these really any different from the people on r/churning that do manufactured spending to hit credit card bonuses? It seems like the people on r/churning are even “worse” because they commit the crime of taking money away from a bank, while those tiktokers seem to only be doing the crime of increasing their credit limit? The bank assigns the credit limit to you based on how much they trust you to be able to take out and repay. If you regularly draw down the line of credit and then pay it back, they'll think you're reliable and will therefore be willing to be lend you more money. The tiktok recommendation is to generate a whole bunch of false transactions in order to make them think that you're less risky than you actually are and therefore trick the bank into giving more favorable terms and a bigger loan than they normally would. Lying to someone about your finances in order to get a better deal is fraud! And this applies even if the person who lied to get the higher limit successfully pays the off. As a good example, look at Trump's trial in New York. He inflated the value of his properties and income in order to make the banks think that he had better collateral and was less risky than he actually was. His argument is that the banks got paid back, so what's the big deal? Well, if they'd known the actual numbers the banks might have decided that they needed to charge him more interest or demand more collateral or something to agree to it.
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Jan 17, 2024 04:52
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Idk if millionaires can legally hide money to avoid paying taxes because they have money to afford layers to do it for them then gently caress it I support tik tokers taking advantage of the man
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Jan 17, 2024 05:29
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There’s a difference between something being morally objectionable and illegal. There are tons of things that would get you a round of applause but which will still lead to charges if you get caught. Edit: and advertising your “one weird trick” to the kind of people who cruise grindset TikTok for tips is hitting exactly the kind of credulous idiot who will try it and also the sort of broke person who won’t be able to afford a lawyer and will get their life utterly wrecked by the justice system.
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Jan 17, 2024 05:33
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Boris Galerkin posted:Idk if millionaires can legally hide money to avoid paying taxes because they have money to afford layers to do it for them then gently caress it I support tik tokers taking advantage of the man But also this is a really anti-social point of view. Like, this is the sort of thing where I'd cheer on an individual who's loving over the bank, 'cause what do I care if Wells Fargo loses $10k. But if people actually did this at scale then it'd hurt everyone. These rules exists because banks don't want to lend money to people who can't pay it back. If a bunch of people start manipulating their credit histories to obtain loans, then the banks will notice and will crack down on it by reviewing everyone's credit history more closely and will be more likely to reject people or charge them higher interest rates, even those who haven't done anything wrong. They'll take that money instead and give it out in "safer" loans to wealthier individuals and businesses, making the whole drat problem worse. You're not going to make the financial system more equitable by telling people to go rob the bank! Besides, there's a much better solution to the problem anyway. 
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Jan 17, 2024 06:08
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Boris Galerkin posted:Idk if millionaires can legally hide money to avoid paying taxes because they have money to afford layers to do it for them then gently caress it I support tik tokers taking advantage of the man I do not know what you think you mean by "legally hide money to avoid paying taxes because they have money to afford lawyers to do it for them", but among other things what you've described is, explicitly, legal. That's different from illegally hiding money to avoid paying taxes. Additionally, not paying taxes is not the same thing as ripping off a bank.
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Jan 17, 2024 06:29
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If it was just fraud, whatever. But fraud to have another hustler-owned airbnb in the neighborhood, no thanks. At that point you’re just making everyone’s life worse
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Jan 17, 2024 06:48
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i only support artisanal small-batch local fraud
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Jan 17, 2024 07:11
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The real issue with these tiktok financial idiots is that they're charging people money to learn how to commit fraud that will at best end with them in unrecoverable debt for the rest of their life, and at worst will put them in prison. They're no better than assholes who sell courses on sovcit stuff.
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Jan 17, 2024 12:09
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https://twitter.com/doctorow/status/1746936503664820585 https://pluralistic.net/2024/01/15/passive-income-brainworms/#four-hour-work-week Cory Doctorow just posted a good thread / article about how most online scammers are not actually making any money because they are themselves being scammed by higher-level scammers who sold them a How To Scam course.
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Jan 17, 2024 12:27
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That really would explain so much.
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Jan 17, 2024 14:31
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Apparently the current scam is convincing tweens on TikTok they need some sort of $75 face moisturizer? Very different than convincing 30-40 year old men they need new cars imho.
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Jan 17, 2024 14:41
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Ghost Leviathan posted:That really would explain so much. https://www.youtube.com/watch?v=biYciU1uiUw Dan Olsen did a video about a similar pre-ai scam telling people they could get rich by hiring ghostwriters to flood Amazon with garbage audiobooks. Of course, the only people making money that way are the ones selling the course. The people flooding Amazon with garbage are victims of a scam themselves. I imagine it's the same on TikTok. Very few are actually making money from these videos.
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Jan 17, 2024 14:55
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There has been a surprising amount of this kind of fraud with reality TV shows like Real Housewives. Those shows don't pay a whole lot, definitely not enough to maintain the lifestyles they're living, so they get caught doing mortgage fraud, money laundering, and tax evasion as they churn assets to seem richer than they are. The most recent example were the Chrisleys who are now in Federal prison for the next decade on tax fraud. They did just get a weird $1 million dollar judgement from the State of Georgia for improper prosecution on state tax charges, so at least their commissary account is flush.
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Jan 17, 2024 15:42
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SimonChris posted:https://twitter.com/doctorow/status/1746936503664820585 I somehow dislike how Doctrow continues to be a really good writer with a focus on the quality of life of the common internet user, the common consumer, the common man. it means that everybody else from that era who became chuddy barely-literate shithead hacks did not do so out of inevitability: they avoidably became stupid illiterate shithead hacks, and that's sad as hell
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Jan 17, 2024 15:49
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Potato Salad posted:I somehow dislike how Doctrow continues to be a really good writer with a focus on the quality of life of the common internet user, the common consumer, the common man. Well, it might help to remember that Doctrow started as an absolute shithead whose entire career was built around telling millennials why it was perfectly justified for them to steal/pirate artists' work.
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Jan 17, 2024 16:04
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LanceHunter posted:Well, it might help to remember that Doctrow started as an absolute shithead whose entire career was built around telling millennials why it was perfectly justified for them to steal/pirate artists' work. now AI does it for free
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Jan 17, 2024 17:34
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tater_salad posted:now AI does it for free "Millenials killed the pirating industry."
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Jan 17, 2024 18:02
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Krispy Wafer posted:There has been a surprising amount of this kind of fraud with reality TV shows like Real Housewives. Those shows don't pay a whole lot, definitely not enough to maintain the lifestyles they're living, so they get caught doing mortgage fraud, money laundering, and tax evasion as they churn assets to seem richer than they are. The most recent example were the Chrisleys who are now in Federal prison for the next decade on tax fraud. They did just get a weird $1 million dollar judgement from the State of Georgia for improper prosecution on state tax charges, so at least their commissary account is flush. Another one went down last year for 13 years. https://www.justice.gov/usao-sdny/pr/reality-show-cast-member-jennifer-shah-sentenced-78-months-prison-running-nationwide
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Jan 17, 2024 20:33
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tater_salad posted:now AI does it for free There must always be a Dread Pirate Robots.
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Jan 17, 2024 20:50
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Guest2553 posted:There must always be a Dread Pirate Robots. dammit we just changed the thread title too!
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Jan 17, 2024 20:57
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Potato Salad posted:I somehow dislike how Doctrow continues to be a really good writer
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Jan 17, 2024 22:49
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moana posted:Lucky for you, Cory Doctorow is one of the shittiest writers out there so you don't have to worry about this. Whew, I’m not the only one. I remember when the App Store was A Brand New Thing and I downloaded some e-reader app, and it was prepopulated with all his Creative Commons works. It was dire.
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Jan 17, 2024 23:28
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Doctorow is a good journalist; his expository writing is lucid and, for a journalist, relatively technically competent. His fiction is mostly bad, though.
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Jan 17, 2024 23:50
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