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What I like about Poland unlike America

johnny reb 30 | 5,187
8 Nov 2018 #31
Today's Reps aren't the party of Lincoln, that's for sure.

And what does that have to do with morons intentionally borrowing money that have no intentions of paying it back.
ie: most student loans
Those should follow you your entire life with say 10% subtraction of your every paycheck until it is paid off, not just completely forgiven because.
Or how about people that have 'no income to cover a vacation' with family to Disney World but feel they "deserve it" because of however creative of an excuse to rationalize putting it on their credit card so they can justify such thievery.

I am sure this is not the way it works in Poland is it ?
Lyzko 30 | 7,397
8 Nov 2018 #32
You do make snap judgements about folks you don't even know and will probably never meet.

I can't speak for Poland, however in Germany, there grants are so comparatively generous, the issue of struggling forever to pay back student loans essentially doesn't exist.
Dirk diggler 9 | 4,663
8 Nov 2018 #33
It's like that in all of Europe - probably the whole world. Only the US has such a crooked university system. Yet, at the same time US uni's are the most regarded around the world. You go to any decent college in the US and a huge chunk of the student body is foreigners, especially from China and to a lesser extent India.

Well for one Johnny people my age who either don't test in the top 10% or aren't athletic are pretty much screwed in the US if they want to go to college. They don't have any option BUT to take out student loans - unless they were born into the right circumstances and have parents that will pay their schooling which imo only ends up screwing them up in the long run. I've known many kids who came from such families and they went through college without having to work or take on debt then when it comes time to graduate they can't find a job since they've never been employed. Anyway though, if you're a bit above average white kid and aren't a starter on a varsity team you can forget about scholarships to nearly any college. If you want to go to college in the UK for example its around 9k pounds - less than even a state school. And it's the same prices more or less whether you're going to Cambridge or some no name school. Now compare that to even an 'average' school like say University of Kentucky where you'll pay $100k plus tuition for just a bachelors.

Second, people in Europe are more frugal than in the US. They generally don't live beyond their means. The middle class lives in the same boring small flats or small commie era homes as everyone else - or if they have a newer house its probably in a village that's worth maybe $100-$150k. The property taxes are a joke. You don't have a situation in the US where you have say a husband and wife together bring in $100k in an urban area yet after taxes, cost of living, interest payments, etc. they're unable to buy anything that will allow them to 'keep up with the jones's' so they pile on more debt - which banks are only to happy to give them.

How do you get a credit score? By borrowing and making payments. The more you borrow and the more payments you make the higher your score goes and the more credit card offers you'll get in the mail. Income, assets, etc. aren't even the main components of a credit score. They're important when you get your first loan but they're unimportant when you get repeated loans. Also ask any car dealer, loan officer, etc. A dude who makes a decent income, has a home that's almost paid off, has valuable assets but never takes out loans and lives beyond his means is NOT a good client for a loan. But, a guy who is barely keeping his head above water, has massive mortgage where he's only paying the interest, a car note where he's paying $400-$500 a month, etc. even with say an income half of person 1 will get a loan far quicker and at far better rates than the aforementioned scenario. When I was a student I took out one credit card and within months I had offers for like 20 more, furniture stores gave me credit to furnish my whole place, I got a new car, all this ****, even though I was officially making $600 $700 or so a week working like 30 hour weeks,

As far as bankruptcy laws in Poland, I don't know what they are now as I've never really had the need to read up on them. From what I understand though they've changed quite a bit due to EU accession. I can tell you though from personal experience is that the process is more stringent, the interest rates are much higher, and the process looks more at assets and income rather than just a credit score which I think is far smarter.

I've actually considered forming an llc with a cousin who's a lawyer to give high net worth Poles better access to the US financial market, eb-5 visas, better business loans, better investment vehicles, better life insurance, medical care, etc, etc.
Rich Mazur 4 | 3,185
8 Nov 2018 #34
What you wrote about how idiots qualify to take on even more debt is all true. We know it.
We also know that it is as insane for the US government to allow this as it would be to for that government to support or, at least, not object to the "business" of drug peddling, legal or illegal.

To so many - especially women - money is a drug that gives them a fix through "shopping" and the US banks are drug dealers. Those collapsing sub-prime loans sent tremors throughout the world, not just "America". And somebody had to bail them out because "there were too big to fail. It was me and I hated it.
Dirk diggler 9 | 4,663
8 Nov 2018 #35
insane for the US government to allow this as it would be to for that government to support or, at least, not object to the "business" of drug peddling, legal or illegal.

It has no reason to stop it - nor can it. Most of the people who work for the treasury department and fed are former bankers - especially from Goldman Sachs. There is currently no benefit for the banking industry to cut down on easy credit. Look at even companies like Ford or Toyota financial statements - the largest chunk of their incomes comes from credit people take on to buy for cars they produce - not selling them outright.
cms neuf - | 1,585
8 Nov 2018 #36
Well those are the banks who bailed out Russia in the late 90s so you were only repaying the favor.
Rich Mazur 4 | 3,185
8 Nov 2018 #37
It has no reason to stop it - nor can it. Most of the people who work for the treasury department and fed are former bankers

Again, you are explaining where the corruption comes from.
The reason to stop the idiocy of extending crazy loans is to protect those that have nothing to do with the process but have to bail it out when it goes wrong. The FED has the authority to change a lot the way banks operate, including the fractional rules and cash reserves. The FDIC, too. When banks fail, the FDIC pays if it can. If not, they will come knocking on my door again.

There is currently no benefit for the banking industry to cut down on easy credit.

You are not claiming that the banking industry is legally free to do whatever it pleases and f*** the US government, which means the US taxpayers. Or are you?
Lyzko 30 | 7,397
8 Nov 2018 #38
Agreed with much of the above.

Entrance qualifications continue to be a slippery slope. Now Harvard's fighting claims by undergrads of being biased against Asians, even Asian-American students!

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