Tariffs...what to make of them.

Malkiel's book is one of the very best that I have read on personal finance investing. Quite readable as well. Dr. Wade Pfau's book Retirement Guide being quite good as well.

Different ways of dancing for each of the four grocery stores yesterday, I noticed. Unfortunate that Brainworm wasn't confirmed by the Senate to prevent the bird flu from impacting the food supply.


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At least you're a Devils fan. The book is already ordered on the Amazon.

Nothing will ever be confirmed by any Senate, which I'll chalk up to human nature and hubris. I mean, not unless we can claim that we caused it, and therefore can fix it by implementing broad sweeping policy and monetizing it, like certain other "global crisis".
 
Well looks like Mr project 2025 shut down the consumer protection board....So now the banks can go back to those awesome sub prime mortgages that brought joy and happiness throughout the land!
The Banks were forced into those mortgages - it was the same people that said “make an affordable product for all or write the community a check” - For some reason the Banks shareholders would like to see them try to turn a profit rather than write a check, go figure. Bernie Frank engineered most of it then blamed the Banks when it failed.

His fix is what killed cash in this country and is why a CTR is filed when you deposit or withdraw cash now.

The Banks have been beaten to a pulp, most of the regulation and oversight they face has made it impossible for the community Bank to survive.
 
cant have an abbreviation like that
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Currency Transaction Report - surely many here have had one filled out on them. Different Banks have different levels that trigger the need for the report - essentially they report that you have deposited or withdrawn cash at a certain amount - if you are on the list you may have a cash business and it triggers a red flag.

The second round of COVID relief signed by the Biden administration did the same for Venmo, PayPal etc - essentially those payment entities are reporting on peoples side hustle now to make sure they are being appropriately taxed as well.
 
Currency Transaction Report - surely many here have had one filled out on them. Different Banks have different levels that trigger the need for the report - essentially they report that you have deposited or withdrawn cash at a certain amount - if you are on the list you may have a cash business and it triggers a red flag.

The second round of COVID relief signed by the Biden administration did the same for Venmo, PayPal etc - essentially those payment entities are reporting on peoples side hustle now to make sure they are being appropriately taxed as well.
And depending on how often you do it, and what your travel patterns are, you may pickup a tail from homeland also.
 
His fix is what killed cash in this country and is why a CTR is filed when you deposit or withdraw cash now.



Not sure what you're talking about here. The Currency Transaction Report came into being in 1972. The threshold is $10k. What banks have different levels?

In the early 90s, my friend used to sell lots of motorcycles to mid-level drug dealers. They loved new motorcycles because they could pay cash w/o triggering reporting. $10k in 1972 is about $75k now.

EDIT: there are quite a few exemptions to the requirement. see CFR 1020.315
 
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The Banks were forced into those mortgages - it was the same people that said “make an affordable product for all or write the community a check” - For some reason the Banks shareholders would like to see them try to turn a profit rather than write a check, go figure. Bernie Frank engineered most of it then blamed the Banks when it failed.

His fix is what killed cash in this country and is why a CTR is filed when you deposit or withdraw cash now.

The Banks have been beaten to a pulp, most of the regulation and oversight they face has made it impossible for the community Bank to survive.
JP morgan made a record 58 billion last year, wells fargo, etc...records profits....yes my asshole is currently bleeding for their plight.

Government was absolutely complicit in the financial crisis, but lets not forget the banks side of things:
lenders were the main culprits, offering loans to people who couldn't afford them.....I know this from personal experience as I was offered many mortgages when I was a nearly broke college student.....predatory lending practices...targeting minorities....oh then getting TRILLIONS in bailouts from our governments....Poor banks...they were just misunderstood.

CTR is for deposits of $10,000 or more...and it was put in place by nixon....Dodd/Frank had nothing to do with it.

the consumer protection board has gotten back 21 billion dollars in bullshit fees and scams....Go watch the series "american greed" on hulu....such a WONDERFUL group of people that we should be putting our trust in.

Remember this piece of shit?

Thank you CFPB for helping put him away for 16 years...sadly not for life.
 
Not sure what you're talking about here. The Currency Transaction Report came into being in 1972. The threshold is $10k. What banks have different levels?

In the early 90s, my friend used to sell lots of motorcycles to mid-level drug dealers. They loved new motorcycles because they could pay cash w/o triggering reporting. $10k in 1972 is about $75k now.

EDIT: there are quite a few exemptions to the requirement. see CFR 1020.315
Many have different levels than $10k - we cannot discuss what that level is. But they are below $10k

And I also disagree we you - having worked in retail banking (a branch) pre and post Dod Frank - that super charged the collection of the report.
 
Government was absolutely complicit in the financial crisis, but lets not forget the banks side of things:
lenders were the main culprits, offering loans to people who couldn't afford them.....I know this from personal experience as I was offered many mortgages when I was a nearly broke college student.....predatory lending practices...targeting minorities....oh then getting TRILLIONS in bailouts from our governments....Poor banks...they were just misunderstood.

Thank you for noting Government was complicit.

Prior to the collapse of the housing market in 08/09 CRA regulations required the Banks either write a check to the communities they worked in or make it possible for everyone to be able to afford a house there - hence your mortgage offers (I remember receiving the same and thinking I would never be able to afford this). It also spurred wild products that partially relied on the housing market to continue to inflate or the ship would sink. And it sunk.

A banks goal is to make money - shareholders remind them of this. Rather than write a check for the community with no financial return to the Bank - loans were made - and a lot of them went bad. The government amended this with Dodd Frank.

American Greed - yes I watch it. Lots of bad people, that does not mean all bankers are bad. American Greed has lots of Dr’s on there that essentially operates as a Pill Mill - Should I assume you think all Dr’s are bad? Don’t get me started on the politicians on that show.
 
A banks goal is to make money - shareholders remind them of this. Rather than write a check for the community with no financial return to the Bank - loans were made - and a lot of them went bad. The government amended this with Dodd Frank.

American Greed - yes I watch it. Lots of bad people, that does not mean all bankers are bad. American Greed has lots of Dr’s on there that essentially operates as a Pill Mill - Should I assume you think all Dr’s are bad? Don’t get me started on the politicians on that show.
No, but I would like if SOMEBODY was paying attention and cares when the doctor is running a pill mill....or when another Scott Tucker comes along....No I dont think they are ALL bad.....but Vought just came out and said...."well if you are bad...we no longer give a fuck"
 
Visa and Mastercard are the big drains on society. Margins are u real and they treat the little person like crap. Corporate companies are generally scum. Trying to squeeze every last penny out of us. Remember when they stopped issuing rebate checks and gave rebate cards instead? Why? Because most people never spend the last few bucks/cents on a rebate card so corporate keeps it. Big pharma is the worst of them all. The margins they charge for drugs here vs anywhere is in itself shoukd be illegal. Oh, and a lot of this would have been fixed in 2009 if we didn’t bail every asshat bank or car company out. Sink or swim, isn’t that how it’s supposed to be? The cream will always rise to the top. 100% wish BOA, Citigroup and GM failed.
 
Thank you for noting Government was complicit.

Prior to the collapse of the housing market in 08/09 CRA regulations required the Banks either write a check to the communities they worked in or make it possible for everyone to be able to afford a house there - hence your mortgage offers (I remember receiving the same and thinking I would never be able to afford this). It also spurred wild products that partially relied on the housing market to continue to inflate or the ship would sink. And it sunk.

A banks goal is to make money - shareholders remind them of this. Rather than write a check for the community with no financial return to the Bank - loans were made - and a lot of them went bad. The government amended this with Dodd Frank.

American Greed - yes I watch it. Lots of bad people, that does not mean all bankers are bad. American Greed has lots of Dr’s on there that essentially operates as a Pill Mill - Should I assume you think all Dr’s are bad? Don’t get me started on the politicians on that show.
There's more to the story besides the government's role. Banks made big money originating, servicing and reselling subprime mortgages, which also generally earned higher interest rates. I don't recall banks protesting the govt programs when they were introduced. In fact, some jumped in whole hog to the point of engaging in predatory loan practices. Several hundred small banks went under and blamed it on the subprime crisis, but many were complicit and/or under capitalized.

Also, I see no mention of personal responsibility, either on the part of the banks or the individuals who took out risky loans. Small banks are fading away because changes to the very definition of money. Cash is virtually dead, except among the folks who are criminals or tax dodgers. You can get loans and buy pretty much any financial instrument without leaving the house.
 
Thank you for noting Government was complicit.

Prior to the collapse of the housing market in 08/09 CRA regulations required the Banks either write a check to the communities they worked in or make it possible for everyone to be able to afford a house there - hence your mortgage offers (I remember receiving the same and thinking I would never be able to afford this). It also spurred wild products that partially relied on the housing market to continue to inflate or the ship would sink. And it sunk.

A banks goal is to make money - shareholders remind them of this. Rather than write a check for the community with no financial return to the Bank - loans were made - and a lot of them went bad. The government amended this with Dodd Frank.

American Greed - yes I watch it. Lots of bad people, that does not mean all bankers are bad. American Greed has lots of Dr’s on there that essentially operates as a Pill Mill - Should I assume you think all Dr’s are bad? Don’t get me started on the politicians on that show.
I am going to tell a little story about 1 person, but this goes to say a lot of mortgages were written like this: the apprentice I was working with bought a house in 04 for 350k. Now I knew he had a truck payment and a Motorcycle payment. When I asked about how they figured is mortgage it was on 2 weeks gross pay. Now in 1981 when I bought my house it was 1 week net. He went bankrupt. These mortgages should have never been written. The part I didn't like but did understand was the bank bailout. These loans were set up to fail.
 
I am going to tell a little story about 1 person, but this goes to say a lot of mortgages were written like this: the apprentice I was working with bought a house in 04 for 350k. Now I knew he had a truck payment and a Motorcycle payment. When I asked about how they figured is mortgage it was on 2 weeks gross pay. Now in 1981 when I bought my house it was 1 week net. He went bankrupt. These mortgages should have never been written. The part I didn't like but did understand was the bank bailout. These loans were set up to fail.

He probably had an ARM and couldn’t afford the interest after a few cheaper years. I had a few friends who just walked away from their mortgage for the same reasons.
 
Serious question to the trump supporters. How do you feel about how he is violating court orders? Do you believe the checks and balances of the 3 branches of government should be ignored or abolished in favor of only having the executive branch make all decisions?
 
Serious question to the trump supporters. How do you feel about how he is violating court orders? Do you believe the checks and balances of the 3 branches of government should be ignored or abolished in favor of only having the executive branch make all decisions?

You'd think at some point these people in Congress would be like "why are we even here?". Is it rewarding to have your jobs made redundant by the executive branch? Is this why you ran for office? I suppose as long as the donors keep donating, stock tips keep coming in, and cushy post-Government jobs are still there, there isn't that much motivation to do anything about it.
 
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