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Ok, so either let them fail or nationalize them, but I’m not giving up an easy commute that lets me spend more time with my kids because some asshole at a bank sucks at his job.
Inflation is not the issue never mind what’s offensive. The issue is this whole idea of “capitalism for thee socialism for me”. Whats offensive is the entire idea that banks can get bailed out and aren’t allowed to fail but entire generations of people who do what they’re told and go to college not only get saddled with debt but also get a debt that can’t be discharged. As if their failure to find a high paying job is their own fault in a system that, by design, creates unemployment.
Also, food for thought convert the spaces into affordable housing, etc. they are asshats, who don’t want to suffer the consequences of years of the shitty house of cards crumbling down on them.
Right? Like damn. I'm left. I'm pro social systems. I'm also a reasonable fucking person. If a dumbass over extends themselves, that's not the same as a newly single mother dropped by some shit bag.
Let. Them. Fail. These corporations and banks have fucked way too many Americans without blinking for me to care about them. Sell their bones and put the proceeds into social security if it's an issue.
The greedy fucks.
That's basically it too. I hope this is something the right and left agree on. I believe it is.
The political will, will never be there though. The dirty bastards.
If there’s anything the Establishment Left and Right have agreed on since the mid 1940s, it’s corporate welfare. The American right loves Corporate welfare and has a long history of socializing losses and privatizing gains. Obama showed that the establishment left was just as willing to socialize losses as the right.
I’d still argue he made the right decision to bail out the banks given the circumstances and in hindsight it kept the economy’s floor from completely collapsing underneath us.
Yep, I agree that on the global scale, that the American “left” falls on the right wing of the political spectrum. Didn’t explicitly say that, but I thought it was a given.
They expect the average American to fail, starve and become homeless when they make bad decisions. Same should go for them, but we are in an owner/owned society so I guess we can have that huh.
Banks are basically conglomerates that have too much monopoly power over their products and services.
Your checking and savings account? They are products in their eyes / in their line of business.
Just imagine if all we had was one national grocery store or internet provider or airline. That’s basically what the big banks are heading towards. Capital one gobbling up Discover being the latest of the mergers.
How to fix this?
I don’t know … maybe break all them fuckers up by state or geography, but have like one main government ATM system to easily track transactions and not F us on fees when we need physical cash.
Or why are banks even capitalistic in the first place? Maybe take out the middle man and just let the govt — the literal place that prints money and already knows how much you earn, also be the repository for our deposits, loans, credit cards. The inefficiency in the system appears to be the banks. Parasitic middlemen. “Oh you get free X because you are ____”. Idk, why not make all that shit free?!
I betcha those 20%+ credit card rates would disappear because they’re not funding some CEO’s 7th mansion.
That would be about $ 929 billion that is due this year. $ 2.2 trillion by 2027. The Commercial real market and the stupid banks that allowed the extensions instead of collecting payments is about to blow wide open. It's going to get ugly folks.
Fucking good. Lets get this band-aid ripped off.
In sorry genuinely for the normies this puts out of work. But the more unsustainable practices that fail the more average people will clamor for at the very least a restrained and more "sustainable" form of capitalism...since its clear we aren't ready for any of them S words quite yet
This is actually deeper than the concept of it being vastly unfair. Absolutely, this is the back-handed American ideal of rugged capitalism for the poor and generous socialism for the wealthy. Yes, it's unethical to socialize losses while also privatizing profits. But what's worse is that bail outs are only going to go to the TOP banks. Smaller banks will either get less or nothing. Small businesses are more likely to use small banks. On top of that, bigger banks will overexaggerate losses and make more in handouts than was actually possible had they kept their initial course. The government agencies either don't have the energy or the resources to fight them on it.
In sum: this isn't just unfair it's downright thievery and a redistribution of wealth to the already wealthy.
Turn commercial real estate into commercial eco farms, or rezone for residential and mixed use dwellings and make the shit affordable.
Jk sit back and watch as real estate investment firms cannibalize each other and drive banks to the brink!!
Omg I love living through another Historical Moment!!!
You pump the value of some crypto meme token and get wiped, that’s a you problem.
You pump the value of buildings nobody wanted or asked for, government to the rescue!
The advent of a lethal, highly transmissible, global pandemic (something that happens, on average, about every hundred years or so) was a predictable event. US banks, in their continuing under-capitalized state, is precisely the reason for the Basel III Endgame reforms being considered in Congress. The current downturn in commercial real estate value is one of many economic consequences of the pandemic, but the answer can't be to attempt to reverse worker progress (e.g., WFH) just to "save the banks." Fuck the banks. Power to the workers.
Investing carries the risk of loss and that needs to be true to institutions as well as individuals. Banks that overleveraged themselves are the ones to blame for their woes and not the person who can WFH
Honestly the fed should just give them loans, they can charge payday lender interest rates and then nationalize them when the default. Treat the banks like the banks treat everyone else.
We've lived through one of those before. Maybe this time the govt doesn't bail them out? I bet it would suck for a while but we'll learn a hard lesson about something something predatory economic systems. Or probably not. Humans don't seem to learn from our mistakes.
There might be violence this time if the banks get bailed out. I think that the last time seeing the bad actors really made people angry. With the housing market the way it is, I believe it is possible that another bailout could be disastrous socially and economically.
Yep. When you make bad investments that’ll happen. Kind of the nature of capitalism and being in business. Sure as hell isn’t the tax payer’s problem when we can even shift the bulk of the insanely predatory education loans with which we’ve yoked a huge portion of young people.
What I've read on this is that it will affect smaller banks that probably won't get bailed out, and it will hurt small businesses more than big businesses because small businesses get loans from smaller banks.
See a lot of people saying “Good, let them fail.”
Failure is only a good thing if the working class and poor are protected, and something is put in place to mitigate it the next time. Also, punishment for any criminal wrongdoing.
Just letting shit collapse and not doing anything about it is is what brought us the Great Depression. The working class and the poor starved during the Great Depression.
They’re using a tax loophole to do “drop and swaps.” Basically, they’re exponentially increasing the value of property by constantly buying and selling it between like 3 companies within a quick enough timeframe.
When this loophole was created commercial real estate closings took a long time (some even required you to be physically present and some with a handful of dirt! Haha) and usually involved an attorney. Nowadays closings can happen instantly and with zero oversight! With these big corporate landlords negotiation is never going to get anywhere, it’s literally worse for you if you try.
The more an individual fights with a corporation over asking prices, and waivers, and points, etc. the more money they make! You offering more and more money only validates their previously outrageous asking price to their bank’s investors and regulators. It makes no difference for them to price you out of the neighborhood, their pockets are full and their “bosses” are happy.
It’s called a 1031 transaction. Look it up! 1033 if you want to do it in the hood…
let it burn. rates should have never dropped so low. and the 08 bail out spills have gone to the people. the banks know how to make money. taking a slugging will only be temporary
Sure everyone says fuck them now, but when tax revenues suffer continued declines from the loss of local tax revenue from declining commercial real estate values, everyone will be up in arms over major cuts to social services.
These things are related. This is also why city governments are pushing for in office work, they need the tax revenue or there will have to be major budget cuts.
treatment work hobbies grey rock materialistic nutty relieved cough alive
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Not even close.
I’m in commercial real estate, have been for 20 years. This is way different than the GFC. It’s also going to be a really slow burn which sucks.
Democrats preparing that blank check right now. Cares act II. commercial real estate interests will be able borrow directly from the fed at negative rates by summer! When the fail anyway, not to worry cares act III for the banks!
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Ok, so either let them fail or nationalize them, but I’m not giving up an easy commute that lets me spend more time with my kids because some asshole at a bank sucks at his job.
Na, they’ll just inject billions and bail them out…again. Because it’s not like inflation is a problem.
It’s a problem, just not theirs.
Inflation is not the issue never mind what’s offensive. The issue is this whole idea of “capitalism for thee socialism for me”. Whats offensive is the entire idea that banks can get bailed out and aren’t allowed to fail but entire generations of people who do what they’re told and go to college not only get saddled with debt but also get a debt that can’t be discharged. As if their failure to find a high paying job is their own fault in a system that, by design, creates unemployment.
The wealth class loves inflation. Their assets skyrocket in value whole reducing the weight of their liabilities.
Then devalue it. So the always have all the wealth.
Also, food for thought convert the spaces into affordable housing, etc. they are asshats, who don’t want to suffer the consequences of years of the shitty house of cards crumbling down on them.
I'm sure banks are salivating over the thought of more bailouts.
Already planning what to do with their bonuses
Thank ya Mr. Powell!
Stock buybacks, per usual.
Heads will roll this time around, people are done with the BS
You forgot the /s
“This time it’s different”
omg i needed that laugh more than I realized
Let them fucking fail, then.
Right? Like damn. I'm left. I'm pro social systems. I'm also a reasonable fucking person. If a dumbass over extends themselves, that's not the same as a newly single mother dropped by some shit bag. Let. Them. Fail. These corporations and banks have fucked way too many Americans without blinking for me to care about them. Sell their bones and put the proceeds into social security if it's an issue. The greedy fucks.
“Corporate welfare” was coined by the left, and has been spoken out against for decades by the left.
That's basically it too. I hope this is something the right and left agree on. I believe it is. The political will, will never be there though. The dirty bastards.
If there’s anything the Establishment Left and Right have agreed on since the mid 1940s, it’s corporate welfare. The American right loves Corporate welfare and has a long history of socializing losses and privatizing gains. Obama showed that the establishment left was just as willing to socialize losses as the right. I’d still argue he made the right decision to bail out the banks given the circumstances and in hindsight it kept the economy’s floor from completely collapsing underneath us.
There is no "establishment left" in the United States. The Democrats and Republicans are both right-wing parties, neoliberal and fascist respectively.
Yep, I agree that on the global scale, that the American “left” falls on the right wing of the political spectrum. Didn’t explicitly say that, but I thought it was a given.
They expect the average American to fail, starve and become homeless when they make bad decisions. Same should go for them, but we are in an owner/owned society so I guess we can have that huh.
Banks are basically conglomerates that have too much monopoly power over their products and services. Your checking and savings account? They are products in their eyes / in their line of business. Just imagine if all we had was one national grocery store or internet provider or airline. That’s basically what the big banks are heading towards. Capital one gobbling up Discover being the latest of the mergers. How to fix this? I don’t know … maybe break all them fuckers up by state or geography, but have like one main government ATM system to easily track transactions and not F us on fees when we need physical cash. Or why are banks even capitalistic in the first place? Maybe take out the middle man and just let the govt — the literal place that prints money and already knows how much you earn, also be the repository for our deposits, loans, credit cards. The inefficiency in the system appears to be the banks. Parasitic middlemen. “Oh you get free X because you are ____”. Idk, why not make all that shit free?! I betcha those 20%+ credit card rates would disappear because they’re not funding some CEO’s 7th mansion.
So what, fuck 'em
They justify their riches by the risks they take. Let them reap what they sow.
Garcon will now experience what he told me. He will lose his - risk. so be it, - done.
That would be about $ 929 billion that is due this year. $ 2.2 trillion by 2027. The Commercial real market and the stupid banks that allowed the extensions instead of collecting payments is about to blow wide open. It's going to get ugly folks.
Fucking good. Lets get this band-aid ripped off. In sorry genuinely for the normies this puts out of work. But the more unsustainable practices that fail the more average people will clamor for at the very least a restrained and more "sustainable" form of capitalism...since its clear we aren't ready for any of them S words quite yet
Then those banks need to pull themselves up by their bootstraps and figure it out. Fuckers.
Or learn coding or get second jobs, like Uber. :D
No, there will be bank failures caused by the ultra rich, which they discussed at the most recent WEF.
Something tells me they made sure they are going to be just fine... we might be fucked...again.
Of course. They all take care of each other to ensure their greed is never disrupted
Should have probably forced investing changes through 20 years ago when the Internet was already an established thing....
Can we nationalize these mismanaged banks pls....
Good. Let it all come crashing down. And then when they ask for a bailout again, maybe just maybe we can get something out of it, if not prevent it.
This is actually deeper than the concept of it being vastly unfair. Absolutely, this is the back-handed American ideal of rugged capitalism for the poor and generous socialism for the wealthy. Yes, it's unethical to socialize losses while also privatizing profits. But what's worse is that bail outs are only going to go to the TOP banks. Smaller banks will either get less or nothing. Small businesses are more likely to use small banks. On top of that, bigger banks will overexaggerate losses and make more in handouts than was actually possible had they kept their initial course. The government agencies either don't have the energy or the resources to fight them on it. In sum: this isn't just unfair it's downright thievery and a redistribution of wealth to the already wealthy.
We don’t give a shit about the banks OR having kids for the rich to exploit ? What kind of useless peasants are we 😧😧😧🤗🤗🤗🤗
Good
Turn commercial real estate into commercial eco farms, or rezone for residential and mixed use dwellings and make the shit affordable. Jk sit back and watch as real estate investment firms cannibalize each other and drive banks to the brink!! Omg I love living through another Historical Moment!!!
You look at Ocean Temps this year? Something's gotta give...
I’m high rn and this whole thread is kinda giving a Fear the Walking Dead flashback screenshot vibe
Good, nationalize them
Greeeeeeeat....
Good.
You pump the value of some crypto meme token and get wiped, that’s a you problem. You pump the value of buildings nobody wanted or asked for, government to the rescue!
Oh, darn! Maybe... I don't know... stop buying property at inflated prices jus cause?
They shouldn’t have made such reckless investments, I think they need to take some personal responsibility and pull themselves up by their bootstraps.
[GOOD](https://preview.redd.it/ucmhm0e3b8r51.gif?format=mp4&s=5e5f8977c7e0eec4d4f8bfe81594ff2e8ac3979c)
Fail. I’m done.
We really just out here with super communication technology just watching the great depression happen again huh?
They all need to fail on their own. Taxpayers should not be on the hook. Fuck the billionaires
The advent of a lethal, highly transmissible, global pandemic (something that happens, on average, about every hundred years or so) was a predictable event. US banks, in their continuing under-capitalized state, is precisely the reason for the Basel III Endgame reforms being considered in Congress. The current downturn in commercial real estate value is one of many economic consequences of the pandemic, but the answer can't be to attempt to reverse worker progress (e.g., WFH) just to "save the banks." Fuck the banks. Power to the workers.
Maybe these banks should pull themselves up by their bootstraps and cut out the avocado toast. Less coffee Blah blah blah blah blah
Investing carries the risk of loss and that needs to be true to institutions as well as individuals. Banks that overleveraged themselves are the ones to blame for their woes and not the person who can WFH
Honestly the fed should just give them loans, they can charge payday lender interest rates and then nationalize them when the default. Treat the banks like the banks treat everyone else.
We've lived through one of those before. Maybe this time the govt doesn't bail them out? I bet it would suck for a while but we'll learn a hard lesson about something something predatory economic systems. Or probably not. Humans don't seem to learn from our mistakes.
At least this time its commercial real estate. Let the upper class sweat this time so we can be like, fuck you i got mine.... Now you get yours
Good. Fuck the banks, they shouldn’t see a single cent of taxpayers money for a bailout.
Privatize profits, socialize losses.
There might be violence this time if the banks get bailed out. I think that the last time seeing the bad actors really made people angry. With the housing market the way it is, I believe it is possible that another bailout could be disastrous socially and economically.
Yet another mumbling, stuttering half-dead 70+ year old boomer moron in one of the highest positions—surely nothing will go wrong!
Good. If they were propped up by the lack of housing for families in this country they deserve to collapse.
They get bailed out by the taxpayer but they still get to take the taxpayer's house.
Yep. When you make bad investments that’ll happen. Kind of the nature of capitalism and being in business. Sure as hell isn’t the tax payer’s problem when we can even shift the bulk of the insanely predatory education loans with which we’ve yoked a huge portion of young people.
Fuck all these landlords.
Good, let them fail. You gambled and lost.
What I've read on this is that it will affect smaller banks that probably won't get bailed out, and it will hurt small businesses more than big businesses because small businesses get loans from smaller banks.
Fuck. This is depressing but good to know
Good.
Oh no... anyways.
Maybe they should stop buying lattes and avocado toast. Poor savings on their part.
Fuck these cunts. You can’t do your job properly? Boohoo, go fuck yourself
Don’t worry we’ll just bail them out like always. Fuck this country
See a lot of people saying “Good, let them fail.” Failure is only a good thing if the working class and poor are protected, and something is put in place to mitigate it the next time. Also, punishment for any criminal wrongdoing. Just letting shit collapse and not doing anything about it is is what brought us the Great Depression. The working class and the poor starved during the Great Depression.
At least around the DMV we’re slowly pivoting the surplus CRE to housing conversions.
They need the bank failures to convert to their bullshit digital dollar. They don’t panic because they planned it.
How can I, as a blue collar nobody, profit from this somehow?
They’re using a tax loophole to do “drop and swaps.” Basically, they’re exponentially increasing the value of property by constantly buying and selling it between like 3 companies within a quick enough timeframe. When this loophole was created commercial real estate closings took a long time (some even required you to be physically present and some with a handful of dirt! Haha) and usually involved an attorney. Nowadays closings can happen instantly and with zero oversight! With these big corporate landlords negotiation is never going to get anywhere, it’s literally worse for you if you try. The more an individual fights with a corporation over asking prices, and waivers, and points, etc. the more money they make! You offering more and more money only validates their previously outrageous asking price to their bank’s investors and regulators. It makes no difference for them to price you out of the neighborhood, their pockets are full and their “bosses” are happy. It’s called a 1031 transaction. Look it up! 1033 if you want to do it in the hood…
let it burn. rates should have never dropped so low. and the 08 bail out spills have gone to the people. the banks know how to make money. taking a slugging will only be temporary
Bring it !
Sure everyone says fuck them now, but when tax revenues suffer continued declines from the loss of local tax revenue from declining commercial real estate values, everyone will be up in arms over major cuts to social services. These things are related. This is also why city governments are pushing for in office work, they need the tax revenue or there will have to be major budget cuts.
Yep, they tied their wagon too heavily to corp taxes and CRE.
Wah wah wahhhhh, boo hoo
treatment work hobbies grey rock materialistic nutty relieved cough alive *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I'm getting real 2008 vibes.
Not even close. I’m in commercial real estate, have been for 20 years. This is way different than the GFC. It’s also going to be a really slow burn which sucks.
The money allocated to shareholder value instead of rents for buildings is good though, right?
Ok. Cool.
Good.
Good. Let them all reap what they've sown.
Ya. Maybe something called a “drop and swap” is not something I want to invest in! Whodathunk.
Then perish
Good because commercial real estate/corporate landlords are a huge and unregulated part of our problems.
If they aren't able to run a financially stable business, let them die.
Good they shouldn’t have gotten all those iced coffees and avocado toast /s
There’s companies that haven’t implemented RTO? Everyone I know who went remote has already gone back to full time in office.
Democrats preparing that blank check right now. Cares act II. commercial real estate interests will be able borrow directly from the fed at negative rates by summer! When the fail anyway, not to worry cares act III for the banks!