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They are Just Throwing Lines of Credit Out Like Candy.

Discussion in 'Central Banking & Fed Reserve' started by MIavatar, Apr 5, 2017.



  1. MIavatar

    MIavatar Seeker

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    So I just incorporated a c-corp. Almost all the banking institutions around these parts has given me an incentive of $200-500 to open up a business account. The stipulation is almost always to make 10-20 debit card purchases within a certain period. Then if I accept their lines of credit there's usually another $100 incentive on top of that.

    Is this a massive increase in the velocity of money and inflationary? Is this Trumps way to stimulate the economy? Where I live it definitely is in a deflationary spiral so I'm definitely tempted. Not bragging or anything cause I really just have small potatoes comparatively. As of now I'm almost completely debt free and live within my means but I also live in one of the poorest locations in the US.

    Just wondering if any one else is getting offers like this? Because it seems like an illusory way to inflate the economy for a short term until everyone starts defaulting on the debt. Is this the "roaring 20's" before the big one shortly?
     
  2. latemetal

    latemetal Platinum Bling Platinum Bling

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    I have a FICO in the low 800's, I get so many offers of low cost money, my shredder stays busy...What the hell is worth buying?
     
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  3. MIavatar

    MIavatar Seeker

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    City blocks around here lol. They gave my friend 4 Capital one cards in a month and he has terrible credit. He maxed every one of them out.
     
  4. MIavatar

    MIavatar Seeker

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    Just sayin it's convenient to establish a new entity and have an instant 5k+ line.
     
  5. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    I have been getting these kind of offers for about two years. I have taken a couple of them. One in particular was when Costco terminated American Express.
    I was offered $300 to get a new CC, I did & now stopped using it. I am wondering if it will affect my credit score.
     
  6. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    My credit score is well into the 800's. You can imagine how far into debt I could get myself if I responded to just 10% of the offers sent to me. They all go in the trash! I've only borrowed what I've needed, nothing more. That how's you get 800 credit scores
     
  7. gnome

    gnome Platinum Bling Platinum Bling

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    How's the sub-prime auto loan bubble doing these days?
     
  8. Zed

    Zed Size doesn't count! Midas Member

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    No, money isn't moving and that is why it is being thrown at you.

    Velocity of M2, M1 & MZM have been imploding.

    https://fred.stlouisfed.org/series/M2V

    They can't lend the shit any more, no one can repay it, no one has a good investment for it... mind blowing ain't it! Useless money! No one is brave enough to invest or spend.

    https://www.armstrongeconomics.com/...y-the-quantity-of-money-theory-is-dead-wrong/
     
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  9. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    My entire life, I have paid the monthly balance in full. The whole idea is to never carry a balance,
    the banksters hit you at about 27% when you carry a balance.
    Manage your income & live within it.
    I worked too hard to give it to the banksters.
    This is how I keep my score in the 800's.
     
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  10. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

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    " Don' t fear the FICO " ,

    Its all brainwashing elitist tools for the masses.
    Use it against them when one can and within reason, which of course is subjective and argumentative.
    Signed:
    survivor of the attacks of the elitist goon squad JAG, jury, process servers, other deputies of the state and other thugs.

    ( more to say but i will keep quiet )


    All good :)
     
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  11. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    It's not, nor has it ever been rocket science for those of us who actually are fiscally responsible. We are in the minority my friend
     
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  12. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    Also because we carry no debt at this time in our lives.
    A fiscally responsible person should be debt free at the point of retirement.
    It is actually easy. One simple rule, do not live beyond your income !!!
    Unfortunately, way too many people carry mortgages into retirement & that is why we see reverse mortgages.
    Another way the banksters fuck you out of you work credits!!!!
     
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  13. Hystckndle

    Hystckndle Daguerreotype Fanatic Site Mgr Site Supporter ++

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    Interesting stuff all of this.
    Life is a lottery of sorts the moment one is born.
    The existance of credit systems beyond all most could imagine just 100, 50, 20 years ago has made it even more so.
    It is destroying not only us but through us all in the world are suffering the effects of borrowing ahead of production and the results of it not even being tied to production.
    Only by educating yourself and discarding the shackles of the so called " norms " of our modern and progressive society can one be truly free and at peace.
    Trading " credit "...what a way of life.
    Good thread Mr Avatar.
     
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  14. gnome

    gnome Platinum Bling Platinum Bling

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    Mnuchin, denies his company robosigned mortgages...bahahaha!
    From Turbo-Tax Timmy to Mnuchin the Foreclosure King, one thing that doesn't change from one administration is the type of scum in the treasury dept.


    TREASURY SECRETARY STEVE MNUCHIN ALLEGEDLY LIED UNDER OATH. WILL THE JUSTICE DEPARTMENT INVESTIGATE?

    https://theintercept.com/2017/08/02...oath-will-the-justice-department-investigate/

    A WATCHDOG ORGANIZATION has asked the Justice Department to investigate Treasury Secretary Steven Mnuchin for allegedly making repeated false statements to Congress about the conduct of OneWest Bank, where he served as CEO and later chair between 2009 and 2015.

    In the letter, the Campaign for Accountability writes, “Even today, Americans have a right to expect that those who seek and hold top government positions will not lie to their elected representatives and that if they do, the consequences will be swift and severe.”

    On three separate occasions, both in written testimony and in live hearings, Mnuchin has denied that OneWest engaged in robosigning of foreclosure documents, when copious evidence exists to the contrary. Most recently, Mnuchin appears to have lied about robosigning while under oath last week in testimony before the House Financial Services Committee.

    Rep. Keith Ellison, D-Minn., confronted Mnuchin with the 2009 deposition of Erica Johnson-Seck, a OneWest vice president who admitted that her team of eight employees robosigned 6,000 affidavits a week attesting to verifying mortgage files while spending “not more than 30 seconds” reviewing the underlying material. Mnuchin replied defiantly, “I don’t think you know what robosigning is,” insisting there is no legal definition, and denied that there was any robosigning at OneWest, “for the record.”

    Previously, in written answers for the record to Sen. Bob Casey, D-Pa., in January, in conjunction with his confirmation hearings, Mnuchin stated “OneWest did not ‘robo-sign’ documents,” and then when given a chance to clean up his answer, he maintained his denial. In fact, despite his claim last week that “robosigning is not a legal term,” Mnuchin provided such a definition to Casey, saying it referred to “(a) a signer of a foreclosure affidavit attested to facts that were not verified to be accurate; or (b) a signer of a foreclosure affidavit represented himself or herself to be someone else.”

    Johnson-Seck admitted to both things. She attested to facts in foreclosure cases without verifying them in any way; in response to the question “Is it true that you don’t read each document before signing it,” she replied “That’s true.” She also represented herself as having the authority to sign documents for at least seven different financial institutions. In fact, the late Brooklyn judge Arthur Schack once threw out a OneWest foreclosure because Johnson-Seck had both assigned a mortgage to Deutsche Bank and executed an affidavit on behalf of Deutsche Bank, appearing as multiple officers in the same case.

    In addition, the Columbus Dispatch found frequent instances of robosigning in Franklin County, Ohio, including three cases in 2010 where “a judge dismissed OneWest foreclosure proceedings specifically based on inaccurate robosignings.” A Reuters investigation in 2011 also alleged that OneWest issued “foreclosure documents of questionable validity.”

    And a report assembled by the Florida attorney general’s office in 2010 includes a mortgage assignment signed by a representative of “IndyMac Bank,” OneWest’s predecessor, and dated July 2010, well after IndyMac closed down. The assignment was clearly “robosigned” by an employee claiming to work for IndyMac when it would have been impossible for them to do so.

    None of this is surprising because it was the standard practice of every bank engaged in foreclosure operations at that time. For some reason, the campaign claims, Mnuchin doesn’t want to admit to a practice that most banks have acknowledged and paid billions of dollars in fines for.

    “Sec. Mnuchin’s dissembling was shameful enough when he served as a CEO,” the Campaign for Accountability writes, “but once he began repeating this obvious untruth to Congress, Sec. Mnuchin crossed the line into potentially criminal conduct.” Indeed, it is a federal crime to commit perjury or make a “false or misleading statement” to Congress.

    The Justice Department is, of course, highly unlikely to investigate Mnuchin’s statements. This is especially the case given the questionable assertions made to Congress by its leader, Attorney General Jeff Sessions, that he had not met with any representatives of Russia during the Trump campaign.

    Nevertheless, the Campaign for Accountability raised the complaint because of the principle of the rule of law. In the letter they cite federal Judge Barrington Parker, who in 1977 fined CIA Director Richard Helms and gave him a suspended prison term for lying to Congress about CIA operations in Chile. “Public officials at every level, whatever their position, like any other person,” Judge Parker said, “must respect and honor the Constitution and the laws of the United States.”
     

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