should we have billionaires?

[JohnDB]

Well if Jesus said it, then I guess you can use it to justify defrauding the poor.

How exactly are the poor getting defrauded in America?

 

[ezrider]

How exactly are the poor getting defrauded in America?

Exodus 22:25
If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.


Do you think banks charging 29% interest on a credit card doesn't defraud the poor?
Do you think companies who file bankruptcy for the express purpose of legally eliminating their pension obligations to not defraud the poor?

 

[JohnDB]

What I do know is that IF someone was to defraud a group of people...
There would be an ambulance chaser right there to investigate and help those people (as well as himself) with a class action lawsuit...

Then he would bring a discrimination suit...
Which gets the attention of the "Alphabets"....who start their investigations.

And it causes a chain reaction with others in the neighborhood even if they aren't doing anything wrong...

And your bankruptcy claims towards pensioners doesn't hold true any longer. There are laws protecting the worker... unless they are under a collective bargaining agreement. Now those guys are regularly being taken advantage of while taking advantage of their employers at the same time. So picking a pile of feces that smells the least foul and claiming it "good"?
Not me!

 

[jasonc]

Exodus 22:25
If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.


Do you think banks charging 29% interest on a credit card doesn't defraud the poor?
Do you think companies who file bankruptcy for the express purpose of legally eliminating their pension obligations to not defraud the poor?

The irs charges interest on taxes..

Plenty of govt can't pay their pensions.my job can't ,so it ended it.poor live in that town and pay taxes too. The trust Wil pay what is promised.

 

[JohnDB]

Revolving Interest rates are set by credit rating and market rates.

I personally don't loan or borrow using credit cards...it's nuts to do so.

But high interest rates are usually a good indicator that someone doesn't expect to get their money back. And the only way to offset such things is by higher interest rates.

I know people that have borrowed, paid a couple of payments and then stopped paying. The unsecured debt is money lost. Practically stolen.

Who actually defrauded who?

 

[WIP]

People work to feed their families and keep a roof over their heads. I thank the Lord that I have a job, not the millionaire who profits off my labor.

Here's a question. At what point would you consider your pay to be completely essential? In other words, at what income level would you have to be at before you would say, "I no longer require a raise. I have enough now."

No need to answer that question for me. It is meant to be rhetorical.

 

[Corn Pop]

Exodus 22:25
If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.


Do you think banks charging 29% interest on a credit card doesn't defraud the poor?
Do you think companies who file bankruptcy for the express purpose of legally eliminating their pension obligations to not defraud the poor?

Maybe because people don't help one another because people don't trust one another.

 

[WIP]

This is not true all the time but I believe that most of the time those who desire to take from the rich are jealous and covetous.

There were a few extremely wealthy people mentioned in Scripture and never does Scripture say that it is appropriate for others to take it from them. Yes, God does give instructions to the rich but that is between them and God.

Truth is, most of us are rich by worldly standards and yet we have the audacity to demand others more wealthy than ourselves to give it away?

 

[Corn Pop]

It's probably illegal to loan without paying tax on it anyhow as it's a currency transaction who knows it wouldn't surprise me.

You loan your friend $20 interest free to buy some food they a bit short this week, and they pay you back $20 the next week, the establishment will probably expect there cut. Lol. It's cash exchanging hands.

 

[jasonc]

It's probably illegal to loan without paying tax on it anyhow as it's a currency transaction.

You loan you friend $20 interest free to buy some food they a bit short this week, and they pay you back $20 the next week, the establishment will probably expect there cut. Lol.

Document,fees etc govt gets a cut

 

[Corn Pop]

Document,fees etc govt gets a cut

Depends on the amount of loan you borrow from family or a friend, it could be worth visiting a tax professional and lawyer. When you get into big loans or gifts say to buy a home or deposit, you could end up paying more than you expected when the tax man arrives. Then again different countries different rules.

 

[jasonc]

Depends on the amount of loan you borrow from family or a friend, it could be worth visiting a tax professional and lawyer. When you get into big loans or gifts you could end up paying more than you expected when the tax man arrives.

If its a business over 500 its a fee irc .

 

[jasonc]

Asking or implying that the stock holders are greedy or shoukd fund a definr benefit plan when the business is failing is over the top.these are ponzi schemes nearly ,the company per law must fully fund them ,they charge the employee and include in the price ,once too much income is lost it becomes unsustainable.they file because they must ,if in court they decide to reduce or not pay that pensiojd it's be cause of a hard choice .

Unlike as,govt pensions where they can simply raise taxes .

 

[Corn Pop]

The establishment owns currency to get taxes.

 

[Corn Pop]

People think billionaires have lots of cash, they don't, they invest it in assets because it's private property. They borrow other people's money with interest to make money and throw it all in private property.

 

[WIP]

People think billionaires have lots of cash, they don't, they invest it in assets because it's private property. They borrow other people's money with interest to make money and throw it all in private property.

Trump loves debt.

It's why you will always see workers complaining when there boss buys a new 70ft boat and buys the huge land next door and expands and they cry they should be payed more if there smart boss can afford that.

Same is true for businesses. It is not economically smart for a business or corporation to keep a lot of cash on hand. Some cash is needed to secure the cash flow such as paying bills, paying employees, etc. at times when cash flow is weak. But, cash does not accrue value. Property grows in value so it is much more lucrative to invest the money toward growing the company.

For example, the corporation I worked for had a subsidiary company and decided to sell it. This gave our corporation a rather large sum of cash. The value of our company did not grow as a result of this exchange. This is because all we did was exchange our subsidiary company for the cash equivalent. However, when we reinvested that money to add on much needed floor space to increase our machine shop and hire more machinists and supportive staff, the value of that cash, and subsequently our company, grew considerably. The added building space and staff not only grows the value of the company in the now, but also in the future and a company's value is determined by it's current net worth plus potential growth.

 

[Corn Pop]

Exodus 22:25

Do you think banks charging 29% interest on a credit card doesn't defraud the poor?
Do you think companies who file bankruptcy for the express purpose of legally eliminating their pension obligations to not defraud the poor?

If someone borrowed $100,000 loan at 15% pa interest and invested that $100,000 wisely and got a 20% ROI for the year did they just not make money?. They payed back $115k and just put $5k in there pocket. What was so bad about that big loan with interest?

Many people call a mortgage on a house they finally purchased and live in a good debt and asset, I have no idea why.

 

[jasonc]

If someone borrowed $100,000 loan at 15% pa interest and invested that $100,000 wisely and got a 20% ROI for the year did they just not make money?. They payed back $115k and just put $5k in there pocket. What was so bad about that big loan with interest?

Many people call a mortgage on a house they finally purchased and live in a good debt and asset, I have no idea why.

A house can be increased in value ,old homes built in 30 are worth triple today .some bought by cash for six grand.

 

[Corn Pop]

A house can be increased in value ,old homes built in 30 are worth triple today .some bought by cash for six grand.

I have never actually looked into it but would be interesting to know the interest payed on a mortgage over 20 years and the increased value rate on a property. It probably increased 200k yet paying out 200k not to mention all the rates and insurances and maintenance over the years and working hard by the sweat of the brow, so your either square or down.

If you borrow 200k over 20 years on a mortgage you probably end up paying 100k in interest or something even if it's fixed rate.

 

[Corn Pop]

I done a test. I borrowed 200k over 30 years at 5 years fixed rate like 6% or something with 50k deposit and purchased a house for 250k. I just payed 162k in interest on 200k. How much value did the house gain?. Not including all the rates, insurances, and general maintenance I payed over 30 years.