War Room OT Discussion v4

[JonesBones]

@Jack V Savage The next thing I plan to learn is how China manipulates their currency. A few general questions:

1. Why can't the rest of the world peg it what they think it is worth? Market value
2. If China can do this and get away it, why can't we and other countries?
3. How much different would things be if China didnt join the WTO?

thanks

 

[JonesBones]

The quantity of reading I do for work has put a damper on my ability to read books for pleasure (don't get me wrong - I enjoy reading a lot of the stuff that I read for work, but cases aren't books). I was pretty happy hitting my goal of two-three books per month, though. Trying to sustain that with more varied reading this year. Picked up a few recommendations from the warroom, even.

I am more into audio books and online lectures these days. easier to pirate and multitask. Plus you can turn up the speed. I never watch lectures at normal speed. I speed them up. lol. When you put the video on 1.10 or a little above the professors start to sound like me . That is my speed.

 

[senri]

@Jack V Savage The next thing I plan to learn is how China manipulates their currency. A few general questions:

1. Why can't the rest of the world peg it what they think it is worth? Market value
2. If China can do this and get away it, why can't we and other countries?
3. How much different would things be if China didnt join the WTO?

thanks

I like when you stimulates Mr Savage's succulent cortex. Please continue to oscillate the flesh...

 

[Limbo Pete]

I like when you stimulates Mr Savage's succulent cortex. Please continue to oscillate the flesh...

His dendrites vibrate vigorously toward culmination. The gaping flesh approaches most rapidly.

 

[senri]

His dendrites vibrate vigorously toward culmination. The gaping flesh approaches most rapidly.

Indeed, his moist body will be ready for the collective to taste. The euphoria will manifest itself towards the way of The Nexus.

 

[AgonyandIrony]

I have a question for the real adults of the WR. My early twenties were pure fucking chaos and I fucked up my credit pretty bad. Now that I'm nearing thirty I'm wanting to try and work on fixing it, does anyone know the steps you take to start repairing credit?

 

[Quipling]

I have a question for the real adults of the WR. My early twenties were pure fucking chaos and I fucked up my credit pretty bad. Now that I'm nearing twenty I'm wanting to try and work on fixing it, does anyone know the steps you take to start repairing credit?

Timetravel is a good start.

 

[JonesBones]

Imagine grilling Bill Gates for 16 hours. lol. I was looking back at the Microsoft monopoly case. Gates does not give an inch on anything. He will argue the definition of an operating system, a web browser, etc. he just makes their job so hard. lol. He is good. Yes, I am gonna watch 16 hours of the feds grilling Gates. So can you:

 

[Quipling]

Imagine grilling Bill Gates for 16 hours. lol. I was looking back at the Microsoft monopoly case. Gates does not give an inch on anything. He will argue the definition of an operating system, a web browser, etc. he just makes their job so hard. lol. He is good. Yes, I am gonna watch 16 hours of the feds grilling Gates. So can you:

That's David Boies destroying Gates. He's not a government attorney per session, but was hired by them for that case. He's an incredible hired gun.

The deposition you're watching basically destroyed Gates reputation in the public eye for the next decade. Ironically, he's done far more good since then than has Boies, whose firm has recently and infamously been working for Harvey Weinstein.

 

[JonesBones]

That's David Boies destroying Gates. He's not a government attorney per session, but was hired by them for that case. He's an incredible hired gun.

The deposition you're watching basically destroyed Gates reputation in the public eye for the next decade. Ironically, he's done far more good since then than has Boies, whose firm has recently and infamously been working for Harvey Weinstein.

My eyes were bigger than my stomach. I had to tap out by the 2nd video. But I liked the dynamic. It was interesting to see Gates put under the gun like that and that other guy was good. I don't need to watch 10 more hours of it though.

Nice tidbit too. You also saved me from having to watch all of it.

 

[Jack V Savage]

I have a question for the real adults of the WR. My early twenties were pure fucking chaos and I fucked up my credit pretty bad. Now that I'm nearing twenty I'm wanting to try and work on fixing it, does anyone know the steps you take to start repairing credit?

Depends what your current situation is. There are services that will help. If it's really bad and you're going to need more soon, that's really the best thing, though you might expect to pay a thousand bucks or so. Generally, pay everything on time going forward and try to have a lot of credit but don't use much of it. What services can do is help with specific advice and handle any past delinquencies (challenging stuff that might not be legit and dealing with stuff that is, which might mean some kind of consideration in return for payment).

@Jack V Savage The next thing I plan to learn is how China manipulates their currency. A few general questions:

1. Why can't the rest of the world peg it what they think it is worth? Market value
2. If China can do this and get away it, why can't we and other countries?
3. How much different would things be if China didnt join the WTO?

thanks

1. I'm not 100% clear on the question. Are you asking why, for example, the U.S. gov't can't just say that we want USD to be worth X% of CNY?
2. Theoretically, I guess any country can manipulate its currency value. Not necessarily desirable, though. Remember when Romney said he'd "declare China a currency manipulator"? The effect of that is to start negotiations (FYI, such negotiations were already ongoing when he said that, though they weren't kicked off through that declaration; and Trump also said it but it no longer applied by then). Basically, if we believe that a country is manipulating currency, we ask them to knock it off. If they really need us and we don't need them, our ask can be pretty effective (and then it never gets to that point). If not, it might not be.
3. Man, that's tough. That was truly a bad thing for American workers, though (great for Chinese workers). And only moderated balanced by the good it did for the American consumer. No telling the impact of the ripples. I owe @HomerThompson a deeper look at the causes of wage stagnation, but IMO, that was the biggest factor in the stagnation since it happened (Dec. 2001). Here's median weekly earnings for full-time workers since:

You can probably guess why it rose when the GFC hit and then started falling, then rose again. But the general decline from 2002-2007 is what I'm talking about.

 

[HomerThompson]

I have a question for the real adults of the WR. My early twenties were pure fucking chaos and I fucked up my credit pretty bad. Now that I'm nearing twenty I'm wanting to try and work on fixing it, does anyone know the steps you take to start repairing credit?

Go to a bank who provides Secure Credit Cards and get one. It works just like a regular credit card, but you secure it with a savings account that backs it.

So, if you can spare $1,000 and are approved for the card(there is still a credit approval process, but it's incredibly lenient), your money is locked in a savings account, and you have a functioning credit card with a $1,000 limit. This is a fantastic way to rebuild credit.

 

[Lead]

I have a question for the real adults of the WR. My early twenties were pure fucking chaos and I fucked up my credit pretty bad. Now that I'm nearing thirty I'm wanting to try and work on fixing it, does anyone know the steps you take to start repairing credit?

What Jack and Homer said. First step is paying off whatever immediate debts you have, especially credit card debt. Next you have to begin showing a good history of credit by having a card you pay off every month and over the years have the limit get higher so you aren't using a large percentage of balance to limit. The secured credit card is a great idea if you are completely locked out with your past history.

Credit cards can also be a perk if you handle them correctly. In 2017, I paid $0 in bank fees/ interest and I made around $400 in rewards just from always making sure i use the credit card instead of my debit for purchases. You obviously still need to keep your spending in check and be able to know you have enough in your savings/ checking to pay your balance off each month but that gets easy once you build a cushion in the account and track month by month.

 

[HomerThompson]

Timetravel is a good start.

 

[FacePunch]

Fuck my life. Bent over to pick up a box of two heavy ass brake rotors in it yesterday and popped something in my lower back... Could barely move for the rest of the day and this morning. Last night was bullshit too.

I really wish you could get a few Vicodin OTC. Fuck. Dabs are plentiful but it hurts to cough.


Dat manlet life yo.

 

[AgonyandIrony]

What Jack and Homer said. First step is paying off whatever immediate debts you have, especially credit card debt. Next you have to begin showing a good history of credit by having a card you pay off every month and over the years have the limit get higher so you aren't using a large percentage of balance to limit. The secured credit card is a great idea if you are completely locked out with your past history.

Credit cards can also be a perk if you handle them correctly. In 2017, I paid $0 in bank fees/ interest and I made around $400 in rewards just from always making sure i use the credit card instead of my debit for purchases. You obviously still need to keep your spending in check and be able to know you have enough in your savings/ checking to pay your balance off each month but that gets easy once you build a cushion in the account and track month by month.

Solid advice from everyone. Im sure there are places I owe from like five years ago, but I think I'll call one of the places mentioned earlier and try to get it all consolidated.

The credit card idea is really good, I'm trying to put together a three month summer tour by motorcycle (inspired by Zen and Art of Motorcycle Maintenance a bit) and that would be a smart way to manage expenses while helping repair my credit I suppose.

Work smarter not harder imo.

 

[JonesBones]

Yes, that is the first thing you will hear Mark Cuban and Warren Buffet say. They have different investing styles but both say pay off your CC immediately. Before anything else.

What Jack and Homer said. First step is paying off whatever immediate debts you have, especially credit card debt. Next you have to begin showing a good history of credit by having a card you pay off every month and over the years have the limit get higher so you aren't using a large percentage of balance to limit. The secured credit card is a great idea if you are completely locked out with your past history.

Credit cards can also be a perk if you handle them correctly. In 2017, I paid $0 in bank fees/ interest and I made around $400 in rewards just from always making sure i use the credit card instead of my debit for purchases. You obviously still need to keep your spending in check and be able to know you have enough in your savings/ checking to pay your balance off each month but that gets easy once you build a cushion in the account and track month by month.

Credit card companies hate people like you. I always wondered why rich and famous people used credit cards when they obviously have cash. It is because of those perks. If you pay in full each month, it is a benefit. Probably gives Kim Kardashian tons of free flights and other shit.

Let me see if understand the history of interest rates correctly. In the 1970s the maximum a bank could charge interest was like 12%. Then there was inflation so Feds raised rates to 20%. So banks have to pay 20% for money and lend it at 12%. That obviously won't work. So interest rates were allowed to go higher. 25 or 35% or more. That is logical. When the fed rate is 20%, that kind of interest can be justified. What is the fed rate now? 1%? And we still have interest policies like it is at 20%.

Am I missing something here?

 

[JonesBones]

Hitler talked about ideas like diseases. Like if you want to give somebody some disease, you don't have it all appear at once. Because that will be noticed. What do you is slowly and gradually increase the disease so the person gets used it level by level and they never see the huge thing anymore. Your body gets used to one slight change, then another, etc.

I was thinking about this with credit cards. Hitler fuckin hated bankers too. Anyway, like these housing bubbles. 2008 and 2009. That is an example of a disease coming full strength at you. But the basis of what is really wrong is done every day by credit card companies and banks. Predatory lending. Absurd interest rates. The housing bubble was the same thing. But that credit chronic disease still lingers.

 

[JonesBones]

and these woman organizers have no clue how to protest. Another thing I learned from Hitler. lol. Give speeches at night. Or make the room darker. They are taken more seriously. It touches you more. Night is more serious. He talked about how the Catholic Church knows this. And it does create a greater serious aura.

 

[JonesBones]

Imagine working at the McDonald's that Warren Buffett gets his drive thru value menu sandwiches for breakfast. Always hope he could just slip you a million. Come on. lol. Or something big. I doubt he does though.

Somebody on Sherdog told a story about how he saw Tito Ortiz in the store and approached him and talked to him. Tito then paid for whatever he was buying. I believe that. That is also why Buffett is rich and Tito is probably broke.

omg on sharktank he would get eaten alive. Didn't he say on the Apprentice that his Punishment Athletics was a multibillion dollary company? The sharks would say, "Tito, your valuation is way off."