NRA Publicity Fiasco

[GradStdnt]

Originally Posted by pladecalvo

Probably. With the present crisis, huge numbers of Spaniards are learning English in the hopes that it will improve their chances of getting a job. Your problem getting a job teaching English will be that...as an American...you don't speak English!!

What is even worse...I can't speak Spanish!! I think when I move to Barcelona...I want a fun job!!

[pladecalvo]

Originally Posted by GradStdnt

I am not a bro...but a senorita!! I was too lazy to spell check this...I always misspell this country. Thank you professor for catching my error

You are welcome. There is no charge.

[pladecalvo]

Originally Posted by GradStdnt

What is even worse...I can't speak Spanish!! I think when I move to Barcelona...I want a fun job!!

Not many jobs here now, fun or otherwise!

[Francoitalianarmy]

Originally Posted by pladecalvo

I can see you've never been poor dude.

Oh c'mon you silly old man! This isn't about anyone poor! The sub-prime meltdown was caused by folks that qualifued for 125k homes, but thought they could handle a 200k mortgage... either to make money, getting a better job or something... but when the markets dropped or these folks may have become unemployed... they want to scream FOUL!

This isn't about some poor people getting picked on for stealing bread from the bakery to feed their families... "live within your means" is just that... No poor people without jobs were given mortgages... I am not saying the banks are off scott free, but they didn't twist their arms to take these mortgages.

[hrdguera]

Originally Posted by Francoitalianarmy

Oh c'mon you silly old man! This isn't about anyone poor! The sub-prime meltdown was caused by folks that qualifued for 125k homes, but thought they could handle a 200k mortgage... either to make money, getting a better job or something... but when the markets dropped or these folks may have become unemployed... they want to scream FOUL!

This isn't about some poor people getting picked on for stealing bread from the bakery to feed their families... "live within your means" is just that... No poor people without jobs were given mortgages... I am not saying the banks are off scott free, but they didn't twist their arms to take these mortgages.

As I have noted before on these forums ....Many of the Banks in Spain are insolvent by USA banking rules.

Um ...here, if a Bank loans $1,000,000 against a property valued at $1,000,000 or more all is well. But when the property values drop, say to $750,000 then the borrower is required to re- collateralize the loan by bringing up another $250,000. If the borrower cannot then the bank forecloses. If the US bank forecloses on the property they are not allowed to carry it at the $1,000,000 value but at the current discounted value or current market value.

If the bank has enough of these properties now carried at the discounted or lowered values; then they are in danger of insolvency unless they have enough cash of their own to offset the discounted values.

In Spain, the banks are allowed to continue to carry the properties at the fully mortgaged previous values even though in a recession or real estate decline (like they have been in for years) they are no longer worth those inflated values. Thus, by our rules the banks would then be insolvent and subject to take over by the Fed, or the Fed's insurer. Spain is pretty well broke, so instead of making a bad situation worse; the banks are NOT declared insolvent and everyone tries to carry own with the stockholders not having to re-capitalize the bank's stock as they would here. Here, if the stockholders cannot; then it is bye-bye stockholders who are foreclosed by the Fed and they loose everything that they had tied up in the bank. The bank's cleaned portfolio is then sold to another bank and the loses are taken by the Fed, the Fed's backed insurer, or us, the taxpayers.


Not sure if I explained it correctly ....but you hopefully get the idea. Spain is hurting. They have spent most of other people's money and now they have run out of that money (Socialism).

[Wouldhe]

I guess I am not off base with my approach. The teachers know what they need.
http://news.yahoo.com/teachers-ohio-...151912964.html

[pladecalvo]

Originally Posted by hrdguera

They have spent most of other people's money and now they have run out of that money (Socialism).

Well you certainly proved one thing... you don't have a fucking clue what Socialism is.

[GradStdnt]

Originally Posted by hrdguera

As I have noted before on these forums ....Many of the Banks in Spain are insolvent by USA banking rules.

Um ...here, if a Bank loans $1,000,000 against a property valued at $1,000,000 or more all is well. But when the property values drop, say to $750,000 then the borrower is required to re- collateralize the loan by bringing up another $250,000. If the borrower cannot then the bank forecloses. If the US bank forecloses on the property they are not allowed to carry it at the $1,000,000 value but at the current discounted value or current market value.

If the bank has enough of these properties now carried at the discounted or lowered values; then they are in danger of insolvency unless they have enough cash of their own to offset the discounted values.

In Spain, the banks are allowed to continue to carry the properties at the fully mortgaged previous values even though in a recession or real estate decline (like they have been in for years) they are no longer worth those inflated values. Thus, by our rules the banks would then be insolvent and subject to take over by the Fed, or the Fed's insurer. Spain is pretty well broke, so instead of making a bad situation worse; the banks are NOT declared insolvent and everyone tries to carry own with the stockholders not having to re-capitalize the bank's stock as they would here. Here, if the stockholders cannot; then it is bye-bye stockholders who are foreclosed by the Fed and they loose everything that they had tied up in the bank. The bank's cleaned portfolio is then sold to another bank and the loses are taken by the Fed, the Fed's backed insurer, or us, the taxpayers.


Not sure if I explained it correctly ....but you hopefully get the idea. Spain is hurting. They have spent most of other people's money and now they have run out of that money (Socialism).

I guess I am out of the loop..but I always thought countries like fun Spain were supported by tourism. I am suprised to hear that it is this bad there.

[GradStdnt]

Originally Posted by Wouldhe

I guess I am not off base with my approach. The teachers know what they need.
http://news.yahoo.com/teachers-ohio-...151912964.html

Interesting article and one that I will discuss with my colleagues. They can obtain all the permits that they want...but if the facility has a no weapons policy they will be terminated if they bring them into the building. The high schools I work has it posted. I could not imagine some of my colleagues packing heat...LOL. I think the best approach for this is metal detectors, one entrance and bullet proof glass installed at the doorway. Even our security personnel does not carry a weapon. Thanks for posting this!!

[hrdguera]

Originally Posted by pladecalvo

Well you certainly proved one thing... you don't have a fucking clue what Socialism is.

Apparently neither does Spain. Either way, they are broke.

Anyway, when you spend more than you bring in ..... then it goes bust. Since I travel and invest in Spain (or did, anyway), I watched closely what was going on in once prosperous Spain. Probably the best overview, although short, was done by the BBC UK News. Worth the read. When we tried to purchase a place in Spain for investment rental property until retirement we found that the rate of increase in the costs made for some scary decisions. We saw one property we liked go from $250,000 to $350,000 in less than 6-8 months in Benalmadena. At the time of bust it was over $500,000 Euros, (way above my reach). Now, that same property is vacant at $200,000 and has no buyers. I expect it go down eventually to $175,000 or less. Even though I liked the property; the country has a 24%-25% unemployment rate.
( http://www.tradingeconomics.com/spain/unemployment-rate ).

Anyway, here is one of the best articles I read from last May. It has an English sensibility about it but I have not found any errors. BTW- there are about 700,000 to maybe as many as 1,000,000 British Ex-pats living in Spain. At one time the number getting English retirements money was around 400,000. But even those numbers are suspect. I've heard so many different numbers that being off by 300,000 isn't really as bad as it sounds.

http://www.bbc.co.uk/news/business-17753891


(BTW- the Socialism dig was just a friendly poke at Plad).