tag:blogger.com,1999:blog-17232051.post5480156152927325028..comments2024-03-28T03:16:14.104-04:00Comments on Noahpinion: "Loan fairness" as redistributionNoah Smithhttp://www.blogger.com/profile/09093917601641588575noreply@blogger.comBlogger40125tag:blogger.com,1999:blog-17232051.post-68337230379514049442015-09-15T06:05:48.760-04:002015-09-15T06:05:48.760-04:001. Its not clear to me, how not paying the loan ba...1. Its not clear to me, how not paying the loan back is a great deal for anybody (including the person not paying the loan back - presumably they will be now blacklisted from future loans). Or is some sort of debt forgiveness part of the deal?<br />2. Yes, on the general point, I think proper redistribution is better than hidden redistribution (not least because a proper redistribution - which means to me a basic income sort of policy - increases the ability to take out and pay back normal loans).reasonhttps://www.blogger.com/profile/10958786975015285323noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-24008341511818108022015-09-14T17:38:03.940-04:002015-09-14T17:38:03.940-04:00
Hello,
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We give out LOANS for developing business a <br />competitive edge/business expansion. <br />Be rest assure that We are certified, trustworthy, reliable, <br />efficient, Fast and dynamic. and a co-operate financier for real <br />estate and any kinds of business financing, we give out long term loan <br />for 6 Month to 30 years maximum and all interest rate and calculate <br />and allow to be pay annually. <br />We offer the following kinds of loans and many more; We offer the <br />following loans to individuals-<br /><br />*Personal Loans <br />*Commercial Loans <br />*Investments Loans <br />*Development Loans <br />*Consolidation Loans <br />*Student Loans <br />*Car Loans <br />*Mortgage Loans <br />*Acquisition Loans <br />*Construction loans <br />*Business Loans <br />And many More: If you are highly interested in our loan offer, kindly <br />contact us via our e-mail id below. <br />(michealjasonloancompany@gmail.com)<br /><br />Mr Micheal Jason<br /><br />C.E.O---<br />Anonymoushttps://www.blogger.com/profile/16548731146987410235noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-16265186550280226892015-09-11T01:10:08.078-04:002015-09-11T01:10:08.078-04:00Thanks for the entire information you have given h...Thanks for the entire information you have given here to impart knowledge amongst us? <a href="http://www.personalcashadvance.com/payday-loans.html" rel="nofollow">payday loans</a><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-72576743390431516522015-09-10T12:14:05.350-04:002015-09-10T12:14:05.350-04:00Does your tinfoil hat burn your scalp in the sun? ...Does your tinfoil hat burn your scalp in the sun? Or do you solve that problem by remaining in your mom's basement all day?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-78962357076016237632015-09-10T12:11:44.740-04:002015-09-10T12:11:44.740-04:00Waah, waah, waah! Evil mean banks making people t...Waah, waah, waah! Evil mean banks making people take out loans! And insisting on pricing them appropriately! Bring out the pliers and let's get medieval on them! Waah! Waah!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-50013760933227815132015-09-10T09:54:29.661-04:002015-09-10T09:54:29.661-04:00This issue tends to go in cycles. Before the housi...This issue tends to go in cycles. Before the housing bubble, there was a big push for low-income lending from HUD to Fannie/Freddie. <br /><br />There is a lot of cognitive dissonance on the left on this issue. There is also a big push to crack down on "abusive" payday lenders. "The poor" seems to use payday lending primarily for liquor purchases (http://economistsview.typepad.com/economistsview/2015/08/the-effect-of-payday-lending-restrictions-on-liquor-sales.html also http://dealbook.nytimes.com/2014/12/25/dipping-into-auto-equity-devastates-many-borrowers/)<br /><br />So, "fairness" really seems to mean "lending" for an "approved" purpose, like a car or house. Unless you borrow more than you can afford for the car or house, in which case the left also wants to crack down on Subprime! Lending. <br /><br />So, the left wants to crack down on borrowers making bad financial decisions, while also making sure they have access to loans (at below the rate which would compensate the lender for the probability of default - e.g. at a subsidized rate).<br /><br />I am 100% in favor of eliminating "deceptive" lending and fees, but the current regulatory environment is driven by two contradictory objectives: Using banks/lenders as enforcers of "good" "approved" behavior while at the same same subsidizing access to low income loans. Sure, you can "incent" good behavior, but you cannot 100% eliminate bad behavior, and a lender is not the appropriate way to do that (truly bad behavior like borrowing for alcohol or drugs by someone with a real addiction just gets driven underground). And, subsidizing low-income loans will cause some bad behavior (because: some people are poor because they make repeated bad financial decisions). <br /><br />Here is a somewhat different idea: If the goal is to make sure poor people have access to affordable stuff (cars, houses), make it so that those things can be built cheaper. Cheaper lending does not really fix the affordable stuff problem. If the goal is to get people to make smarter financial decisions, subsidize access to financial advice, and promote education in high school (also access to addiction treatment). Restrictions on lending does not fix the bad decisions problem either. <br /><br /><br />dwbhttps://www.blogger.com/profile/02799793864068767226noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-26857582570695454212015-09-09T18:09:10.260-04:002015-09-09T18:09:10.260-04:00Omg somebody make him stop. Or preferably, go awa...Omg somebody make him stop. Or preferably, go away.The Donkhttps://www.blogger.com/profile/14153840277624094270noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-55574042759177317282015-09-09T17:09:36.862-04:002015-09-09T17:09:36.862-04:00
Hello Ladies/Gentelmen
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DO YOU NEED A LOAN!!! Hi,
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Hello
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LOAN OFFER APPLY NOW
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It wi...A world run by actuaries will fail quickly.<br /><br />It will blow up in a fit of rage all at once. Because actuarial predictions carry positive feedback.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-3721987879158506532015-09-08T17:56:29.275-04:002015-09-08T17:56:29.275-04:00Are you kidding me? Your first paragraph is just ...Are you kidding me? Your first paragraph is just flat out wrong.<br /><br />From your second, I'd love to hear your definition of "often."The Donkhttps://www.blogger.com/profile/14153840277624094270noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-81823165133122636002015-09-08T16:50:30.026-04:002015-09-08T16:50:30.026-04:00I strongly doubt redlining is a significant issue....I strongly doubt redlining is a significant issue. Banks want to make money. Arbitrariness in lending decisions cuts into the bottom line.<br /><br />"But then they'll make all sorts of crazy loans to other banks who are making crazy leveraged bets on mortgage backed securities and the housing bubble."<br /><br />-And then they become one of the 100-something banks that go bankrupt in 2006-11. Not fun.pithomhttps://www.blogger.com/profile/13997094225496018110noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-35976080311892526942015-09-08T13:57:30.491-04:002015-09-08T13:57:30.491-04:00We can, of course,make this primarily about wealth...We can, of course,make this primarily about wealthy people. There is likely to be a selection bias by wealth: if you have ample current cash flow, there is seldom a reason to take out a loan. You're only reason to do so is to be able to declare bankruptcy in the form of a small company (see Trump, Donald).<br /><br />This was the old model of South Shore Bank: the wealthy often should be charged higher risk premiums and the poor often are more dependable and should pay lower risk premiums, and the disparity between actual risk and perceived risk is a political and not strictly risk-based assessment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-68087115121078233062015-09-08T11:19:18.269-04:002015-09-08T11:19:18.269-04:00Disparate impact cases take into account legitimat...Disparate impact cases take into account legitimate credit criterion, like credit score and debt-to-income ratios. To show disparate impact the lender has to be doing something that tars good and bad credit risks with the same broad brush. The credit-worthiness of your Facebook friends would be an example of precisely that. Your Facebook friends’ probability of repayment is not a legitimate credit criterion because it is not something you have direct control over. If you build your prejudice into an algorithm it you don’t get to say, “I’m not doing it, the computer is doing it.” Algorithms shouldn’t automatically get a pass. That is the point of disparate impact -- the people discriminating are doing something that is impacting people differently, beyond that which can be explained by business justifications. It is a side effect and may not be something they are aware of. The Econometrixhttp://www.theeconometrix.comnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-43713978513156193092015-09-08T10:04:01.990-04:002015-09-08T10:04:01.990-04:00Isn't Uber for Welfare just a benefit and mini...Isn't Uber for Welfare just a benefit and minimum wage cut disguised as a novel idea? At the very least, I'm not sure how an idea that cuts benefits can act as a redistribution scheme.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-50959864613805480772015-09-08T09:19:41.416-04:002015-09-08T09:19:41.416-04:00The housing bust wasn't mostly subprime. This ...The housing bust wasn't mostly subprime. This is a myth.<br /><br />Still because of the downturn and housing bust, many people lost their jobs through no fault of their own. It was "involuntary unemployment." <br /><br />And then they couldn't pay their debts. But that context doesn't matter to the cold equations of the banks.<br /><br />The banks themselves were bailout out and subsidized with low interest loans. Unfair redistribution upwards.<br />Peterhttps://www.blogger.com/profile/08272747870634233567noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-78932121614574077482015-09-08T09:15:34.291-04:002015-09-08T09:15:34.291-04:00What about student loans? Democrats like Elizabeth...What about student loans? Democrats like Elizabeth Warren wanted to lower the rates the loan companies were making money off of, while Republicans didn't. Peterhttps://www.blogger.com/profile/08272747870634233567noreply@blogger.com