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Message
re: Penny auctions during the great depression to save farms
Posted on 7/27/22 at 9:43 am to stout
Posted on 7/27/22 at 9:43 am to stout
quote:
I'm literally in the foreclosure business and I will tell you that all the moratorium did was delay and buy people that were going into default anyway a little more time.
I'm speaking from the perspective of the creditor, landlord, and the people who were sympathetic to their predicament.
0
Posted on 7/27/22 at 9:44 am to stout
People were genuinely good people back then. The last 60+ years, the democrats have destroyed every part of society.
Posted on 7/27/22 at 9:47 am to stout
Not just foreclosures, in the 30s my grandfather bid $1 on his uncle's farm which had been seized by the Sheriff for taxes owed. No one else raised the bid.
Posted on 7/27/22 at 9:48 am to SlimTigerSlap
quote:
So a bank buys a farm, sells it to you on credit, and when you can't pay, they become the big bad for wanting their money back. Interesting.
Many bankers of the past engaged in unethical predatory lending practices prior to the many consumer-friendly federal regulations we benefit from today.
The great depression had a lifelong affect on my grandpa and his financial decisions. His stories even contribute to my aversion of financial risk nearly 100 years later.
He strongly disliked bankers, insurance salesmen, and lawyers.
This post was edited on 7/27/22 at 9:49 am
Posted on 7/27/22 at 10:20 am to Baers Foot
quote:
Many bankers of the past engaged in unethical predatory lending practices prior to the many consumer-friendly federal regulations we benefit from today.
The great depression had a lifelong affect on my grandpa and his financial decisions. His stories even contribute to my aversion of financial risk nearly 100 years later.
He strongly disliked bankers, insurance salesmen, and lawyers.
What's changed?
Posted on 7/27/22 at 10:35 am to stout
quote:
This was during the great depression. Things were a bit different but I do agree with what you are saying.
Like we’re in now
Posted on 7/27/22 at 10:58 am to BluegrassBelle
quote:
More like back when people knew their neighbors.
What happened to this? I know my neighbors, but over a 10 year period the neighborhood I am in has lost the "knowing everyone in your neighborhood".
There used to be these two older ladies who walked every morning. If they noticed anything out of place they would let people know, but they passed away.
An older lady who lived 4 houses down from me used to walk the sidewalk on our side a few times. When we still got the paper, she would always throw it from the yard to closer to the door. she did that for everyone. She passed away.
There are people who still help each other out, my next door neighbor is getting older and the family on side of him.. The husband mows his yard for him. But it seems like younger people are more self absorbed.
Posted on 7/27/22 at 11:05 am to stout
So nooses are used in ways that have nothing to do with racism.
This post was edited on 7/27/22 at 11:06 am
Posted on 7/27/22 at 11:23 am to Baers Foot
quote:
Many bankers of the past engaged in unethical predatory lending practices prior to the many consumer-friendly federal regulations we benefit from today.
The great depression had a lifelong affect on my grandpa and his financial decisions. His stories even contribute to my aversion of financial risk nearly 100 years later.
He strongly disliked bankers, insurance salesmen, and lawyers.
this shite kills me, nobody forced your grandpa to take the loan. nobody forced him to agree to the terms.
frick farmers and anyone else that wants hand outs either from the government or from the bank.
everyone wants everyone else to fill sorry for them, especially farmers. The corn farmers are a huge reason we have ethonol and cant get rid of it and in turn raises prices on all food items.
either make it on your own or dont. Feel alot more sorry for those during covid who had their work shutdown than i do those during the depression who just couldnt make it.
im sure i will be downvoted, but 95% of yall are hypocrites. Yall get pissed at others for taking welfare and not repaying student loans, foreclosure and all claim to be conservative....then talk about how good something like this was.
sure the farmer loses his farm, but if not the bank loses their business and the banker has less fault in the overall situation.
Posted on 7/27/22 at 11:28 am to lsu777
quote:
Yall get pissed at others for taking welfare and not repaying student loans, foreclosure and all claim to be conservative
Nobody loves corporate socialist welfare more than your beloved conservative politicians.
Posted on 7/27/22 at 11:39 am to dewster
quote:
Penny auctions are cool to read about, but I'm conflicted about them. Nooses and "soft threats" against legitimate bidders (some of which are also trying to buy affordable equipment and save their own farms) have got to be on questionable legal ground.
Very fascinating. It certainly evokes a natural sense of wanting to see the little guy and communities succeed.
On the other hand, when the creditor is a local bank and gets stiffed by its debtors it: (1) stops providing credit to said community, starving the community’s long term economic prospects, and (2) even worse goes under and takes everyone’s uninsured deposits with them. Much of this happened before FDIC insurance was put into place.
The Great Depression is just such a fascinating period of history where right and wrong got thrown into the blender. Thanks for sharing.
Posted on 7/27/22 at 11:43 am to stout
Yeah this wasn’t anything to be admired. These people were acting more like socialist utopians than any left wing politician we see today. Using mob violence to screw over financial institutions in the name of the “little people”. Things that reek of socialism for 500 Alex.
This post was edited on 7/27/22 at 11:45 am
Posted on 7/27/22 at 11:50 am to ned nederlander
quote:
On the other hand, when the creditor is a local bank and gets stiffed by its debtors it: (1) stops providing credit to said community, starving the community’s long term economic prospects, and (2) even worse goes under and takes everyone’s uninsured deposits with them. Much of this happened before FDIC insurance was put into place.
yep, there should be a balance, a lot of comments about "predatory lending," are probably made by naive people that take out loans that they can't handle and when it comes time to pay the piper it's the big bad bank against poor pitiful me, I bought an executive mansion in foreclosure to flip years ago, showed up early for closing and the lawyer representing the bank was there, just us, he was an old acquaintance that was actually on their BoDs, we were chatting about old friends, etc., and he asked if I wanted to look over the closing papers and I said I didn't need to, he just chuckled and said, yeah, if you pay your note on time there's nothing in there that will hurt you, if you don't pay your note on time there's nothing in there that will help you"
This post was edited on 7/27/22 at 12:07 pm
Posted on 7/27/22 at 12:05 pm to 777Tiger
Paging antiqueTiger.....
Posted on 7/27/22 at 12:35 pm to lsu777
quote:
this shite kills me, nobody forced your grandpa to take the loan. nobody forced him to agree to the terms.
frick farmers and anyone else that wants hand outs either from the government or from the bank.
everyone wants everyone else to fill sorry for them, especially farmers. The corn farmers are a huge reason we have ethonol and cant get rid of it and in turn raises prices on all food items.
either make it on your own or dont. Feel alot more sorry for those during covid who had their work shutdown than i do those during the depression who just couldnt make it.
im sure i will be downvoted, but 95% of yall are hypocrites. Yall get pissed at others for taking welfare and not repaying student loans, foreclosure and all claim to be conservative....then talk about how good something like this was.
sure the farmer loses his farm, but if not the bank loses their business and the banker has less fault in the overall situation.
Posted on 7/27/22 at 1:02 pm to Styxion
Back when people actually KNEW their neighbors.
Posted on 7/27/22 at 1:23 pm to Gondor
quote:
Back when people actually KNEW their neighbors.
WHO GIVES A frick!!!!
this is nothing but socialism....so many of you claim to hate socialism and decry it when others do it....but in this case its ok?
frick off, Bunch of fake arse conservatives on here with no principles.
Posted on 7/27/22 at 1:24 pm to Gondor
Yeah people knew their neighbors and apparently participated in left wing revolutionary activities to get out of financial responsibilities.
This post was edited on 7/27/22 at 1:25 pm
Posted on 7/27/22 at 1:26 pm to Styxion
quote:
Back when people actually cared about their neighbors.
This is an odd statement. I know my neighbors. My family members all know their neighbors. My friends are friends with and know their neighbors.
Maybe it's just you that doesn't know your neighbors.
Posted on 7/27/22 at 1:26 pm to lsu777
quote:
WHO GIVES A frick!!!!
this is nothing but socialism....so many of you claim to hate socialism and decry it when others do it....but in this case its ok?
frick off, Bunch of fake arse conservatives on here with no principles.
95% of this country are socialist. 50% of them just don't know it.
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