ya know some of us have perfect credit. I only use my credit card to get the rewards and then immediately pay it off.
And I do have a loan, but its really quite affordable.
[2:08:58 am] Moongoddess256: being asian makes you naturally good at ddr
[2:09:22 am] gnizmo: its a weird genetic thing
[2:09:30 am] gnizmo: goes back to hunting giant crabs in feudal Japan
The best source to understand the economic crisis, with crisp, clear explanations of how neoliberal deregulation, bought-off politicians, and Wall Street greed got us into this mess, is Dr. Nouriel Roubini's RGE blog:
http://www.rgemonitor.com/blog/roubini/
That said, I still think the game industry, just like most consumer-driven media, will do fine during this crisis. People are going to cut back on lots of other entertainment options - vacations, travel, movies - before they cut back on games, which are still amazingly cheap, accessible and affordable.
The enitre market collapse would end if the mortgage tax deduction were changed to a tax credit against the first $50K of earned income. Presto! Houses would be fairly valued and the working poor would be bailed out, not congresses rich benefactors.
The urge to play is a terrible thing to waste.
Sony is trading at a level it was at in the early 1990s. Nintendo has dropped back to nearly what it was when the Wii was released. If you think the US economy stinks, Japan is even worse as implausible as that may sound.
Japan financial market was already in a crisis before whole the world financial crisis started.
theprof00 said:
according to records it wasn't lending to high risk people. It was the predatory lending after a decline in anti-usury enforcement. Yaknow those overdraft fees from banks? that is one of the forms of predatory lending. Basically people were loaning to no-credit people and had ridiculous fees and penalties, and were more concerned with repossessing rather than actually being paid. Think about it, the bank owns a house, gives them 150k mortgage, then after 10k something happens and they take the house back. If it happens enough, after interest and such, the bank could make 250k on just a 150k house. However, with the economy nobody was buying the houses, so all the banks had was property, not money. That is why sub-prime companies were the most troubled, because they had so much invested in the properties and no money. Not to mention that 61% of subprime borrowers actually had good enough credit to borrow from prime lenders. That means people were being tricked and schemed into contracts with typical high-risk penalties/interest rate. can you believe that? 61% of borrowers had good credit that banks were ready to destroy. |
Having good credit is not equal to being able to buy a house. Traditionally house purchases required good credit standing, little current debt AND a 10% down payment on said house. With Subprime loans suddenly you could have good credit, but a large amount of credit card or student loan or car loans debt, AND not only be able to purchase a house but purchase that house without a 10% down payment.
Flagship, banks knew that people were not going to be able to fulfill their debts, and they profited off of it. It has been proven, several companies that have gone under have said so, and others have been imprisoned for it.
The fact is, one of the major impedences of the sub-prime loan sharks was a decrease on usury regulation. Usury, loan sharking. I don't even know how legislation like that can be passed. "Oh loan sharking isn't so bad...... the market is rich, lets let wall street make a buck."
So Nintendo is a buy then? I got to make a list and get me some shares, that or consider buying some cheap forclosed properties.
“When we make some new announcement and if there is no positive initial reaction from the market, I try to think of it as a good sign because that can be interpreted as people reacting to something groundbreaking. ...if the employees were always minding themselves to do whatever the market is requiring at any moment, and if they were always focusing on something we can sell right now for the short term, it would be very limiting. We are trying to think outside the box.” - Satoru Iwata - This is why corporate multinationals will never truly understand, or risk doing, what Nintendo does.
so umm...iceland could go bankrupt?!? holy crap... and to think, only a few weeks ago president bush was telling us about how we aren't in a recession - just a slow down.
source: http://ap.google.com/article/ALeqM5hJdb2RwrEg_X8yNRHcVvn_OE9vKwD93LRO8O1
"fundamentals of our economy are strong" McCain about 2 weeks ago.
“When we make some new announcement and if there is no positive initial reaction from the market, I try to think of it as a good sign because that can be interpreted as people reacting to something groundbreaking. ...if the employees were always minding themselves to do whatever the market is requiring at any moment, and if they were always focusing on something we can sell right now for the short term, it would be very limiting. We are trying to think outside the box.” - Satoru Iwata - This is why corporate multinationals will never truly understand, or risk doing, what Nintendo does.
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