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…that he might actually be able to buy without having a job once korean regulators give the green light for would-be investors to pour their and their friends/f

…that he might actually be able to buy without having a job once korean regulators give the green light for would-be investors to pour their and their friends/families life savings into making unsecured p2p loan platforms popular.

petermcneeley 8y ago
Exactly! and with all those physics and math phds in finance Im sure we can make sure that loan to a middle aged unemployed man mathematically seem rigorous and there is no way that a bailout will ever be required.
- rectang 8y ago
  While I share your sentiments with regards to the plight of individuals left behind, I can't go with you on bailouts. That's socializing the losses while privatizing the profits, and it leads to crony capitalism and dyspeptic behemoths like the chaebols. The analogues in the USA are the too-big-to-fail financial institutions that almost wrecked us in 2007-2008, yet who remain as untouchable as the chaebols. Few of our congressional representatives actually believe in capitalism for the financial industry.
  - petermcneeley 8y ago
    Im sure your familiar with how banks get the money they loan out to people (Hint it has nothing to do with deposits). There is nothing capitalist about that system to begin with...
    - rectang 8y ago
      That's a confusing response. Are you advocating for government bailouts for chaebols and US banks?
      - petermcneeley 8y ago
        Of course not! But im saying even without bailouts the banking system already is a collusion with government. Private banks take loans of money from the central bank at very low rates then add 2+% on top and provide those loans to consumers.
        fh973 8y ago
        Not exactly, the reality will sound even more annoying to you: banks don't need even need to get a central bank loan for most dollars they loan to customers. Only a fraction needs to be covered by central bank money.
- cinquemb 8y ago
  Well if those math and physics phd's approach the problem like economists, I'm sure they'll make it such that after year or more without being employed, they'll be classified as no longer looking or in need of a job and thus can be safely excluded from any economic equations. Won't be too long now before iShares gets the go ahead for a new ETF: EP2PM, where everyone from retail investors to central banks all over the world can buy shares in emerging market p2p securities, we need everyone all over the world to be able to afford the $2k iPhones that will come out in the next 3 years.

petermcneeley 8y ago

Exactly! and with all those physics and math phds in finance Im sure we can make sure that loan to a middle aged unemployed man mathematically seem rigorous and there is no way that a bailout will ever be required.

rectang 8y ago
While I share your sentiments with regards to the plight of individuals left behind, I can't go with you on bailouts. That's socializing the losses while privatizing the profits, and it leads to crony capitalism and dyspeptic behemoths like the chaebols. The analogues in the USA are the too-big-to-fail financial institutions that almost wrecked us in 2007-2008, yet who remain as untouchable as the chaebols. Few of our congressional representatives actually believe in capitalism for the financial industry.
- petermcneeley 8y ago
  Im sure your familiar with how banks get the money they loan out to people (Hint it has nothing to do with deposits). There is nothing capitalist about that system to begin with...
  - rectang 8y ago
    That's a confusing response. Are you advocating for government bailouts for chaebols and US banks?
    - petermcneeley 8y ago
      Of course not! But im saying even without bailouts the banking system already is a collusion with government. Private banks take loans of money from the central bank at very low rates then add 2+% on top and provide those loans to consumers.
      - fh973 8y ago
        Not exactly, the reality will sound even more annoying to you: banks don't need even need to get a central bank loan for most dollars they loan to customers. Only a fraction needs to be covered by central bank money.
cinquemb 8y ago
Well if those math and physics phd's approach the problem like economists, I'm sure they'll make it such that after year or more without being employed, they'll be classified as no longer looking or in need of a job and thus can be safely excluded from any economic equations. Won't be too long now before iShares gets the go ahead for a new ETF: EP2PM, where everyone from retail investors to central banks all over the world can buy shares in emerging market p2p securities, we need everyone all over the world to be able to afford the $2k iPhones that will come out in the next 3 years.