Wednesday, March 19, 2008

From Fundamentalism to Capitalism

I and A. J. went to a financial institution in Downtown Vancouver for a loan. We talked to the guys for a few minutes, gave them the documents and left. The office was by the shore and the finance people had a very nice view of harbour, mountains and everything.
A. J. started complaining right after that. He was talking about his big house which has been bought 3 years ago. He explained to me that when someone borrows money from a financial institution or a bank to buy a property, he or she has to pay the interest, firstly and finishes it up and then his real instalment starts! This is actually a very simple presentation of what the banks do to buyers. A. J. said that even he didn’t know the complex mortgage system of the banks after years of construction and dealing with financial institutions and banks!
He said that after 3 years he just had paid off $2000 of his property price! The rest is interest. I guess he and everybody else has a long way to go. Paying $3000 monthly to own a house which is waiting for $450,000 more, takes 12.5 years, if I’m not wrong. I guess he gave me wrong information because his house worth more than $900,000 now but having the mentioned calculation, his path will be much longer than that.
I could buy a house or apartment shortly after I landed in Canada because I was employed in a month but I didn’t because I didn’t like my job and wanted always to get something that I enjoying it. It never happened, not even now and may never happen but my property could have been doubled even tripled by now. On the other hand I never forget the time that I was unemployed. What would happen if it took longer? I could prevent losing the home but it was hard, that’s for sure, even harder than survival with no job or accepting shitty works with low pays and hanging out with idiots and morons.
I never told A. J. that it was made by him but have told him that this is capitalism and this is how the society is ran. They empty your pocket in any possible way that they are able to. We actually are people who ran away from fundamentalism and are in the hands of capitalism now. It’s a little easier to deal with the second one, if you know how to.

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