🏈 What is the Red Elephant Club?

[BamaFan334]

Hello,

I'm looking to join an alumni club or booster club for the University of Alabama as a source of networking, meeting other rabid Alabama fans, and having an outlet to donate other than the University itself. I heard about these guys and went to the website only to be locked out of everything except the Home page. I can't even find anything out on their membership page. Does anyone know about this group? Thanks in advance.

 

[JoshB]

Pretty sure you have to be invited to join REC.

 

[RoeTied]

It is to college football what the Illuminati is to the American government. One does not "join" the REC.

One must be initiated.

 

[OldPlayer]

Hello,

I'm looking to join an alumni club or booster club for the University of Alabama as a source of networking, meeting other rabid Alabama fans, and having an outlet to donate other than the University itself. I heard about these guys and went to the website only to be locked out of everything except the Home page. I can't even find anything out on their membership page. Does anyone know about this group? Thanks in advance.

Stick to the local alumni chapter. If the REC wants you, they'll find you.

 

[Sgt. Lincoln Osiris]

It is to college football what the Illuminati is to the American government. One does not "join" the REC.

One must be initiated.

 

[TUSKtimes]

Stick to the local alumni chapter. If the REC wants you, they'll find you.

Not without one of these.

A secret decoder ring (or secret decoder) is a device which allows one to decode a simple substitution cipher - or to encrypt a message by working in the opposite direction.

 

[Sgt. Lincoln Osiris]

Not without one of these.

A secret decoder ring (or secret decoder) is a device which allows one to decode a simple substitution cipher - or to encrypt a message by working in the opposite direction.

If one of those ends up at your door via secure private courier, be expecting an ominous visit from 2 men in suits, where they'll introduce the first stage of initiation:

The Super-Secret Handshake.

 

[doemasters]

I thought you had to do the truffle shuffle to get in?

 

[TerryP]

Where do you live?

 

[Bamabww]

Pretty sure you have to be invited to join REC.

Yeah that's what I understand. My son was invited to join. That's the only way in he says and no, he hasn't invited me.

 

[EasyTider]

Do you happen to own a Chrysler-Dodge dealership? That'll get you a sit down.

 

[JoshB]

Do you happen to own a Chrysler-Dodge dealership? That'll get you a sit down.

Or a men's clothing store...

 

[BamaFan334]

Atlanta.

And I see, must be invited.

 

[Sgt. Lincoln Osiris]

Do you happen to own a Chrysler-Dodge dealership? That'll get you a sit down.

This is true. I was the Secondary F&I Mgr at the one here for a good bit before the auto business crashed from the banking crisis.

Lots of REC meetings there.

I was just about to get my decoder ring when they downsized from loss of sales. I was the newest mgr there, so I was axed.

And my invitation was rescinded. :-(

 

[BamaFan334]

Well, Red Elephant Club and Augusta National. I know what to work for now.

 

[It Takes Eleven]

This is true. I was the Secondary F&I Mgr at the one here for a good bit before the auto business crashed from the banking crisis.

Lots of REC meetings there.

I was just about to get my decoder ring when they downsized from loss of sales. I was the newest mgr there, so I was axed.

And my invitation was rescinded. :-(

The auto business crashed from the auto business - and they pulled a few banks in the ditch with them.

 

[Sgt. Lincoln Osiris]

The auto business crashed from the auto business - and they pulled a few banks in the ditch with them.

Actually, the banking crisis caused the auto crash.

I'd know, because I was an account manager for a mortgage lender for years when the housing bubble burst, and all those people foreclosed on their homes.

Many of the banks that held those bad notes also did auto lending as well. When they either reeled in their lending practices or stopped altogether, less consumers could finance their autos.

Subprime lending was a huge part of home and auto financing. I started with a subprime company when I first got into the mortgage biz. I didn't have the heart to keep closing loans on people with 500 credit scores and 10% interest rates. I went to an A-paper lender, and was with them for years when I saw the writing on the wall and got out while I had a job waiting for me in auto finance. And when all those subprime lenders folded, THAT is what caused the banking crisis, which trickled down into auto lending.

And we can all thank Slick Willy Clinton for repealing Glass-steagall in the 90s, which opened the door to all those predatory subprime lenders. It took about 15 years to matriculate, but the bottom fell out.

But, I don't want to get political in a thread about a sports-motivated secret society....lol

 

[It Takes Eleven]

Actually, the banking crisis caused the auto crash.

I'd know, because I was an account manager for a mortgage lender for years when the housing bubble burst, and all those people foreclosed on their homes.

Many of the banks that held those bad notes also did auto lending as well. When they either reeled in their lending practices or stopped altogether, less consumers could finance their autos.

Subprime lending was a huge part of home and auto financing. I started with a subprime company when I first got into the mortgage biz. I didn't have the heart to keep closing loans on people with 500 credit scores and 10% interest rates. I went to an A-paper lender, and was with them for years when I saw the writing on the wall and got out while I had a job waiting for me in auto finance. And when all those subprime lenders folded, THAT is what caused the banking crisis, which trickled down into auto lending.

And we can all thank Slick Willy Clinton for repealing Glass-steagall in the 90s, which opened the door to all those predatory subprime lenders. It took about 15 years to matriculate, but the bottom fell out.

But, I don't want to get political in a thread about a sports-motivated secret society....lol

I would know, too.

Some banks held the subprime paper, but most of it was held outside the commercial banking space. Pension funds, insurance companies and the like took baths, but a good number of banks also held the securitized "PLUMBS" (Private Label Mortgage Backed Securities). What killed most of the 518 or so banks during this downturn was the sudden stop in building, not the mortgage paper itself. They were overextended in development loans, building the infrastructure of residential subdivisions and constructing commerical developments ("ADC" loans - acquisition, development and construction) loans. If something didn't have a building on it yet - just the dirt - we saw 80 percent depreciation in some markets.

As much as I'd like to simply blame Clinton for this, I'd put more of it at the feet of Congress in their lax supervision of, and push to expand, the quasi-gov't mortgage companies, mostly Fannie. Barnie Frnk's protection of his "friend's" pockebook was criminal. That, and the simple lack of accountability when paper was sold. Whenever the incentive to make a loan is separated from the risk of not fully collecting it, capitalism can, and did, run amok. There should always be a credit quality hook on securitizations and incentive compensation.

RTR,

Tim

 

[EasyTider]

Actually, the banking crisis caused the auto crash.

I'd know, because I was an account manager for a mortgage lender for years when the housing bubble burst, and all those people foreclosed on their homes.

Many of the banks that held those bad notes also did auto lending as well. When they either reeled in their lending practices or stopped altogether, less consumers could finance their autos.

Subprime lending was a huge part of home and auto financing. I started with a subprime company when I first got into the mortgage biz. I didn't have the heart to keep closing loans on people with 500 credit scores and 10% interest rates. I went to an A-paper lender, and was with them for years when I saw the writing on the wall and got out while I had a job waiting for me in auto finance. And when all those subprime lenders folded, THAT is what caused the banking crisis, which trickled down into auto lending.

And we can all thank Slick Willy Clinton for repealing Glass-steagall in the 90s, which opened the door to all those predatory subprime lenders. It took about 15 years to matriculate, but the bottom fell out.

But, I don't want to get political in a thread about a sports-motivated secret society....lol

Tell me you've watched The Big Short. I watched it 3xs in 2 days. Granted, it was 'based on a true story' and not a documentary; but still a great movie and very enlightening on how MBS ultimately brought about the 2nd Great Depression.

 

[It Takes Eleven]

Tell me you've watched The Big Short. I watched it 3xs in 2 days. Granted, it was 'based on a true story' and not a documentary; but still a great movie and very enlightening on how MBS ultimately brought about the 2nd Great Depression.

I like this explanation. Choose full screen: