| pmustang |
| Total Posts: | 18421 |
| Last Post: | 05-22-08 |
| User Since: | 09-03-00 |
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Posted: Apr-30-2008 12:34PM
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there is a hidden giant behind the obvious signs of the recession, I believe they are called CDCs, they are the insurers for very large deals between corporations, Too bad they are insurers with no ability to pay, look them up on a google. Very scary reading, if one goes down (there are only two) the whole house of cards falls. Peter No more cars left, Westpaminis is now just a memory, Good luck to all those hard working dealers left out there, We can tell you its not easy. We have fully enjoyed meeting all the fine folks we have in the business.
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| Se7en |
| Total Posts: | 6677 |
| Last Post: | 05-22-08 |
| User Since: | 01-16-00 |
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Posted: Apr-30-2008 12:30PM
 Edited: Apr-30-2008 12:39PM
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TJ - don't stop there ... keep typing your suggestions for attaining and maintaining wealth in other ways. Where does it come from and where do you keep it after you have it to allow it to keep working for you? P.S. Were you anywhere close to those tornadoes? Hope if so, hope all is well with you and yours. smithj86: "In addition, most families can't afford to live on only one paycheck--if they could, they probably would either only have one or have 2 smaller ones. If you can live well enough on one, it sort of undercuts the rationale for two". Aren't you looking past the fact that if you can live well enough on one, that the other paycheck affords the novel opportunity to do things like establish an emergency fund, actually save some money, pay down debt (like your mortgage), fund a college account if need be or even buy things with cash rather than credit? Then there also might be the extremely novel concept of retiring years ahead of your peers. As Dave Ramsey says ... live like no one else, so that later you can live like no one else. SE7EN
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| smithj86 |
| Total Posts: | 25 |
| Last Post: | 05-19-08 |
| User Since: | 05-29-06 |
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Posted: Apr-30-2008 12:23PM
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H82WRK--I don't think it's a matter of people buying more house than they can or could afford. Rather, it's a matter of losing your job, which tends to limit a person's ability to pay their bills. At the same time, banks convinced many others that they could afford houses on an ARM because they could refinanace when the ARM went up. The same banks that get federal bailouts. Of course, an ARM may not have been the best way to go, but that's no reason to blame the victim. As that long-hair said a while back, "He who is without sin . . ."
In addition, most families can't afford to live on only one paycheck--if they could, they probably would either only have one or have 2 smaller ones. If you can live well enough on one, it sort of undercuts the rationale for two.
"There's more to life than books you know, but not much more." The
Smiths, Handsome Devil, 1983.
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| H82WRK |
| Total Posts: | 236 |
| Last Post: | 05-22-08 |
| User Since: | 12-14-07 |
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Posted: Apr-30-2008 11:04AM
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You know to me it was very clear when it came time to purcahse a house, don't buy more than we could afford, make sure that we could make the house payment (in adddition to the other living expenses) on one paycheck and to not rely on both of our salaries just in case. Why buy more house than you can afford? Why charge up your credit cards to have a new tv or whatever new thing is out? Just because it is there doesn't mean that you NEED it. I think people's lack of restraint has caused a lot of these problems. They have to have the biggest house on the block or the newest fanciest kitchen or they need to take out a home equity loan to pay off credit cards that they charged up with non essential purchases. Does that make sense? I don't know I guess I just get tired of people whining about how they can't afford the rising gas prices when they are driving a huge SUV or when they are mad that their house payment goes up when they bought their house on an ARM or better yet just financed it with the interest only loans and now they have to actually GASP pay for the house. End of rant 
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| fitz1tj |
| Total Posts: | 331 |
| Last Post: | 05-19-08 |
| User Since: | 01-01-04 |
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Posted: Apr-30-2008 10:50AM
Edited: Apr-30-2008 10:53AM
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This will work like curing a hangover by having another drink. Too many dollars in circulation caused this problem and they are trying to fix it by printing up even more dollars. The funniest thing is listening to politicians blame greedy il company executives for the high price of gas when the real cause is congress' lack of restraint that devalued the dollar so much. Anyone been grocery shopping lately? Notice the price of eggs? The path our country has been on since Nixon closed the gold window is simply not sustainable - and when it ends it will be ugly. Somehow, we as a people and a government have decided that we can borrow our way to wealth. With consumption making up 7% of the GDP, if we on the whole started saving even a small amount of money and actually started to live within our means the economy would be destroyed. I figure the soon to be retiring baby boomers may start doing just that when they figure out that all the fictional wealth they have in the equity of their homes and stocks start to look a little tenuous. Nothing is so bad that you can't make it worse by doing something rash or going berserk.
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| TimGalla |
| Total Posts: | 374 |
| Last Post: | 05-13-08 |
| User Since: | 04-24-03 |
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Posted: Apr-30-2008 10:47AM
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Here in Miami real estate prices have dropped 20% on average. We are looking to pickup a 3/2 ocean front condo and have a list of about 500 - 600 that are deeply discounted and on the verge of foreclosure. Yes, sellers are deeply in debt and are surprised the real estate values are plummeting. A few high rises have been abandoned before they were completed, too bad about those folks who bought at pre-construction prices. They will have quite a wait. Ten thousand moving parts that work less and less everyday.
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| Headstay |
| Total Posts: | 9132 |
| Last Post: | 05-22-08 |
| User Since: | 04-13-02 |
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Posted: Apr-30-2008 10:37AM
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Hope this helps, but I feel the economy is gonna get a lot worse before it gets better. In CT, our housing market hasn't really tanked yet, but lots of folks have run up way too much debt. The foreclosures are starting..... Sail & Drive Fast! Live Slow! Billy Backstay 
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