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Discussion in 'Off-topic Political' started by AV8R, Oct 9, 2010.
As a GM bond holder I fully sympathize with them.
I see most folks like whistling past the graveyard. When good people say "fudge it", something is very, very wrong.
I've typed up 3 different responses and ultimately decided it wasn't worth my time and effort to try to wake people up. The bridge is out ahead and we're going full steam ahead.
(1) There is an update to the story on the author's web site, with some very interesting observations, including the fact that perhaps more than 80% of the people entered into the program were "trial" runs.
(2) I have made a lot of foolish decisions in my life, some of which have had severe financial consequences. If, however, I have a mortgage at that age, well . . .
They bought a house with debt in 2005, and they are in their 60s. Not so wise. Taking on debt, intentionally, into your 90s?
And now they are upset about a government program not working correctly . . . and all this government program would have accomplished had it worked as they believe it should is to keep them in debt longer. Debt and government - they chose both on purpose.
I am trying to steer clear of both debt and the government.
I have to agree with MP on this. My wife and I qualified for over $300,000 mortgage when we bught our house in 2005. I said no way. We put $120,000 cash down on a $169,000 house, (that the county now appraises at $138,000). I give more money to my Church each month, than my mortgage payment is. I can pay off my house right now if I wanted too. I have no sympathy for all these people that overbought, or who purchased Ford F250 4x4 diesels on their 2nd mortgage.
We are looking at buying a SUV/minivan, for under $20,000, will be paying cash for that as well. I don't follow his program completely, but Dave Ramsey has some good advice that these people need to listen too.
OK, stepping off my high horse now...
YZ that doesn't sound "high horse" to me, that sounds very sensible. I agree.
Same demographics as most tourists in Vegas -
retired white middle class folks who all hope to get rich quick, while ignoring the fact every adult should already know: the house always wins in the end.
Only real difference is, when Vegas gamblers run out of cash, they are politely encouraged to get out of town. In this case, however, the loan sharks, encouraged by our ever-generous government, show up eager to loan 'em some more, so they can lose that too.
My wife and I started the Dave Ramsey plan, mentioned earlier, a little over 2 years ago. We paid off $50k in debt, (mostly her student loans, but some on cars, and a little CC), saved an emergency fund, started our retirement & the kiddo's college investments back up, and are now trying to pay off our house. All this in the "worst recension of our lifetime". People need to own up to their failures in personal decision making, learn from them, and move forward (without the governments involvement).
Note: My recession comment was not to down play the hardships felt by people who have lost their jobs and are struggling, but working hard, to make ends meet. I honestly feel for you.
Your right... on the other hand, this corrupt goverment, along with the easy credit policies of the Federal reserve system only made it all too easy for these bums to push these things... and when it crashed, they got bail outs at tax payer expense. If you look on the system now, some things have not changed, sub prime 2.0 of sorts, cash for clunker etc, the 8k credit for buying a home, 3% money down... in real times, nothing has changed and this nation is moving straight down the toilet in a spirial until we're at the center of no return.
27 Signs That The Standard Of Living For Americaâ€™s Middle Class Is Dropping Like A Rock
interesting tidbit from the article I linked:
Combine that with the ARMs that are about to reset and the government pushing reverse mortgages...... the foreclosure debacle, .... the worst is yet to come. Middle class anarchy... quite possible.