The real estate melt-down

[MAURER]

Originally Posted by LiftGirl

To me, that's like saying hostess and little debbie are responsible for obesity. After all, people aren't nutrition experts. Shouldn't snack food companies be judicious and only sell Twinkies to thin people?

thats not quite the correct analogy. because the fact is, the food companies don't take a risk to themselves when they let people get fat. sure, if you get fat thats your problem. but in this case, the bank knowingly takes a risk that could snap back at them. they aren't forced to give a loan. if they know that the result of giving the loan could mean a loss to them, they should be more careful who they lend their money to. if that means less profit, so be it. however, all they care about is profit which is why they take the risk. shouldn't you be responsible for taking a risk in the name of profit?

[Firehawk]

I was about to go nuts until I read what Dan C said. He beat me to it. Why are you looking at what people are doing rather than what the businesses are doing? The banks allowed these loans to occur.

If i knew i could make it easier on myself, I'd probably do the same thing. I'd take advantage of any loop hole I could. The way things are today, it is nearly impossible to get ahead.

It is always interesting to see how older people react to financing as opposed to younger people. Two totally different philosophies. My mom worked hard all of her life, and still has to work hard. She's all about save save save, save more, save for the future. Today's generations are all about buy now and pay later. Big business has allowed this to happen and so saying "well you shouldn't try to recover your finances by walking out on that debt becuase it's morally wrong" is silly. In business, it is dog eat dog, like it or not.

I'm sick of the fact that cable companies try to rape me with assinine services, or that I pay 3+ at the gas pump, or that there is a FEE on EVERY DAMN THING YOU DO these days. How about the fact that us younger adults are paying into Social Security when it's likely that we won't get those same benefits when we're elderly? Isn't that wrong? Does anyone else think it is assinine that you HAVE to have 2 incomes these days to live comfortably?

I own a house and live alone, and while i'm not in danger of losing my house, I wouldn't say that i'm able to save much money, and I don't do most of the things that people in their 20s do like party, get drunk, smoke, do recreational drugs, etc. I really don't spend money on crap. I think it's ridiculous that the government takes 26-30% of my check every week (whatever the percentage is).

So, if there's a financial loop hole that I know i can take advantage of to get out of debt, or make money, or save money, I'm going to exploit it as long as it is within the law.

We also live in a society where we don't fix things anymore, we buy new. How long before people quit fixing houses and just buying a new one? It's getting that way with cars. People keep a car a couple years, sell it, get a new one, or they lease one. Times, they are a changing.

[luke.w]

Originally Posted by Firehawk

It is always interesting to see how older people react to financing as opposed to younger people. Two totally different philosophies. My mom worked hard all of her life, and still has to work hard. She's all about save save save, save more, save for the future. Today's generations are all about buy now and pay later. Big business has allowed this to happen and so saying "well you shouldn't try to recover your finances by walking out on that debt becuase it's morally wrong" is silly. In business, it is dog eat dog, like it or not.

I wouldn't say that i'm able to save much money, and I don't do most of the things that people in their 20s do like party, get drunk, smoke, do recreational drugs, etc. I really don't spend money on crap.

I'm not really on anyones side, I'm just talking (trolling).

FYI I'm in the old- school thinking ways still, but I'm learning some things (finally realize I NEED a credit card, but NOT to really purchase things lol) thats what I think is nuts about today.

hey were you getting your tacos, I found a nice deal at the store, 3-kits for 5bucks, with beef and chicken (deals on both) thats $13 for 36tacos

mars 3-kits for $5, chicken 1.99lb, ground beef (83%) 3.85 1.22lb
88cent tub of sour cream, 2-shredded cheese paks $4

weis sweet tomatoes 1-pak $2, gallon skim milk $3.35

so thats $20 for 36tacos with fixing, plus leftover cheese for mac and cheese which btw weis had 5-boxes of pastas for $3!!!!!!!!


I've recently been hit with hard finance responsibilities for an unknown time? I'm just learning this shopping stuff, and I'm still saving!!!!

cut back to 1-2beers on fri. and sat. plus I go to the "fine wine" store now, $8 12packs, and $3.99 bottles of red wine!!!!!

[Firehawk]

I just got a credit card myself, went 28 years without one, hate the fact that i have ANYTHING at all on the thing. Hate monthly payments. Hate the fact that it's getting that you are penalized for paying cash instead of using credit.

[LiftGirl]

Originally Posted by MAURER

thats not quite the correct analogy. because the fact is, the food companies don't take a risk to themselves when they let people get fat. sure, if you get fat thats your problem.

They take a risk of losing customers who die prematurely due to the myriad health problems brought on by Twinkie-induced obesity.

And FH, just because something is legal doesn't make it morally or ethically right. Is it ok to charge up as much as you want on credit cards then declare bankruptcy? It's legal.

[Firehawk]

Originally Posted by LiftGirl

They take a risk of losing customers who die prematurely due to the myriad health problems brought on by Twinkie-induced obesity.

And FH, just because something is legal doesn't make it morally or ethically right. Is it ok to charge up as much as you want on credit cards then declare bankruptcy? It's legal.

While I think it is ridiculous, you're only hurting yourself in the long run.

[MAURER]

the fact is, banks don't run on ethics. they run on profit. while it may be unethical to default on a loan, it is also unethical to give a loan to someone you think may not be able to pay it. like i said, if you're willing to take a risk in the name of profit, don't cry when it comes back and hits you in the face. either way, most banks continue to profit or else they would cease to exist.

[Rufiedodg]

Originally Posted by Firehawk

I was about to go nuts until I read what Dan C said. He beat me to it. Why are you looking at what people are doing rather than what the businesses are doing? The banks allowed these loans to occur.

If i knew i could make it easier on myself, I'd probably do the same thing. I'd take advantage of any loop hole I could. The way things are today, it is nearly impossible to get ahead.

It is always interesting to see how older people react to financing as opposed to younger people. Two totally different philosophies. My mom worked hard all of her life, and still has to work hard. She's all about save save save, save more, save for the future. Today's generations are all about buy now and pay later. Big business has allowed this to happen and so saying "well you shouldn't try to recover your finances by walking out on that debt becuase it's morally wrong" is silly. In business, it is dog eat dog, like it or not.

I'm sick of the fact that cable companies try to rape me with assinine services, or that I pay 3+ at the gas pump, or that there is a FEE on EVERY DAMN THING YOU DO these days. How about the fact that us younger adults are paying into Social Security when it's likely that we won't get those same benefits when we're elderly? Isn't that wrong? Does anyone else think it is assinine that you HAVE to have 2 incomes these days to live comfortably?

I own a house and live alone, and while i'm not in danger of losing my house, I wouldn't say that i'm able to save much money, and I don't do most of the things that people in their 20s do like party, get drunk, smoke, do recreational drugs, etc. I really don't spend money on crap. I think it's ridiculous that the government takes 26-30% of my check every week (whatever the percentage is).

So, if there's a financial loop hole that I know i can take advantage of to get out of debt, or make money, or save money, I'm going to exploit it as long as it is within the law.

We also live in a society where we don't fix things anymore, we buy new. How long before people quit fixing houses and just buying a new one? It's getting that way with cars. People keep a car a couple years, sell it, get a new one, or they lease one. Times, they are a changing.

I’m sure people get sick of me always making reference to “energy “, “personalities, “archetypes”, or whatever. But the above is a classic case of being consumed by “victim” energy.

I can't be the only one that sees this.

We all unfortunately have to deal with the “victim” as its part of a collective energy we all share. But the goal is to move away from its shadow and enter into the light as “victorious”.

The “victim” is a survival energy, or archetype, as is the saboteur, child, and prostitute. When consumed by any of the survival energies, our individual energies (the ones that have power in a positive way) stay dormant.

The “victim” by its nature will see to it that we never get ahead.

My 2 cents

Dan

[luke.w]

Originally Posted by Firehawk

I just got a credit card myself, went 28 years without one,.

hey Dan see I'm not the only one over 20 that didn't have a credit card lol

I did have a capital one for a couple years when I was like 21 and never used it, those were anuual fees also which I always paid.

I could use one for buying off the net though.

[MAURER]

i don't think anyone asked for your expert analysis of firehawk's character.

[luke.w]

about a year ago I figured how to save some gas since the prices went up and I liked to drop over 100 at resturants everyweekend with lobster tails, and surf and turfs (now I just cook)!!!

I don't hit the gas much, I'm the guy everybody passes, I have it timed perfectly when I see way ahead what color the lights are, it makes no sense to gas up to a red light!

I talked to my client who was considering walking away from his real estate loan. He is the the M.D. who makes about $180k a per year and bought a $700k home with 100% financing that has temporarily declined in value.

He told me that he is not going to do it.

I told him I was happy that he made that decision. He could have legally walked away from the loan and left the bank with real estate that as today is worth less than his unpaid loan balance, but he thought it through and decided to make a financially-responsible decision. His home is in a nice neighborhood in an area with great prospects for long-term appreciation. I guarantee that in 10 years from now he will be far ahead of the game than if he "walked".

And he will preserve the great credit history he has that enabled him to qualify for a great real estate loan.

And he can look at himself in the mirror every morning when he shaves and feel good about himself, not needing to blame others for this and that.

I think I'll keep him as a client.

[luke.w]

Originally Posted by Firehawk

The way things are today, it is nearly impossible to get ahead.
own a house and live alone, and while i'm not in danger of losing my house, I wouldn't say that i'm able to save much money, and I don't do most of the things that people in their 20s do like party, get drunk, smoke, do recreational drugs, etc. I really don't spend money on crap.


So, if there's a financial loop hole that I know i can take advantage of to get out of debt, or make money, or save money, I'm going to exploit it as long as it is within the law.

I got a deal on my house (private mortgage) but I also was about the only person out of all my peers who worked full 12hour days mon-fri. and hardly ever had a social life (I did drink on weekends) but all my peers went out everynight, and they all needed roommates to afford an apartment or house, we did the smart thing firehawk reguardless of whether we dodged the mortgage increase or not, right now I really don't even make whats considered great money, however I can live comfortly paying 2-mortages (one is slightly lower due to "luck"), and still save with all the increases, when gas goes up everything goes up.

I guess I'll take a side and say I disagree with your second statement, as that attitude just adds to all the problems IMO, however I could be wrong?

[Dan C]

Originally Posted by luke.w

hey Dan see I'm not the only one over 20 that didn't have a credit card lol

Yeah, but he has one now, so you're still the only one.

On second thought, Martin may not have one either? LOL!

Originally Posted by luke.w

I can live comfortly paying 2-mortages

[luke.w]

Originally Posted by Dan C

On second thought, Martin may not have one either? LOL!

Martin may of had one, I think I've seen him with one? but with him who knows??? I'm sure he knows lots of loopholes also with his booksmarts and education, I'm sure he takes every advantage he can, and he still does not work.

I got a call from him yesturday, he called me from Poland, thats were he's staying now mooching off his cousins?