Posted on 11/14/2008 11:51:19 PM PST by 2ndDivisionVet
If more Americans had your attitude, our nation would be solvent. Most Asians eschew loans and pay for everything in cash, and their nations have enormous savings rates and reserves.
Gold started what could be a lenghty runup on Friday. Stay tuned.
Like you can even mine new gold for $100 per ounce.
Thou shalt not covet. Thou shalt not steal.
Actually it wasn’t the corruption of Wall Street as it was the corruption of Congress that got us into this crisis. Once DNC’s Fannie/Freddie faltered it brought everything down with it. More corruption is not the answer.
PRay for W, America and Our Troops
Where you getting that price?
Public education produces the desired results, doesn’t it?
This guy is an evil prick. Telling homeowners to screw the lenders? What a pompous jerk.
Slaves aren’t born, they are made.
So here are the options, the right thing: do everything to make the payment; cut out all extras, try to pick up a part time job, etc.
The other option: Do what he says and stop paying the mortgage and stashing the cash. Stay in the house as long as possible. Then rent something cheaper, which will be everything in another year or two.
The economy starts picking up. Now they have the unpaid mortgage payments and the difference between rent and the mortgage socked away. House values are at the bottom. Now they have 10-20% socked away to put down on their old house or a different one at a lower price than when they originally bought.
Is this his scenario? With a larger down payment, would the credit rating matter on the next home purchase?
He makes his money manufacturing hot air
From the updated portion of the article:
“Gold and silver. These things are not stocks. They do not get high and split. They go up when inflation is here. They go up, way up. Commercials will tell you to buy gold. Then it is over and they drop down to the normal 100 or 200 for gold and 3 to 7 dollars for silver. It is your money, piss it away if you wish, but my advice is to stay away from gold or silver.”
Don’t go nuts on your credit cards, but use them up if you cannot pay them”
In my book........this is downright stealing.
This is absolutely true. There are several rather accomplished and competent middle-aged men working at low-paying jobs at our office because they have very bad credit (one due to a catastrophic illness, another due to a divorce and crippling alimony payments). They can't get better jobs.
Personally, the enjoyment of owning a nice collection of fine firearms aside, I don’t want any more guns and ammo than I can carry on foot. As an investment with an eye to selling to those with less foresight it might not be a bad idea. but bunkering is not appealing to me. I prefer to be mobile and you may not be able to depend on being able to drive.
He's talking to people already facing foreclosure. That's not many people right now. He's not telling people in good shape to stop paying their mtgs.
We talk a lot about personal responsibility on FR in re loans/credit. But a lender is a professional just like a nurse or a teacher. They have fiduciary and ethical obligations just like a borrower has the responsibility of meeting his own contract. If a lender does not believe a borrower is creditworthy, and still makes the loan...where's his "personal responsibility?" He knows more than the borrower. I don't feel much for these lenders except anger at watching them get bailed out.
I enjoy the small things alot more than I do the big expensive things. I’ve only owned two new vehicles in my life and I’m 54. My current truck is 9 years old and I plan to drive it until it falls apart. I probably won’t ever buy another new one. Our farm is beautiful and the house is just an old farmhouse but it’s probably built better than the new homes that cost hundreds of thousands of dollars.
When times are good I save extra money in the Credit Union for when times are bad and I have a Christmas Club account. I’ve managed to have two 401k’s, a profit sharing account, and retirement benefits from three companies even though I’ve worked for the same company for 33 years. We’ve been owned by Kraft, Gillette and Proctor & Gamble along with retirement from our Duracell brand.
There are times we’ve had to go in debt for a vehicle or some large item but I finance for the shortest period possible. I believe that if you make a bill you are obligated to pay it. The best way I know to stay solvent is to not borrow money if you can help it. I’ve seen people I work with, that make excellent money, beg overtime because they mis-managed their finances.
No, I don’t have a fancy house or a new vehicle but I can go out to eat occasionally and buy the granddaughter things she needs. What more can you want? People make life way too complicated by trying to keep up with the “Joneses”.
Sorry, I didn’t mean to write a book but personal responsibility is a big issue with me. :-)
In bad times, it may take all the money you stashed in a hole to buy a loaf of bread. You can not eat gold or silver. Guns and ammo will protect you and your property AND it will feed you and your family.
Already, gun prices are rising. I purchased a pistol two and a half years ago. Today (thanks to Obozo), it is now worth twice what I paid for it.
31% of income
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