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Old 03-31-2008, 12:56 PM   #21
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My brother knows someone who runs an auto auction company, the kind that buy/resell used or repo cars to auto dealers.

He says they have almost twice the inventory they usually have, with lots of big new pickups, SUV's, ego cars.

He says they also are now seeing lots of boats, ATV's, RV's coming in, a significant portion of which are repos.

He says you'd have to be an idiot to buy a new car now as there are so many newer, lo-mileage cars coming onto the secondary market. However, there don't seem to be many Priuses coming in.
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Old 03-31-2008, 01:03 PM   #22
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My brother knows someone who runs an auto auction company, the kind that buy/resell used or repo cars to auto dealers.

He says they have almost twice the inventory they usually have, with lots of big new pickups, SUV's, ego cars.

He says they also are now seeing lots of boats, ATV's, RV's coming in, a significant portion of which are repos.

He says you'd have to be an idiot to buy a new car now as there are so many newer, lo-mileage cars coming onto the secondary market. However, there don't seem to be many Priuses coming in.

These large inventories of used cars are also driving down the price of new cars. Except for Priuses.
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Old 03-31-2008, 01:22 PM   #23
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See these are the times if you were fiscally responsible to in a way take advantage of those who were not. Cheaper car prices, housing and stocks to name a few.
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Old 03-31-2008, 01:39 PM   #24
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See these are the times if you were fiscally responsible to in a way take advantage of those who were not. Cheaper car prices, housing and stocks to name a few.
Reminds me of something I read recently. "A recession is when wealth returns to it's rightful owners."
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Old 03-31-2008, 01:41 PM   #25
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Im waiting to see what tricks Warren B has up his sleeves for this little down turn.
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Old 03-31-2008, 02:12 PM   #26
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These large inventories of used cars are also driving down the price of new cars. Except for Priuses.
I am dying to buy a new car - - the prices do seem lower than I'd expect, given the inflation we are experiencing in other areas. Temptation, temptation. I will wait until ER, as is my plan - - probably!!
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Old 03-31-2008, 02:20 PM   #27
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It is amazing to me that someone would continue to spend at a rate of 187,200 per year without any job and no backup and eat through the 401. Mach 1 collisions are very painful but suicidal if you see it well in advance and do nothing to avoid.
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Old 03-31-2008, 02:54 PM   #28
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I should probably be ashamed of myself for piling on, but I can't help noticing this quote:

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Throughout last summer, he tried to keep up the morale of the 150 sales people he had reporting to him.
I expect that some of those 150 salespeople sometimes put people into situations just as bad as his.
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Old 03-31-2008, 03:16 PM   #29
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Is it on the market? San Clemente is a nice place to live in terms of climate.
Yes, it's a beautiful place, drove thru it once or twice. Both Bill Gates and W. Buffet have a place there, I read.
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Old 03-31-2008, 03:31 PM   #30
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Guess the couple in the article might need a sub prime lender to help them sometime soon after their current place goes into foreclosure.
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Old 03-31-2008, 04:43 PM   #31
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Yes Virginia, there is a God. Sometimes justice is served.

As the saying goes -"Pigs get fat, hogs get slaughtered".
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Old 03-31-2008, 04:50 PM   #32
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It's crystal clear in hindsight, but a couple of years ago, when I was more active in the real estate industry, there were plenty of brokers and lenders who were extremely oblivious about the pending real estate slump. Maybe they were simply reluctant to live in reality, since the fantasy world was much more fun.

I, on the other hand, would not be able to sleep at night knowing my cash flow is so much in the red.
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Old 03-31-2008, 05:39 PM   #33
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It's crystal clear in hindsight, but a couple of years ago, when I was more active in the real estate industry, there were plenty of brokers and lenders who were extremely oblivious about the pending real estate slump. Maybe they were simply reluctant to live in reality, since the fantasy world was much more fun.

I, on the other hand, would not be able to sleep at night knowing my cash flow is so much in the red.

I remember hearing reports two years ago talking about a housing bubble. You would think the pros would be aware. Or, maybe they wanted to lure as many customers in as they could before it burst.
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Old 03-31-2008, 06:57 PM   #34
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Bite the bullet, fire the gardener.
I hate it when that happens, but one must economize where possible. Now the housekeeper on the other hand -- life is simply not worth living without one.
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Old 03-31-2008, 07:31 PM   #35
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It is amazing to me that someone would continue to spend at a rate of 187,200 per year without any job and no backup and eat through the 401. Mach 1 collisions are very painful but suicidal if you see it well in advance and do nothing to avoid.
Isn't that amazing? I wonder if maybe there is more to this problem than the article lets on. It would probably take real effort to spend $187,200/year.
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Old 03-31-2008, 07:56 PM   #36
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Isn't that amazing? I wonder if maybe there is more to this problem than the article lets on. It would probably take real effort to spend $187,200/year.
I doubt I'm up to the task.
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Old 03-31-2008, 08:00 PM   #37
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I doubt I'm up to the task.
Me, either!!! Shopping that much would be my idea of h*ll.
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Old 03-31-2008, 08:06 PM   #38
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Isn't that amazing? I wonder if maybe there is more to this problem than the article lets on. It would probably take real effort to spend $187,200/year.
Naw, only to you, because LBYM is so ingrained you couldn't begin to even think of putting yourself in a position even remotely like that. But a couple of pricey "I wannnas" with do it easily.

1. New Corvette every other year
2. Nice 30-foot boat with lots of bells & whistles. Oh, make it 40 feet.
3. Class A motorhome (Saw one at an RV show with a $550K sticker.)
4. Redo the kitchen & bath with all the trimmings
5. Three or four high-end vacations a year because "you earned it"

See how easy that is?
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Old 03-31-2008, 08:08 PM   #39
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It doesn't sound like either of them actually understood the business they were in.

How can you possibly rack up $10K a month expenses? Oh, yeah- mortgage in excess of conservative financial recommendations, the ever-dangerous home equity loan, evidently horrible taxes.

They truly are stupid and deserve what they get. They really don't have a clue, do they?
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Old 03-31-2008, 08:15 PM   #40
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Naw, only to you, because LBYM is so ingrained you couldn't begin to even think of putting yourself in a position even remotely like that. But a couple of pricey "I wannnas" with do it easily.

1. New Corvette every other year
2. Nice 30-foot boat with lots of bells & whistles. Oh, make it 40 feet.
3. Class A motorhome (Saw one at an RV show with a $550K sticker.)
4. Redo the kitchen & bath with all the trimmings OK, well you can only do that once for half of one year's spending, and then it's done.
5. Three or four high-end vacations a year because "you earned it"

See how easy that is?
Obviously, I have much to learn about spending money!!!

I spent $21 yesterday on frivolous things, though! I bought a $17 drawing and a $4 lace style tablecloth at an antique shop. It's creeping in.... today, $21, tomorrow, $187,200, I suppose.
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