A country of money idiots?

[sgeeeee]

You don't need the govt to pass any laws for this to happen. The free market is taking care of it right now.

-h

Are you kidding? The lenders have bought tons of laws to protect them at tax payer's expense. The free market is often not really that free. Those with financial clout have significant impact on legislators, laws and regulations. Those without, have much less.

 

[lswswein]

I was mostly talking about subprime mortgage lending companies which are getting into serious bankruptcy trouble as we speak. I do agree the credit card companies have it really good right now - lots of favorable legislation

-h

 

[sgeeeee]

I was mostly talking about subprime mortgage lending companies which are getting into serious bankruptcy trouble as we speak. I do agree the credit card companies have it really good right now - lots of favorable legislation

-h

Ahhh. . . Yes. I think you may be right about subprime lendors. I hope so, too.

Somehow I fear that these crooks will also come out ahead, though. Let's hope I'm wrong.

 

[lswswein]

Btw there is one way to take advantage of all the free credit floating around. I get a 0% for a year Balance transfer credit cards and transfer large amounts aorund 10k to them. I have been doing this for the last couple of years. I net about 400bucks per year after taxes doing this. Not a lot but something to gain with all the free credit and excess liquidity sloshing around.

-h

 

[sgeeeee]

. . . I net about 400bucks per year after taxes doing this. . .

-h

Good for you. I wish I wasn't too lazy and/or disorganized to do the same.

 

[lswswein]

I would glady pay you the same to mentor me, now that I realize your EE background...

-h

 

[samclem]

You mean these same people selected our current president? - How could that be?

And our Congress . . .and they think raising the minimum wage will help the poor, and that health care should be "free" . . . the mind swims at the enormity of the problem.

 

[ERD50]

And our Congress . . .and they think raising the minimum wage will help the poor, and that health care should be "free" . . . the mind swims at the enormity of the problem.

And that is the crux of the biscuit, IMO. Too many people think that if the govt provides something it is 'free'.

They can't get it through their thick skulls that the govt had to collect the money from us in order to 'give' it to us, and a portion of it is wasted in the process. So, unless there is some inherent efficiency or need for the govt to provide that service, it will always cost us more (collectively) to get it for 'free' from the govt.

-ERD50 ( is the Libertarian in me showing? )

 

[FinanceDude]

Seems funny that the Prez catches all the flak (doesn't matter which party) and the Congress gets the "free ride"..............

Limit the terms a Congressman can serve, so you don't have 80 year old guys shaping the future of America...........

 

[bosco]

And our Congress . . .and they think raising the minimum wage will help the poor, and that health care should be "free" . . . the mind swims at the enormity of the problem.

yeah, those stupid Canadians, with free health care, a higher minimum wage, and a pension plan in the black.

Oh yeah, forgot, they neglect spending billions of dollars on important things like invading and occupying other countries and tax cuts for the rich....

you're right....forgot the enormity of the problem for a sec there...

 

[Hamlet]

I've noticed that I haven't gotten a 0% offer lately that didn't have a balance transfer fee. I've got about 10K on a 0% card (no balance transfer fee), but I haven't gotten a totally free offer to replace it yet (it ends in Nov.).

I may have to pay off my card if they're actually going to charge me something.

Btw there is one way to take advantage of all the free credit floating around. I get a 0% for a year Balance transfer credit cards and transfer large amounts aorund 10k to them. I have been doing this for the last couple of years. I net about 400bucks per year after taxes doing this. Not a lot but something to gain with all the free credit and excess liquidity sloshing around.

-h

 

[Texas Proud]

yeah, those stupid Canadians, with free health care, a higher minimum wage, and a pension plan in the black.

Oh yeah, forgot, they neglect spending billions of dollars on important things like invading and occupying other countries and tax cuts for the rich....

you're right....forgot the enormity of the problem for a sec there...

Problem is that the Canadian health care system is not highly rated... I read an opinion piece that said some of the other places that have 'univeral health care' are better... IE, still various outlets to get medicine, still the ability for the 'rich' to buy a better policy, but everybody is covered someway... they said Arnolds plan for Cali is 'better'...

 

[bssc]

Oh yeah, forgot, they neglect spending billions of dollars on important things like invading and occupying other countries and tax cuts for the rich....

Ha, you are forgetting Defence Scheme No. 1 which called for Canadian hordes to sweep down on the US and seize Seattle, Great Falls, Minneapolis and Albany. See more here http://en.wikipedia.org/wiki/Defence_Scheme_No._1

While it is "officially" no longer being considered, who knows what is in their secret files.

 

[sgeeeee]

Ha, you are forgetting Defence Scheme No. 1 which called for Canadian hordes to sweep down on the US and seize Seattle, Great Falls, Minneapolis and Albany. See more here http://en.wikipedia.org/wiki/Defence_Scheme_No._1

While it is "officially" no longer being considered, who knows what is in their secret files.

Will we be safe from the godless Canadian hordes in Phoenix?

 

[bssc]

Will we be safe from the godless Canadian hordes in Phoenix?

No, those snowbirds from Manitoba are really the fifth column.

 

[WRBT]

this is an instant gratification culture. it really does sicken me. people bring it upon themselves. when you think you deserve what you have not earned there are going to be ramifications

Does this include taking on a mortgage to buy a home? Few have earned enough to buy one outright, and they want the instant gratification of having one.

 

[newyorklady]

no but it does include taking out a mortgage on a luxurious home that if your boss fires you, you can't keep up with the payments, or i mean have enough stashed away for six months to carry you until new job.

 

[SteveR]

It does not take any brains to do two things:

1) Spend more money than you make.

2) Make babies.


It take brains to save money for a rainy day and to raise kids to be responsible adults.


Our society is based on doing both. We have a high tolerance for debt and for families with lots of kids despite the lack of need for large families (religious preferences aside).

Schools don't teach personal economic responsibility and most kids don't see real examples of it at home either so they are a product of their environment. The consumer culture dislikes savers and rewards spenders and forgives personal irresponsibility.

Fix that and you will have gone a long way at fixing many other "ills" in this country.

 

[newyorklady]

the economics of it is just a side issue to the lack of personal responsibility that is a part of our modern age. alcoholism is a disease, fat people have eating disorders, rapists have impulse control problems, etc. call me harsh or mean, i don't care. people need to take responsibility in life.

my father used to say that debtors have mental problems, and he was right. they don't use good judgment or self contol. these are things that a child must develop so that they can not only be a financially responsible adult, but a generally happy and mentally stable one as well.

 

[Sue J]

I've noticed that I haven't gotten a 0% offer lately that didn't have a balance transfer fee. I've got about 10K on a 0% card (no balance transfer fee), but I haven't gotten a totally free offer to replace it yet (it ends in Nov.).

I may have to pay off my card if they're actually going to charge me something.

I do the same thing with a 0% card. I use it for excess college expenses. My last one was for 15 months and it expires June 1st so I've been reading all the fine print on all the offers before I shred them. I'm holding on to one from Bank of America that has no balance transfer fee and runs for 12 months. But yeah, most of the offers lately have a balance transfer fee.

Sue J.

 

[brewer12345]

my father used to say that debtors have mental problems, and he was right. they don't use good judgment or self contol.

Uhhhh, I think this is overboard. NYL, ever had a mortgage? Student loans? CAr loan? You might have been a "debtor" then.

Like alcohol, firearms, cars, and a marriage license, credit a a good servant but a terrible master.

 

[newyorklady]

you know what i mean, i am talking about deadbeat debtors not normal people with mortgages, etc.

 

[brewer12345]

you know what i mean, i am talking about deadbeat debtors not normal people with mortgages, etc.

I hear you, and there are plenty of dirtbag borrowers. But if I had lousy credit and my choices were to live in a place I thought was unsuitable for my kids or to take on a hefty subprime mortgage, I know which choice i would make.

Having said that, I will be a lot happier when lenders actually start underwriting mortgages again. Of course, by the time that happens, there will be a lot fewer lenders left in the subprime world.

 

[spideyrdpd]

Before yall throw rocks. What makes you think you are so smart ?

 

[newyorklady]

i don't think it is about intelligence. some of the smartest people get caught up in all of this as well as some of the dumbest. i think it is about realizing that there are always consequences, you don't get a free lunch, pick whatever tired cliche you want.