Careers vanish after subprime freefall

Razor said:
These large inventories of used cars are also driving down the price of new cars. Except for Priuses.
Click to expand...
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!! :angel:
 
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.
 
I should probably be ashamed of myself for piling on, but I can't help noticing this quote:

Throughout last summer, he tried to keep up the morale of the 150 sales people he had reporting to him.
Click to expand...

I expect that some of those 150 salespeople sometimes put people into situations just as bad as his.
 
Guess the couple in the article might need a sub prime lender to help them sometime soon after their current place goes into foreclosure. ;)
 
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.
 
GoodSense said:
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.
Click to expand...


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.
 
poboy said:
Bite the bullet, fire the gardener.
Click to expand...

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.
 
Running_Man said:
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.
Click to expand...

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.
 
Want2retire said:
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.
Click to expand...

I doubt I'm up to the task.
 
Want2retire said:
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.
Click to expand...

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?
 
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?
 
Walt34 said:
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 :eek:
2. Nice 30-foot boat with lots of bells & whistles. Oh, make it 40 feet. :eek::eek:
3. Class A motorhome (Saw one at an RV show with a $550K sticker.) :eek::eek::eek:
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" :eek::eek::eek::eek:

See how easy that is?
Click to expand...

Obviously, I have much to learn about spending money!!! :eek:

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. :)
 
Want2retire said:
Obviously, I have much to learn about spending money!!! :eek:

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

I'm sure there are folks out there willing to help you (us?) spend money (for a small fee).

Today I bought a keychain pocket knife/bottle opener and a mini-camera; $30 (minus a $25 gift card).
 
Running_Man said:
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.
Click to expand...

Spend $187,200 per year? That would require a lot of work. Work? Can't do that, I'm FIREd.
 
A854321 said:
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?
Click to expand...

No, they don't have a clue. I'm totally amazed how they can broadcast their stupidity over the internet like it's just something that happens.

But I do like their party-on attitude at full speed as the Titantic slips below the waves.:p Strike up the band maestro.
 
Khan said:
I'm sure there are folks out there willing to help you (us?) spend money (for a small fee).

Today I bought a keychain pocket knife/bottle opener and a mini-camera; $30 (minus a $25 gift card).
Click to expand...

For a moment I thought you had out-spent me! But with the gift card, you only spent $5. :)

I think we probably have more fun than those folks do, anyway. ;)
 
Kent estimates the mountainside home in San Clemente, Calif., which they bought in 2005, is worth 20% less than it was a year ago. And in the current market, he said he's not sure he could sell it for even that amount.
Click to expand...
What kind of estimate is that? Surely the house is worth whatever the market will pay: no less, and certainly no more.

"We've used up most of our reserves, cashed in her 401K," said Kent."We're going Mach 1 into a wall. When we run into it, then we've got to decide what to do next."
Click to expand...
Again, this is nonsensical. When they have burned through the rest of their reserves (won't be long now!), they won't have any options and there won't be any decisisions to make.

I can't even begin to relate to that sort of [-]irresponsibility[/-] fatalism.

Since he lost his job, Kent has gotten a real estate license and is trying to start a business selling the rapidly increasing inventory of foreclosed homes in Orange County, Calif. ... The Copes are just two of many in Orange County, formerly the center of the nation's subprime lending industry, now trying to move on. Nearly 9,000 jobs have been lost there in the past year
Click to expand...
Smart move, Kent. You're out of work because the inflated real estate market is tanking, so you decide to pursue a sales job in the same industry, in a depressed region. Good luck!

Notmuchlonger said:
Im waiting to see what tricks Warren B has up his sleeves for this little down turn.
Click to expand...
According to today's issue of Fortune (page 14), he recently paid cash for a Cadillac DTS.
 
You must log in or register to reply here.

Similar threads

H
Social Security and Windfall Elimination
2 3 4
Replies
89
Views
5K
cathy63
C
2
Reducing stock exposure in Retirement, age 60+
4 5 6
Replies
144
Views
8K
Onda
O
S
After I'm Gone
2 3
Replies
60
Views
5K
big-papa
B
V
IRA rollover to RothIRA question
Replies
5
Views
623
voidstar
V
Rianne
I Bond Interest
Replies
11
Views
658
Koolau
Koolau

Latest posts

Back
Top Bottom