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BANKRUPTCY - an American Tradition
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I wasn't fed rosy anything from anyone.
The little guy was the one buying these ridiculously priced homes for 0 down and taking on way more debt than they could afford.
Everyone knows car salesmen lie. It's the buyers responsibility to do their due diligence on any thing they purchase. So it is the buyers fault.
I have this damn work and pay my bills ethic your talking about! Only thing is my only debt is on my house. I own my car and plan on buying another this year with cash. My moral obligation that makes capitalism work for me is to stay within my budget and only buy what I can pay cash for.
I completely disagree with this entire statement! Just because someones house has dropped in value does not mean they can't afford to still make the payment they agreed to.
If this were the case every new car sold in America would be returned to the "scumbag" car salesmen the following day since they dropped in value when they were drove off the lot.
Oh and some of us were smart and did lots of research before buying a home. We have owned our home for a little over a year now and have 30K in equity. So I have no pity for anyone upside down in a home they shouldn't have bought in the first place.
We refuse to take part in this recession in our house hold and our income has went up the last 2 years.
Correct ... now .. but in the past you could and many doctors and lawyers did .
Duncan
.40calTrucker,
Every one of your points are right on the money. People today have no financial common sense. Then , when they make a mistake by over spending with money they never should have borrowed in the first place, the first thing they try to do is pass the buck and place the blame on someone else. This just adds to the irresponsibility. A bit like the little kid that got caught and tries to put the blame on his friend.
I've tried to believe for over 2 years now that SHTF will not happen. But I can no longer say or believe that. It will. And when it does it is going to be far more ugly and brutal than anyone could possibly imagine. Just look at what we face. 90% of the people have little to no net worth. The family home which was considered the largest and safest investment the average American owned is no longer an asset, but is now their biggest liability.
For many people it will be their financial undoing causing either foreclosure, bankruptcy, or all of the above. How many people in this country have clear title to their vehicle? Almost none of them unless it's a jalopy that barely runs, and it's total value is not judged by it's year, but rather by it's weight per pound. There is no more "disposable income" for most people simply because it has all been disposed of long ago. Credit card debt is through the roof with many Americans. And not with just one card "maxed out", but rather with many from all different lending institutions. Most everything these people purchase with these cards falls into the category of depreciating assets, that are worth pennies on the dollar compared to the debt they originally accumulated to purchase them.
Long term employment is no such thing anymore as we've become a nation of job hoppers. Financial stability in the workplace is a thing of the past. A lot of this is not the workers fault, however this nation as a whole is becoming less and less educated. We now rank 45th in the world in science and mathematics. How many ditch diggers and sanitation workers can we afford to employ? We as a nation expect our government to do more and more for us, while we as a society do less and less to satisfy our own needs. Self reliance is decreasing with every passing day as many Americans are growing more and more dependant on the government.
Just like the overzealous lending, government entitlement programs have grown totally out of control, with no way to support them without bankrupting the nations economy. The banks and brokerage firms could not sustain this mountain of **** poor debt, so how can we possibly expect our government to? It can't, period. Especially when you consider the fact all the government does is consume money, and produce nothing. This can only end with complete and total collapse. Add to all of this city after city going broke, with state after state following suit, and couple it to a Federal government that is totally out of control with spending, and there is no one left to provide anything to anyone.
Frost the cake and light the candles with the fact we are now looking at $30.00 an ounce Silver, oil and food prices skyrocketing, and a European continent in turmoil with daily riots, and it isn't going to be long before all of this descends right down on the top of our heads. We can no longer afford to support the U.N., 2 wars, massive government entitlements, along with foreign aid that will never be paid back. There isn't enough paper and ink if you ran the printing presses 24/7. The weeks and years ahead are uncertain at best, dangerous in fact. And added to it all we are saddled with an idiot for a President for 2 more years. Something tells me far more people are going to be "clinging to their guns and religion", than he ever could have imagined! Bill T.
Every one of your points are right on the money. People today have no financial common sense. Then , when they make a mistake by over spending with money they never should have borrowed in the first place, the first thing they try to do is pass the buck and place the blame on someone else. This just adds to the irresponsibility. A bit like the little kid that got caught and tries to put the blame on his friend.
I've tried to believe for over 2 years now that SHTF will not happen. But I can no longer say or believe that. It will. And when it does it is going to be far more ugly and brutal than anyone could possibly imagine. Just look at what we face. 90% of the people have little to no net worth. The family home which was considered the largest and safest investment the average American owned is no longer an asset, but is now their biggest liability.
For many people it will be their financial undoing causing either foreclosure, bankruptcy, or all of the above. How many people in this country have clear title to their vehicle? Almost none of them unless it's a jalopy that barely runs, and it's total value is not judged by it's year, but rather by it's weight per pound. There is no more "disposable income" for most people simply because it has all been disposed of long ago. Credit card debt is through the roof with many Americans. And not with just one card "maxed out", but rather with many from all different lending institutions. Most everything these people purchase with these cards falls into the category of depreciating assets, that are worth pennies on the dollar compared to the debt they originally accumulated to purchase them.
Long term employment is no such thing anymore as we've become a nation of job hoppers. Financial stability in the workplace is a thing of the past. A lot of this is not the workers fault, however this nation as a whole is becoming less and less educated. We now rank 45th in the world in science and mathematics. How many ditch diggers and sanitation workers can we afford to employ? We as a nation expect our government to do more and more for us, while we as a society do less and less to satisfy our own needs. Self reliance is decreasing with every passing day as many Americans are growing more and more dependant on the government.
Just like the overzealous lending, government entitlement programs have grown totally out of control, with no way to support them without bankrupting the nations economy. The banks and brokerage firms could not sustain this mountain of **** poor debt, so how can we possibly expect our government to? It can't, period. Especially when you consider the fact all the government does is consume money, and produce nothing. This can only end with complete and total collapse. Add to all of this city after city going broke, with state after state following suit, and couple it to a Federal government that is totally out of control with spending, and there is no one left to provide anything to anyone.
Frost the cake and light the candles with the fact we are now looking at $30.00 an ounce Silver, oil and food prices skyrocketing, and a European continent in turmoil with daily riots, and it isn't going to be long before all of this descends right down on the top of our heads. We can no longer afford to support the U.N., 2 wars, massive government entitlements, along with foreign aid that will never be paid back. There isn't enough paper and ink if you ran the printing presses 24/7. The weeks and years ahead are uncertain at best, dangerous in fact. And added to it all we are saddled with an idiot for a President for 2 more years. Something tells me far more people are going to be "clinging to their guns and religion", than he ever could have imagined! Bill T.
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Billt, that is far and away one of the best posts I've read in a while. Great points, we'll said.
Spot on! I have got more work to do than I EVER have. It didn't just fall into my lap. I appreciate my good fortune - but fortune favors the bold. Always has. And yes - the only thing we owe on is the house. While some of the homes that we own have lost value - we are not upside down. Even if someone is upside down - it should not be so far as to be beyond one's ability to pay as agreed.
I left California 7 years ago - due to overvaluation in the Real Estate market. Sold and moved. It was not easy. Some extended family was understandably not in favor of the idea. We bit the bullet and did it anyway. Everyone out there KNEW it was overinflated - they were just riding the wave - until it crashed.
Actually, bankruptcy is your first right as an American. See Article One of the US Constitution.
We sort of placed much of the burdon of whether debt was wise on the Creditor. They should (and do) realize that when they give you the money.
People get stuck in no-win situations for all manner of reasons, usually medical or job related.
We sort of placed much of the burdon of whether debt was wise on the Creditor. They should (and do) realize that when they give you the money.
People get stuck in no-win situations for all manner of reasons, usually medical or job related.
One point I failed to make is, where are all of our well educated economists in all of this? Why haven't any of them spoken out? You would think out of everyone these people would be screaming the loudest how this runaway train is not going to be able to stay on the tracks much longer. We hear it from conservative business people, and from people like Glen Beck on an almost daily basis. But from few if any college professors employed by this nations top universities.
The answer is really quite simple. If you look at all of this nations largest and best universities, most every single one of them educate from a far left point of view. Harvard, Stanford, Cornell, and on down the line. Everyone of them embrace the most far left professors and educators they can possibly employ. These professors have been pumping our nations up and coming generation with left leaning viewpoints for decades. It is finally taken hold.
Yes, only 20% of the nations voters are considered to be liberal, but that number can be, and in fact is, more damaging than most care to believe. These economic professors, as educated as they are, believe in the same socialistic government our current leader does, if not more so. What any and all of them lack is common sense, along with the ability to admit they are not only wrong, but their flawed ideology won't work. Not now, not ever.
Everywhere on the surface of this earth that socialism / communism has been tried it has failed, and failed miserably. They know this, but won't admit it. Instead they keep polluting our young with their same flawed ideology. Year after year, decade after decade. For most graduates in years past, they went into the real world, and after a few years of applying their given craft, realized most of these professors, while being highly educated, possessed very little real world common sense. Most simply dismissed a lot of the slop they were fed, adapted and became successful adults. Not anymore.
This new breed of graduate actually believes this ridiculous ideology, and is doing whatever they can to promote it. Proof of this was the election of Hussein. It was mostly young, educated whites who elected him. It wasn't a landslide, even against a worn out old duffer like McCain, but he won. In the last 2 years hopefully they've learned a valuable lesson, but at what price? It is going to take years to undo the damage this guy has done, if in fact it even can be. Hussein would have never stood a chance just a few years ago. But that is how fast these people were roped into the socialistic viewpoints these colleges and universities have been putting forth all this time. Look at how long it took the state of Colorado to get rid of Ward Churchill. Every time they showed this traitor / lunatic, he had a flock of smiling students around him, worshipping him like some kind of God.
This makes our society far more weak than most people could imagine because this new breed has been taught, and actually believes more government is better government. Yes, some have changed their tune. Proof of that is try to find a young educated white who will actually admit to voting for this clown. You have to all but drag it out of them. These were the same ones who were swooning at his inauguration.
And through it all these left leaning educators keep pumping our young minds full of their nonsense, and will never admit that the exact thing they are pushing is going to be the exact thing that will destroy this country from within. It already has. And every single one of them is silent as a church mouse about it. Bill T.
The answer is really quite simple. If you look at all of this nations largest and best universities, most every single one of them educate from a far left point of view. Harvard, Stanford, Cornell, and on down the line. Everyone of them embrace the most far left professors and educators they can possibly employ. These professors have been pumping our nations up and coming generation with left leaning viewpoints for decades. It is finally taken hold.
Yes, only 20% of the nations voters are considered to be liberal, but that number can be, and in fact is, more damaging than most care to believe. These economic professors, as educated as they are, believe in the same socialistic government our current leader does, if not more so. What any and all of them lack is common sense, along with the ability to admit they are not only wrong, but their flawed ideology won't work. Not now, not ever.
Everywhere on the surface of this earth that socialism / communism has been tried it has failed, and failed miserably. They know this, but won't admit it. Instead they keep polluting our young with their same flawed ideology. Year after year, decade after decade. For most graduates in years past, they went into the real world, and after a few years of applying their given craft, realized most of these professors, while being highly educated, possessed very little real world common sense. Most simply dismissed a lot of the slop they were fed, adapted and became successful adults. Not anymore.
This new breed of graduate actually believes this ridiculous ideology, and is doing whatever they can to promote it. Proof of this was the election of Hussein. It was mostly young, educated whites who elected him. It wasn't a landslide, even against a worn out old duffer like McCain, but he won. In the last 2 years hopefully they've learned a valuable lesson, but at what price? It is going to take years to undo the damage this guy has done, if in fact it even can be. Hussein would have never stood a chance just a few years ago. But that is how fast these people were roped into the socialistic viewpoints these colleges and universities have been putting forth all this time. Look at how long it took the state of Colorado to get rid of Ward Churchill. Every time they showed this traitor / lunatic, he had a flock of smiling students around him, worshipping him like some kind of God.
This makes our society far more weak than most people could imagine because this new breed has been taught, and actually believes more government is better government. Yes, some have changed their tune. Proof of that is try to find a young educated white who will actually admit to voting for this clown. You have to all but drag it out of them. These were the same ones who were swooning at his inauguration.
And through it all these left leaning educators keep pumping our young minds full of their nonsense, and will never admit that the exact thing they are pushing is going to be the exact thing that will destroy this country from within. It already has. And every single one of them is silent as a church mouse about it. Bill T.
When the twin theories of sociology and psychiatry became "SCIENCES" our society was doomed.
These twin "sciences" are devoted to the notion that you are not responsible for your bad actions/decisions.
Sociology teaches that it isn't our fault because others brainwashed us into behaving the way we do.
Psychology teaches us that it isn't our fault because our neurobiology, coupled with our environment, won't allow us to do anything else.
Bankruptcy was intended to be a last resort to allow people a chance to rebuild after a catastrophic event, without being saddled for life with a debt they had no chance of paying off.
When we lost the concept of individual responsibility we lost the stigma attached to bankruptcy. Somehow we need to bring it back to the status of option of last resort.
I have all the sympathy in the world for someone forced into bankruptcy by job loss or health reasons, but the people that use bankruptcy as a crutch for their over-indulgent lifestyle should have to go to the poor house and work to pay off their debt.
These twin "sciences" are devoted to the notion that you are not responsible for your bad actions/decisions.
Sociology teaches that it isn't our fault because others brainwashed us into behaving the way we do.
Psychology teaches us that it isn't our fault because our neurobiology, coupled with our environment, won't allow us to do anything else.
Bankruptcy was intended to be a last resort to allow people a chance to rebuild after a catastrophic event, without being saddled for life with a debt they had no chance of paying off.
When we lost the concept of individual responsibility we lost the stigma attached to bankruptcy. Somehow we need to bring it back to the status of option of last resort.
I have all the sympathy in the world for someone forced into bankruptcy by job loss or health reasons, but the people that use bankruptcy as a crutch for their over-indulgent lifestyle should have to go to the poor house and work to pay off their debt.
You don't know what you're talking about.
You have narrowed these two disciplines to the point of absurd in order to grind your strange axe.
Some people within both fields have argued that a person's background should diminish their responsibility. That narrow view does not define either field.
Pyschology/Psychiatry is a field of study that attempts to understand the human mind and treat its disorders. Many former debilitating mental afflictions that would have relegated someone to a life in an institution or on the street are now manageable due to this field of study.
Sociology is the study of human behavior as it pertains to groups. Many, many, practical areas of life have benefitted from this discipline, the military being just one of these.
Your sweeping negative indictment of these fields is akin to comparing all gun owners with those who commit crimes with guns.
Maybe I don't. But I know that this is a very strong sub-current of both fields, especially as they are taught at the undergrad (100&200) level.
Sociology is really bad at it, admitting outright that there are activist sociologists that use their studies to push their own beliefs.
Even when some studies are shown to be so poorly conducted as to call the conclusions into question the academics will gladly continue using the suspect studies without barely a whisper.
Are there legitimate lines of study in these fields? Of course there are. Practical psychiatry and sociology have done a great deal to help individuals overcome and live with problems that are difficult to cope with.
Both fields teach that at some point a persons perception is, in fact, reality. My perception, reinforced by experience and (admittedly limited) education, is that at the micro-level these fields of study (which aren't science) can do a great deal of good, but at the same time at the macro level can do a great deal of harm.
Study your history, the idea of personal responsibility has been in decline at the same time that these fields have gained prestige. There is a correlation, although there has not been a study on causality that I have been able to find.
To use your analogy, no all gun owners are not responsible for the criminal use of firearms, but some are.
I stand by my belief, agree or don't, that is our right.
sorry for the thread jack.
Sociology is really bad at it, admitting outright that there are activist sociologists that use their studies to push their own beliefs.
Even when some studies are shown to be so poorly conducted as to call the conclusions into question the academics will gladly continue using the suspect studies without barely a whisper.
Are there legitimate lines of study in these fields? Of course there are. Practical psychiatry and sociology have done a great deal to help individuals overcome and live with problems that are difficult to cope with.
Both fields teach that at some point a persons perception is, in fact, reality. My perception, reinforced by experience and (admittedly limited) education, is that at the micro-level these fields of study (which aren't science) can do a great deal of good, but at the same time at the macro level can do a great deal of harm.
Study your history, the idea of personal responsibility has been in decline at the same time that these fields have gained prestige. There is a correlation, although there has not been a study on causality that I have been able to find.
To use your analogy, no all gun owners are not responsible for the criminal use of firearms, but some are.
I stand by my belief, agree or don't, that is our right.
sorry for the thread jack.
Too many houses to begin with
Everytime I look around there are more houses and commercial property being built. It seems like they might need to start regulating the building of these. I know it will hurt the construction industry- but with so many empty why can we fill these instead of just making more.
Everytime I look around there are more houses and commercial property being built. It seems like they might need to start regulating the building of these. I know it will hurt the construction industry- but with so many empty why can we fill these instead of just making more.
No more GD regulations.
If someone wants to built 1,000 houses or 1,000 commercial building I say more power to them, it's called supply and demand the more they build the lower the price.
For much the same reason why new cars sell when there are so many good 1 and 2 year old, low mileage used ones for sale out there. People want what they want. More regulation is certainly not the answer in any economy, good or bad. Bill T.
It will be far greater than that. Many reliable sources are predicting closer to 3 MILLION. Bill T.
Boiled Owl
Sharpshooter
Zombie Speculation Bubble?
As a farmer I keep wondering what will put a stop to the price run ups in grains, interesting article touches on food and housing monetary policies:
The Zombie Speculation Bubble Is Ready To Burst
As a farmer I keep wondering what will put a stop to the price run ups in grains, interesting article touches on food and housing monetary policies:
The Zombie Speculation Bubble Is Ready To Burst
This is nothing more than the consequence of government intervention in the housing market, creating a MASSIVE bubble that was encouraged by basically free money from the government. Banks were encouraged to loan money to anyone with a heartbeat for a house, as home ownership is a "right" 
the banks then and had their loans picked up by Fannie/Freddie (taxpayer). Now, combine this "encouragement" with a lack of anything resembling enforcement of common sense laws by the government and a system that actually rewarded loaning money under these circumstances with mind-numbing bonuses, throw in fractional reserve banking and a Fed committed to printing money until we run out of trees, stir vigorously with ratings agencies that rated sub-prime, criminally junk loans to be pawned off as impossible-to-understand derivatives as AAA, ALL BLESSED AND ENCOURAGED BY OUR GOVERNMENT, and viola, WE HAVE THE GREATEST TRANSFER OF WEALTH (THEFT) IN THE HISTORY OF MAN!
All created by, enabled, and encouraged by our very own government. Ludwig vonMises and Austrian Economics predicted all of this.
the banks then and had their loans picked up by Fannie/Freddie (taxpayer). Now, combine this "encouragement" with a lack of anything resembling enforcement of common sense laws by the government and a system that actually rewarded loaning money under these circumstances with mind-numbing bonuses, throw in fractional reserve banking and a Fed committed to printing money until we run out of trees, stir vigorously with ratings agencies that rated sub-prime, criminally junk loans to be pawned off as impossible-to-understand derivatives as AAA, ALL BLESSED AND ENCOURAGED BY OUR GOVERNMENT, and viola, WE HAVE THE GREATEST TRANSFER OF WEALTH (THEFT) IN THE HISTORY OF MAN!All created by, enabled, and encouraged by our very own government. Ludwig vonMises and Austrian Economics predicted all of this.
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