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10-09-2008, 08:37 PM
Laugh all you want at those folks, cause I'll NEVER be one of them. Real estate with 5 miles of virtually any ocean will come back - strong - and that's where this one-pawed carnivore is going to be putting his coin.Originally Posted by JB
You play the Mr. Geeko Casino - I'll play the beach rental. ;)
10-09-2008, 09:20 PM
CW, as it is written, so it shall be done....a prophet hath no honour in his own country.:D
10-10-2008, 03:57 PM
Freaking hilarious. You and the other one-trick pony have been basking in this crisis for days now solely fueled by your emotions driven by your BDS. Now you make a riduculous post telling us how real estate will come back. What, the market can't come back either?I don't believe for one second that you own beachfront property anywhere.
10-10-2008, 04:00 PM
It doesn't matter what you believe.
You still can't grasp that this whole stupid cycle was caused by "The Diner's Club Syndrome", can you?
10-10-2008, 06:53 PM
Back in the early 50’s it was just Diners Club and other than cash, it was the only way you could pay your tab at most restaurants.
Then the gasoline and department store charge cards came along - soon followed by Visa and Mastercard. People looked for that little sticker in the window of shops or restaurants and made a big deal of impressing their friends when they took them out for dinner and dropped that little piece of plastic in the tray.
Eventually, credit cards could be used for many food and household items, at the super market and the ‘just one more thing I need’ impulse started. "Brew 102? Nah - get Bud. Oh, chips are on sale. And of course we’ll need some dip. But that wasn’t on Mom’s list! That’s okay - we’ll just put it on the card."
Then fast food started the same sales driven cycle. Even at the drive-thru. "You want cash back with that? Sure!" And so on and so on and so on.
Finally, we arrived at the home owner’s "Credit Line" portion of our program. "Mom, would you like a new $50,000 kitchen? No - that’s too nice for me. Come on Honey, you deserve it after all these years of raising the kids, and besides - I can pick up the plasma screen I’ve always wanted (needed)."
That’s how we got here - from there, and Wall Street was playing its own game all along and encouraging the same idiotic irresponsibility in their part of the universe.
The president encouraged us to go right out and shop after 9/11 - and we did. And then he followed suit - blowing a trillion - chasing down and killing the bad man that tried to kill his Daddy.
And now the Piper has come for payment.
10-10-2008, 08:06 PM
Back in the early 50’s it was just Diners Club and other than cash, it was the only way you could pay your tab at most restaurants.
Then the gasoline and department store charge cards came along - soon followed by Visa and Mastercard. People looked for that little sticker in the window of shops or restaurants and made a big deal of impressing their friends when they took them out for dinner and dropped that little piece of plastic in the tray.
Eventually, credit cards could be used for many food and household items, at the super market and the ‘just one more thing I need’ impulse started. "Brew 102? Nah - get Bud. Oh, chips are on sale. And of course we’ll need some dip. But that wasn’t on Mom’s list! That’s okay - we’ll just put it on the card."
Then fast food started the same sales driven cycle. Even at the drive-thru. "You want cash back with that? Sure!" And so on and so on and so on.
Finally, we arrived at the home owner’s "Credit Line" portion of our program. "Mom, would you like a new $50,000 kitchen? No - that’s too nice for me. Come on Honey, you deserve it after all these years of raising the kids, and besides - I can pick up the plasma screen I’ve always wanted (needed)."
That’s how we got here - from there, and Wall Street was playing its own game all along and encouraging the same idiotic irresponsibility in their part of the universe.
The president encouraged us to go right out and shop after 9/11 - and we did. And then he followed suit - blowing a trillion - chasing down and killing the bad man that tried to kill his Daddy.
And now the Piper has come for payment.
What is your point? do you think that responsible people acted that way? Sheep wil always be sheep. This was not the norm for me and mine.
10-10-2008, 08:38 PM
Businessmen are not at fault, they just got drunk on the low interest rates that led to this. The huge debt and inability for any government to balance a budget also helped fuel the fire.
GW out!
10-10-2008, 09:02 PM
Bullshit. Borrowing up the yang yang is every-one's fault. GE has 300 billion in short term debt. The 3 billion Buffett kicked in is a drop in the bucket. If they can not get financing, they go belly up. The government can not bail out everyone.
Like LP said, the American taxpayer and business's needs to get back to reality that the good times will never last forever. Saving for a rainy day and paying cash is foreign to most people and business's.
10-10-2008, 09:04 PM
And how and why do you think so much credit was opened to them? Again, back to interest rates.
Business and consumer alike just got drunk on an artificial market, they are sheep to the slaughter.
10-10-2008, 09:38 PM
:D Excellent picture - but do you have another explaination for the vast majority of our people's ease with debt?
What is your point? do you think that responsible people acted that way? Sheep wil always be sheep. This was not the norm for me and mine.
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