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Thread: How this clusterfuck affects the economy

  1. #16
    Elite Member Just Kill Me's Avatar
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    Credit is crazy; Capital One gave my little sister a card as soon as she turned 18 and then when she ran up the limit on that one they gave her ANOTHER one. WTF!?!?!?!??! My credit card is for emergency use only.
    KILLING ME WON'T BRING BACK YOUR GOD DAMNED HONEY!!!!!!!!!!

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  2. #17
    Elite Member nana55's Avatar
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    Parents need to teach their children the evils of credit. I also think ALL high schools should have a life lessons class that everyone needs to take before graduating laying out all the things they need to know about finance. I really have trouble feeling sorry for people who went nuts on credit. Maybe not 18 and 20 year olds, but grown-ups. Everyone needs to learn to live within their means. Why is this so hard to understand? I really want to say "fuck-em". My daughter and her husband just bought a short sale house. It took 6 months for it to close escrow. Last night when he finally moved out he whinned about how my daughter was "kicking him out of his own house" Shit he's been living there 6 months for FREE. He got in trouble because he bought the house 2 years ago at the highest point, then took a second loan for $100,000 to improve the house. He is a construction worker, so guess what. Housing hits a slow down so does he. I feel bad, but he got greedy.
    If I can't be a good example, then let me be a horrible warning.

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    Elite Member sluce's Avatar
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    I just want to add that I love the word clusterfuck and believe it should be used more often.

  4. #19
    Elite Member Just Kill Me's Avatar
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    It is quite pleasing to the ears.
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  5. #20
    Elite Member greysfang's Avatar
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    I seem to remember being in a mini-recession a couple years ago and W went on TV several times and urged Americans to SPEND. Hell, he said it again when we got the rebate checks earlier this year. Now its all supposed to be the consumers' fault for overspending? Bullshit.
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  6. #21
    Elite Member nana55's Avatar
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    Remember after 9-11 he told us to go out and spend that is how we can help. That is so much bullshit. We needed to pull together and make some sacrafices. when you don't it doesn't seem real and we don't learn from our mistakes.This will require some sacrafices.
    If I can't be a good example, then let me be a horrible warning.

  7. #22
    Elite Member lurkur's Avatar
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    I think most of us knew back then that the Pay-more Patriotism, spend spend spend was ridiculous strategery to recover the country.

    Let's see.... we don't have much money, so let's spend more!!!

    Bush should have been encouraging people to grow their own gardens, not max out their credit cards.

  8. #23
    Elite Member louiswinthorpe111's Avatar
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    I'm wondering something...personal but related to this so thought you may have the answer.

    I have a high-yield checking account from Charles Schwab. No money invested in stocks, just a bit in my own personal account. It was earning 2.1% interest on anything I had in there...good for a regular old checking account.

    I was afraid I'd lose money in some way, or at least the rate would go down. Instead, it went up to 3%, so I'm earning more. Why would that happen right now?

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    Quote Originally Posted by colormyworld View Post
    I'm wondering something...personal but related to this so thought you may have the answer.

    I have a high-yield checking account from Charles Schwab. No money invested in stocks, just a bit in my own personal account. It was earning 2.1% interest on anything I had in there...good for a regular old checking account.

    I was afraid I'd lose money in some way, or at least the rate would go down. Instead, it went up to 3%, so I'm earning more. Why would that happen right now?
    I think banks are going to have to compete to keep the deposits they have.

  11. #26
    Elite Member Just Kill Me's Avatar
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    About fucking time.
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    Fuck you all, I'm going viral.

  12. #27
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    Do banks and mortgage lenders do ANY kind of means test these days? Time was when they would need proof of your income, savings, etc and would offer a mortgage on that basis, ie one they knew you could more or less afford. When I was looking to buy my first apartment (a long time ago admittedly) I managed to get a 75% mortgage and the rest I had to find as a hefty cash deposit. Nobody in their right mind would have given me a 100% mortgage because I just wasn't earning enough to cover it and have enough for utilities and other living expenses.

    The banks and lenders are not blameless at all. They got greedy and preyed on people's aspirations but the bubble was going to burst sooner or later and it has. If this current shakedown/reality check - and that's all it is IMO - restores some common sense to lenders and borrowers then it's probably a good thing for everyone involved.
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    Elite Member Grimmlok's Avatar
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    I think it's fucking hilarious that theyr'e giving houses and money away to people down there, but up here, because of some identity theft against me in like, 2000, i cant even get a fucking cellphone plan.

    I can get a place to live, cable, and rent a car, but i cant get a cellphone plan or a payment plan for a bed.

    Unreal.
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  14. #29
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    I bet there's quite a few people out there now who wished they didn't get limitless credit. It's an ill wind, etc...
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  15. #30
    Elite Member nana55's Avatar
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    When I was at Target today, the cashier asked the lady (very young 20 maybe) in front of me after she rang up her purchases, if she wanted a Target credit card, said she would save $17.00. Young woman says "sure, why not" Her husband doesn't even know she's doing it. She asks him to sign and says "What, what am I signing" he signs and a new credit card is on the way. It was all I could do not to grab her and say "NO, one card is enough". But of course this isn't my business. My husband says the credit card companies are going to be the next big failure and I think he's right. I can hear the piper playing off in the distance.
    If I can't be a good example, then let me be a horrible warning.

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