many Americans are the worst with money...this is a crisis in the US

Discussion in 'Politics & Religion' started by DharmaSeo, Mar 27, 2008.

  1. Will.Spencer

    Will.Spencer NetBuilder

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    #141
    Wow, ferret is turning into a conservative. :eek:

    I guess that's what happens when liberals turn 30. :cool:
     
    Will.Spencer, Apr 8, 2008 IP
  2. guerilla

    guerilla Notable Member

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    #142
    Left, right, left, right. How can anyone with a liberty fort website be so obsessed with left right politics? Get yourself a Nolan Chart!!!11
     
    guerilla, Apr 8, 2008 IP
  3. wisdomtool

    wisdomtool Moderator Staff

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    #143
    Can be a centralist :) do not have to be either left or right.

     
    wisdomtool, Apr 8, 2008 IP
  4. Will.Spencer

    Will.Spencer NetBuilder

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    #144
    The only things you find in the center of a road are yellow stripes and dead armadillos. :D
     
    Will.Spencer, Apr 8, 2008 IP
  5. ferret77

    ferret77 Heretic

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    #145
    naw, I have had a total lack of compassion for people who create problems for themselves due to their own greed and materialism since I was pretty young. Plus I hate real estate "professionals" so it's even funnier

    Did you hear her saying she hid her expensive jewelery while taking her handouts, lol.

    conservative is code for Christian authoritarian freak, anyways these days
     
    ferret77, Apr 9, 2008 IP
  6. bogart

    bogart Notable Member

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    #146
    I sum it all up to 'credit card' mentality. She probably thought she could refinance the house when the price 'doubled' in a year or two.

    The issue with cases like this is that people are using 'sob stories' to socialize risk and losses from private financial investment.
     
    bogart, Apr 9, 2008 IP
  7. wisdomtool

    wisdomtool Moderator Staff

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    #147
    You use to the limit of one card, you get another card to pay for that card, and yet another card to pay for the another card. So your cards gets more and more and you reach a stage whereby you exhausted your credit lines and given the high interests on card balance, it is more or less filing for bankruptcy. Worse is the banks are the ones encouraging such spending.

     
    wisdomtool, Apr 9, 2008 IP
  8. bogart

    bogart Notable Member

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    #148
    With a 24.9% APR, credit cards are a great money maker. Even better for the banks when the Fed rate is 2.25%
     
    bogart, Apr 9, 2008 IP
  9. wisdomtool

    wisdomtool Moderator Staff

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    #149
    Yeap, even with the expected rate of defaults which are increasing, banks still find it profitable. Ever seen those brochures that allow you to defer payment by a month so that you can go on holidays with borrowed money? Have seen lots of such adverts, on one hand the banks are complaining about the defaults, on the other hand they are encouraging their clients to go on debt.


     
    wisdomtool, Apr 9, 2008 IP
  10. bogart

    bogart Notable Member

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    #150
    You know the same thing happened with subprime mortagages
     
    bogart, Apr 9, 2008 IP
  11. wisdomtool

    wisdomtool Moderator Staff

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    #151
    Never deal with those, don't tell me they offer you a month of interest payment held back for you to enjoy an overseas holidays? If that's the case they really deserve to be burn in hell. IMF stated that the cost of sub prime crisis is nearly 1 trillion dollars globally. Can you imagine that? How long does it take the global economy esp US to absorb such losses.

     
    wisdomtool, Apr 9, 2008 IP
  12. ferret77

    ferret77 Heretic

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    #152
    the whole entitlement attitude makes it even more pathetic

    you have to have a new car, expensive clothes, the gourmet appliances

    last year she was probably looking down her nose at people who where living within their means, now all sudden she is the victim and needs help
     
    ferret77, Apr 9, 2008 IP
  13. Will.Spencer

    Will.Spencer NetBuilder

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    #153
    As Alexander Fraser Tyler said in the Eighteenth century, "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the Public Treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the Public Treasury with the result that a democracy always collapses over loose fiscal policy always followed by dictatorship."

    Or, we can go even further back to Frederic Bastiat, "It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder. But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime."

    When Roosevelt created the entitlement infrastructure in this country, he sowed the seeds for the disintegration and destruction of the nation.
     
    Will.Spencer, Apr 9, 2008 IP
  14. smatts9

    smatts9 Active Member

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    #154
    "The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance". -Cicero, 55 BC
     
    smatts9, Apr 9, 2008 IP
  15. guerilla

    guerilla Notable Member

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    #155
    Yeah, but you can go back to the convention, when Hamilton was arguing for a national bank and a more powerful federal institution.

    Roosevelt was only able to create the 2nd New Deal because of the groundwork laid by Wilson and Hoover.
     
    guerilla, Apr 9, 2008 IP
  16. bogart

    bogart Notable Member

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    #156
    Some things don't change. :eek:
     
    bogart, Apr 10, 2008 IP
  17. wisdomtool

    wisdomtool Moderator Staff

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    #157
    I thought he was talking about the current economic situation until I look at the date :) but as you said, some things don't change, it is still good advice even now.

     
    wisdomtool, Apr 10, 2008 IP
  18. bogart

    bogart Notable Member

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    #158
    'Bead and Circuses' began with Augustus Caesar. That was the Roman 'economic stimilus' plan :D
     
    bogart, Apr 10, 2008 IP
  19. Will.Spencer

    Will.Spencer NetBuilder

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    #159
    Buying votes is a lot easier than buying Bogart's signature. :D
     
    Will.Spencer, Apr 10, 2008 IP
  20. DharmaSeo

    DharmaSeo Peon

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    #160
    do you think hilary clinton could fix this disaster?
     
    DharmaSeo, Apr 13, 2008 IP