Tax Rebate Incentive Checks - Page 7

BarTopDancer · 05-09-2008, 03:54 PM

A lot of factors contributed to where we are now.

The lending (predatory or not) industry was offering loans to people who never should have been offered them. Credit card companies were extending huge lines of credit to people who they [should have known] would have to struggle to pay it back if they could.

In some aspects the government is hellbent on protecting us from ourselves - seatbelt and helmet laws, warnings on ciggs and alcohol, drugs are illegal. And in other aspects (such as finances) being irresponsible is basically encouraged.

People can't be trusted to do the right thing by themselves when it comes to seat belts, helmets, smoking and drinking but they can be trusted to handle finances?

The consumer is at fault for making poor choices, not reading the fine print and being generally stupid. The government is at fault for not putting a stop to $500,000 mortgages being offered to people who make $40k to begin with. It doesn't take a moron to see that even if the buyer can make the interest only payments at the current rate, there is no way they'd be able to make the payments when it adjusted into principal and interest payments, or if the rate went up.

I'm conflicted if there should be a government bailout or if the people who didn't read the fine print, who didn't understand what they are getting into should have to deal with the consequences. I do think that this type of lending will not happen again. I do think that we're in for worse times before it gets better. I do not think that this stimulus package will do anything but boost spending for 2 months.

We're going to see more mall stores, more Starbucks (why did we need one on every corner?), more hole in the wall places going out of business. I know I am making more of an effort to support the places that aren't corporate owned when I do spend money. But the times I spend money on luxury items are becoming fewer and further between.

Kevy Baby · 05-09-2008, 03:56 PM

Quote:

Originally Posted by BarTopDancer

I'm conflicted if there should be a government bailout or if the people who didn't read the fine print, who didn't understand what they are getting into should have to deal with the consequences.

I'm not conflicted at all. Caveat Emptor.

Prudence · 05-09-2008, 04:05 PM

I am soooooo glad that we bought far less "home" than we could have. Even with the current market downturn ours has appreciated enough to cover all of our debts, were we to sell right this moment. Including my giant ass student loans.

Yes, I'm boasting.

It was pure luck, though, that we bought when we did, right before the market really took off but when the interest rates were still low, and a place that was really undervalued, thanks to the decorating habits of the prior owner, in an area that is now becoming increasingly more desirable. Couldn't have done it on purpose, but I sure am glad I did it on accident.

And our rebate arrived today! Probably should get the car serviced first, so that we don't pull a katiesue on the freeway, but then I see a wii in my future.

Nephythys · 05-09-2008, 04:14 PM

R's hit the bank today. Mine should be next week-

Kevy Baby · 05-09-2008, 05:53 PM

And it is all part of evolution.

A brush fire is a disaster. Yet, it is part of the evolution of the land. Brush starts getting too thick and it starts choking itself to death. A fire comes through and returns the soil to a more nutritious state so that the plants can come back healthier than they were before the fire.

The flood had to go through. The waters could not run that swift that long. Yes, it is unfortunate, and yes, there may be some casualties. If you planned for the possibility: good for you. You probably survived with minimal impact. If you thought you could just blindly jump into the middle of it without considering the consequences, I have little sympathy for you. You've been washed out to sea and can swim back and start over. But most can just mop up and move on.

We cannot protect a society against itself: it WILL be destructive to itself. Yes, there will be sob stories (I have been one of them). But society (and the economy) will come back stronger and smarter than it was before. And yes, there will be more disasters again in the future - you can plan on it!

There are no get-rich-quick schemes. One gets ahead - be it personally, fiscally, professionally - through hard/intelligent work.

A little saying that I try to live by is:

You get better or worse each day: it's your choice.

What choice have you* made today?
What choice will you make tomorrow?

*And by you, I am not directing this to CP specifically - it applies to the reader, whoever they happen to be.

GusGus · 05-09-2008, 05:57 PM

Quote:

Originally Posted by Kevy Baby

[/indent]What choice have you* made today?
What choice will you make tomorrow?

I chose to read LOT today.
Perhaps I will again tomorrow.

Kevy Baby · 05-09-2008, 05:58 PM

Quote:

Originally Posted by GusGus

I chose to read LOT today.

Has that made your life better or worse?

RStar · 05-10-2008, 08:45 AM

On word

TV

Of course I will need to put up the other $1,000 to get the 52" flat screen LCD, but it's a start. I'm such a simplton.

(I feel like I'm derailing this thread a bit......)

BarTopDancer · 05-10-2008, 10:31 AM

KB and CPs posts are both way to long to quote, so scroll up for a refresher.

Quote:

Originally Posted by Kevy Baby

This too shall pass.

Quote:

Originally Posted by Cadaverous Pallor

True, after thousands of stores are shuttered, tens of thousands of jobs disappear...

In the mean time, the rental market has gone sky high, demand is rising as supply is waning because it's being flooded with people who are losing their homes. People in the real estate and lending industry are being laid off, as are people in the service industry. How many of those will be able to pay their rent or mortgage for longer than a month or two? Savings is at an all time low while debt is at an all time high in this country. Where are these people going to go when they can't make rent or their mortgage payment?

We also have a hiring freeze. People are being overworked, stressed out and the it trickles down in to effecting home life. Our clients are putting more pressure on their employees and ours to cut down on costs while expecting the same level of service they received before we laid off 25 people (small company, that's a lot). Two of our competitors are about to go under. I work in a specialized industry (my company, not my position). What will happen to those people?

It's easy to say you're (general, not just Kevy) affected by this. But we all are. We're all in this together. The choices that other people make about their finances will effect us all. If enough people choose to stop going to eat at the favorite hole in the wall around the corner it's going to go out of business. What will happen to those people? The trickle down effect from this mess scares me.

Cadaverous Pallor · 05-09-2008, 07:06 PM

Quote:

Originally Posted by Kevy Baby

And it is all part of evolution.

A brush fire is a disaster. Yet, it is part of the evolution of the land. Brush starts getting too thick and it starts choking itself to death. A fire comes through and returns the soil to a more nutritious state so that the plants can come back healthier than they were before the fire.

The flood had to go through. The waters could not run that swift that long. Yes, it is unfortunate, and yes, there may be some casualties. If you planned for the possibility: good for you. You probably survived with minimal impact. If you thought you could just blindly jump into the middle of it without considering the consequences, I have little sympathy for you. You've been washed out to sea and can swim back and start over. But most can just mop up and move on.

We cannot protect a society against itself: it WILL be destructive to itself. Yes, there will be sob stories (I have been one of them). But society (and the economy) will come back stronger and smarter than it was before. And yes, there will be more disasters again in the future - you can plan on it!

There are no get-rich-quick schemes. One gets ahead - be it personally, fiscally, professionally - through hard/intelligent work.

A little saying that I try to live by is:

You get better or worse each day: it's your choice.

What choice have you* made today?
What choice will you make tomorrow?

*And by you, I am not directing this to CP specifically - it applies to the reader, whoever they happen to be.

Dig. I must still maintain though that I'm pissed that someone else's manufactured flood has to get my shoes wet, even if I don't drown in it.

05-09-2008, 03:54 PM	#1
BarTopDancer Prepping... Join Date: Jan 2005 Location: Here, there, everywhere Posts: 11,405	A lot of factors contributed to where we are now. The lending (predatory or not) industry was offering loans to people who never should have been offered them. Credit card companies were extending huge lines of credit to people who they [should have known] would have to struggle to pay it back if they could. In some aspects the government is hellbent on protecting us from ourselves - seatbelt and helmet laws, warnings on ciggs and alcohol, drugs are illegal. And in other aspects (such as finances) being irresponsible is basically encouraged. People can't be trusted to do the right thing by themselves when it comes to seat belts, helmets, smoking and drinking but they can be trusted to handle finances? The consumer is at fault for making poor choices, not reading the fine print and being generally stupid. The government is at fault for not putting a stop to $500,000 mortgages being offered to people who make $40k to begin with. It doesn't take a moron to see that even if the buyer can make the interest only payments at the current rate, there is no way they'd be able to make the payments when it adjusted into principal and interest payments, or if the rate went up. I'm conflicted if there should be a government bailout or if the people who didn't read the fine print, who didn't understand what they are getting into should have to deal with the consequences. I do think that this type of lending will not happen again. I do think that we're in for worse times before it gets better. I do not think that this stimulus package will do anything but boost spending for 2 months. We're going to see more mall stores, more Starbucks (why did we need one on every corner?), more hole in the wall places going out of business. I know I am making more of an effort to support the places that aren't corporate owned when I do spend money. But the times I spend money on luxury items are becoming fewer and further between. __________________ Spork is the new MacGyver Postcards From My Edge
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05-09-2008, 04:05 PM	#3
Prudence Beelzeboobs, Esq. Join Date: Jan 2005 Location: Gavel - I haz it Posts: 6,287	I am soooooo glad that we bought far less "home" than we could have. Even with the current market downturn ours has appreciated enough to cover all of our debts, were we to sell right this moment. Including my giant ass student loans. Yes, I'm boasting. It was pure luck, though, that we bought when we did, right before the market really took off but when the interest rates were still low, and a place that was really undervalued, thanks to the decorating habits of the prior owner, in an area that is now becoming increasingly more desirable. Couldn't have done it on purpose, but I sure am glad I did it on accident. And our rebate arrived today! Probably should get the car serviced first, so that we don't pull a katiesue on the freeway, but then I see a wii in my future. __________________ traguna macoities tracorum satis de
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05-09-2008, 04:14 PM	#4
Nephythys Yeah, that's about it- Join Date: Jan 2005 Location: In a state of constant crap to get done Posts: 2,688	R's hit the bank today. Mine should be next week-
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05-09-2008, 05:53 PM	#5
Kevy Baby Chowder Head Join Date: Jan 2005 Location: Yes Posts: 18,500	And it is all part of evolution. A brush fire is a disaster. Yet, it is part of the evolution of the land. Brush starts getting too thick and it starts choking itself to death. A fire comes through and returns the soil to a more nutritious state so that the plants can come back healthier than they were before the fire. The flood had to go through. The waters could not run that swift that long. Yes, it is unfortunate, and yes, there may be some casualties. If you planned for the possibility: good for you. You probably survived with minimal impact. If you thought you could just blindly jump into the middle of it without considering the consequences, I have little sympathy for you. You've been washed out to sea and can swim back and start over. But most can just mop up and move on. We cannot protect a society against itself: it WILL be destructive to itself. Yes, there will be sob stories (I have been one of them). But society (and the economy) will come back stronger and smarter than it was before. And yes, there will be more disasters again in the future - you can plan on it! There are no get-rich-quick schemes. One gets ahead - be it personally, fiscally, professionally - through hard/intelligent work. A little saying that I try to live by is: You get better or worse each day: it's your choice. What choice have you* made today? What choice will you make tomorrow? *And by you, I am not directing this to CP specifically - it applies to the reader, whoever they happen to be. __________________ The thing about quotes on the internet is that you cannot verify their validity. - Abraham Lincoln
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05-10-2008, 08:45 AM	#8
RStar Senior Member Join Date: Jun 2006 Location: Me & Manyard hangin out! Posts: 5,433	Tax Rebate Incentive Checks On word TV Of course I will need to put up the other $1,000 to get the 52" flat screen LCD, but it's a start. I'm such a simplton. (I feel like I'm derailing this thread a bit......) __________________ Meddle not in the affairs of Dragons, for you are crunchy and good with ketchup! www.StarTownGifts.com
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