How to get out of debt!

[Dave]

I have found the secret to getting out of debt. Just to show that I'm a nice guy I'll even pay for the books to help you out.:sifone:

http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff#s-p1-st-i0

 

[Rush]

Wow, I never thought of that... Thanks!

 

[cigdaze]

Brilliant. Too bad the majority of folks can't understand this, and now the whole nation is in the crapper because of it.

That skit is good.

 

[inbetween]

I'm confused

 

[Ms PatriYacht]

pay cash great concept, we try to do that often, however if that was a mandatory method for buying things most of us would not have boats and just about none of us would have houses. I know the skit is good for some laughs but there are a lot of people that had savings, stocks, and a job, and then boom the stock market plunged, people got laid off or chit canned, companies went belly up or bullied employees into a reduction of wages, hours or benefits. If you think the majority of people caused this because they bought to much crap, you have your head up you AZZ.

 

[Dave]

pay cash great concept, we try to do that often, however if that was a mandatory method for buying things most of us would not have boats and just about none of us would have houses. I know the skit is good for some laughs but there are a lot of people that had savings, stocks, and a job, and then boom the stock market plunged, people got laid off or chit canned, companies went belly up or bullied employees into a reduction of wages, hours or benefits. If you think peope caused this because they bought to much crap just cause they had to have it, you have your head up you AZZ.

What caused our problem is well meaning government programs such as Jimmy Carter's Community Redevelopment Act and following democratic administrations forcing Fannie Mae and Freddie Mac to lower underwriting standards resulting in massive amounts of mortgage credit being given to borrowers that were in no way qualified for those loans. A secondary cause was indeed people buying too much crap on credit just because they had to have it. The massive impact of this group defaulting on what will be well over a trillion dollars in these loans resulted in the corporate failures, layoffs, stock market plunge, etc. that has rolled over millions of people that did nothing wrong. So yes, I think that millions of people living well beyond their means was the root cause of this problem and that their behavior dragged tens of millions of other Americans down with them. Credit, for those qualified, is how we have always been able to purchase the big ticket items such as home and cars and such. But when you drop a trillion dollars worth of bad debt on the economy is a very short time the result is going to be a disaster.

I was just trying to lighten things up a little. But, my head is in the right place and clear.

 

[Pachanga]

What caused our problem is well meaning government programs such as Jimmy Carter's Community Redevelopment Act and following democratic administrations forcing Fannie Mae and Freddie Mac to lower underwriting standards resulting in massive amounts of mortgage credit being given to borrowers that were in no way qualified for those loans. A secondary cause was indeed people buying too much crap on credit just because they had to have it. The massive impact of this group defaulting on what will be well over a trillion dollars in these loans resulted in the corporate failures, layoffs, stock market plunge, etc. that has rolled over millions of people that did nothing wrong. So yes, I think that millions of people living well beyond their means was the root cause of this problem and that their behavior dragged tens of millions of other Americans down with them. Credit, for those qualified, is how we have always been able to purchase the big ticket items such as home and cars and such. But when you drop a trillion dollars worth of bad debt on the economy is a very short time the result is going to be a disaster.

I couldn't have said it any better.

I would like to add the one thing that compounded the problem was because investers started taking advantage of the relaxed standards creating more demand for housing which in turn pushed housing in many areas well past their true value. I blame the democrats for opening pandora's box and both parties for not regulating properly.

Now that Pandora's box is open I'm very fearful it will be difficult to close.(way to many people are dependant on Gov. handouts and have come to expect them).

 

[JupiterSunsation]

Similar program for fat people....................D O N ' T E A T ! ! !

for drunks..............................................S T O P D R I N K I N G ! ! !

for Stecz...............................................LEAVE THE CUB SCOUTS ALONE ! ! !

 

[Dave]

Now that Pandora's box is open I'm very fearful it will be difficult to close.(way to many people are dependant on Gov. handouts and have come to expect them).

And when the box is finally slammed shut a lot of folks will lose fingers, hands, and arms. Sadly it can't be avoided.

If the feds seized 100% of all the private wealth in place today it would still fall short of funding everything they have passed in the last 6 months, much less the existing entitlement programs.