Walking One Block Damaged By The Housing Crisis (9)
ooby_doobyAshland, Virginia USA957 Threads 29 Polls 7,670 PostsVery interesting and illuminating story of how to and how not to get into a foreclosure crisis.
http://www.npr.org/templates/story/story.php?storyId=123904860
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I enjoyed reading the story.
Thanks for sharing ooby!
The one family who paid off their home already and did not give in to refinancing. They were the smart ones! Sometimes it's best to be satisfied with what you've got... be content.
I have learned to be content whether I have little or plenty. It seems that little is less complicated. The simple life is best.
Just my 2 cents.
HL
Thanks for sharing ooby!
The one family who paid off their home already and did not give in to refinancing. They were the smart ones! Sometimes it's best to be satisfied with what you've got... be content.
I have learned to be content whether I have little or plenty. It seems that little is less complicated. The simple life is best.
Just my 2 cents.
HL
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This is all too sad. Business are closing up or moving to cheeper locations. Unfinished malls, empty buildings. This area is starting to look like a ghost town.
Even the simple life is not so simple anymore.
Even the simple life is not so simple anymore.
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I've read part of your money/finance/economics blog Ooby.
Time to talk about inflation and how the government causes and benefits from it.
Also,money after Roosevelt.
And Gold.
Time to talk about inflation and how the government causes and benefits from it.
Also,money after Roosevelt.
And Gold.
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Sad to see, yet folks live far too beyond their means this past while.
It can be seen all over the country here too. Cars on HP, keeping up with the Joneses has cost a lot of heartache and a bigger problem for the future.
The children who have grown up in this environemnt of Credit have not an idea of what lays ahead of them. They have been cases in the UK where 20yr olds have outstanding debts up towards £40,000 stg...crazy world
It can be seen all over the country here too. Cars on HP, keeping up with the Joneses has cost a lot of heartache and a bigger problem for the future.
The children who have grown up in this environemnt of Credit have not an idea of what lays ahead of them. They have been cases in the UK where 20yr olds have outstanding debts up towards £40,000 stg...crazy world
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TurkishDelight: Sad to see, yet folks live far too beyond their means this past while.
It can be seen all over the country here too. Cars on HP, keeping up with the Joneses has cost a lot of heartache and a bigger problem for the future.
The children who have grown up in this environemnt of Credit have not an idea of what lays ahead of them. They have been cases in the UK where 20yr olds have outstanding debts up towards £40,000 stg...crazy world
It can be seen all over the country here too. Cars on HP, keeping up with the Joneses has cost a lot of heartache and a bigger problem for the future.
The children who have grown up in this environemnt of Credit have not an idea of what lays ahead of them. They have been cases in the UK where 20yr olds have outstanding debts up towards £40,000 stg...crazy world
Yep, people get too greedy and are dazzled by the material world. Alot thought this bubble would never burst. But also the banks were dishing out loans left right and centre to many people who simply could not afford repayments, banks knowingly did this to many. Where alot of people went wrong was getting a loan from their original bank then financing that loan with another from the banks subsidiary. Getting them deeper and deeper in the red.
The next generation if not the one after that are going to be paying for this mess for many years to come.: What concerns me is the cutbacks made at some colleges, where courses are no longer going to be available, but in a recession this is inevitable. PCT's are even closing in some areas as they cannot be financed any longer. Get tough in a recession, just to go to baton down the hatches and ride the massive tidal wave.thumbsup:
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Veritaas: Yep, people get too greedy and are dazzled by the material world. Alot thought this bubble would never burst. But also the banks were dishing out loans left right and centre to many people who simply could not afford repayments, banks knowingly did this to many. Where alot of people went wrong was getting a loan from their original bank then financing that loan with another from the banks subsidiary. Getting them deeper and deeper in the red.
The next generation if not the one after that are going to be paying for this mess for many years to come.: What concerns me is the cutbacks made at some colleges, where courses are no longer going to be available, but in a recession this is inevitable. PCT's are even closing in some areas as they cannot be financed any longer. Get tough in a recession, just to go to baton down the hatches and ride the massive tidal wave.thumbsup:
The next generation if not the one after that are going to be paying for this mess for many years to come.: What concerns me is the cutbacks made at some colleges, where courses are no longer going to be available, but in a recession this is inevitable. PCT's are even closing in some areas as they cannot be financed any longer. Get tough in a recession, just to go to baton down the hatches and ride the massive tidal wave.thumbsup:
In some ways though, the situationis not dis-similiar to the late 70's early 80's, just larger numbers being used.My folks stuggled then, I learned from them.
I could have easily spent money of things that I didnt need. I am neither a spendthrift or a miser. I only buy what I need instead of what I want. I learned to save for what I wanted and by the time I had enough money to get it, I realised that I really didnt need it afterall
Its about being realistic in what you have/want/need
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wonderworker: I've read part of your money/finance/economics blog Ooby.
Time to talk about inflation and how the government causes and benefits from it.
Also,money after Roosevelt.
And Gold.
Thanks for reading my humble offering. I hope you found it useful at least a little bit.Time to talk about inflation and how the government causes and benefits from it.
Also,money after Roosevelt.
And Gold.
Speaking of inflation, I think there's a balance between prices of goods and wages that sometimes gets out of whack but over time it always comes back into balance. This was not the case during the last Nixon admin when he imposed a wage/price freeze. How well I remember the company I worked for at the time programing in all new higher prices for everything in their product line that would go into effect the minute the freeze was lifted. The computer guy was working til 3AM changing prices.
During the dot com bubble the stock market was going up on a daily basis with no end in sight. I use to tell my broker this house of cards is coming down and when it does a lot of people are gonna get hurt bad. He was a young guy and he thought I was nuts. He never saw a bear market just like so many new investors. I must admit I was wrong though about when it would happen. It took a lot longer to crash than I thought it would. Those days it was like playing musical chairs. You could make a killing on Wall St but if you didn't get out on time, you were toast. People were buying stock in companies with no product, no services and no revenue. All they had was a .com after their name.
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ooby_dooby: Thanks for reading my humble offering. I hope you found it useful at least a little bit.
Speaking of inflation, I think there's a balance between prices of goods and wages that sometimes gets out of whack but over time it always comes back into balance. This was not the case during the last Nixon admin when he imposed a wage/price freeze. How well I remember the company I worked for at the time programing in all new higher prices for everything in their product line that would go into effect the minute the freeze was lifted. The computer guy was working til 3AM changing prices.
During the dot com bubble the stock market was going up on a daily basis with no end in sight. I use to tell my broker this house of cards is coming down and when it does a lot of people are gonna get hurt bad. He was a young guy and he thought I was nuts. He never saw a bear market just like so many new investors. I must admit I was wrong though about when it would happen. It took a lot longer to crash than I thought it would. Those days it was like playing musical chairs. You could make a killing on Wall St but if you didn't get out on time, you were toast. People were buying stock in companies with no product, no services and no revenue. All they had was a .com after their name.
Speaking of inflation, I think there's a balance between prices of goods and wages that sometimes gets out of whack but over time it always comes back into balance. This was not the case during the last Nixon admin when he imposed a wage/price freeze. How well I remember the company I worked for at the time programing in all new higher prices for everything in their product line that would go into effect the minute the freeze was lifted. The computer guy was working til 3AM changing prices.
During the dot com bubble the stock market was going up on a daily basis with no end in sight. I use to tell my broker this house of cards is coming down and when it does a lot of people are gonna get hurt bad. He was a young guy and he thought I was nuts. He never saw a bear market just like so many new investors. I must admit I was wrong though about when it would happen. It took a lot longer to crash than I thought it would. Those days it was like playing musical chairs. You could make a killing on Wall St but if you didn't get out on time, you were toast. People were buying stock in companies with no product, no services and no revenue. All they had was a .com after their name.
Well at least I can see that you see a little bit of the light!
Those who do, have been watching and waiting for quite awhile now, but knowing that it would happen eventually. Just wait...
it WILL get worse!!
It will be a NIGHTMARE, sorta like on Elm Street.
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Created: Mar 2010
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