How to survive; 2008 - 2009 (sell, companies, interest, tax)

[financelife]

Originally Posted by Wild Style

great read.

One thing is though, he was not the first one to talk about the housing bubble. NPR had analyst on there talking about it as early as 2003/2004. I don't agree with him on Oil either. Yes part of the rise is speculation but the other part of it is, the crap doesn't regenerate itself. It is a exhaustable resource. As it runs out and demand increases, so does price. It is what it is on that one. Other wise I agree with everything else, I think he is right about people letting their homes go. I don't know how low the prices of a home will be though, you cant put a year price on it. It will be what ever the local economy can afford. If income is lower than 2001 then prices will be lower than 2001 and its higher then it will be higher.

Still don't agree about the oil part? LOL.

[floridasandy]

Originally Posted by 70Ford

Was looting during Katrina immoral?
Of course it was. Those people should've just left before it hit. How dare they steal!
Of course it wasn't, you have to do whatever you have to do, to keep your baby from dying!

/perspective. If you change it, it may change you.

yes it was! i have been through hurricanes in florida and we did not justify stealing. there was no looting! we wound up better off because we worked together to clean the roads, rebuild, and help each other. it was not fun or easy, but it was a good example of how helping each other is way better than stealing.
not paying your bills that you voluntarily ran up (big emphasis here) is stealing, but i am sure that people will rationalize it with the "baby dying" defense, even though they don't know or care about the status of the babies of the people with whom they had the contract.

[bentlebee]

Maybe many people who rather act irrisponsible and live like vulgars will like this article. To me it is more disrespect and no values and screw any one you know.....

If this is what he wants others to do and probable did already him self....well he is a scum bag IMO....or others will say he is just using the system....


We all have seen how criminals get away with things for some time and than they always get caught and end up where they belong....I call it Karma!

IMO this will happen to most people who will try this...maybe a few are so good and get away with it but the rest will pay the price since it is probable not even legal and many started out by lying on their application....strike 1! Than stop paying with intention so you can save money....strike 2 (this is fraud and called felonony or misdemenor)....

Later this person is writing and advising the people to rent a place and check out the Landlord which all renters should do and so we as Landlords do....but this writer forgets one thing...we don't have to rent it out to a person with bad screwed up credit and maybe the author of this article doesn't understand that if Landlords stop taking tenants like this, they will end homeless and this author is giving them advise like this....Thanks for letting me know. I was willing to take some one with a background of having a foreclosure, but now I think twice..... There are also people who need a place to rent who didn't live without paying and trying to scam others.....

[58robbo]

Originally Posted by floridasandy

not paying your bills that you voluntarily ran up (big emphasis here) is stealing, but i am sure that people will rationalize it with the "baby dying" defense, even though they don't know or care about the status of the babies of the people with whom they had the contract.

if the consequences of you walking are less than the consequences of you staying put, i would advise people to walk.

[bentlebee]

Originally Posted by 58robbo

if the consequences of you walking are less than the consequences of you staying put, i would advise people to walk.

Some people don't know yet what exactly the consequences will be...Will their application be checked out later on to discover that they might not have filled it out the way they should have, or if they look at the money trail and some one figures out that they did have more money that isn't reported....people think in a very easy way which might have different consequences in the future. If some mortgage people are found guilty of fraud charges they might take some other down with them...that is how it works, we have seen it over and over by watching tv....criminals do everything to get a lesser sentence....

[sheenie2000]

I think people should pay their debts back. But I don't think there is a moral obligation to pay usurious interest rates to a bank. If you look at an amortization schedule for a mortgage, the first several years it's all interest being paid to the bank. Sorry, I don't feel bad about a bank getting interest.

What I would feel bad about is if you purchase say a table that someone actually built by hand and you didn't pay. That person spent money on wood and his time to build it, he deserves his money. But then to force a person to pay double, triple, quadruple the amount that it cost to build it becasue a person forgot to pay one month or had a death in the family and is a little behind is unfair.

[colleeng47]

The number one priority has to be feeding yourself and your family, keeping a warm roof over your head, and having transportation to get to work. After that should be repayment of bills. If there is no "after that", due to changed circumstances, then, oh well. I agree a contract is a contract but a starving homeless person is not paying bills anyway.

[floridasandy]

i am wondering if some people don't understand cause and effect. if you owe a debt that you agreed to and you don't pay, you may be depriving someone else's child of food or a roof over their head through no fault of their own! ( i did say previously that medical illness was an unplanned circumstance different than average debt). there is always a way to work it out but some people are too selfish or too lazy to do so. on mortgages, you can walk away from the debt and return the house to the bank but you have no right to live in the house rent free while you develop a new strategy in my opinion. it is patently unfair to people who are trying to behave responsibly, which up to now has been largest part of our society.

[bentlebee]

Originally Posted by floridasandy

i am wondering if some people don't understand cause and effect. if you owe a debt that you agreed to and you don't pay, you may be depriving someone else's child of food or a roof over their head through no fault of their own! ( i did say previously that medical illness was an unplanned circumstance different than average debt). there is always a way to work it out but some people are too selfish or too lazy to do so. on mortgages, you can walk away from the debt and return the house to the bank but you have no right to live in the house rent free while you develop a new strategy in my opinion. it is patently unfair to people who are trying to behave responsibly, which up to now has been largest part of our society.

So true and many people have found ou the hard way when the house is either auctioned off or taken back by the bank...and now other are living in it who bought it for less....I'm not feeling sorry for the ones who thought they could make a quick buck and found out they made the wrong decision and in my area it is only people like this...so far no illness or job loss...Yesterday a Uhaul cam in our community with new lucky home owners who bought cheap...the people who left had 3 houses and tried to strike it rich with zero down....no sorry from me. I'm an investor as well but I know with zero down you are gambling a lot and I like winning but I hate losing that is why I don't gamble!

[drjones96]

Originally Posted by 70Ford

Wow. This person has an interesting take on things.

Oil....34 bucks a barrel? ...I think he's high....

The part about screwing them because they are being saved and you aren't...sort of got to me, though.
'Cuz that is how I see it, too. Hrmmm... Oh well, anyways...it's something to read!

How to survive the Great Depression of 2008 - 2009

Wow. As much as I hate to say it the guy makes some great points regarding how to handle foreclosure and bankruptcy. When the lenders have made 70% of their money back on the loans in a handful of years but the owners only have a small percentage or negative equity(in some cases by a large margin)....you really have to question who the real bad guy in the scenario is.

The $34/barrel though? That's not such an outlandish prediction. It's in the low $40's as of right now! I had a feeling $140/barrel was a 'bubble' but never would have thought it would have dropped down below $70/barrel ever again.