Author Topic: How Debt Works....? (Read 1815 times)

TM7 · « **on:** August 23, 2007, 02:53:42 AM »

These guys are firebrands. But are there pearls of wisdom in this diatribe?
How economic cannibalism works and Phariseism. I think an important read and might save you some grief.

http://www.new-enlightenment.com/econ_crash.htm

fyi.....TM7

Almtnman · « **Reply #1 on:** August 24, 2007, 06:07:02 AM »

The best advice I ever got about debt was--- "never spend more than you make"!

dukkillr · « **Reply #2 on:** August 24, 2007, 09:32:23 AM »

I always try to read these crazy second hand wacko things... I honestly do... I got through the first few words when I got to the first "footnote". Then I discovered that rather than cite something for what was clearly idiotic and incidiary language I discovered that the footnote was just some uncited opinion. I wonder if they ever finished 8th grade English class. I quit there. If you can't understand the idea of citing something, I'm not going to waste my time on your opinions. Write in an uneducated mannor and I'll assume your opinions are uneducated.

Image if I showed up to court one day with shorts and a T-Shirt on. Would anyone respect my opinion? No, infact the judge probably would refuse to hear my opinion. My skills as a lawyer do not change with what I'm wearing, but respect for my opinion does. Same thing applies to all these nutjobs people link to. If they want non-nutjobs (I think only nutjobs read their "stuff" anyway) to listen to them, the least they could do is follow basic highschool english standards. I'd be further likely to be swayed if they'd speak in a fair minded tone rather than the usual wild-eyed crazy rhetoric.

Echo4Lima · « **Reply #3 on:** August 28, 2007, 10:37:00 AM »

dukkillr, Be careful! Don't infer the 7 is a nut job!

Graybeard · « **Reply #4 on:** August 28, 2007, 10:51:46 AM »

Just because folks are paranoid doesn't mean someone really isn't out to get us. Even you guys will realize that soon enough.

dukkillr · « **Reply #5 on:** August 28, 2007, 10:57:18 AM »

I chose not to take the bait. He can insult me all he wants, I'm right, and he knows it. He can cite nutjob stuff, but if the author can't even get past basic English concepts only other nutjobs are going to read. It's the very definition of 'preaching to the choir'. A lot of the far flung abortion writing out there is of this variety too. A reasonable and perhaps open-minded middle ground person (the natural target of any persuasive politically writing) is immediately turned off when they feel they've stumbled into some crazy persons ramblings. It may not be fair, but it is life.

Davemuzz · « **Reply #6 on:** August 28, 2007, 02:28:35 PM »

It takes me back to the days of my Physch 101 class. When the Prof. ask the never answered question: "Is a crazy person crazy in a crazy society?"

Dave

Davemuzz · « **Reply #7 on:** August 29, 2007, 05:11:47 AM »

I don't think anyone said "don't read" the article that you posted. However, as you stated, this is a discussion forum where individuals are entitled to post their opinions.

Accordingly, I scanned thru the article that you posted. The cannibal pictures in it can be found to be morbid or laughable, whichever side of the spectrum one chooses to look at. The article is one which is written to produce "fear" into the reader. "Fear" the "big brother" bank and "fear" the big brother credit card companies.

Hey, whatever. If you don't want to use credit cards, then don't apply for them. If you don't want to have a mortgage, then do what the Amish do....live with Mom until you have the cash and buy a place.

My opinion of the article is it's a boat load of horse hockey. Anyone who puts stock in it is afraid of their own shadow.

Boo Hoo that one around for awhile.

Dave

dukkillr · « **Reply #8 on:** August 29, 2007, 07:30:49 AM »

Quote from: Davemuzz on August 29, 2007, 05:11:47 AM

I don't think anyone said "don't read" the article that you posted. However, as you stated, this is a discussion forum where individuals are entitled to post their opinions.

Accordingly, I scanned thru the article that you posted. The cannibal pictures in it can be found to be morbid or laughable, whichever side of the spectrum one chooses to look at. The article is one which is written to produce "fear" into the reader. "Fear" the "big brother" bank and "fear" the big brother credit card companies.

Hey, whatever. If you don't want to use credit cards, then don't apply for them. If you don't want to have a mortgage, then do what the Amish do....live with Mom until you have the cash and buy a place.

My opinion of the article is it's a boat load of horse hockey. Anyone who puts stock in it is afraid of their own shadow.

Boo Hoo that one around for awhile.

Dave

+1 on that

BTW, I practice bankruptcy, I handle foreclosures, and I've done any number of consumer credit negotiations (all on the debtor side). I think I know a bit about how credit works in this country. And the next tasseled or Brooks Brothers clothing item I own will be the first.

Almtnman · « **Reply #9 on:** August 29, 2007, 08:48:55 AM »

no kidding

Davemuzz · « **Reply #10 on:** August 29, 2007, 08:52:15 AM »

Dukkillr,

Yup...I practiced as a CPA in public (small business practice) for 25 years before illness forced me to retire. My brother-in-law (who is a great guy) is a Mack truck mechanic. He has a high school education but has more financial savvy than most of my former clients. I've always said that my suite was the same as his coveralls. It's just the "uniform of the day"....he was luckier than I was....he didn't have to wear a tie! $:-\$

This may throw T7 right over the edge. A lawyer and a CPA saying the article is snot. It will just give him more ammunition and entrench the "fear factor" even further.

Dave

victorcharlie · « **Reply #11 on:** August 29, 2007, 01:17:31 PM »

Quote from: Davemuzz on August 29, 2007, 05:11:47 AM

Hey, whatever. If you don't want to use credit cards, then don't apply for them. If you don't want to have a mortgage, then do what the Amish do....live with Mom until you have the cash and buy a place.
Dave

That's a good piece of advice......I can't tell you how a fellows perspective on life changes when the mortgage and car payments are gone.....no debt......I'm only a slave to the insurance company and property tax assessor.............

Seems I now do what I want to do, for the reasons I want to do them........not because I have to do it........

Credit is a trap......

Don't step in the trap........

Almtnman · « **Reply #12 on:** August 29, 2007, 01:58:25 PM »

vc, I'm in the same boat as you, just insurance and property tax, but there's also those car tags and my concealed carry permit that I have to buy each year. I got past the hunting and fishing license stage, now they let me do that for free. That's a senior advantage the state lets me have.

Now mostly I just live off what my money sits and makes and do what I want when I want.

Davemuzz · « **Reply #13 on:** August 29, 2007, 02:02:27 PM »

Quote from: TM7 on August 29, 2007, 09:48:22 AM

Well Dave and Dukkilr and Echo...the article says that you guys being part of the indusrtry makes you part of the problem...

...TM7

Well TM7....You may speak in "generalizations" all you want. You may quote the article and follow it like a lemming to the ledge if you like. However, you don't know the first thing about me nor the advice that I would give you or any individual concerning their financial situation. You see, when any author writes in "generalities" and throws a group of professionals into a "pot" and states "they" will tell you "bla, bla, bla" you can pretty much bet the author has some agenda he is trying to promote.

Enough said. This conversation wears on me.

Good luck to you in all you do.

Dave

SHOOTALL · « **Reply #14 on:** August 31, 2007, 03:12:39 AM »

Ya'll only touch on the tip of the iceberg !
does it occur to any of you that Banks create money ? that this creation of money causes inflation and the buying power of money to go down ?
think about this , the fed. requires a bank to have 10% of what it borrows from the fed for loans . plain talk - if a bank has 1 million in deposits , it can borrow 10 million from the fed to loan to the public . where does the fed get it ? why they print it of course , so in reality we have 10 million dollars with no backing other than the fed govt. which is in debt up to its well alot ! talk about a house of cards !
If you wish to control your debt try this , save up to have what it cost to live the 4 most expensive months you face in a year ! when you pay off a car or truck keep putting the payment in a bank account when it reaches enough to buy the car out right then and only then get a new one ! try to position yourself to weather bad times ! at some point you will " GET AHEAD " !

SHOOTALL · « **Reply #15 on:** August 31, 2007, 08:40:01 AM »

you mean like us ?

Echo4Lima · « **Reply #16 on:** September 18, 2007, 08:44:42 AM »

TM, do you own or have a mortgage on a home? That's all done on debt.

BTW, I'm a construction contractor. (No Brooks Bros.) The basis of my business is debt. I do the work, get paid, (others debt to me) pay the labor materials etc (my debt) at the end. That's how it works. Small stuff can be done cash, but most cant be due to volume/amounts involved.

SHOOTALL · « **Reply #17 on:** September 18, 2007, 08:57:09 AM »

that is but one form of debt !

Almtnman · « **Reply #18 on:** September 18, 2007, 11:49:25 AM »

So we take it that you paid your way through college with cash....

Davemuzz · « **Reply #19 on:** September 18, 2007, 03:05:21 PM »

Interesting that a fellow with that much purported education doesn't edit his own typing for grammatical issues and Lemmings his way by reading articles based upon fear as opposed to independent critical thinking.

Just an observation on my part.

Dave

SHOOTALL · « **Reply #20 on:** September 19, 2007, 01:37:01 AM »

national debt , a piece of that action , they tax me in the 40% range or more for some strange reason i feel like i have about as much of that action as i can stand !

Davemuzz · « **Reply #21 on:** September 19, 2007, 03:10:03 AM »

I did comment. Just go back and read. But, I will do it again. It's a "fear" article. A "Lemming" reading. Dumb people will borrow. Smart people will borrow. Dumb people will not borrow. Smart people will not borrow. This article is horse hockey....and a big giant pile of it.

That is my comment. I think it's clear. If you don't think it's clear. Too bad.

Dave

Almtnman · « **Reply #22 on:** September 19, 2007, 06:09:38 AM »

Quote from: SHOOTALL on September 19, 2007, 01:37:01 AM

national debt , a piece of that action , they tax me in the 40% range or more for some strange reason i feel like i have about as much of that action as i can stand !

Just hang in there and one day when you get to that magic age, that tax rate will drop to about 20% and the local fast food breakfast joints will not charge you for the coffee.

woodchukhntr · « **Reply #23 on:** September 19, 2007, 06:41:00 AM »

Quote from: Graybeard on August 28, 2007, 10:51:46 AM

Just because folks are paranoid doesn't mean someone really isn't out to get us. Even you guys will realize that soon enough.

I am not paranoid! Paranoid people think that someone is out to get them. I know!!!

SHOOTALL · « **Reply #24 on:** September 19, 2007, 07:42:33 AM »

hey , looking at AARP now !

Davemuzz · « **Reply #25 on:** September 19, 2007, 09:57:27 AM »

Quote from: TM7 on September 19, 2007, 05:02:24 AM

More of a label than a comment. Both would beg supporting commentary in a mechanism known as a forum.

...TM7