Do you live paycheck to paycheck? 61% of Americans now do

[Phokus]

Still waiting for an explanation why socialist commie Canada was able to sidestep this mess and why we shouldn't adopt their nanny state banking regulations, ProfJohn.

http://www.nytimes.com/2009/02/28/opinion/28tedesco.html?_r=1&em

 

[Phokus]

just a reminder, this was what was being advertised by brokers:

http://en.wikipedia.org/wiki/File:P060708_22.03-02-retouched.jpg

 

[Phokus]

I'm going to bed, but the real reason why we had that collapse was because mortgages were a game of hot potato. If you sold off the mortgage to some wall street bastard who sold that crap off to some pension fund in iceland or something, who gave a crap? Why on earth would you care about verifying employment/assets when you aren't the one getting burned if the loan goes bad? And why would appraisers lower the appraisal value when banks (who were paying them) would pressure them to appraise homes higher than they thought they were worth? Or why did moody's rate those securitized loans AAA when they were paid directly by wall street to basically rate them highly so they could sell that shit off to suckers?

Capitalism 101.

 

[ShawnD1]

Not to mention that fact that when the "live for now!" folks actually do reach old age, they've saved absolutely nothing, and are the first ones to vote themselves other people's money. Look what ridiculous percentage of the federal budget goes to seniors.

As stated numerous times, Social Security and old age pension in all other countries is money they have paid into it. They are getting their own money back.
Guys like Spidey who hate SS come up with numbers like 3% growth per year, which is quite terrible for a stock investment, but is on par with bonds. Social Security is a bond you are forced to buy, and the government pays it out after 20 or 30 or 40 years.

 

[dmcowen674]

There are a lot of factors that lead to our economic meltdown and one of them was government interference in the housing market.

You are one the main reasons for the meltdown in the U.S. along with your Republican buds.

 

[Darwin333]

I'm going to bed, but the real reason why we had that collapse was because mortgages were a game of hot potato. If you sold off the mortgage to some wall street bastard who sold that crap off to some pension fund in iceland or something, who gave a crap? Why on earth would you care about verifying employment/assets when you aren't the one getting burned if the loan goes bad? And why would appraisers lower the appraisal value when banks (who were paying them) would pressure them to appraise homes higher than they thought they were worth? Or why did moody's rate those securitized loans AAA when they were paid directly by wall street to basically rate them highly so they could sell that shit off to suckers?

Capitalism 101.

Actually, I would call that fraud.

 

[Darwin333]

The really funny thing is PJ, RICH PEOPLE ARE MORE LIKELY TO DEFAULT THAN THE POOR , yet you are seeking out to blame government helping poor minorities as the culprit when that had little to nothing to do with anything. That's why i say you and your ilk are what's wrong with this country: You protect the rich at all costs, but will blame the poor with no proof whatsoever. And you aren't even in the rich income brackets.

http://www.nytimes.com/2010/07/09/business/economy/09rich.html?pagewanted=1&_r=1&hp

You mean the rich make better business decisions than the poor? Say it isn't so!

To be fair, the rich have the means to walk away from a house and into another much easier than your average joe too.

 

[IndyColtsFan]

You may as well talk to a brick wall trying to get any sense into the like like PJ but I commend you for trying.

Sounds like you and PJ have something in common according to your description.

 

[Homerboy]

Just to clarify, has there ever been a P&N thread that hasn't devolved and ended in an argument?

 

[child of wonder]

There are a lot of factors that lead to our economic meltdown and one of them was government interference in the housing market.

And yet here you are.... buying a house you wouldn't normally be able to afford only because you're getting a $8,000 tax credit.

Your hypocrisy is so glaring I have to wear shades when reading your posts.

 

[child of wonder]

Says the person who would not have bought the house without the credit and who had a money in savings prior to buying said house.

No.

According to you, you normally keep 2 months of pay in savings for emergencies. Buying a house has significantly reduced your savings, but you'll be able to get it back to that 2 month level once you get your housing tax credit check.

In essence, you purchased a home you normally wouldn't be able to comfortably afford (without decimating your emergency savings) only because you're getting a check from Uncle Sam.

You're all against government interference and spending unless it applies to you.

 

[Mursilis]

As stated numerous times, Social Security and old age pension in all other countries is money they have paid into it. They are getting their own money back.
Guys like Spidey who hate SS come up with numbers like 3% growth per year, which is quite terrible for a stock investment, but is on par with bonds. Social Security is a bond you are forced to buy, and the government pays it out after 20 or 30 or 40 years.

No, SS is akin to a general revenue tax, and you may or may not get anything back in future years. Read some U.S. Supreme Court cases on what exactly SS is.

I've seen studies in the past indicating that former and current recipients of SS and Medicare are receiving far more in benefits than they ever paid in (including an average rate of return), but I can't find any of them now. Any else see anything addressing this topic?

 

[Phokus]

Actually, I would call that fraud.

Considering it was an industry standard, just call it capitalism.

 

[Exterous]

Just to clarify, has there ever been a P&N thread that hasn't devolved and ended in an argument?

No. It's actually gotten very predictable who is going to come out and say what

 

[Avalon]

I consider myself living paycheck to paycheck. I'm very frugal and I do manage to save a hundred bucks or two every month, but then every 3 months something happens, like a medical bill, or the car breaks, and I'm back to square one again. Right now that money I'm saving has been going towards my wedding, so I'm definitely feeling the crunch. It sucks, but until I can get a better job, I will just do what I have to do to stay within my means.

 

[IndyColtsFan]

No. It's actually gotten very predictable who is going to come out and say what

I could probably script an entire P&N thread. I ought to try it once -- write the script, make the OP, and see how many of my predictions are accurate.

 

[Jhhnn]

I could probably script an entire P&N thread. I ought to try it once -- write the script, make the OP, and see how many of my predictions are accurate.

Well, you're certainly predictable...

 

[IndyColtsFan]

Well, you're certainly predictable...

Yes, my posts are predictable alright -- I bash both parties and comment on how they've sold us all out.

You are certainly predictable as well -- just put the text below in your sig and it saves you from having to type a wall of text which inevitably boils down to:

"Democrats good, Republicans bad."