And ode to those who paid their bills on time, didn’t buy houses they couldn’t afford, and lived within their means.
45 Replies to “Time to Start Cheering for the Good Guys”
Indeed, the current financial crisis was directly caused by the irresponsible behavior of a large proportion of the middle class.
Unfortunately for the good guys, their house is worthless too. Sad.
I guess I am one of those good guys. My credit card company’s do not like me much as I always pay the balance in full. Even though I have had a low income, poverty level or less($21,666 (before tax)).I own 2 real estate properties, one commercial that is just about paid for. Other then mortgages which is the only interest that I will allow myself to pay, I pay cash for every thing. I drive a 24 year old truck (runs great) and a 23 year old motorcycle (also runs great). Do not need to advertise my success with a new vehicle and the payments that go with it.
I went from being a Liberal at 39 years old, having nothing and thinking the government owes me everything, to cutting the chains of welfare and working for a living. I became responsible for myself and slowly I earned the respect of others and myself.
I have friends who make twice what I make but have nothing as they spend it on interest and things they can not afford.
. . . and also http://michellemalkin.com/
The Ant and the Grasshopper, 2008 edition
“Our little Ant, minding his own business, heard a knock on his door one late winter night a year later. It was his old, sneering Grasshopper neighbor. With ACWIRN’s presidential candidate, Barack Cicada, now in office, the Grasshopper had been hired by the meadow as a tax collector.”
Nail on the head, Captain.
(But why do you use black back ground, white letters ?? Stressful to the eyes)
Hah, finally some respect for the “financially realistic”.
And wow, good work Alan!
I was going to write something to this effect a while back.
I own my home outright; my wife and I sacrificed for many years, doing without so that we could get out of debt as quickly as possible. And although I am less strict with my credit card usage now (I too used to be cash-for-everything, credit for emergency purposes only), I still do not make impulse purchases and anyway my account is paid in full at the end of each month.
I have 9 more payments to go on a car loan; after that I will be completely debt free.
My greatest concern has been that when I get to retirement age the government will step in and make me pay for all those idiots who just had to have an iPhone, had to have an SUV, had to have an expensive new house, had to have a 50 inch plasma TV, etc instead of saving for their retirement.
I heard on the radio this morning that as an election promise the PM is going to cap credit card interest rates. This would be a good opportunity to tell the populace to grow up, that they can’t have everything that they want, and if they can’t manage their spending it’s their own damn fault.
Ha ha Tom, I agree!
I left the same comment re hard to read text – hope it changes.
Last year before the subprime meltdown, I had a talk with a guy who foresaw all this – and I started complaining about rational vs irrational behaviour – he said, what are you gonna do? You can go hide in a cave with some gold and some guns, or you can party it up like the rest of them. Once the party stops, you can be sure that they will find some other place to go where there will be a party. And there you will be, in your cave, with your gold and guns.
Sad and sobering thought.
Yes, credit card default is next up to bat – the average US household is carrying $8000 USD in credit card debt. Don’t know about auto loans.
I hope the bailout package passes, not because I think it’s great, but because it’s the only way to keep the music playing.
The US will have to continue to “nationalize” many businesses – it’s their only option – much like Sweden did back a while ago – the only difference – the Swedes didn’t have insurmountable national and household debt.
I think – but I’m not economist – corrections welcome. 🙂
erik:
Thank God there are people in Washington who understand that they are entrusted with other people’s money.
The US does not have to be a Venezuala of the north and nationalize everything.
At the same time, I predict there will be a deal that will see the end of politically-correct lending practises.
There has to be, since giving loans to people who can’t pay them back inevitably leads to the loans not being paid back.
I didn’t quite understand the comment about Barrack Obama being somewhere to the left of Karl Marx, but the way the Democratic Party bit hook, line and sinker on the attempt to nationalize Wall Street has opened up my eyes a bit more.
It’s the Republicans who are taking the populist approach and insisting any deal has protections for the taxpayer.
All this will come out eventually, but it takes a while to digest it all. Pretty complex issue.
The good captain makes several excellent points but fails at a some very important ones.
1) There are many Liberals who are productive members of society, I am one of them.
2) Many of the bailout recipients have to be right-wing conservatives. Greed knows no political leaning.
3) I also despise the shiftless worthless scum that sucks up our hard earned tax dollars.
4) Hank Rearden is a very complex character that is at once admirable but with fault.
5) Only when you stop playing the blame and define problems without laying fault can workable solutions be applied.
Thanks, set you free . . . . .
I’ve been a big fan of Peter Schiff for a while – his on-line videos on youtube etc have been quite informative. The US GDP is 66% dependent on consumer spending. He makes the point that the US society doesn’t really make anything today. He states that all the $$ they borrowed in the past used to be invested in factories – which generated an income stream to repay those loans – whereas now the $$ borrowed are used to fund consumption. (He states it will be a while to convert the shopping malls into factories.)
I agree with what you say about problematic lending practises – I’m a huge Friedman admirer, and therefore the saga behind expanding home ownership through the government didn’t sit too well with me – but I’m pretty edgy right now about the precariousness of the US system – I think it’s pretty brittle.
Cheers, have a great weekend!
Hey, I’ve got pockets full of debt, but I’m paying it back the old-fashioned way: overtime and cutting back.
Plus, I’m a high-earner in a blue-collar town, and my house is at the median purchase price, and my choice of car is a Civic. No problems, and boy did I have fun racking up the line of credit!
Thanks Liberal Ron. Agree with you. Although, I’m not smart or diligent enough to have made it though Atlas Shrugged – and I tried . . .
The sad thing, is that the one expansion area in the US is litigation – I see too many medication litigation ads on TV – and we haven’t even started to see the commercials trolling for class action lawsuits related to this mess.
We will see blame politicized and distorted for many years.
“I am one of them.”
I appreciate your forthrightness.
Do you mind if I ask what you do for a living?
Please no disrespect intended, Liberal Ron.
richfisher,
I’m the VP of operations of a mechanical services business unit within a medium sized civil/mechanical engineering company.
I did read Atlas Shrugged even though the last 100 pages drove me nuts because they could have been condensed to about a 10th the size. I suspect Ayn Rand was being paid by the page.
The obvious realities are these:
1. The only debt-free members of society are panhandlers. The rest of us are debt-ridden just by being regular joes (we all get to carry a portion of the national debt whether we want to or not). The noble act of getting shod of your own debt doesn’t make you debt-free.
2. No use taking all your money out of the bank and sticking it in your mattress; if the economy goes south, you’ll have a mattress full of worthless scrip.
We are all in this together – even if we don’t want to be.
JJM: Yep
And no cheap fuel to help the party along
You do not loose money. It is simply moved from A’s pocket to B’s pocket. If you sold tour home for an inflated amount you would have put the money to be lent to a person buying a home. The banks clear the interest, again money being moved.
You do not loose money. It is simply moved from A’s pocket to B’s pocket. If you sold your home for an inflated amount, you would have put the money in a bank to be lent to a person buying a home. The banks clear the interest, again money being moved.
Let try this again with the corrections.
Liberal Ron said:
The good captain makes several excellent points but fails at a some very important ones. 1) There are many Liberals who are productive members of society, I am one of them. 2) Many of the bailout recipients have to be right-wing conservatives. Greed knows no political leaning. 3) I also despise the shiftless worthless scum that sucks up our hard earned tax dollars. 4) Hank Rearden is a very complex character that is at once admirable but with fault. 5) Only when you stop playing the blame and define problems without laying fault can workable solutions be applied.
You’ll have to stop that now. Being a reasonable and articulate doesn’t fit with our expectations for Liberals.
JJM:
It’s like the jackass at the bar who leaves without paying the bill. Party’s over and somebody has to pick up the bill.
As long as subprime mortages are now outlawed because it does not make economic sense to lend money to people who cannot pay it back, then this situation will take care of itself.
There’s only one person I trust with my money … and that’s me.
If I were a US taxpayer, I wouldn’t be too happy with the social engineers who ‘encouraged’ lenders (by calling them racists) to lend money to deadbeats.
If I worked in a financial institution and somebody called me a racist because I wouldn’t lend money to deadbeats, I’d stick to my guns, tell them to piss off and point out that you can no more torque the laws of economics than you can repeal the law of gravity.
There is not meaning of descripe new medicine that people who are mid class and get pay cheq are able to pay their payable on the time
and they are wear nice clean dress in most of them and they have schudle tiem for trip
on other sides
we have rich people always keep borrow money and they are not pay sometimes on time and cut and past to made more money
LOOK at recent Loblaw ads in halal food in Nofrill that how come Glen Halfyard last week made new ads for Jewish ownd company Alsafa in month of ramazan to made SALE price for tehm and Cresent food and helper of Stacy Joyce and Brain Wallace and boss of them jerky bull shit guy Rob Admas and Moham Ibrahim who really made fun of illegal fraud halal food in Loblaw companies selling under price in their stores loblaw halal food is fraud
and poor who may also made adjustment of in and out or payable and recivalbe get balance and not buy if they do not have money
the thing mid class employee are not udnerstand the big rich boss they do risk and they risk to win or loose but mid class are never to risk
if you are not risk to go ahead with too many project and some may win and some may birng you lsot then you never can call yourself rich person
then mentality is differnet
not that mid class who do organize job for rich are better than peopel who are not albe to orginze if some lost they may face with
I know the person who always told me
Oh I am glad I am employee I always has life but look that rich peole are look so crazy whiel they made so much money still act crazy and we laught at them saying who care time to go home and have fun with family and let go to trip and they work those owner of company day and night and never be happy while happines of rich is not going to seen by mid class too
if mid class see happines of rich arenever work for them too
then it is all depends of what group you are talking of call them good or bad
rich peopel always has problem over payable and reicable money but you can not call them bad too
some time pain of as of rich people is as soon as those mid class are working and mondy come up they ask more salary while they do not knwo those money come up they are borow with intereste may pay back too and interfer in so many data and ask gridy and may loose their job because of compare I am mid class and why I should do busienss with person who drive $65000 volva car who is Muslim lets do not give them job to loose every thing and we laugh at them
I saw so many jerk in companies like Loblaw or Maple leaf as an example who supproted by their corrpted lawyers of them to made choose who must made money who is should go out remind me that English movie that with ONE dollar they bit to made one rich who were poor and one who is mid class loose their job whiel in fact in majortity of scene we saw here mid clas racist in Cnada made decision who must be happy shiny people nad who act misrable later mostly company will recongne and they will fire them of interfer of money balance for who they like but it is too late. Loblaw companies must fired those people soon and replace with good employees to have and say time for cheering for good Guy people there!!
It’s hard at this point not to say “I told you so.” Those of us who have lived within our means all these years, not getting rich, more often than not doing without and sacrificing for our kids have known all along that you can’t spend more money than you make or you’re going to be in BIG trouble.
Now that the BIG trouble’s upon us, who wins? Those of us who haven’t spent more than we’ve made and who have no debt–no money at the end of the month either, mind you!–at least can comfort ourselves with the thought that we have some kind of moral high ground. We haven’t scammed our fellow citizens and we haven’t pretended to be something we aren’t.
But it now looks as though everyone’s going to suffer because of the narcissistic greed of a few. The more I hear it, the more I agree: No good deed goes unpunished.
Good job, Alan! You should be a poster boy for “Liberal grows up, sees the light, and becomes conservative!”
Like some of the readers here, I to refuse to borrow money to finance impulse purchases.
I have never made over 5 figures, yet I outright own my home(a 2400 sq ft beauty), owe $30,000 on a 6 bedroom student rental, no car payment(2000 taurus and 2001 civic), and own my 23 ft boat outright as well.
If any Canadian bank or insurer ever tries to pull that crap up here, I will be out on the streets, protesting like mad. If I can live within my means, so can the so called “elites” down in latteville.
If there was ever a time to have a fiscally conservative prime minister, it is right now.
Commies/moonbats/libranos may mock PMSH for using the surplus to pay down the debt, but my children and my unborn grandchildren thank him very much.
And, yes, I do appreciate the debt repayment by Paul Martin as well.
That was a fantastic read.
Captain.
You’ve hit the bullseye. Dead center.
Like Mississauga Matt I too have a bad feeling that the government will step in and penalize me because I’ve saved for my retirement – governments of all political stripes have a bad habit of wanting to ‘rescue’ people who make poor choices in their lives. I guess it makes them feel important and useful.
“LOOK at recent Loblaw …Blah Bla,Bla illegal fraud halal food in Loblaw companies selling under price in their stores loblaw halal food is fraud”
Took ya long enough.
Yeah, I agree.
Blah, blah, blah.
Me poor victim.
Get over it, doggy do.
Unfortunalty we are not finished
as wrong method of court systems in Canada
if some one two years ago tried to treat the Mr. harper after two years the court gave him guilty and so on
now after two years our court is not finished yet that is not up to us ask those dum systmes in Canada
because we are Muslim we must get over it and not cause of action
– they took two years to tell us we are terrorist when it not proof it they went to Newspaper and find some one to wrong all wrong there
Ok no cause of action
– they breach written countract they msut pay the damage for exclusivity busienss
– ok sitll no cause of action get over it and bla bla bla
– tehy took all of our sources and told us you go start all oever again while they siad they change supplier while they did not they forced us to find new innovation while all project was our idea
oh get over it still no cause action
– they never advertise Muslim food owned by Muslim ever in past 8 years we sold 20 million
– oh ok ALsafa are jewish and Cresent are German Pillers still get over it
new:
You speak on behalf of all Muslim people?
What a clown!
Blah, blah, blah.
Why were Ron Paul and Glen Beck the only media people who saw this coming down the tube when even a 7 year old knows that it is impossible to live beyond one’s means?
The age of izzy credit has allowed people to purchase a life style that they cannot afford, and it all starts in the classroom that teaches all students that they will not succeed or fail, as an individual, because they are all of equal intelligence. The student who works hard will not be rewarded with grades that reflect diligence or intelligence; the student who does nothing and/or is not the brightest bulb on the block will get the same grades as the former. The lack of competitive spirit extends to sports, artistic ability, creative ideas…if someone follows all the rules and gives life their best shot they are rewarded by paying taxes to support those who never tried to do anything. At some point the stalwart will quit, and the realization of Atlas Shrugged will prevail.
People who take care of themselves are considered fools and are laughed at by those who do nothing and collect gument paychecks via make work paper shuffling jobs, gument lawyers, HRC’s, fat union jobs, arts grants (requires being a friend of the ‘art’s community), CBC,…or regular welfare.
If I were the American people I would be foaming at the mouth against Washington – both Republicans and Demos because they are all to blame – and I would be fiercely on the case of the media goofs who have been so ‘over the moon’ over the Big 0 that they ignored this impending crisis.
Don’t any of the American people watch Glen Beck?
We have lots of power and responsiblity here
though
this is not funny some get arrest for terrorist and get finger print for crime never did happend and Weston family walk free with not arrest her now for false report to polic in that period
we are not let them go easy this time we can not
if you can let person who treat Harper go home with no penality we also agree to let those Weston busins alone too
you can not bother good people for only seal their business you can not harm good people just because you have money as power
we have voice as our power too and so many who help us kick ass of 1200 employee lolbaw in past two years out the problems is Weston famiy and Galne Weston jr. here and his momy and popa there
they did this to so many people we are not alone
it is good to made money but not to gave it free to hand of some body else even your brother with no return if you do thinkg that way you become bankdrupt country as we see so far
Loblaw easy can fix and listen but they donot listne since they made money over fraud all years
Jema 54 – check out this for Peter Schiff – Ron Paul’s economic advisor – and watch the incredible exchange between him and Art Laffer: http://technorati.com/videos/youtube.com%2Fwatch%3Fv%3DLfascZSTU4o
Unfortunately, the conversation derailed at the end because of indelicate phrasing by Schiff – he’s saying you need to people working to keep a family going. For more on that – go to YouTube and look up postings of lectures by Elizabeth Warren. She predicts the death of the middle class – disposable income for families is only 15% now, whereas it was 50% a generation ago. Child care is a new expenditure, and in the US, Health Care, Vehicles, and Mortgages have eaten up any gains from two wage-earners as opposed to one in a family. Add on illness – and the family riding on the margin is hooped. Oh, and did I mention that for the first time ever, the savings rate in the US went into the negative zone a few years ago?
Pretty sad and scary stuff
Cheers for a good weekend!
With regard to Erik Larsen’s comment that the average disposable income per household is 15% – isn’t that for the US? I’d heard that in Canada, with our higher tax rate, it was closer to 0%.
A DUMB system. Those that grant the mortgage then sell it to someone else. Why would they care if it’s a good one or not. It isn’t their problem. A simple rule, “you grant it, you carry it” would have avoided the problem.
Yes, sorry John – that was for the US – based on Elizabeth Warren’s lecture. My apologies.
Oh, and how could I forget – in the US – tax has gone up a lot too. Duh for me.
OT for a second here, but I LOVE PORK. Pork chops with applesauce, pork roast with applesauce and gravy, pork fat broiled into pork fatty rinds. Pork pork pork, it’s good to eat!!
I had a supplier of my chicken who his sone was 39 years old rich Italina man never married still I think he is not married yet , when first time I asked him do you married he said No I am too busy I sleep with my chicken instead we do not have time
Now Kelly you remind me of him of talk about so much pork now
do you know how many animal in world exist that you still you did not eat
thanks god again you only saw poor pork to eat if you were in Africa with so many animal I bleive Christian pop change all laws and let them all eat by you too
shark too
do you think you have right to eat any animal god creat No way you only allow certain animal to get salught to eat not all of animals
one my dear good freind of mine who is Muslim told me let this Christain eat pork (stay stupid as Mrs. May said that I did not say that) otherwise Muslim will face less beef in the world and they come eat us too let them eat pork and be happy then
I must listen to this advice if you know how bad and if you do resrach about pork nobody eat pork even lesterin is came for this pork mostly and deadly too
free country only if you like to have money and in and out ofyour income get control please do not control Muslim pocket too and steal their busienss as well thanks and completly ruin this buiness of us and made it joke now
“new”, I must thank you for the muscle-building my mouse scroll finger has experienced since being exposed to your writing here at SDA.
Most other posters’ messages in this forum increase my brain muscle; very rarely do I flex the driving finger since giving up on the MSM.
Yay, Kate!
“Those of us who have lived within our means all these years, not getting rich, more often than not doing without and sacrificing for our kids have known all along that you can’t spend more money than you make or you’re going to be in BIG trouble.”
Unfortunately, this is only a true statement for honest people. Canada, despite its wholesome, upstanding, clean-cut reputation is lousy with fraud (this is one of those “if you only knew” moments). Thanks to an overly benevolent Bankruptcy and Insolvency Act, widespread tax and civil fraud at the entrepreneurial level especially, there are many, many Canadians living very well, thank you, without nary a worry about paying their bills (and we’re talking billions of dollars, not millions).
Thanks Skip – interesting. I heard a statistic quoted that there are more children in the US in a household that has declared bankruptcy than households with divorce. (Awkward sentence)
However, I hadn’t realized bankruptcy was so prevalent in the US.
You allude to some things that I fear to be true – I find Canadians in general (lefties) to be overtly santimonious, and way holier than thou.
I will have to go read about the rate of bankruptcy and insolvency here in Canada.. . . . ..
Government document from 2006 – 62 pages – but surprisingly readable and well-presented
My brief summary; the common scenario – a 40 something married or common law male with a relatively low income accumulates credit card debt and bank loans that can’t be repaid. http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/vwapj/Statsbooklet2007-EN.pdf/$FILE/Statsbooklet2007-EN.pdf
From 1968 to 2006, the rate of growth of insolvencies was 8.6%
Changes re student loans have resulted in people filing earlier . . . . ugh.
Insolvency was highest in the 1970s – I remember that ugly time.
I think we are heading there again with horribly high interest rates – inflation is (to use that old saw) “baked into the pipeline” with the printing presses running in the US – money supply up 20% from last year.
Ugh.
Yep, also saw this coming. Have been paying the mortgage down like mad for years, paid off well recently when we decided to sell. Worked out well for us, even in the soggy housing market of this past summer and we still made a tidy profit.
Well worth the sacrifices. Also kept an income property going for the kids’ education fund, that’s worked out well too. Bought it at their birth, mortgage was for 20 yrs, now that’s almost done and the income is now paying for the post secondary education.
Don’t owe debt, and refuse to carry credit card debt for anything longer than absolutely necessary (30 days is the norm), hate that they make money on it, usually 18% or more of our money, so very motivated to stay debt free.
Funny side story: A person bought the exact same house as the one we just sold at the same time as us, they opted out of their housing inspection to save a few bucks, well now a few years on and guess what? The foundation has a major flaw-water damage, mold etc.. and the home owner is on the hook for the whole repair and can’t sell now, like they need to.
This person is now declaring bankruptcy.
Indeed, the current financial crisis was directly caused by the irresponsible behavior of a large proportion of the middle class.
Unfortunately for the good guys, their house is worthless too. Sad.
I guess I am one of those good guys. My credit card company’s do not like me much as I always pay the balance in full. Even though I have had a low income, poverty level or less($21,666 (before tax)).I own 2 real estate properties, one commercial that is just about paid for. Other then mortgages which is the only interest that I will allow myself to pay, I pay cash for every thing. I drive a 24 year old truck (runs great) and a 23 year old motorcycle (also runs great). Do not need to advertise my success with a new vehicle and the payments that go with it.
I went from being a Liberal at 39 years old, having nothing and thinking the government owes me everything, to cutting the chains of welfare and working for a living. I became responsible for myself and slowly I earned the respect of others and myself.
I have friends who make twice what I make but have nothing as they spend it on interest and things they can not afford.
. . . and also
http://michellemalkin.com/
The Ant and the Grasshopper, 2008 edition
“Our little Ant, minding his own business, heard a knock on his door one late winter night a year later. It was his old, sneering Grasshopper neighbor. With ACWIRN’s presidential candidate, Barack Cicada, now in office, the Grasshopper had been hired by the meadow as a tax collector.”
Nail on the head, Captain.
(But why do you use black back ground, white letters ?? Stressful to the eyes)
another poll to drive Torononian Latte Liberals and Tofu Dippers crazy
http://tinyurl.com/4c7fob
you can vote here – scroll down a bit, right side
http://www.theglobeandmail.com/
Hah, finally some respect for the “financially realistic”.
And wow, good work Alan!
I was going to write something to this effect a while back.
I own my home outright; my wife and I sacrificed for many years, doing without so that we could get out of debt as quickly as possible. And although I am less strict with my credit card usage now (I too used to be cash-for-everything, credit for emergency purposes only), I still do not make impulse purchases and anyway my account is paid in full at the end of each month.
I have 9 more payments to go on a car loan; after that I will be completely debt free.
My greatest concern has been that when I get to retirement age the government will step in and make me pay for all those idiots who just had to have an iPhone, had to have an SUV, had to have an expensive new house, had to have a 50 inch plasma TV, etc instead of saving for their retirement.
I heard on the radio this morning that as an election promise the PM is going to cap credit card interest rates. This would be a good opportunity to tell the populace to grow up, that they can’t have everything that they want, and if they can’t manage their spending it’s their own damn fault.
Ha ha Tom, I agree!
I left the same comment re hard to read text – hope it changes.
Last year before the subprime meltdown, I had a talk with a guy who foresaw all this – and I started complaining about rational vs irrational behaviour – he said, what are you gonna do? You can go hide in a cave with some gold and some guns, or you can party it up like the rest of them. Once the party stops, you can be sure that they will find some other place to go where there will be a party. And there you will be, in your cave, with your gold and guns.
Sad and sobering thought.
Yes, credit card default is next up to bat – the average US household is carrying $8000 USD in credit card debt. Don’t know about auto loans.
I hope the bailout package passes, not because I think it’s great, but because it’s the only way to keep the music playing.
The US will have to continue to “nationalize” many businesses – it’s their only option – much like Sweden did back a while ago – the only difference – the Swedes didn’t have insurmountable national and household debt.
I think – but I’m not economist – corrections welcome. 🙂
erik:
Thank God there are people in Washington who understand that they are entrusted with other people’s money.
The US does not have to be a Venezuala of the north and nationalize everything.
At the same time, I predict there will be a deal that will see the end of politically-correct lending practises.
There has to be, since giving loans to people who can’t pay them back inevitably leads to the loans not being paid back.
I didn’t quite understand the comment about Barrack Obama being somewhere to the left of Karl Marx, but the way the Democratic Party bit hook, line and sinker on the attempt to nationalize Wall Street has opened up my eyes a bit more.
It’s the Republicans who are taking the populist approach and insisting any deal has protections for the taxpayer.
All this will come out eventually, but it takes a while to digest it all. Pretty complex issue.
The good captain makes several excellent points but fails at a some very important ones.
1) There are many Liberals who are productive members of society, I am one of them.
2) Many of the bailout recipients have to be right-wing conservatives. Greed knows no political leaning.
3) I also despise the shiftless worthless scum that sucks up our hard earned tax dollars.
4) Hank Rearden is a very complex character that is at once admirable but with fault.
5) Only when you stop playing the blame and define problems without laying fault can workable solutions be applied.
Thanks, set you free . . . . .
I’ve been a big fan of Peter Schiff for a while – his on-line videos on youtube etc have been quite informative. The US GDP is 66% dependent on consumer spending. He makes the point that the US society doesn’t really make anything today. He states that all the $$ they borrowed in the past used to be invested in factories – which generated an income stream to repay those loans – whereas now the $$ borrowed are used to fund consumption. (He states it will be a while to convert the shopping malls into factories.)
I agree with what you say about problematic lending practises – I’m a huge Friedman admirer, and therefore the saga behind expanding home ownership through the government didn’t sit too well with me – but I’m pretty edgy right now about the precariousness of the US system – I think it’s pretty brittle.
Cheers, have a great weekend!
Hey, I’ve got pockets full of debt, but I’m paying it back the old-fashioned way: overtime and cutting back.
Plus, I’m a high-earner in a blue-collar town, and my house is at the median purchase price, and my choice of car is a Civic. No problems, and boy did I have fun racking up the line of credit!
Thanks Liberal Ron. Agree with you. Although, I’m not smart or diligent enough to have made it though Atlas Shrugged – and I tried . . .
The sad thing, is that the one expansion area in the US is litigation – I see too many medication litigation ads on TV – and we haven’t even started to see the commercials trolling for class action lawsuits related to this mess.
We will see blame politicized and distorted for many years.
“I am one of them.”
I appreciate your forthrightness.
Do you mind if I ask what you do for a living?
Please no disrespect intended, Liberal Ron.
richfisher,
I’m the VP of operations of a mechanical services business unit within a medium sized civil/mechanical engineering company.
I did read Atlas Shrugged even though the last 100 pages drove me nuts because they could have been condensed to about a 10th the size. I suspect Ayn Rand was being paid by the page.
The obvious realities are these:
1. The only debt-free members of society are panhandlers. The rest of us are debt-ridden just by being regular joes (we all get to carry a portion of the national debt whether we want to or not). The noble act of getting shod of your own debt doesn’t make you debt-free.
2. No use taking all your money out of the bank and sticking it in your mattress; if the economy goes south, you’ll have a mattress full of worthless scrip.
We are all in this together – even if we don’t want to be.
JJM: Yep
And no cheap fuel to help the party along
You do not loose money. It is simply moved from A’s pocket to B’s pocket. If you sold tour home for an inflated amount you would have put the money to be lent to a person buying a home. The banks clear the interest, again money being moved.
You do not loose money. It is simply moved from A’s pocket to B’s pocket. If you sold your home for an inflated amount, you would have put the money in a bank to be lent to a person buying a home. The banks clear the interest, again money being moved.
Let try this again with the corrections.
Liberal Ron said:
The good captain makes several excellent points but fails at a some very important ones.
1) There are many Liberals who are productive members of society, I am one of them.
2) Many of the bailout recipients have to be right-wing conservatives. Greed knows no political leaning.
3) I also despise the shiftless worthless scum that sucks up our hard earned tax dollars.
4) Hank Rearden is a very complex character that is at once admirable but with fault.
5) Only when you stop playing the blame and define problems without laying fault can workable solutions be applied.
You’ll have to stop that now. Being a reasonable and articulate doesn’t fit with our expectations for Liberals.
JJM:
It’s like the jackass at the bar who leaves without paying the bill. Party’s over and somebody has to pick up the bill.
As long as subprime mortages are now outlawed because it does not make economic sense to lend money to people who cannot pay it back, then this situation will take care of itself.
There’s only one person I trust with my money … and that’s me.
If I were a US taxpayer, I wouldn’t be too happy with the social engineers who ‘encouraged’ lenders (by calling them racists) to lend money to deadbeats.
If I worked in a financial institution and somebody called me a racist because I wouldn’t lend money to deadbeats, I’d stick to my guns, tell them to piss off and point out that you can no more torque the laws of economics than you can repeal the law of gravity.
There is not meaning of descripe new medicine that people who are mid class and get pay cheq are able to pay their payable on the time
and they are wear nice clean dress in most of them and they have schudle tiem for trip
on other sides
we have rich people always keep borrow money and they are not pay sometimes on time and cut and past to made more money
LOOK at recent Loblaw ads in halal food in Nofrill that how come Glen Halfyard last week made new ads for Jewish ownd company Alsafa in month of ramazan to made SALE price for tehm and Cresent food and helper of Stacy Joyce and Brain Wallace and boss of them jerky bull shit guy Rob Admas and Moham Ibrahim who really made fun of illegal fraud halal food in Loblaw companies selling under price in their stores loblaw halal food is fraud
and poor who may also made adjustment of in and out or payable and recivalbe get balance and not buy if they do not have money
the thing mid class employee are not udnerstand the big rich boss they do risk and they risk to win or loose but mid class are never to risk
if you are not risk to go ahead with too many project and some may win and some may birng you lsot then you never can call yourself rich person
then mentality is differnet
not that mid class who do organize job for rich are better than peopel who are not albe to orginze if some lost they may face with
I know the person who always told me
Oh I am glad I am employee I always has life but look that rich peole are look so crazy whiel they made so much money still act crazy and we laught at them saying who care time to go home and have fun with family and let go to trip and they work those owner of company day and night and never be happy while happines of rich is not going to seen by mid class too
if mid class see happines of rich arenever work for them too
then it is all depends of what group you are talking of call them good or bad
rich peopel always has problem over payable and reicable money but you can not call them bad too
some time pain of as of rich people is as soon as those mid class are working and mondy come up they ask more salary while they do not knwo those money come up they are borow with intereste may pay back too and interfer in so many data and ask gridy and may loose their job because of compare I am mid class and why I should do busienss with person who drive $65000 volva car who is Muslim lets do not give them job to loose every thing and we laugh at them
I saw so many jerk in companies like Loblaw or Maple leaf as an example who supproted by their corrpted lawyers of them to made choose who must made money who is should go out remind me that English movie that with ONE dollar they bit to made one rich who were poor and one who is mid class loose their job whiel in fact in majortity of scene we saw here mid clas racist in Cnada made decision who must be happy shiny people nad who act misrable later mostly company will recongne and they will fire them of interfer of money balance for who they like but it is too late. Loblaw companies must fired those people soon and replace with good employees to have and say time for cheering for good Guy people there!!
It’s hard at this point not to say “I told you so.” Those of us who have lived within our means all these years, not getting rich, more often than not doing without and sacrificing for our kids have known all along that you can’t spend more money than you make or you’re going to be in BIG trouble.
Now that the BIG trouble’s upon us, who wins? Those of us who haven’t spent more than we’ve made and who have no debt–no money at the end of the month either, mind you!–at least can comfort ourselves with the thought that we have some kind of moral high ground. We haven’t scammed our fellow citizens and we haven’t pretended to be something we aren’t.
But it now looks as though everyone’s going to suffer because of the narcissistic greed of a few. The more I hear it, the more I agree: No good deed goes unpunished.
Good job, Alan! You should be a poster boy for “Liberal grows up, sees the light, and becomes conservative!”
Like some of the readers here, I to refuse to borrow money to finance impulse purchases.
I have never made over 5 figures, yet I outright own my home(a 2400 sq ft beauty), owe $30,000 on a 6 bedroom student rental, no car payment(2000 taurus and 2001 civic), and own my 23 ft boat outright as well.
If any Canadian bank or insurer ever tries to pull that crap up here, I will be out on the streets, protesting like mad. If I can live within my means, so can the so called “elites” down in latteville.
If there was ever a time to have a fiscally conservative prime minister, it is right now.
Commies/moonbats/libranos may mock PMSH for using the surplus to pay down the debt, but my children and my unborn grandchildren thank him very much.
And, yes, I do appreciate the debt repayment by Paul Martin as well.
That was a fantastic read.
Captain.
You’ve hit the bullseye. Dead center.
Like Mississauga Matt I too have a bad feeling that the government will step in and penalize me because I’ve saved for my retirement – governments of all political stripes have a bad habit of wanting to ‘rescue’ people who make poor choices in their lives. I guess it makes them feel important and useful.
“LOOK at recent Loblaw …Blah Bla,Bla illegal fraud halal food in Loblaw companies selling under price in their stores loblaw halal food is fraud”
Took ya long enough.
Yeah, I agree.
Blah, blah, blah.
Me poor victim.
Get over it, doggy do.
Unfortunalty we are not finished
as wrong method of court systems in Canada
if some one two years ago tried to treat the Mr. harper after two years the court gave him guilty and so on
now after two years our court is not finished yet that is not up to us ask those dum systmes in Canada
because we are Muslim we must get over it and not cause of action
– they took two years to tell us we are terrorist when it not proof it they went to Newspaper and find some one to wrong all wrong there
Ok no cause of action
– they breach written countract they msut pay the damage for exclusivity busienss
– ok sitll no cause of action get over it and bla bla bla
– tehy took all of our sources and told us you go start all oever again while they siad they change supplier while they did not they forced us to find new innovation while all project was our idea
oh get over it still no cause action
– they never advertise Muslim food owned by Muslim ever in past 8 years we sold 20 million
– oh ok ALsafa are jewish and Cresent are German Pillers still get over it
new:
You speak on behalf of all Muslim people?
What a clown!
Blah, blah, blah.
Why were Ron Paul and Glen Beck the only media people who saw this coming down the tube when even a 7 year old knows that it is impossible to live beyond one’s means?
The age of izzy credit has allowed people to purchase a life style that they cannot afford, and it all starts in the classroom that teaches all students that they will not succeed or fail, as an individual, because they are all of equal intelligence. The student who works hard will not be rewarded with grades that reflect diligence or intelligence; the student who does nothing and/or is not the brightest bulb on the block will get the same grades as the former. The lack of competitive spirit extends to sports, artistic ability, creative ideas…if someone follows all the rules and gives life their best shot they are rewarded by paying taxes to support those who never tried to do anything. At some point the stalwart will quit, and the realization of Atlas Shrugged will prevail.
People who take care of themselves are considered fools and are laughed at by those who do nothing and collect gument paychecks via make work paper shuffling jobs, gument lawyers, HRC’s, fat union jobs, arts grants (requires being a friend of the ‘art’s community), CBC,…or regular welfare.
If I were the American people I would be foaming at the mouth against Washington – both Republicans and Demos because they are all to blame – and I would be fiercely on the case of the media goofs who have been so ‘over the moon’ over the Big 0 that they ignored this impending crisis.
Don’t any of the American people watch Glen Beck?
We have lots of power and responsiblity here
though
this is not funny some get arrest for terrorist and get finger print for crime never did happend and Weston family walk free with not arrest her now for false report to polic in that period
we are not let them go easy this time we can not
if you can let person who treat Harper go home with no penality we also agree to let those Weston busins alone too
you can not bother good people for only seal their business you can not harm good people just because you have money as power
we have voice as our power too and so many who help us kick ass of 1200 employee lolbaw in past two years out the problems is Weston famiy and Galne Weston jr. here and his momy and popa there
they did this to so many people we are not alone
it is good to made money but not to gave it free to hand of some body else even your brother with no return if you do thinkg that way you become bankdrupt country as we see so far
Loblaw easy can fix and listen but they donot listne since they made money over fraud all years
Jema 54 – check out this for Peter Schiff – Ron Paul’s economic advisor – and watch the incredible exchange between him and Art Laffer:
http://technorati.com/videos/youtube.com%2Fwatch%3Fv%3DLfascZSTU4o
Unfortunately, the conversation derailed at the end because of indelicate phrasing by Schiff – he’s saying you need to people working to keep a family going. For more on that – go to YouTube and look up postings of lectures by Elizabeth Warren. She predicts the death of the middle class – disposable income for families is only 15% now, whereas it was 50% a generation ago. Child care is a new expenditure, and in the US, Health Care, Vehicles, and Mortgages have eaten up any gains from two wage-earners as opposed to one in a family. Add on illness – and the family riding on the margin is hooped. Oh, and did I mention that for the first time ever, the savings rate in the US went into the negative zone a few years ago?
Pretty sad and scary stuff
Cheers for a good weekend!
With regard to Erik Larsen’s comment that the average disposable income per household is 15% – isn’t that for the US? I’d heard that in Canada, with our higher tax rate, it was closer to 0%.
A DUMB system. Those that grant the mortgage then sell it to someone else. Why would they care if it’s a good one or not. It isn’t their problem. A simple rule, “you grant it, you carry it” would have avoided the problem.
Yes, sorry John – that was for the US – based on Elizabeth Warren’s lecture. My apologies.
Oh, and how could I forget – in the US – tax has gone up a lot too. Duh for me.
OT for a second here, but I LOVE PORK. Pork chops with applesauce, pork roast with applesauce and gravy, pork fat broiled into pork fatty rinds. Pork pork pork, it’s good to eat!!
I had a supplier of my chicken who his sone was 39 years old rich Italina man never married still I think he is not married yet , when first time I asked him do you married he said No I am too busy I sleep with my chicken instead we do not have time
Now Kelly you remind me of him of talk about so much pork now
do you know how many animal in world exist that you still you did not eat
thanks god again you only saw poor pork to eat if you were in Africa with so many animal I bleive Christian pop change all laws and let them all eat by you too
shark too
do you think you have right to eat any animal god creat No way you only allow certain animal to get salught to eat not all of animals
one my dear good freind of mine who is Muslim told me let this Christain eat pork (stay stupid as Mrs. May said that I did not say that) otherwise Muslim will face less beef in the world and they come eat us too let them eat pork and be happy then
I must listen to this advice if you know how bad and if you do resrach about pork nobody eat pork even lesterin is came for this pork mostly and deadly too
free country only if you like to have money and in and out ofyour income get control please do not control Muslim pocket too and steal their busienss as well thanks and completly ruin this buiness of us and made it joke now
“new”, I must thank you for the muscle-building my mouse scroll finger has experienced since being exposed to your writing here at SDA.
Most other posters’ messages in this forum increase my brain muscle; very rarely do I flex the driving finger since giving up on the MSM.
Yay, Kate!
“Those of us who have lived within our means all these years, not getting rich, more often than not doing without and sacrificing for our kids have known all along that you can’t spend more money than you make or you’re going to be in BIG trouble.”
Unfortunately, this is only a true statement for honest people. Canada, despite its wholesome, upstanding, clean-cut reputation is lousy with fraud (this is one of those “if you only knew” moments). Thanks to an overly benevolent Bankruptcy and Insolvency Act, widespread tax and civil fraud at the entrepreneurial level especially, there are many, many Canadians living very well, thank you, without nary a worry about paying their bills (and we’re talking billions of dollars, not millions).
Thanks Skip – interesting. I heard a statistic quoted that there are more children in the US in a household that has declared bankruptcy than households with divorce. (Awkward sentence)
However, I hadn’t realized bankruptcy was so prevalent in the US.
You allude to some things that I fear to be true – I find Canadians in general (lefties) to be overtly santimonious, and way holier than thou.
I will have to go read about the rate of bankruptcy and insolvency here in Canada.. . . . ..
Government document from 2006 – 62 pages – but surprisingly readable and well-presented
My brief summary; the common scenario – a 40 something married or common law male with a relatively low income accumulates credit card debt and bank loans that can’t be repaid.
http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/vwapj/Statsbooklet2007-EN.pdf/$FILE/Statsbooklet2007-EN.pdf
From 1968 to 2006, the rate of growth of insolvencies was 8.6%
Changes re student loans have resulted in people filing earlier . . . . ugh.
Insolvency was highest in the 1970s – I remember that ugly time.
I think we are heading there again with horribly high interest rates – inflation is (to use that old saw) “baked into the pipeline” with the printing presses running in the US – money supply up 20% from last year.
Ugh.
Yep, also saw this coming. Have been paying the mortgage down like mad for years, paid off well recently when we decided to sell. Worked out well for us, even in the soggy housing market of this past summer and we still made a tidy profit.
Well worth the sacrifices. Also kept an income property going for the kids’ education fund, that’s worked out well too. Bought it at their birth, mortgage was for 20 yrs, now that’s almost done and the income is now paying for the post secondary education.
Don’t owe debt, and refuse to carry credit card debt for anything longer than absolutely necessary (30 days is the norm), hate that they make money on it, usually 18% or more of our money, so very motivated to stay debt free.
Funny side story: A person bought the exact same house as the one we just sold at the same time as us, they opted out of their housing inspection to save a few bucks, well now a few years on and guess what? The foundation has a major flaw-water damage, mold etc.. and the home owner is on the hook for the whole repair and can’t sell now, like they need to.
This person is now declaring bankruptcy.