Yossarian Posted July 21, 2005 Share Posted July 21, 2005 QUOTE(NUKE_CLEVELAND @ Jul 21, 2005 -> 04:51 PM) The middle class wouldn't be taking it anywhere if they lived within their means. Nobody is putting a gun to these people's heads and forcing them to buy that 4 dollar latte every morning or that SUV that costs 70 bucks a week to fill up with gas or have that 992346312451235 inch flat panel TV on the wall. I probably appreciate your service to our country as much as anyone here, but I suggest you check in with some of the non latte drinking, non SUV driving Americans just working their asses off and trying to get by. In the late 90's when things were humming along nicely I had a long discussion with a very successful business man. He did most of the talking, when someone knows more than me about a subject, I try to listen as much as possible. He told me that he didn't think the boom of the 90's had as much to do with emerging technology as it did with the loosening of credit. Since he was mostly in business to lend others money, I had to think long and hard about what he had to say. Credit used to be for emergencies, now to many Americans it is a necessity. 911 made the recession last about twice as long as it should have. Things are greatly improved now, but this will definitely not help. A gradual increase like the Fed does would have been much better, giving people a chance to adust. I'll stop now, because people will get bored, but before you get out the violins and crying towels I would suggest a little in depth research on Post WWII American Economic History. Quote Link to comment Share on other sites More sharing options...
Rex Kickass Posted July 21, 2005 Share Posted July 21, 2005 I drive a car that gets 35 miles to the gallon. I have a second hand TV, a borrowed computer. My one extravagance: I have my own apartment. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted July 21, 2005 Share Posted July 21, 2005 QUOTE(winodj @ Jul 21, 2005 -> 04:28 PM) I drive a car that gets 35 miles to the gallon. I have a second hand TV, a borrowed computer. My one extravagance: I have my own apartment. My only transportation is a bike and my feet. Neither is a fun way to get groceries or to get to school when it is raining. My shoes were purchased with a gift card that I received by trading in points earned on my credit card. Quote Link to comment Share on other sites More sharing options...
Texsox Posted July 21, 2005 Share Posted July 21, 2005 Too bad out government isn't held to the same minimums. Maybe then we would have some self control from our spend and cut revenue politicans. Quote Link to comment Share on other sites More sharing options...
NUKE_CLEVELAND Posted July 21, 2005 Share Posted July 21, 2005 QUOTE(Yossarian @ Jul 21, 2005 -> 05:15 PM) I probably appreciate your service to our country as much as anyone here, but I suggest you check in with some of the non latte drinking, non SUV driving Americans just working their asses off and trying to get by. In the late 90's when things were humming along nicely I had a long discussion with a very successful business man. He did most of the talking, when someone knows more than me about a subject, I try to listen as much as possible. He told me that he didn't think the boom of the 90's had as much to do with emerging technology as it did with the loosening of credit. Since he was mostly in business to lend others money, I had to think long and hard about what he had to say. Credit used to be for emergencies, now to many Americans it is a necessity. 911 made the recession last about twice as long as it should have. Things are greatly improved now, but this will definitely not help. A gradual increase like the Fed does would have been much better, giving people a chance to adust. I'll stop now, because people will get bored, but before you get out the violins and crying towels I would suggest a little in depth research on Post WWII American Economic History. What you say may well be true but I hear and read far too many stories about families with household income north of 6 figures whining about making ends meet. I had to go looking around for an example but last year I briefly had to leave a balance when I took my vacation. For the 2 grand I spent on my trip plus other expenses that month the minimum payment was 44 dollars and my card's interest rate is like 12% annually. If you can't find another 44 dollars in a month then you really need to look at where you're at and think about some lifestyle changes. That goes double if you're forced to spend thousands of dollars more than you're making every month. Quote Link to comment Share on other sites More sharing options...
LosMediasBlancas Posted July 21, 2005 Share Posted July 21, 2005 Nuke, you have a point about people living within their means. It's kind of like when pro athletes or Hollywood people go broke. If a pro athlete is living so extravagantly that he is living check to check and broke at the end of every month, then he is no better off than the average man. Sure he might have nicer s***, but he's stressing about money just like the next man. Quote Link to comment Share on other sites More sharing options...
Texsox Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(NUKE_CLEVELAND @ Jul 21, 2005 -> 06:46 PM) What you say may well be true but I hear and read far too many stories about families with household income north of 6 figures whining about making ends meet. Does that include whining about the taxes they pay? Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 Flaxx....I take it that the whale poop industry is sluggish? Quote Link to comment Share on other sites More sharing options...
FlaSoxxJim Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Heads22 @ Jul 21, 2005 -> 08:51 PM) Flaxx....I take it that the whale poop industry is sluggish? Yeah, it's kinda in the toilet. Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Balta1701 @ Jul 21, 2005 -> 12:24 PM) Personally I have a little bit more fun with them myself. Thus far, I've paid mine off every month since I first got one (6-7 years ago)...and I'm on a good enough card now that I get cash back/points for purchases. In other words, my credit card company has paid me roughly $300 in the last year just because I use the card instead of carrying cash. Thats exactly how I do it. I take advantage of my cash back/points and just pay the bill off every month. Quote Link to comment Share on other sites More sharing options...
Texsox Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(FlaSoxxJim @ Jul 21, 2005 -> 09:12 PM) Yeah, it's kinda in the toilet. Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 There's been an inoridinate amount of poop talk today. Let's move past that.... Quote Link to comment Share on other sites More sharing options...
kapkomet Posted July 22, 2005 Author Share Posted July 22, 2005 Another reason is that there is very little education of what credit does to you. I'll give you a personal example. 15 years ago, to get through a private college, I borrowed money. I didn't really know any better - I mean I knew I had to pay them back but when you're 18, you do what you do to get through school and you don't think about paying stuff back. Then, I got out of college, had credit cards, and then couldn't get a job. Still being naive, I lived off of credit. Then, my ex-wife got in a major car accident. More credit - just to get by. Then, got a divorce. MORE credit. 10 years later, I now am paying off more student loans then I ever wanted to or realized I would be, and I STILL have balances on some of the cards from 10 years ago because they gave me so much damn credit to live off of. Those f***ers pray of off people like me. They make their money and then some. I'm just now finally getting to the point where I'm catching up. But Yossarian I think it was hit it on the head. They are way too loose on credit, and before you know it, you're over your head and these people just don't give a flying f***, as long as they make their money. Quote Link to comment Share on other sites More sharing options...
NUKE_CLEVELAND Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(kapkomet @ Jul 21, 2005 -> 08:41 PM) But Yossarian I think it was hit it on the head. They are way too loose on credit, and before you know it, you're over your head and these people just don't give a flying f***, as long as they make their money. That's cause most kids dont pay attention in ECON 101 when they try to drill it into your head that credit is not free money. Then they get out into the world and spend spend spend with no end to it. SIGH Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 I got a credit card this summer (Cabela's VISA) and I know to only use in in emergencies. It'll probably be a positive that I'm a tightass when it comes to money... Quote Link to comment Share on other sites More sharing options...
FlaSoxxJim Posted July 22, 2005 Share Posted July 22, 2005 My situation is similar, Kap, in that it was school tuition that put my wife and I in the hole. We both had teaching or research assistantships throughout grad school, but those stipends were dirt and didn't come close to covering teh cost of living even very humbly in this area. So we racked up $40K in student loans by the time we each got our doctorates. You can live well within or below your means for a long time after that and still have a really f***ing hard time digging out of that kind of hole. To make ends meet and to make the loan payments, you end up leaning on credit more than you would like. Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 Does this mean we can actually call you Dr. Flaxx? Quote Link to comment Share on other sites More sharing options...
FlaSoxxJim Posted July 22, 2005 Share Posted July 22, 2005 (edited) QUOTE(Heads22 @ Jul 21, 2005 -> 09:58 PM) Does this mean we can actually call you Dr. Flaxx? Technically, yes you can. Though the ladies call me Dr. Love... Edited July 22, 2005 by FlaSoxxJim Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Heads22 @ Jul 21, 2005 -> 06:52 PM) I got a credit card this summer (Cabela's VISA) and I know to only use in in emergencies. It'll probably be a positive that I'm a tightass when it comes to money... Thats cause tipping cows is free Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Chisoxfn @ Jul 21, 2005 -> 11:23 PM) Thats cause tipping cows is free I have to cover the 4H beef show for the newspaper tomorrow. Today was sthe swine show. Those pigs poop EVERYWHERE. Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Heads22 @ Jul 21, 2005 -> 08:37 PM) I have to cover the 4H beef show for the newspaper tomorrow. Today was sthe swine show. Those pigs poop EVERYWHERE. I thought you were done? You better get some free swine. Quote Link to comment Share on other sites More sharing options...
Heads22 Posted July 22, 2005 Share Posted July 22, 2005 Done writing sports stories. Now I'm doing photography. I'll probably get taken down by a f***ing cow tomorrow. Quote Link to comment Share on other sites More sharing options...
Texsox Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(FlaSoxxJim @ Jul 21, 2005 -> 10:15 PM) Technically, yes you can. Though the ladies call me Dr. Love... I believe your ellipses are out of order. This should read Though the ladies call me Dr. Love ... I assume they start laughing immediately after calling you Dr. Love We kid, because we care Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(FlaSoxxJim @ Jul 21, 2005 -> 10:15 PM) Technically, yes you can. Though the ladies call me Dr. Love... Can we still call you the Space Cowboy? Quote Link to comment Share on other sites More sharing options...
FlaSoxxJim Posted July 22, 2005 Share Posted July 22, 2005 QUOTE(Texsox @ Jul 22, 2005 -> 05:04 AM) I assume they start laughing immediately after calling you Dr. Love[/color] We kid, because we care Yes. Yes, they do. Quote Link to comment Share on other sites More sharing options...
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