bripat9643
Diamond Member
- Apr 1, 2011
- 170,163
- 47,312
The assets were toxic because the feds forced banks to grant mortgages to people who were bad credit risks.The banks and countrywide etc that the BOOOSHIES let run wild. A lot of people liked it before the assets turned out to be toxic. Great job, GOP!How does that alter the fact the Obama has racked up $9 trillion in new debt?
Have you ever glanced at the components of that debt? You know...stuff that caused it?
It does not matter.
I don't care why the debt was created, it's still bad. If I spend more money than I make every single year, until I owe $100,000 when I earn $20,000 a year.... do you really think "how" I racked up that much debt is going to make a difference?
When Greece went bust, did "how" they racked up their debt mattered? NO!
So who cares? How does this change anything?
Not all debt is created equal
Going $20,000 in debt for a Vegas vacation is not the same as going $20,000 in debt to replace your roof
I have much more debt than I make in a year, it is a fiscally responsible decision
Well, when you lose your job, and have no money to pay your debts, and you end up in bankruptcy court, I'm sure you can tell the judge how your debts are 'fiscally responsible decisions', and then you will see how much of a difference "not all debts are created equal" really makes.
Now I'm not going to argue with you, about your personal finances, and whether or not your decisions were wise. You make your own choices.
But if you want to tell me that this debt, or that debt is magically 'good' or different... no you are crazy.
I've met people who lost literally everything. And right up to the week their lives fell apart, they had completely rationalized each and every debt. But when you lose your job, and the because you miss your car payments you lose your car, then you can't make it to the new job, so you lose that job, and then since you missed your 6th house payment, you end up foreclosed, and then your wife leaves you because your world is shattered.... and I actually know people who have had this happen.
You know what Warren Buffet says? Top thing Buffet said.... don't borrow money. Go read the stuff he has written about debt. Funny how the left praises Buffet on everything else, but then ignore his practical advice about how to be wealthy.
Ironically I just had this exactly conversation today with a immigrant from India. He bought a car, years ago when he first came here. He realize he had paid the car dealer almost $1,000 worth of interest. He worked over time to pay off the car. And from that point on, never borrowed another penny for anything.
He now has an $80,000 home, which he owns outright, and now he is saving up to purchase another home for $120,000, with cash too. He owns the car he has now, free and clear. And owes no one anything, and has money in the bank.
He told me people kept telling him to get a mortgage and buy the house now, and he would reply, he worked hard for his money. Why give it to the banks?
That's why he's wealthy, and other people are not. You people on the left keep complaining about the banks, but then turning around and giving all your money to the banks.
It cracks me up to hear idiots like Paul Krugman attack the banks bitterly, after he originally supported creating the property bubble in the early 2000s, and then spin right around and say we need to make credit easier to get. There are people in asylums that make more sense.
The whole middle class has gone to hell under Reaganism. See sig- 2007.Paragraph one.