tag:blogger.com,1999:blog-443336523425451069.post7613212023096823147..comments2023-10-07T11:53:41.882-04:00Comments on R. Jacob Post: The End of Personal Financeraydenzel1http://www.blogger.com/profile/16212342091537737561noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-443336523425451069.post-35757983015068949392009-05-28T05:48:06.089-04:002009-05-28T05:48:06.089-04:00The NBC pundits are dead wrong again. This is not ...The NBC pundits are dead wrong again. This is not the bottom of the recession. Its not the beginning of a true recovery. Its only a brief period of optimism or the beginning of that short and shallow revival. There will be some positive signs over the next year or so amoung the negative. But they will not lead to a true recovery. Our leaders may claim to end the recession in 2010. If that claim is made, it will be based only on that short and shallow (printed) revival. It absolutely will not last. I stand by my predictions made earlier this year. Obama's efforts are revolutionary but they are too little too late. He will have no choice but to acknowledge a severe US depression by the end of his first term or shortly thereafter. Every major economy in the world will be in depression by 2015.<br /><br />The NBC pundits (Chatzky and Wong) are bound and determined (paid) to plug their coorporate sponsors and perpetuate the 'multiple credit card' lifestyle. Their claim is that you need more than one to build reasonable credit, finance a home, and be relatively secure financially. THAT IS ANOTHER FLAT-OUT LIE. The industry is simply too corrupt and predatory to deal with. It has been for at least 20 years. The use of 'multiple credit cards' is simply too risky, addictive, complicated (check that fine print), and ultimately expensive. In the vast, overwhelming majority of cases, the 'multiple credit card' user has ended up further in debt year after year after year. Their credit was built to some extent on a temporary basis and their ability to repay loans was diminished gradually right along with their bottom line. They ended up paying as much or more in finance charges as they did on principal. That is OBSCENE. Now, their net worth is way down. Their ability to get out of debt f#$&@#. That 'credit' didn't get them anything but F#$#@#. Still, those NBC pundits (liars) have the nerve to perpetuate that 'multiple credit card' lifestyle as if it were ever legit or necessary to begin with. It wasn't. Until two years ago, one could have built reasonable credit with a stable income, a checking account, a savings account, one secured credit card, one loan for a used car, one loan for a new car, and a reasonable downpayment. Until recently, that was enough credit to get a first home loan. Now, the economic boom is OVER. The majority are F#$&@#. Its only going to get worse. A LOT WORSE. The window for ordinary (decent) people to stake their rightful claim is closing fast. They better get out of debt soon and well prepared for the comming US/global depression. It will be catastrophic. Under these circumstances, it is downright reckless and irresponsible to promote more use of credit cards. Only a calculated PIG with an ulterior motive would have the nerve. The 'multiple credit card' lifestyle wasn't the only cause of this economic crisis but it was a contributing factor. Another vehicle amoung many to transfer wealth from poor to rich. Which again, is the single greatest underlying cause. IT WILL BE OUR DOWNFALL.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-443336523425451069.post-30220760926922171962009-05-22T10:40:19.791-04:002009-05-22T10:40:19.791-04:00Cow: Thanks for stopping by.
using my pshchic powe...Cow: Thanks for stopping by.<br />using my pshchic powers awhile back<br />I wrote "what if they lied to you on how to get rich", in a down mood, I reflected on how we have been led down the garden path, banking on the greater fool theory. Remembering for every share of stock you buy, someone thinks it is time to sell that same share. Now we wonder if we can retire, when, not if but when we get sick, taking care of loved ones. I guess we will struggle to find solutions to this mess.raydenzel1https://www.blogger.com/profile/16212342091537737561noreply@blogger.comtag:blogger.com,1999:blog-443336523425451069.post-18742152140612943882009-05-22T10:05:57.823-04:002009-05-22T10:05:57.823-04:00These are all really good points.
Agree with Lin...These are all really good points. <br /><br />Agree with Linda, health care is the biggest issue in retirement(in the US)---costs of one uninsured operation can take hundreds of thousands of dollars and force people into bankruptcy. Shame that it is such a looming terror for those facing retirement.<br /><br />Always seems most financial gurus are just enriching themselves. Pick up an Orman book and she is flogging some scheme, which she likely has a stake in.<br /><br />Even Dave Ramsey, who dispenses excellent, down-to-earth advice, for free, is still selling stuff like mad: seminars, books, endorsed providers.<br /><br />Guess Cow feels it's just a shame that so many are fleeced and fall for the schemes of others, Madoff and bankers and brokers, all enriching themselves but selling the dream to others.<br /><br />Moo!Topiary Cowhttp://topiarycow.blogspot.com/noreply@blogger.comtag:blogger.com,1999:blog-443336523425451069.post-49366896680389530752009-05-22T06:58:15.063-04:002009-05-22T06:58:15.063-04:00Linda
I had to look up meritocracy.(learning momen...Linda<br />I had to look up meritocracy.(learning moment)here is the definition from Wikipedia.<br /><br />Meritocracy is a system of a government or other organization wherein appointments are made and responsibilities are given based on demonstrated talent and ability (merit), rather than by wealth (plutocracy), family connections (nepotism), class privilege (oligarchy), friends (cronyism), seniority (gerontocracy), popularity (as in democracy) or other historical determinants of social position and political power. In a meritocracy, society rewards (by wealth, position, and social status) those who show talent and competence as demonstrated by past actions or by competition.<br /><br />I wish it was as true as defined. All the things you hope for are still based alot on who you know. There are many exceptions, but it is tough to acheive. our health system is top notch but not affordable for many. We use the size of the population to say free medical care can't be done. I hope a new course correction is being plotted by our country.raydenzel1https://www.blogger.com/profile/16212342091537737561noreply@blogger.comtag:blogger.com,1999:blog-443336523425451069.post-83126062345902903582009-05-22T05:20:59.168-04:002009-05-22T05:20:59.168-04:00So many experts getting people to part with their ...So many experts getting people to part with their hard earned money in the hope of good returns. I am of the old school. Pay off mortgage as quick as you can. Bricks and mortar. If possible, buy a small investment property - again bricks and mortar. Shares to me are akin to gambling. The returns may be great sometimes, but when things fall, they really fall hard. <br /><br />Gold has always been a goodie. <br /><br />Also, I often wonder what exactly people expect they will be doing with their retirement to have the urge to risk so much to hopefully gain even more. Most people I know who are retired live quiet lives and enjoy small pleasures.<br /><br />Health care here is free - unlike the US which is scary. We have the option of private health cover on top of the free hospital though. Even then, never as costly as the US. So I suppose you would have to be mindful of putting aside money for that. But the US is considered to be a meritocracy so I suppose there is not much around for those who cannot rise to the challenge of being self supporting.lindahttps://www.blogger.com/profile/05392205573326695683noreply@blogger.com