Quote:
Originally Posted by mln385
I agree cash is king and buy stocks and mutual funds now during the down turn, it wont last forever. Just buy solid blue chip companies not the waivering banks. 
I do disagree on the reason we are in this financial down turn because people bought toys with an equity loan, We are in this because the banks gave loans for houses to people who could not afford the house.
They gave them interest only mortgages so 5 years into the loan when they have to sell and the housing market has declined they still owe the original note even though the house has depreciated!
Bottom line is don't spend more than your can pay, don't live off of creditcards! Who needs 10 CC's in their wallet all with a balance!  |
True, but then these idiots took the equity out of these homes that they could not afford in the first place, and they bought boats, cars, vacations etc... Now some of these same idiots are taking these toys and are walking from the houses with their toys free and clear.
I have a vacation home in Lake Havasu and all of a sudden everyone was rolling around in 100k-500k boats a few years ago. Now none of them are out there because they can't afford to put gas in them. All of these idiots shoould lose not only their houses, but everything that was bought with the equity from them.
Those of us that were smart and did not make stupid decisions should not have to pay to bail out the idiots. My.02