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Plain Stupid Consumers

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Tinster

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NOT INTENDED FOR POLITICAL COMMENTS- OK?

Our economy here on the island is in the dumper
with most of our factories now shuttered and the
industries moved to China. Unemployment now at 13+ %.
The price of almost everything is skyrocketing.

Three weeks ago our Governor, (in his wisdom?) declared
a one week grace on our 7% sales tax to help stimulate
the economy. I've never seen so many huge screen TVs
waiting in line in Costco.

Today the newspaper announced our economy got even worse
during Sept. Consumer credit card debt suddenly went thru
the roof. Now they are predicting slim pickin's for the merchants this Christmas.

Golly save a 7% one time sales tax in order to spend months
and months paying 18% to 23% credit card interest.

Christmas Decorations in stores started going up today-
ho ho ho

dale
 
Dale - we started discussing this in the Pub at least seven months ago. Take a look:

https://www.britishcarforum.com/bcforum/ubbthreads.php/topics/433896/1

Easy credit, no money down, obsession with "stuff", instant gratification. The payment comes due eventually. Really rotten it's hitting so many people.

And glad to see someone's brave enough to get the discussion started again without it turning into a childish political blame game.

Tom
 
tomshobby said:
I am glad to see someone else that seems to understand the real problem.
Click to expand...

Tom!

I too bought a large format TV.
Two years ago and we paid cash and
got a bit of a discount for <span style="font-weight: bold">not</span> using
a credit card.

d.
 
Brilliant. I once had a cell phone salesman hit me up in the mall, trying to sell me a new plan. At the time, I was paying $29/month for a plan whose contract had long run out, and the provider didn't have any plan that cheap anymore. He was trying to get me into a $39/month plan just because it had way more minutes, even though I used less than half the minutes I had available each month. He insisted I was going to save money going to the new plan. So I finally asked him how his math works out that I'm going to save money by paying $10 (plus taxes) more a month. "Most folks don't catch that, but thanks for your time". Scary.
 
I got a 42 inch rear projection tv in the spring. My buddy gave it to me. Had a sagging purle bar at the top of the screen. I took it to the local TV repair shop, yah we still have one, and he put a new convergence unit in it. 242 dollars.
All the new TV's you spoke of walking out the the store were all from China. And we continue to exacerbate our balance of trade deficit.
We need the old bumper sticker from teh 70's that said "buy American, support Americans"
...and that's my two cents worth. (and no politics, thank you...)
 
Tom,

I spent an enjoyable day last week with one of the
island's top financial gurus. Actually a Gringo who
now does his investment banking deals here because
of the climate, etc.(Internet makes so much possible)

My friend says "we ain't seen nothing yet! The $700
billion will not save one small fry from losing his
house. The folks with huge credit card debt are gonners."

Really happy we carry zero debt.

d
 
It's not suppose to help the consumers just big business
 
We could argue forever on "who" all the legislation is supposed to help. And it would be pretty useless.

But the issues of rising unemployment, falling investment (and home) values, the massive international credit "freeze", etc. - those things will be causing pain for years to come.

Hopefully, if this meltdown eventually results in kids learning the value of work, the value of *saving* instead of borrowing, the value of long-term thinking over buying toys and "bling", maybe it won't happen soon again. But we've all seen it coming for years, regardless of whether we joked about it and kept the party going.

Tom
 
All bubbles must pop... Stop and think for a moment... How can 90% of the people in America be in credit debt up to thier eyeballs and expect the current economy to continue on . Really, if you think about it these companies that are pumping out Big screen TVs, and fancy excercise equipment, new luxury cars, surround sound systems, garden tractors, and all that stuff that is nice, but truthfully not necessary (most of which are built overseas, then sold to the "names" here in the USA who take thier cut, and pass them on to retailers)
Are really selling the majority of thier products to credit card companies.
It's all false cash flow, and it all gonna catch up with us. You're gonna see a huge crisis when my generation, that has an average credit card debt of $30-40K (and will probably be much more in the future),start dying off. And these banks have noone to get thier money from.
But I really think it's gonna come to a head much sooner. Their gonna have to reign in credit, or else.
We are currently digging out of our hole. Thankfully much smaller than most folks, but still a hole. Credit is just as addictive and damaging as any illegal drug.
 
Basil said:
My cat had a bad tooth.
Click to expand...
Bingo!
I can give you every excuse for my debt, but it might as well have been something like that.
Ours started when we bought our house,(fixer-upper) and had to get supplies to make some repairs and we diden't have the money to do it.. It just snowballed from there.
Looking back, we shoulda waited.... (woulda coulda shoulda...)
I was stupid, and now I'm paying for it. Like I said, thankfully I wasen't AS stupid as most.
 
Banjo said:
You're gonna see a huge crisis when my generation, that has an average credit card debt of $30-40K (and will probably be much more in the future),start dying off.
Click to expand...

Yikes - didn't know it was that bad. How the heck can anyone carry all that? For that matter, how the heck could someone get into it that bad? Sure hope it wasn't just for more "toys".


<div class="ubbcode-block"><div class="ubbcode-header">Quote:]But I really think it's gonna come to a head much sooner. Their gonna have to reign in credit, or else.
We are currently digging out of our hole. Thankfully much smaller than most folks, but still a hole. Credit is just as addictive and damaging as any illegal drug.[/QUOTE]

Ben - congrats on digging out of that hole. Keep at it. I completely agree with the addiction and damage parallel.

I think most of us would agree that we're already seeing this "catch up with us".

Tom
 
NutmegCT said:
Hopefully, if this meltdown eventually results in kids learning the value of work, the value of *saving* instead of borrowing, the value of long-term thinking over buying toys and "bling", maybe it won't happen soon again. But we've all seen it coming for years, regardless of whether we joked about it and kept the party going.

Tom
Click to expand...
HA!!!! We (being the selfish spoiled little brats we are) won't learn a stinkin thing from all of this. :wall: :wall: :wall: The credit cards have kept us in a lifestyle we can't afford (and I am as guilty as anyone on that point) :cryin:then we expect the government to bail us out of our own stupidity. :crazyeyes: We (being the ones stated above) deserve everything we get. I believe it's all a house of cards and we have yet to see the worst of it. :sick: However, on the bright side, the stock market is on sale this week. Property is also on sale and now is the best time to buy. :banana:
 
Banjo said:
Basil said:
My cat had a bad tooth.
Click to expand...
Bingo!
I can give you every excuse for my debt, but it might as well have been something like that.
Ours started when we bought our house,(fixer-upper) and had to get supplies to make some repairs and we diden't have the money to do it.. It just snowballed from there.
Looking back, we shoulda waited.... (woulda coulda shoulda...)
I was stupid, and now I'm paying for it. Like I said, thankfully I wasen't AS stupid as most.
Click to expand...

On the other hand - you've got different fingers.
 
I know this place like the back of my HEY!!!! Where did THAT come from?
grin.gif
 
Well Basil, the way I see it is with my eyes. On the other hand , I have four fingers and a thumb.
Hope the cat feels better soon. Feeding him soup are you?

Dave :savewave:
 
14dna said:
Well Basil, the way I see it is with my eyes. On the other hand , I have four fingers and a thumb.
Hope the cat feels better soon. Feeding him soup are you?

Dave :savewave:
Click to expand...

No, just milk and a little soft food right now.
 
Well, it was fun while it lasted. Guess we'll go back to the ebay, craigslist, and local interest posts.

T.
 
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