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Exactly! All of this spells bankruptcy.

Yes! Assuming he sells the house and takes the profit where is he going to live? In this situation he will be taking a step back in life. That's not necessarily a bad thing if he is retiring or is he wants a smaller house but if he's middle aged or has kids it's not an ideal situation.

I see your point and agree with much of it but you are failing to consider the possibility that you will not be able to sell your house because of highly inflated prices and because you will probably fall behind on your monthly payments because the cost of living has gone through the roof. If...

Don't you have to be an attorney to get the LLM?

You gotta pay Uncle Sam, I have the majority of the interest up front, and you're trailor park trash. Homey, Economics 101 and Finance 101. Were you banging a bong during BOTH classes?

You're cracking me up here man. I can guarantee you that you most certainly did not get that house for free. Do a little research on how an amortization schedule works.

Now keep in mind Makloda, you're a middle class guy, living in a $3M house. You sell and use your $2M profit (OH! Almost forgot, you gotta pay uncle sam on that now since you made a huge profit) and take your $1.3 ($700k to Uncle) million and buy a trailor. Dude, you just went from middle...

And then you turn around a buy what with your $2M? Your scenario is a possibility but you need to find a buyer at a hyperinflated price (we just saw what happened in that situation) and then you have to buy another house to live in, which will be inferior to the one you just sold because you...

Think about this for a minute. I'm a bank. You walk into my store and ask to borrow $1M. I create $1M completely out of thin air. You buy your house, hyperinflation kicks in, you can't make your payments and that completely, utterly worthless loan, that cost me next to nothing to create, is...

I'll answer the question. I'd rather be OWED the money because when you can't pay the mortgage I'll be coming to take away your hyperinflated house that I lent you $1,000,000 to buy. Only now.....it's worth $3,000,000. Now who wins?

You do because you will have to take on more debt just to survive. Not everyone who got in to CC trouble did so because they were out buying 52" TV's with plastic. Many of them bought groceries or medicine because the purchasing power of the dollars was decreasing, and this was during normal...

Dude, you gotta go study economics 101. How exactly do you plan to pay your house off when a basic need such as a loaf of bread will cost you $84?

Well that's alright. Those who get laid off get to fall back on the subsidized public plan paid for by the American taxpayer, at least what will be left of them.

Think positive? C'mon Jim. You're talking to <i>the1.</i> Kidding aside, I'm thinking about doing a Master's in Taxation so I just wanted to pick your brain. I'm tired of paying you guys the big bucks. I'd rather pay myself the big bucks :mad:

The entire "crisis" has happened by design so GS could eliminate its competition and move one step closer to becoming the world bank while JPM becomes the world's Fed. <b>Goldman Sachs: Coming to a country near you.</b>

Jim, just out of curiosity, is there a limit to the number of years you can carry forward a loss that exceeds $3k?

That's hilarious Wave. You gave me a good laugh today. Thanks for that! That old Blankfein's a pretty smart dude after all. Now he's got one up on the IRS. I'm coming to like this guy. :D

That's an interesting take Anaconda. I didn't even consider that. If this is the case then he is more troubled than I previously thought.

Dude, you are completely missing the point. Whether Blankfein is more spiritual than a pauper is not even up for debate. It's completely irrelevant. So irrelevant that I'll concede you that point. Blankfein is more spiritual than a pauper and as a result he is tighter with God. Moving on...

This thread isn't about GS's success. It's about equating GS's success to doing "God's work." Such a comparison is demeaning to those, such as Mother Teresa, who actually did do God's work. How do you compare owning the market, acquiring your government, eliminating your competition, and...