This was on the 'housing not bubbling' thread here on 12/31.
http://elitetrader.com/vb/showthread.php?s=&threadid=68853&perpage=10&pagenumber=5
Very true...and due to the bubble popping in progress, millions have/will have negative net worth.
Like this guy...
"About eight weeks ago one of our laborers asked our field technician for a ride to the Ford dealer in the next town. Apparently his 3-yr/old pick-up truck was in for some expensive repair work. The field technician said that the work wasnât covered by warranty, and the laborerâs two credit cards were refused at the service counter after being swiped into the scanner. Solution? The laborer walked over to the sales floor and bought a Lincoln Navigator! No $hit, just like that, and the pick-up truckâs $30k loan was rolled onto the back end of the new loan just like magic."
OWP
http://elitetrader.com/vb/showthread.php?s=&threadid=68853&perpage=10&pagenumber=5
Very true...and due to the bubble popping in progress, millions have/will have negative net worth.
Like this guy...
"About eight weeks ago one of our laborers asked our field technician for a ride to the Ford dealer in the next town. Apparently his 3-yr/old pick-up truck was in for some expensive repair work. The field technician said that the work wasnât covered by warranty, and the laborerâs two credit cards were refused at the service counter after being swiped into the scanner. Solution? The laborer walked over to the sales floor and bought a Lincoln Navigator! No $hit, just like that, and the pick-up truckâs $30k loan was rolled onto the back end of the new loan just like magic."
OWP
