Go ahead get yourself into massive debt that you can't afford, the American dream

I have noticed a real racist tone to a fair bit of this thread.

Dont forget all the guys who made millions ripping this system off (they are sitting back and laughing at you sorry but its true)and why not if you can borrow as much as you want and the banks cant come after you dont buy 2 houses buy 20 or 30. I never knew such loans existed as in Oz they come after you and even when I heard I didnt believe at first as it sounded too good to be true.

The US was built on guys using the government to amass fortunes look at any of the old industries but in those days it was a select boys club. I think a lot of you complianing and acting all self righteous are more than a bit jealous you didnt get on the gravy train as well.
 
Quote from bahdabing:

Hurry up and make lots and lots of money trading so you have it ready to go to bail these trashy low life fucks.

I am in the process of investigating what business(s) I can buy or operate that give me the best chance of hiding my income so I can pay as little tax as possible. So far the only legal ones that can accomadate me are the restaurant business and or a supplier of them (meat/produce etc.)

I have a long list of friends in this biz that seem to defy all reasoning when it comes to what they own and what they do for a living.

Hot dogs or a side of beef anyone????
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Buy municipal bonds...no federal taxes on the interest. No state taxes either if you live in a state income tax free state or buy a bond issued from a state in which you reside in.
 
Quote from doli:

payday loans and pawnshops! The next bubble!
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Cleaning out a rent house I wound up with LOTS of trash.
I called an ad in the paper, and this guy with 1 tooth came out and quoted me a VERY low estimate to haul it off.
Cash business!:D
 
you guys are just supremely jealous you didnt LIVE THE LIFE instead of sitting home counting every penny.


value is utility. gold is as worthless as cash--it has one purpose--ENJOYMENT



BOZOS


CP east
 
Well, I probably stand to benefit indirectly. More FHA loans=more appraisals=mo' money for me!

But you have to wonder WHY the government is in the housing business. The housing market is HUGE. Probablay the biggest out there. Don't you think the market would find a way to accomodate those that want to buy, but need to finance a large portion of the price?

As far as the "housing crisis", like most bubbles we've had recently, this was a credit bubble. And if you really look at it logically, the market did what it is supposed to do.........punish those that mis priced risk! Now the government is going to make it worse by delaying what is inevitable.

BTW, FHA has always been self funding. They have never required funds from the treasury........i.e. never ran a deficit. I doubt that record will hold for long with this sham of a bill.
 
Quote from Joab:

Pedro, Jermaine, Biffy or Skip .. If they don't deserve to be there because they have not paid their dues it's all the same.

The world owes us nothing.
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He was just being smart. He saw all those I-bank traders exercising their trader's option - heads the asset doubles and you make it rich. Tails the asset plummets and you leave someone else with the bill.

Pedro and Jermaine just saw heads they get their share of the american dream, tails someone else gets to clean up the mess. That's not dumb, that's smart business.

The dumb ones were the taxpayers who underwrote this shit without realising it.
 
Quote from Trendytrader:

I came to the states to be part of this great nation ten years ago. I bought a home with 20% down, paid down my auto-loan, and pay off my credit cards in full each month.

Now I ask myself why?
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Think of it this way - if you didn't extend yourself, you are now liquid, solvent, and about to be faced with a historic once in a generation opportunity to buy real estate at distressed prices. Where most see crisis, the good speculator sees opportunity.

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"When I picked up my newspaper yesterday, I thought I woke up in France"

- Senator Jim "Nostradamus" Bunning
 
Quote from ChkitOut:



Hate the lenders and underwriters that acted recklessly and f'd everything up. You think the head of Bear Stearns lost any money? He walks away with millions.
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Actually he dropped close to a cool billion. Yes he is still a deca-millionaire, and much better off than 99.99% of Americans - but damn, that's gotta hurt.

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"When I picked up my newspaper yesterday, I thought I woke up in France"

- Senator Jim "Nostradamus" Bunning
 
Quote from Cutten:

He was just being smart. He saw all those I-bank traders exercising their trader's option - heads the asset doubles and you make it rich. Tails the asset plummets and you leave someone else with the bill.

Pedro and Jermaine just saw heads they get their share of the american dream, tails someone else gets to clean up the mess. That's not dumb, that's smart business.

The dumb ones were the taxpayers who underwrote this shit without realising it.
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The dumb ones are the ones that are going to let the bail out happen and just sit by and not scream about it.

If this was happening in Canada I would be on Queens Park with a friggin sign and a mega phone.

I suggest you ALL get off your asses and take back YOUR country.

For fuck sakes your AMERICANS that's what you do !!!!


PROTEST !!!!!
 
Canada ranks number one on the Human development index. There are things I hate about Canada (protectionism of financial services, lagging telecommunication standards, ridiculous taxes within certain provinces) yet Canada is in many ways much better for middle class folk. Economic mobility is 3 times that of the states. Despite what you may hear, health care outcomes are much, much better. Schooling is worlds better. There is tons of wealth creation in Alberta, and Canada is moving away from being a purely export based country, with tech growing in Calgary like a young Silicon Valley.

Canadian equity returns have trounced the States, and house prices remain much less volatile. Lending is properly regulated. Thus, the cost of housing in major cities is quite affordable.
 
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