Only those without debt will survive this longlasting recession?

Quote from blackjack007:

mithos' reply is the only smart one here.

which is better:

1. $0 debt, $50k/ year income

2. $1mm debt, $400k/year income, $4m assets?

financially savvy people know how to utilize debt to make money. the rest don't know how to do that so they avoid debt.
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I've seen too many people have those numbers collapse in the past 24 months

The 400K becomes 100K, the 4 million becomes 1 million assets, and they are trying to service the 1million debt with increasing interest and maintain their previous lifestyle on 100K or less.

Then bankruptcy kicks in.
 
Another apocalypse thread.

We'll all be broke and in debt while the only remaining traders: hershey and pureprick fight over selling in on the the last downtick of the market to Dow 0 while stock trad3r of course takes the other side of that bet.
 
Quote from lrm21:

I've seen too many people have those numbers collapse in the past 24 months

The 400K becomes 100K, the 4 million becomes 1 million assets, and they are trying to service the 1million debt with increasing interest and maintain their previous lifestyle on 100K or less.

Then bankruptcy kicks in.
More...

Boom, there goes the dynamite.

We have a winner.

I have seen this with my own two eyes happen to so many people I've lost count.
 
Quote from Mav88:

Another apocalypse thread.

We'll all be broke and in debt while the only remaining traders: hershey and pureprick fight over selling in on the the last downtick of the market to Dow 0 while stock trad3r of course takes the other side of that bet.
More...

Haven't you heard? This recession is going to cause the world to blow up! Any good news that comes out is obviously lies and manipulation!

LOL @ stock_trad3r comment.
 
Chef's are like developers. In good times they're superstars In less than good times....they're the last to know and last to show and always Bankrupt and selling off Assets.


BTW I haven't been to Vegas in over a decade. It's just so passe.
 
Quote from blackjack007:

mithos' reply is the only smart one here.

which is better:

1. $0 debt, $50k/ year income

2. $1mm debt, $400k/year income, $4m assets?

financially savvy people know how to utilize debt to make money. the rest don't know how to do that so they avoid debt.
More...
There are very few chances to borrow to invest.

Interest rates for loans are still way too high.
 
Quote from syswizard:

Exactly. Just wait 6 more months...when the Dow is at 4000. Wow, much more pain to come. Roving bands of homeless, jobless, and hungry people.
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Roving?

You mean robbing?
:confused:
:eek:
 
Deflation now, for sure. House prices down, wages down, (no stopping in the U.S). But the heavily leveraged governments we have cannot take the deflation pressure. Only relief for them is massive inflation. Also, nobody is gonna want to sell their commodities, except at rising prices. Longer term, gotta be long Natural Resource, and ags. That has been the ending chapter for all past wars.

Longer term, get and keep a low profile. Never tangle with the IRS. Drive an old car. Buy locally when possible, buy for cash.

I just installed a wood burning furnace in my residence. I have the wood to burn. If the carbon tax nazis start watching heating bills, they won't find mine.
 
Quote from Kassz007:

Haven't you heard? This recession is going to cause the world to blow up! Any good news that comes out is obviously lies and manipulation!

LOL @ stock_trad3r comment.
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Recessions don't cause the world to blow up.

Opportunistic predatory governments who want to use cyclical business adjustments to expand their tyranny over freemen cause the world to blow up.
 
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