Re: OT: Inflation in the US

"Joerg" <notthisjoergsch@xxxxxxxxxxxxxxxxxxxxx> wrote in message
news:sHtkj.599$uE.13@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
John Larkin wrote:
On Sat, 19 Jan 2008 11:53:44 -0800, Joerg
<notthisjoergsch@xxxxxxxxxxxxxxxxxxxxx> wrote:

I mean, look at the latest development. Using their own homes as
automatic teller machines is, sorry for my plain English here, just
plain stupid. And it's primarily the people who dunnit, not just the
fault of some greedy corporation. Because they signed on the dotted line
and (most) can read.

Too many people inherited a house, long ago paid for, and 2nd
mortgaged it for cash, and blew the cash on Princess Line cruises and
Porsche Cayennes. And people bought houses for zero down and, based on
bogus assessments, signed up for a 2nd or 3rd and took out cash *at
closing*.

And none of them can afford the payments now. Nature has always
punished the combination of greed and stupidity.


Yes, but it goes deeper than that. Rush Limbough (or Tom Sullivan) once
said that most of those who signed the loan docs must have committed one
or both of these: Lied on their taxes because the income was indeed higher
than declared, or lied on the loan app stating an income that really
wasn't there.

--
Regards, Joerg

http://www.analogconsultants.com/

I kid you not - about 15 years ago, I knew of a guy who went to two
different Car Dealers. He came home with both a brand new car and a brand
new Truck. He was NOT employed. I believe he used his "elderly" mother as a
co-signer (maybe) - but still - on a "fixed" income as she would have been -
she wasn't known to have much and lived in "public housing" - just "who" did
they think would pay for these vehicles?

Well - the dude got to drive them both - him and his girl friend - for about
a month - until time for the first payment. The vehicles were both wrecked
in the mean time - and ultimately repoed.

He must have gave one hell of a snow job about some "non-existent" income to
the dealers. Surely - they could have "checked". To this day - the dude is
still a loser.... A con-artist at that.

Me and a good friend of mine who also knew of him, still wonder what Bull
*** story he used to get those two vehicles in a week - without a lick of
money.



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