Re: OT: Inflation in the US

radiosrfun wrote:
"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.


Then the car dealer is clearly at fault. Let him take the losses and learn from them. Or not learn and get conned again, his choice. I have no mercy for financial institution or dealers who are this careless. I think credit is too loose in the US and that is one reason for identity theft. There is a reason why identity theft is next to impossible in many other countries.

--
Regards, Joerg

http://www.analogconsultants.com/
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