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The Recession

Posted 11-13-2008 at 11:51 AM by Scott
Updated 11-13-2008 at 02:21 PM by Scott

Hold on to your hats people. Or your wallet.

But especially, hold on to your house.

Eric G. wrote in a thread recently about overbuying early on - and then doing everything he could to hang on to the house through a bad time. I'm paraphrasing here - but his thoughts were spot on.

Do whatever you have to do to stay in your homes. Foreclosures are up ridiculously. I hope *you* are not one of them (and I hope I'm never one of them).

Get an extra job for awhile - do what you have to do, but losing a house strikes me as something that would be extremely painful (both emotionally and financially).

I'm going without things that I think I need (or want anyhow). I'm trying to stockpile funds in case their needed down the road.

And President Elect Obama - we, the people who put you in office, would frown deeply if you decided to install Lawrence Summers as your Treasury Secretary.

If you want to weigh in on this, sign a petition here registering your disapproval of this move.

Hopefully we still can make a difference.

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  1. Old Comment
    kyle1745's Avatar
    While I agree people should do what they can do hold on to their homes. I am also concerned that we the tax payers are now paying for others lack of responsibility.
    Posted 11-18-2008 at 02:48 AM by kyle1745 kyle1745 is offline
  2. Old Comment
    Scott's Avatar
    I agree Kyle.

    Even more so when it comes to the Auto Industry (who had years and years and years to get their sh!t together - and still didn't manage it).

    I am just mentioning the owners need to do what they can to stay in place. Nothing regarding any other aspect of owning a home (i.e. - bailout).

    Posted 11-18-2008 at 11:06 AM by Scott Scott is offline
  3. Old Comment
    kyle1745's Avatar
    Ah the auto industry... I was actually impressed with congress calling them out. Since they showed up to beg for billions with no plan, no data, and apparently no brains.

    I say let them fail as from everything I have read bankruptcy will be better for them in the long run and a bailout would most likely mean a repeat in less than a year.

    They have built the same "crap" for 40 years and with the same business practices... I mean lets keep making the mustang and camaro until we all die... get real. On top of that lets pay people $50 an hour to push a button. I wonder why they are not doing great. 30k cars that are worth about 10k the second you take them off the lot. Sorry but American cars are just junk.
    Posted 11-25-2008 at 11:32 PM by kyle1745 kyle1745 is offline
  4. Old Comment
    Scott's Avatar
    How stupid is that to show up in 3 different private jets?

    I think we can say we're in agreement - on one issue at least!

    Posted 11-26-2008 at 12:09 AM by Scott Scott is offline
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