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At least, that's what the government wants you to believe. So, they want to throw money at the system to support that fallacy. And people can't figure out why the industry moved off-shore.....
The Shop
To eazy.
The lady who wrote that book was a typical liberal idiot, and should have never been given the time of day.
The college kid only has himself to worry about.
And the families at the dunes probably refied their house to buy all that shit which now has a big bank owned sign out front.
I HOPE THEY GET THAT BONUS MONEY BACK!
These "normal" people having expensive toys and other things - they are all making payments and don't own outright.
the problem is if those people lose their job, can't find another one with same pay, they will have those toys, cars, and whatever else repo'd/foreclosed on.
dumb fucking story by John. That is part of what got us in this mess in the first place, buying every damn thing on credit.
I once questioned a cell phone plan I was on with my former company when it seemed like the price they were paying was twice what it was when I had my own plan. It was answered by a high level finance person who basically told me not to worry. The amount of money changing hands between us and the cell phone company meant the rates for cell phone plans were an incredible deal, regardless of how it looked to me.
The point is that the our government is incredibly naive when it comes to understanding businesses as large as AIG. That coupled with lawmakers whining about a few million when they waste billions makes this all a comedy of errors. In my opinion, they're in way over their heads and look worse with every new bailout decision.
1) The woman w/ the book seems useless. I haven't read her book, so I can't comment on that, but it sounds like she is an idiot.
2) The guy showed what can be done if someone is basically competent and wants to get out of a bad situation and is willing to make a few sacrifices.
3) The folks in the dunes are not average Joe families IMO unless they are in debt up to their eyeballs to have all of that stuff. The median income in the US is what?
In 2007, the median annual household income rose 1.3% to $50,233.00 according to the Census Bureau. household income - wiki
You can't have a decent home and $100 k plus worth of toys on $50k and not be in over your head.
So, the last part of the video is erroneous. We do have it pretty good...the ability to assume debt has allowed people to live far beyond their means.
Pit Row
That just goes to show, we as the middle class, have gone backwards in income without factoring in debt.
It's become too broad of a range.
Let's see what the income would probably look like just to get by:
Monthly payments
1000 1 weekend/month
1042 monthly payment on bikes 50k/48 months, no interest
1500 home lone
1000 2 vehicle, monthly payment
1500 5 people X $10/day
200 clothes
350 gas
200 Auto Insurance
500 Utilities
500 Misc
____________________________
7792 Net monthly expenses
1.25 taxes
___________________________
9740 Gross monthly pay
12 months
____________________________
116875 1 year gross income
That's much higher than the median household income of 50k. That may not be beyond those folks means, but it certainly is not representative of the norm.
you could write a list just as long for 3 kids in school nowadays.
That isn't a lot of money for someone owning their own business which is succesful.
What did it say the average household income was 60 or 70k?
Post a reply to: John Stossel/ABC 20/20