May 12, 2007

Livin' Large and Going Bankrupt (Yum! Ramen!)

19 comments:

uknowwhoiyam said...

I *love* that video!

Keith, where's the "Suzanne researched this!" video?

eternitus said...

An instant classic!

SeattleMoose said...

Look at the bright side....maybe the porker wife will lose some weight.

Excellent summary of FB's plight.

wine country dude said...

The Michael Bolton sound-a-like is hysterical. Thanks for this gem

bankholiday said...

There is some weird stuff going on with M3:

http://tinyurl.com/m7bs7

After rising at a 12% annual rate, now it's falling like a rock. The credit crunch has started for real. Move quietly to the exits...

Mort said...

Some day soon they'll drive by that place, point, and say: "We used to live there." Whoever is with them will say: "Yeah, riiight!"

Anonymous said...

It's funny because it's true. I've seen news stories on people just like that. DINKs buy a huge McMansion, then the ARM resets and they end out on their asses. If only people would buy homes they can afford, this whole mess would have never happened.

Anonymous said...

I agree with eternitus...instant classic.

I wonder if their ramen off of their granite countertops will taste as good as the steak off my formica?

Mark in San Diego said...

Granite counter tops are SO 2003. . .everyone now is going stainless steel or frosted glass. . .guess all those condos and houses will have to be remodeled. . .guess I will call my landord and tell them to get me a new kitchen. . . these 2004 countertops are getting stale. . .they are scared the hell that I will leave, and then they will have to rent it again at a lower price.

Adam said...

Here's one you guys will enjoy: this is a local commercial running on T.V. right now (yes, in May 2007) for a local loan officer:

http://tinyurl.com/259suz

The message of the commercial is that this couple's consumer debt is "nobody's fault".

Say WHAT? She bought clothes and ate out every night, he bought a car she knew they "couldn't afford", and now the loan officer is letting them off the hook, telling them what they want to hear ("it's nobody's fault")?

Ironic, as mortgage brokers are saying, "hey, it's not OUR fault that consumers are financial idiots. We had NOTHING to do with the problem. What happened to borrowers taking responsibility for THEIR behavior?".

Perhaps consumers acted like idiots, when there was always some idiot (supposed "professional") reassuring them there's an easy fix? This has been the message coming from brokers and real estate agents for years: spend well above your comfort level, and the run-up in equity will bail you out.

If that "it's nobody's fault" statement isn't mind-numbing, in-and-of itself, it is surpassed by the loan officer's claim that "more than 50% of people have debt in collections". HUH? Where did THAT stat come from? It sounds completely outlandish to me.... She's trying to say "everyone is doing it"....

So according to this commercial, the answer is NOT to change one's spending habits, or live within one's means ("everyone else is in debt"), but to re-fi into a fixed loan (what, a 50-year fixed)? I sure hope that couple hasn't extracted to the maximum of their HELOC, or gotten upside-down in the loan with flagging valuations.

Anonymous said...

Granite is SO 2005...

loser said...

MUAHHHHHHHHHHHHHHHHHHHHHH, SWEET!

pistonbroke said...

"The message of the commercial is that this couple's consumer debt is "nobody's fault"."

Oh don't worry, Unca Sam will fix all the boo-boos. Some Democrat asswipe has introduced a bill in Congress that would keep the IRS from hitting homeowners with a tax bill when they have debts forgiven in a short sale, or just walk away from their mortgages. The rationale is "Don't kick homeowners when they're down", as if contracts and laws don't mean anything.

That's right, they really don't mean anything, for Democrats. Just look what happened to Jim Webb's aide who brought a loaded pistol into the Senate -- all of the federal felony charges were dropped. Double standards for losers, how's that for an '08 campaign plank?

bickerer said...

>Pinch me I'm dreaming.

Damn not that hard!

Anonymous said...

Better than this just that video from SNL called "My Dic* In a Box".

Anonymous said...

I love to hear those losers that call the Suze Orman show. Last night there was a genius who earned $100k per year, no savings, and $22k in CC debt. She called Suze to ask how she could change her financial habits. Man, how a loser like that makes $100k is beyond me.

Anonymous said...

Funny how that guy who wons the Trademark flipping company and changed totally his business. Even the show from A&E channel changed the name from "Flip That House" to "Real Deal". They don't show many flips anymore, he just tries to make a buck here and there with renovations, middlemen in some deals, etc. Things must be bad for that crowd. His projects are as pathetic as his assistant trying to play the roll with that leased Mercedes.

Anonymous said...

you've got to getcha 'self some mawwww-bal columns

Anonymous said...

Real Estate is a depreciating asset that generally tracks the inflation rate. The house itself is the asset that reflects gradually rising construction costs or replacement costs while the land appreciates at a somewhat faster rate depending on location. Once you factor in upkeep costs, repairs,property taxes and net out implied rent, you are basically breaking even with the tax deduction. So tell me again why prices ever escalated to bubble levels in the first place?