Peter Schiff mocks the idiots on Kudlow & Co.

Schiff was right on housing. He was right on gold. He was right on foreign stocks. And now he's right on the run-away inflation that's taking over the world.

George Carlin on houses and "stuff"

I always loved this routine. Probably had an impact on my life. Thanks HP'ers for reminding me. F*cking classic.

HP'er comment of the year - "I think there is more to life than having more and better "stuff" than other people"

I couldn't have said it better myself...

This whole thing is just really sad to me.

Some of the people here have legitimate things to say, otehrs are just insulting one another and bragging about their "success". What is our definition of success? Does it just have to do with the bottom line?

Yes, money is important, but what about family, friends, travel, having time to enjoy life? I know I sound totally corny to many of you, but I think there is more to life than having more and better "stuff" than other people.

Why are we so concerned with not just keeping up with the Jonses but showing them up? It's just STUFF - who cares?

We lost our home in a fire less than a year ago, and let me tell you, it really doesn't matter. It really is just stuff. We got ourselves and the kids and even our pets out and that's all that matters.

I just think that we've been brainwashed into thinking that all of these material possessions are so important, and they're really not. If we could learn that what we already have is just fine, that we don't need to constantly upgrade to something "better" - TV, house, car, spouse - we'd probably be a lot happier.

If we can get over this need for THINGS to define us and provide status, maybe we can be a lot more free to spend time with people we care about and enjoy life. It will be over one day and you can't take your stuff with you.

-Anon HP'er, May 22, 2008

Charge it. Charge it. Charge it. Oh, crap.

HousingPANIC Stupid Question of the Day

Do you feel you over-consume?

Do you think the United States over-consumes?

Debt is not wealth. There. Got it. Any questions?

I know fakes that have invaded Scottsdale, Vegas, Miami, LA and other poser towns are confused by the above statement, but this little cleansing underway should help them come to understand.

Houses "bought" with toxic loans. Cars leased and not owned. Spending fueled by credit cards and not income. It was all fake. Just like the people.

And now it's getting real.

This should get more and more interesting as it all unwinds, right here for everyone to see. Let's hope people learn a valuable life lesson out of this mess.

And then the debt addicts couldn't pay for their next fix

What the hell happened in America these past few years?

Was it HGTV and MTV Cribs?

Was it rap music switching from ghetto to bling bling materialism?

Was it the general decay of morals and personal responsibility?

Was it the ads?

Whatever it is, it's disgusting, it's unsustainable, and now the whole house of cards collapses. The real interesting thing will be finding out who in the end actually holds the bag (hint - it ain't the junkies)

Unpaid credit cards bedevil Americans

Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.

An Associated Press analysis of financial data from the country's largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears.

Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy.

Get ready shoppers for the Great Homedebtor Firesale of 2007 - 20??

It'll all be on sale. All of it.

Got cash?

New movie and book on credit-addicted Americans - Maxed Out by James Scurlock

Some smart people are starting to write books and make movies about everything we've been talking about here at HP.

The American economy isn't fine folks. People aren't doing well. All that wealth you see is just a mirage. And out of control consumerism is not a good thing.

It was all bankrolled by debt, massive, out of control debt. And now the bill is coming due.

Here's a book (and movie) on this out of control debt and addiction to credit cards - I encourage all of you to go see it, or read the book.

Deep in Debt, Deeper in Denial

"Maxed Out," a documentary that opens nationwide next week, examines the dark side of America's love affair with debt.

"Maxed Out" is directed by filmmaker James Scurlock, a Wharton business school dropout and entrepreneur. Scurlock also wrote a book based on the film, which is due out next week from Scribner, a division of Simon & Schuster.

Scurlock says he started out hoping to do a lighthearted riff on consumer irresponsibility, but was shocked by what he found: College students and housewives committing suicide over their credit card debt, and the nation's biggest banks involved in predatory lending schemes.

"I wanted to know why people are living so close to the edge," says Scurlock. "A lot of people just haven't been able to keep pace with expenses like health care, education, and housing.

"It's not in anyone's interest to have a financial industry that behaves like a used-car dealership," says Scurlock. "I think it's conservative to expect that credit will be regulated in this country. People need to have to have strong financial industry that's trusted -- and to the extent that that erodes, that's very bad for the country and the economy."

Why, I asked Scurlock, don't people understand this? Why do so many consumers buy things on credit and then pay double for them over time? Why do they sacrifice what they want most in life for what they want this very second?

It's pretty simple, Scurlock says: "I think there's a lot of denial. Most people can't do the math. There is very little, if any, focus on the balance sheet side of the equation."

Faster homedebtors! Faster!

Spend more.

Try to make more.

Take out more debt.

Save less.

Spend more.

Buy a bigger house.

Spend more.

Try to make more.

Take out more debt.

Drive farther.

Work more.

Spend more.

Die.