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All smartbuydisc.rus > World News Nonsense > Budget Battles: Tax Spending Myths Realities > Budget Battles: Tax & Spending Myths & Realities (page 22)
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Posted - Feb 16 2019 : 2:21AM
^
The size of one's auto loan is a personal choice. Over the last 10 years, people are choosing to take on greater auto debt.
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There are some in society that fall into debt problems through no fault of their own. They get my full sympathy. The overwhelming majority arrive there by way of unnecessary spending. The fact that someone will give you a loan for a new Lincoln Navigator doesn't mean you should sign off on it. I looked through the link accompanying the post and saw info that was interesting, but that's not the heart of the matter.

Senior Member

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Posted - Feb 16 2019 : 2:55AM
^ I've never understood the mindset of borrowing a huge sum of money to buy a fancy new vehicle and then saying to the world: "Look how rich I am! Look how rich I am!"

How is that different to borrowing 100k, just putting in your bank account, then showing it to everyone saying: "Look how rich I am!"?


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Posted - Feb 16 2019 : 4:37AM
^^
The larger point which may have been overlooked is that in a time when unemployment is low and economic indicators seem relatively strong, its unusual that wed see this many defaults. The last time this happened, the country was in a deep recession, so to see those levels happening now is a pretty bad sign. When the next recession hits, it will hit hard...
 
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Posted - Feb 16 2019 : 8:10AM
That is what I -- and the analysts in that article -- find strange. Obviously everybody doesn't have a job, but largely, in this relatively good economic environment (of say, four years now) this simply shouldn't be happening in these numbers.
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Posted - Feb 16 2019 : 10:56AM
^^
SS, in the US, our relationships with cars are, honestly, sort of crazy. Because, yes, there are those who borrow tens of thousands for a status symbol that depreciates in value the moment you drive it off the lot. People in certain positions -- lawyers, executives, pro athletes -- feel an innate pressure to be driving the latest Benz, or a sports car. And so, to them, it's worth it to get a loan for it.

[url=511533]
The US is kind of mired in debt in general. According to one source, 41% of households have $5700 in credit card debt. [/url]


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Posted - Feb 17 2019 : 6:20AM
^ It's not just the US; it's everywhere. (Though like most things, it probably started in America and was then exported to the world.)

An exposer of property investment scammers said that pre-80s if you had a luxury car, it was a sign that you'd made it. (I assume because banks wouldn't loan you 100k for something that will halve in value in several years.) He proposed that anyone today with a luxury new car should have to have a sign on a roof rack saying how much they owe on that car.

I suppose it's that thing of what a man (or woman) drives is a comment on them. In the past it was a symbol of your success, but today whether you actually own it or not doesn't really matter.

With your example's, I understand having a luxury car in some professions is basically a requirement. But then the loan/lease costs are seen as an expense. And as per above, scam artists are famous for leasing luxury vehicles (and homes) and stating it was their business success that enables them to own these things. (And if you do as they say, so will you.)

But there are people who take out a huge loan to buy a luxury vehicle, and then actually believe they have made it. To me, that is delusional. It is now basically a status symbol to brag about how much a bank will loan you to purchase a vehicle (and home.)

Edited by - Simple Simon on 2/17/2019 7:33:47 AM


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Posted - Feb 17 2019 : 7:44AM
In an analysis of the sub-prime mortgage crisis, an American financial commentator said "They knew they couldn't afford these homes. They didn't care".

Someone who took out a 500k loan and bought such a home said they knew they would have sell it, but it had increased in value to 700k. So they figured by the time they sold it it would be worth 1M, so they borrowed another 500k.


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Posted - Feb 19 2019 : 3:36PM
This is from a little over a year ago. Here's where we are now:
I have always felt that one of the biggest "hidden" problem in our society are people who don't know much about a subject, but act as if they do. There wasn't a single reliable economist, not a SINGLE one, who thought the tax cuts would reduce the deficit, but someone who fancies himself a tax expert said there were, and tax cuts would pay for itself and reduce the deficit.

This "prediction" by tripper was ridiculous. Anyone who knew even a little about economics and tax policy knew that this wouldn't work. Top economists were screaming that the TCJA would be damaging to our country, and it has been. This was a fucking con job that was thrust upon us by the super-wealthy and cheered on by ignorant rubes who should have just shut up about shit they don't understand.

Edited by - Macko69 on 2/19/2019 3:37:49 PM

 
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Posted - Feb 23 2019 : 7:43AM

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Posted - Mar 1 2019 : 7:45PM
[url=512231]Hey kids, debt ceiling's due to be raised tomorrow!
[/url]
Ya'll remember the debt ceiling right? Thing that the GOP always gives huge amounts of grief to the president about?


Well, Democratic presidents, anyway....


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Posted - Mar 5 2019 : 4:05AM
Even though anyone who did the latter and actually believed it would be seen as delusional, from a financial savvy perspective it would actually make more sense. After several years, that 100k in the bank is still going to be worth 100k. But after several years a 100k vehicle is only worth half that - and you don't even have a new vehicle anymore.

(From a financial commentator who tells anyone with a car loan to sell it, pay out the loan, and get a three thousand dollars Corolla.

"As with all financing there is a cost, and it comes out of your pocket. Many times its the people with the best cars who are the least able to afford them.

Driving a flash car may impress people and increase your self-esteem, but it can keep you from building up assets that increase in value over time.

Sales figures show that most people are mesmerized by the hypnotic spin that success comes with all-wheel alloys and leather interior."

())

 
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Posted - Mar 15 2019 : 12:18AM
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Posted - Mar 19 2019 : 10:56PM
Actually, Trump promised 4%. So it will fall WAY short of what they predicted.
Yeah, thank god Democrats have a majority in the House.
 
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Posted - May 23 2019 : 8:11AM
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Posted - Jul 4 2019 : 10:25AM

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Posted - Jul 26 2019 : 5:30PM





He was increasing the deficit in a time of relative economic prosperity. So here's where we are:




Trump's economic policies are attempting to juice the economy now at the expense of the future. And they are failing to juice the economy now, which nearly every capable economist warned about. A lot of people warned it wouldn't work, and there was plenty of precedent that showed it not working in the past.

Despite this, there were two groups of people who supported this madness: people who were smart enough to know better but had something to gain from Trump's economic/tax policies, and idiots who supported it because they thought Trump was a business genius. And those who are in the latter group probably still feel the same way, because they are incapable of accepting the fact that the con-man, 6 time bankruptcy-declaring numbskull was never a "business genius". In many ways, he is the business anti-genius - he finds ways to turn a potentially great business into worthless husks.


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Posted - Aug 6 2019 : 12:18AM
While a yield curve inversion is not a guarantee of a coming recession (there have been a few times in the past that an inversion was not followed by a recession), it's certainly something to watch.

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Posted - Aug 13 2019 : 4:19PM

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