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Here is another article about this subject. Note they actually have somewhat more upbeat attitude.
http://news.yahoo.com/s/nm/20070316/bs_n...prime_dc_7
The Kona Forum
http://www.konaforum.com
"Only two things are infinite, the universe and human stupidity, and I'm not sure about the former". --Albert Einstein
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Jared, I personally think you are a fear monger.I can remember when there was 10%
unemployment here on the Big Island- it wasn't a pretty picture.
I mention that statistic because the Big Island's economy is overly dependent on
construction and real estate. If the
real estate market really tanks...watch out
Big Island economy.
Also any economic collapse will effect everyone regardless if they are fiscally conservative or not.
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Thanks, Aaron I value your opinion. I have written it down and stuck a line through it. I would hate to see the threats you wrote to Rather, Jennings and Brokaw; is that why they got out of the news business?
Dont be such a Polly Anna. Maybe the island shouldnt be overly dependant on RE, maybe we should go back to sugar or sandalwood. Live by the RE, die by the RE.
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Jennings got out of the news business by dying, Brokaw is still doing specials and occasional reports, and Rather is in well-deserved obscurity. Aaron had nothing to do with it.
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Jared, well you are the one predicting an economic collapse of immense proportions.
In other words two can tango. I'm simply expressing the fact that any economic collapse will have profound impacts on everyone-including YOU.
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Here's an article filled with information about subprime lending. Excellent.
http://www.motherjones.com/news/feature/...spect.html
april
april
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Chunkster, it was a bit of sarcasm alluded to earlier. (Note to self: check your sarcasm for flaws) But are you really sure? Maybe Aaron knocked off Jennings and forced Brokaw to only do puff pieces. Rather, well I hear tell Aaron just might have him locked in his basement....
Aaron, a financial meltdown will affect many but it doesnt have to affect people or have less of and impact if they prepare and have made sound financial decisions.
Actually one can tango alone, its done as practice, it just looks funny and draws stares. And you are right I can Tango, my mother had forseen this ballroom dancing craze and made all her children learn ball room dancing as one of her social arts programs. If I remember right lessons were during 8-9 grades. I will have to say I did like the dancing more than the piano but less than the art classes. But now it is the piano playing that impresses people at parties.
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I sympathize with the people who find themselves in the potential position of losing their homes, but, and I know this sounds terrible, it's hard to get overly distraught for them. They were willing to roll the dice, even those who claim to have been lied to absolutely had to know the rate was adjustable. Hello, interest rates at near all-time lows, which direction do you think it might go? And, if you're buying at the top of your ability to pay, what do you think is going to happen?
I can't be the only one who sees a pattern here. I'm acquainted with several people who went for this legal scam. They're not who I would trust with my money because they can be counted on to make terrible financial decisions. Whether it be lack of life experiences or the dogged aversion to the words "I can't afford it", I don't know. People can be their own worst enemies.
Anyone who has ever sold anything has seen it. Potential buyers show up with every disillusional thought process imaginable. A young guy showed up to look at a truck I had for sale. Didn't have a job but was "getting a paper route", and would I carry a contract? Hell no. He ended up borrowing from family, and proceeded to wreck the truck, twice. Imagine getting it back when he stopped making payments.
I blame the parents and the school systems. Ask the next young high school graduate you come across to explain compound interest. Bet you get the deer-in-the-headlights look four for five. Although the youngster will be able to explain to you that he/she doesn't know in a second language.
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Here's another good article, though not as incredibly informative to the uninitiated as the one I posted earlier.
http://www.commondreams.org/views07/0315-30.htm
Brad, et al,
I understand why you would have no sympathy for the 'flipper' or crook, but why would you not sympathize with the uninformed, naive or just plain stupid?
As for parents and schools being to blame--you are absolutely right about that. Why is the subject of money verboten? My parents didn't teach me squat, except to save and have a job. But then they weren't geniuses in the finance arena themselves. They did o.k.--maybe came from a simpler place and time.
april
april
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Aloha April,
I do sympathize with everyone on your list, just not to the point of heartbreak. I have friends, and, in fact, a family member, who have lived above their means for many years. These ARMs are just the latest enabler. I read now that people who have been forclosed upon for non-payment are lining up to file lawsuits against the lenders. I think there is little room for debate - these airheads are going to trash (albeit temporarily) our economy, and stack the RE market high with vacant houses. I'd like to extend a big mahalo for their fiscal responsibility.
