the coming depression
I actually wouldnt mind if our economy went belly up and we fell on hard times. I think something needs to happen to get things down to normal levels. I know most of you guys are young but I think this is the most spoiled generation ever. Its the I want it now generation where people just go in debt buying stuff they really dont need to survive. People should have to save and only buy pleasure items when all the bills have been paid, theres plenty of food on the table and basic needs met. Buying stuff behond ones means is what has got our country in the shape it is. It is just idiotic to loan a kid who works at mcdonalds 40 thousand to buy a new car and now its catching up with us. Same goes for video games. I know I piss some off but I seriously think spending a thousand dollars or more on a video game is a prime example of being spoiled. Yeah there are a few that have the income to buy them but anyone who uses credit is just like the kid who got the 40 thousand dollar loan for a car. Same goes for homes, boats, motorcycles etc. As a country we need to get back to working hard for things and bring the cost of stuff way down to where its affordable to all.
Comments
Young people aren't the ones getting into all of this debt. Most of them don't have enough credit history to get
that kind of leverage. It all falls on the older Gen-X'ers and younger Baby boomers that have spent their whole
lives trying to keep up with the Joneses.
That kid borrowing money to buy a car isn't the problem, because you aren't going to create a price bubble in car sales.
It's the adult borrowing $700k to buy a house that should only be worth $450k that becomes a problem. When millions of people
do that...you're talking about a major crisis when it all unwinds.
I would never spend 40k on a car, and I would never spend thousands on a game either, so don't think I'm one of those "spoiled kids".
Look to your own generation to see how this problem started.
I have spent quite a bit for a couple of my games in particular, but can assure you that I saved every penny first. That is after my bills were paid. I believe I deserve a little reward for taking everybody's shit daily.
I think your phrase pretty much sums up everything
It all falls on the older Gen-X'ers and younger Baby boomers that have spent their whole
lives trying to keep up with the Joneses.
I dont know of many 50 plus year olds that are in much debt. But your right their children were spoilded by them starting this whole mess. I know in my house when I was growing up I had to save my money to buy a bike or anything else save something small for Christmas.
I look around the schools and see kids as yound a six years old carrying around blackberrys, laptops, ipods, etc. Some said once about college. You used to go to college to get a education so you could get a good job so you could afford to buy things like a tv, car, etc. now the kids show up to college having all these things already
The odds of you being able to keep 2 in that situation are slim to none, since the available pool of applicants will be quite large.
It's really cutting off your nose to spite your face if you actually want things to melt down. I pity anyone dumb enough to think that will be good in any way shape or form.
I work 2 jobs for what I have and I am sick of all the free rides that get handed out. We run to the rescue to any other country or organization that needs it, but when the day comes and the honest hard working people are in need, we are left in the cold. I sometimes envy the ones that have no problem letting others pick up the tab...
^ the military sends paychecks home to millions of families of our
soldiers abroad. It spends billions with American companies to develop
new technology. Going over to help other countries and playing
globo-cop is actually a motivating force to keep the armed forces busy
and forever striving to improve tech and training. The amount we spend
into it that goes strictly to foreign countries is far less than what
the American people net from the deal.
Also arguments have
been made that artifically supporting unproductive citizens through
welfare and other handout programs is socialist, and a waste of
taxpayer money. But that's literally 'helping our own.'
but anyone who uses credit is just like the kid who got the 40 thousand dollar loan for a car. Same goes for homes, boats, motorcycles etc.
I hear ya, and I really don't understand why people use 'credit' to buy things that they want/need. I mean, I use my credit card all the time, but I buy things that I know I have the money for (not money coming in, but money that I have at the moment). I've never payed interest on anything in my life. Some people just have a different mentality, though. I have a neighbor, who is my age (22), and she buys EVERYTHING with credit... and with the intentions of paying it "down the line." She's always getting into those things where you buy a $2,000 TV, but don't pay a thing until 2010.
Only thing I plan on buying with "credit" is a house. I don't think there is any way (unless you're rich as hell) that you can buy you're first house out-right. I plan on putting a hefty down payment (like 100K) on my first house to minimize that interest.
All this being said, my country is different than your country, and I don't think we're in quite the economic crisis that you guys are in. I read about the US stuff every day, and it seems really bad. My mom lives in Florida, and the housing market there is just awful.
I hope you guys understand that if the shit hits the fan, lots of ordinary people are going to lose their jobs.
The odds of you being able to keep 2 in that situation are slim to none, since the available pool of applicants will be quite large.
It's really cutting off your nose to spite your face if you actually want things to melt down. I pity anyone dumb enough to think that will be good in any way shape or form.
I know times will get hard and a lot of people will be out of work but something has to happen to get things back in line. Just like the salarys paid to football, basketball, baseball players, actors, etc. Its totally insane. People dont relize the cost falls back on us.
Joe says I wont 5 million, owners wants Joe, owners agrees, Owners goes to leauge and says I want 5 miilon to show my teams games, leauge wants to show games, goes to tv says i need 5 million to show game, tv goes to companies i need 1 million for a commerical spot. company raises price of coke to pay for the commerical so we end up paying Joes salary. In a normal economy Joe would never be paid millons of dollars to play a game because people just wouldnt buy the coke because they would be more worried about surviving.
Will - this thing is worldwide. the reason the dollar has gotten stronger in the last few days isn't because we're doing better...it's because relatively speaking everybody else is doing worse. Europe and Britain have some major bank failures on their hands, and are dealing with very similar real estate problems.
Edit to add:
Wldstrmn - athletes get paid to be entertainers. their ridiculously lavish lives don't cost you a thing if you don't buy the tickets to their events. Maybe they set a high bar that makes other people get stupid, but in reality those guys and movie stars have absolutely no impact on the financial stability of the world.
And Coke is going to spend the same millions for adverts whether it's on the sports show or billboards or whatever. They raise their prices when the components of their products get more expensive, and when transporting their product gets more expensive. The cost of athletes doesn't get passed to consumers anywhere but ticket prices.
I don't have a problem with the military spending (hello internet!) as much as the social programs. Of course being in entertainment I don't want to see the economy collapse too much!
Also arguments have been made that artifically supporting unproductive citizens through welfare and other handout programs is socialist, and a waste of taxpayer money. But that's literally 'helping our own.'
I agree with this totally. I am not saying we should support these people and it is definitely a waste of money. These unproductive people are the problem and it is socialism when these people depend on the gov't to survive. I didn't literally mean to say "please help us government". I was just saying that it is hard to be honest when you see such blatant abuse and the people aren't heard. I know this scenario is a complete mess and I am not claiming to have an answer. I am just in agreement that people need to stop mooching and take control and assume responsibility of their own destinies. There is a serious lack of accountability these days.
Will - this thing is worldwide. the reason the dollar has gotten stronger in the last few days isn't because we're doing better...it's because relatively speaking everybody else is doing worse. Europe and Britain have some major bank failures on their hands, and are dealing with very similar real estate problems.
Edit to add:
Wldstrmn - athletes get paid to be entertainers. their ridiculously lavish lives don't cost you a thing if you don't buy the tickets to their events. Maybe they set a high bar that makes other people get stupid, but in reality those guys and movie stars have absolutely no impact on the financial stability of the world.
And Coke is going to spend the same millions for adverts whether it's on the sports show or billboards or whatever. They raise their prices when the components of their products get more expensive, and when transporting their product gets more expensive. The cost of athletes doesn't get passed to consumers anywhere but ticket prices.
actually thats not ture a billboard costs a few hundred per month and a comerical during regular tv is not even 2 percent of what one cost during a sporting event
Only thing I plan on buying with "credit" is a house. I don't think there is any way (unless you're rich as hell) that you can buy you're first house out-right. I plan on putting a hefty down payment (like 100K) on my first house to minimize that interest.
Wow. My house cost 100k. Total.
Only thing I plan on buying with "credit" is a house. I don't think there is any way (unless you're rich as hell) that you can buy you're first house out-right. I plan on putting a hefty down payment (like 100K) on my first house to minimize that interest.
If you can, put at least 20% down to rid yourself of PMI.
From my understanding, when all this economy stuff starts to trickle down, it is going to get really, really bad for everyone, regardless if they get a deal worked out in the next few days.
I actually wouldnt mind if our economy went belly up and we fell on hard times. I think something needs to happen to get things down to normal levels. I know most of you guys are young but I think this is the most spoiled generation ever. Its the I want it now generation where people just go in debt buying stuff they really dont need to survive. People should have to save and only buy pleasure items when all the bills have been paid, theres plenty of food on the table and basic needs met. Buying stuff behond ones means is what has got our country in the shape it is. It is just idiotic to loan a kid who works at mcdonalds 40 thousand to buy a new car and now its catching up with us. Same goes for video games. I know I piss some off but I seriously think spending a thousand dollars or more on a video game is a prime example of being spoiled. Yeah there are a few that have the income to buy them but anyone who uses credit is just like the kid who got the 40 thousand dollar loan for a car. Same goes for homes, boats, motorcycles etc. As a country we need to get back to working hard for things and bring the cost of stuff way down to where its affordable to all.
yeah funny your talking about young people there?!? umm im 18 and all my friends and such are not buying houses right now, and from what I understand its from all the loans your generation was taking out for houses that they could not affored.
And you going to say banks a loaning money for kids at McDonalds to buy a car?!? WTF are you talking about my friend recently could not get a loan for SCHOOL FOR ONLY $1500. He has a decent job and decent credit.
So now it pisses me right the fuck off that your trying to say its our generation that is so spolied? no we are not. I was never spoiled almost none of my friends were spoiled. Maybe the parents are the problem giving there kids all this money and stuff. There is no way a kid that works at McDonalds is getting a loan for a new car or a house. OH MAYBE A KID THAT HAS A DECENT JOB AND THE PARENT SIGNS FOR THE LOAN FOR THE NEW CAR, but then who's fault is it the kids or the parent who knows his child can not affored this item.
ITS YOUR GENERATION BUYING 700k+ houses they can't affored. Did you hear little Bush explaining about these forclosers etc...?
both I and my girlfriend have Credit Cards and we never overspend and rarely use it. ITS ALSO HARD TO GET A CREDIT CARD. And if you screw up for even a few months your screwed and you can't get a loan on anything. so wtf? are you talking about?
McDonalds kid has great credit pays off all his bills maybe gets a 1000$ loan IF HE IS LUCKY for a USED CAR!
now go vote for Obama and stop crying and blaming the PROBLEMS YOUR GENERATION MADE on the generation that is here to save you, feed you and keep you alive by solving the most important Global, Economic, and Medical problems of all time. and thats coming from a Med Student. Thanks.
Other guys - I'm with you absolutely despising wellfare fraud and abuse. They should require some menial work to be done by everyone on welfare, to waste people's time just enough to disincentivise abusing the system.
Edit: was a double post, but added stuff to correct PhilCee.
PhilCee- It's a damn shame that you're old enough to vote this year. Adding more government and more welfare a la obama is exactly what we DON"T need right now. Neither candidate will improve the current situation, but there is one that will probably do less damage since he intends to reduce the size of the government and cut pork, the way republicans used to, back when they were actually conservatives.
Its clear as day if you do the research that Obama is the best choice when it comes to what matters most in the America. Health Care, Schooling and the Economy.
This right here is why people need to vote. I tell all my friends if they understood what was at stake with this so many more young American
Dude Obama won
School - Obama wants a couple extra hundred million for charter schools (removes from public schools). Other than that there is nothing concrete to improve education in any way.
Medical - Obama wants to spend 50-60 billion on a national health care system, along with adding even more levels of administrative overhead. Think of the DMV being in charge of your health
Economy - "banks got us into this mess not the government", so why can Obama magically fix it better than someone else? Especially while creating new expensive programs like health care? Check out his economy website, so many tax cuts and funding increases with no plan for where the money comes from.
lol, that's a significant portion of the US population to be pissed at...
You brought up school thats another good example of why we need a good depression. When I graduated in 90 tution was 300 a semester now the same school its 4000 a semester. If wages were equal to the inflation since 1977 minium wage would be 28 dollars a hour. There is no politican that is going to fix whats wrong in this country. Actuall they all need voted out of office.
yeah but everything is up in price, its supply and demand for some items, I think your looking to into it. And having them "ALL" voted out of office is a little strange?!
and bunnyboy I love when people say "im not voting for anybody cause there both dumb" yeah so your not taking any steps to do anything for the country in one of its biggest factors.
you obviously have no idea what your talking about. anybody who does not vote at all..well umm? I don't even know what to say to that.