Debt As A Weapon

cawacko said:
You brought up home ownership earlier ITT. That’s what I responded to.
Click to expand...

Yes. And I still say debt is what the debtor makes of it. I couldn’t have had anything when I was younger (vehicle, boat, house) without going into debt but there was always that “light at the end of the tunnel” that I kept in sight and hoped to reach before I retired. Had a house payment from the time I was 24 until I was 49. That’s with an initial mortgage of 10 years and then an add on that took us from 1300 sq ft to 2200 sq ft. and made significant improvements and modernizations to the house. I never made over $55k as a teacher nor more than an additional $10k as a preacher for a gross pay of $65k in my highest earning years.

Is debt a weapon? Depends on the debtor. Just one guy’s opinion.
 
leaningright said:
cawacko said:
PoliTalker said:
Hello cawacko,

And your discussion in this thread has had what to do with debt as a weapon?
Click to expand...
You brought up home ownership earlier ITT. That’s what I responded to.
Click to expand...
Yes. And I still say debt is what the debtor makes of it. I couldn’t have had anything when I was younger (vehicle, boat, house) without going into debt but there was always that “light at the end of the tunnel” that I kept in sight and hoped to reach before I retired. Had a house payment from the time I was 24 until I was 49. That’s with an initial mortgage of 10 years and then an add on that took us from 1300 sq ft to 2200 sq ft. and made significant improvements and modernizations to the house. I never made over $55k as a teacher nor more than an additional $10k as a preacher for a gross pay of $65k in my highest earning years.

Is debt a weapon? Depends on the debtor. Just one guy’s opinion.
Click to expand...

Agreed on depends. A lot of debt is choice, unless we want to accept that some people are too fucking stupid to be allowed to control their own money...which, oddly enough, fits the Democratic Party.

Americans should be protected from liars, con men and other predators. OTOH, if they want to buy a house they can't afford in the long run because they are speculating (gambling) on the market, that's on them. I do believe it's important that they clearly understand the risks in which they are engaging, but I'd no more stop them than some idiot betting his house on roulette in Vegas.

Back on topic; anything can be weaponized be it debt or a rolled up newspaper. It's also a tool which can be used wisely or not.
 
Hello cawacko,

cawacko said:
Start a business. Own stock. Own investment property (real estate).

This isn’t new. There’s a reason books like Rich Dad/Poor Dad so well, it’s about understanding how to make money work for you, not the other way around.

I’m a real estate guy. I own several properties so I am pro real estate. But owning your home costs money. Unless you renters it’s not producing you income. Yes it can appreciate but that’s not guaranteed.

Edit: The debate over how home ownership and how it should be viewed vis a vis as an investment has long gone on. You’re saying it alternative facts and right wing fake news. That’s just b.s.
Click to expand...

Totally agreed there are numerous ways to build wealth.

NOW!!!

Have you ANY comment on how wealth is used as a weapon?

At ALL???
 
Hello leaningright,

leaningright said:
Yes. And I still say debt is what the debtor makes of it. I couldn’t have had anything when I was younger (vehicle, boat, house) without going into debt but there was always that “light at the end of the tunnel” that I kept in sight and hoped to reach before I retired. Had a house payment from the time I was 24 until I was 49. That’s with an initial mortgage of 10 years and then an add on that took us from 1300 sq ft to 2200 sq ft. and made significant improvements and modernizations to the house. I never made over $55k as a teacher nor more than an additional $10k as a preacher for a gross pay of $65k in my highest earning years.

Is debt a weapon? Depends on the debtor. Just one guy’s opinion.
Click to expand...

Sounds responsible.

But of course, there are plenty of others who do not use debt responsibly and plenty of vulture lenders who are totally willing to let people become over extended.

Buy here pay here car lots love to sell the same car over and over again. Put a tracking device on it. No credit check. Buyer defaults, go collect the car, sell it to somebody else.

I once went to look at a car and began to talk about price and they guy wanted me to fill out a credit app. I said, no thanks I would be paying cash. He refused to even sell the car for a given price. Showed me out. Can ya believe that?
 
Hello Dutch,

Dutch Uncle said:
Agreed on depends. A lot of debt is choice, unless we want to accept that some people are too fucking stupid to be allowed to control their own money...which, oddly enough, fits the Democratic Party.

Americans should be protected from liars, con men and other predators. OTOH, if they want to buy a house they can't afford in the long run because they are speculating (gambling) on the market, that's on them. I do believe it's important that they clearly understand the risks in which they are engaging, but I'd no more stop them than some idiot betting his house on roulette in Vegas.

Back on topic; anything can be weaponized be it debt or a rolled up newspaper. It's also a tool which can be used wisely or not.
Click to expand...

We do need to stop predatory capitalism. The ripple effects cost us all.
 
PoliTalker said:
Hello leaningright,



Sounds responsible.

But of course, there are plenty of others who do not use debt responsibly and plenty of vulture lenders who are totally willing to let people become over extended.

Buy here pay here car lots love to sell the same car over and over again. Put a tracking device on it. No credit check. Buyer defaults, go collect the car, sell it to somebody else.

I once went to look at a car and began to talk about price and they guy wanted me to fill out a credit app. I said, no thanks I would be paying cash. He refused to even sell the car for a given price. Showed me out. Can ya believe that?
Click to expand...

I can. I’ve seen it happen to my dad before. It is ridiculous.

More on the other stuff later. Gotta run.
 
leaningright said:
Yes. And I still say debt is what the debtor makes of it. I couldn’t have had anything when I was younger (vehicle, boat, house) without going into debt but there was always that “light at the end of the tunnel” that I kept in sight and hoped to reach before I retired. Had a house payment from the time I was 24 until I was 49. That’s with an initial mortgage of 10 years and then an add on that took us from 1300 sq ft to 2200 sq ft. and made significant improvements and modernizations to the house. I never made over $55k as a teacher nor more than an additional $10k as a preacher for a gross pay of $65k in my highest earning years.

Is debt a weapon? Depends on the debtor. Just one guy’s opinion.
Click to expand...
I agree with you. I guess I have the Rich Dad/Poor Dad mindset of how to view growing our nest egg/wealth. (And even the term wealth throws me off. I think of the Chris Rock line that Shaq is rich and the white man who writes his check is wealthy. Haha. So in that scenario someone like Concart and his $10m is rich not wealthy.)

My sister-in-law is a great woman. But very poor concept of money. She owns no assets and loves to spend and has thousands and thousands of dollars in credit card debt. It’s unfortunate.

Someone else mentioned earlier, a home is like forced savings. So I don’t see it as growing wealth but I understand the idea that the forced savings is building a nest egg
 
cawacko said:
You can vote however you like, I would never tell you otherwise. What I'm saying is the policies in place speak for themselves. One can't hide behind the rhetoric of a political party because the policies expose that.

I can tell you Republicans are fiscally conservative (because of their rhetoric) but their actions belie that. You're telling me Democrats want to make housing more affordable and increase home ownership but their actions belie that.

In a market economy supply has to be allowed to keep up with demand. When you put barriers on the supply as we do we see the results. All this talk about equity, diversity and inclusion yet we 'rig' the housing market to benefit the largely white and well to do.
Click to expand...



The Democratic Party has always fought for the little guy


The Republican Party has cheated in elections for decades to keep the little guy from being protected


You never learn
 
Lionfish said:
ezgif-1-d336a0cc0e6f-png.833778
Click to expand...

And republicans did that idiot
 
PoliTalker said:
Hello Dutch,

We do need to stop predatory capitalism. The ripple effects cost us all.
Click to expand...

Not a lawyer, but my understanding is the problem is twofold: Defining what is "predatory" and getting enough politicians to go against the lawyers, the banks and the other big business to change the laws.
 
Hello cawacko,

cawacko said:
I agree with you. I guess I have the Rich Dad/Poor Dad mindset of how to view growing our nest egg/wealth. (And even the term wealth throws me off. I think of the Chris Rock line that Shaq is rich and the white man who writes his check is wealthy. Haha. So in that scenario someone like Concart and his $10m is rich not wealthy.)

My sister-in-law is a great woman. But very poor concept of money. She owns no assets and loves to spend and has thousands and thousands of dollars in credit card debt. It’s unfortunate.

Someone else mentioned earlier, a home is like forced savings. So I don’t see it as growing wealth but I understand the idea that the forced savings is building a nest egg
Click to expand...

Home ownership is the way most people are going to build most of their wealth, if they ever manage to. The combination of being not fastidious with a budget and being constantly bombarded with hard sell marketing is too much for most people. They want the trappings of wealth, but they are not really ready to do what it takes to build wealth. Since home ownership does that for them, that is why it is the number one way most people build wealth.

And as soon as they are locked into that mortgage, that is a turning point in their life. Now they have a reason to keep that job, to do whatever it takes to keep that job.

Even if the things they are called upon to do are not the most moral things to do, they will do them. They will do whatever it takes.

Because if they don't, they lose their home and all their wealth.

Debt is like an anchor.

Employers take advantage of this.

The employer didn't force the worker to get into debt.

But the employer is right there to take advantage of the worker's need for a regular paycheck.
 
PoliTalker said:
Hello cawacko,



Home ownership is the way most people are going to build most of their wealth, if they ever manage to. The combination of being not fastidious with a budget and being constantly bombarded with hard sell marketing is too much for most people. They want the trappings of wealth, but they are not really ready to do what it takes to build wealth. Since home ownership does that for them, that is why it is the number one way most people build wealth.

And as soon as they are locked into that mortgage, that is a turning point in their life. Now they have a reason to keep that job, to do whatever it takes to keep that job.

Even if the things they are called upon to do are not the most moral things to do, they will do them. They will do whatever it takes.

Because if they don't, they lose their home and all their wealth.

Debt is like an anchor.

Employers take advantage of this.

The employer didn't force the worker to get into debt.

But the employer is right there to take advantage of the worker's need for a regular paycheck.
Click to expand...

Wow.
 
Hello leaningright,

leaningright said:
Wow.
Click to expand...

Most Americans are not very wealthy. If they do have some wealth, the most likely method they were able to build that wealth is through home ownership.

Have you ever seen this short video explaining actual, and perceived, wealth distribution in America which is now almost 10 years old? Keep in mind that things have become even more extreme since then:


According to the chart, the bottom 80% of America holds only 7% of the wealth.

And things have only become worse since then.

The holders of vast wealth benefit from debt being used as a weapon.
 
PoliTalker said:
Hello cawacko,



Home ownership is the way most people are going to build most of their wealth, if they ever manage to. The combination of being not fastidious with a budget and being constantly bombarded with hard sell marketing is too much for most people. They want the trappings of wealth, but they are not really ready to do what it takes to build wealth. Since home ownership does that for them, that is why it is the number one way most people build wealth.

And as soon as they are locked into that mortgage, that is a turning point in their life. Now they have a reason to keep that job, to do whatever it takes to keep that job.

Even if the things they are called upon to do are not the most moral things to do, they will do them. They will do whatever it takes.

Because if they don't, they lose their home and all their wealth.

Debt is like an anchor.

Employers take advantage of this.

The employer didn't force the worker to get into debt.

But the employer is right there to take advantage of the worker's need for a regular paycheck.
Click to expand...

spot on. these neocons are just neoconning.
 
You must log in or register to reply here.
Back
Top