Darleen,
Not sure but i think we both agree with that "One Ahhaha."
That story we all heard about the person who had too much
bad luck happen to him realized that if he reacted to his
down in luck situation in a manner expected by others as in
to cry and scream and finally jump off a very tall building,
that infact that will happen, so he made himself and others
laugh as he made jokes like done in that dot com pink article.
Most likely as you and many others have pointed out like that
SI poster called ahahah or something, that there are out there
folks in that example that did a double no no and borrowed
on their credit card a loan to ride the dot com Nasdaq as it
was going up, and at present still in it waiting and hoping
for it to go back up so that they can do an exit and hopefully
just get the investment returned and use that to pay off the
credit card of 18 - 28 % loan rates.
Folks tell me that what you have suggested did happen,
does really happen. They max out'ed a credit card in
those past months when the Nasdaq was going up up up
and in the mail receive another offer to transfer that
owes amount to another plastic at a low low rate good
for 3 months. Sure, as in 3 months they thought they
would exit Nasdaq with a nice profit, and along the way
in these months max'ed out again that plastic they zero'ed
out by transferring it to the new one.
Like musical chairs these credit cards game was,
as they hopped that when the good times Nasdaq music stops
that the dancer would be holding their plastic in hand
and be unable to set down the amount owed them onto another
plastic, and thusly they can now after the 3 months low rate
of 2.9% jack it up to 18.9% while you have no more in the mail
offers to transfer. The music stopped.
A person told me that while the rate was 2.9% on a $7,000 balance
that they could only pay the minimum each month, which was ok
since it was not much eventhought this had to be done 5 times
each month with each 5 plastics.
Now the lamb's clothing is off the bank showing a wolf.
These are your average middle class usa people with good jobs
that now have to squeeze every dollar from their paychecks
just to pay those minimums on their many plastics each month.
They are not able to pay off their plastics and see that each
month their balance remains high with little movement lower
while something like 1/2 of the minimum is interest due.
How will this pan out is really you wondering as a question.
Who will pay off these credit card loans when some of these folks
lose their good jobs and either get those low service jobs
or go on unemployment if the economy does do a very slow down.
Like longone Richard says, the banks will get their money back
if the Fed once again jumps in with taxpayer money, some of it
being from those folks now in bad debt through their paying taxes
when times were good. Once again the average tax payer supplies
the money to keep the bankers from losing, and some of these
taxpayers will be those the banks in my opinion con'ed them
into a debt situation the banks knew was guaranteed to be large
enough that the plastic holders could not handle when the music stopped,
which was ok by them just so lots of folks could not transfer their debt
out from their plastic to another.
Interesting that this here post has prevented the post I was
going to do as a reply to the conflict I was having with Hutch.
There were my fingers ready to reply to those posters that all
saw me bash Hutch's post and that lead them to bash me but telling
Hutch that the post of his I bashed was excellent and great
to deliver a bashing to me through a counter to my views.
But your "One Ahhah" distracted me and so it will not happen
which is good but not necessary in my view but good for this
thread as too much GATA and anti-GATA has crowded out the regular
posting of sharing information by these attacks.
So rather than that long post I was going to do to show
how 1/2 of what Hutch posted was incorrect and/or inaccurate
I will make a joke of it as a replacement.
To those who praise Hutch to bash dougak
its the thoughts that counts
not the actual words
as what Hutch said being excellent or not is not important
as but to say it was
like that saying Gary's grandfather would say.
"I hear a lot of tin cans rattling
and as my Grandfather used to say,
the less marbles in the can
the louder it will rattle."
d:o)g |
