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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: JRI who wrote (153291)2/25/2002 4:28:14 PM
From: TheStockFairy  Read Replies (1) of 436258
 
I'm kinda feeling that I'm going to go broke or capitulate and buy before the consumers stop spending. They outnumber me. They don't care about debt levels. They don't care about savings.

Da big ol guberment will bail dem out if tings git bad.

Events before people go broke:

1) Overleverage or buy a house using 50% of last years post tax paycheck
2) Lose job or bonus from last year
3) Take out all the equity in the house
4) Max out all credit cards
5) Get more credit cards, max them out
6) I'm getting $25k loan offers from Sallie Mae in the mail. Personally, if I were going broke, I'd get one of them
7) Tell your banker you can't pay for the house and ask for an extension (have interest keep building
8) Foreclose on house, declare BK

I didn't mention burn through savings, but who has those anyway? I also didn't mention collect unemployment.

What steps did I leave out, or how long would that take?

I'm thinking years and years.
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