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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (14583)	6/20/2002 10:51:48 AM
From: Roebear	Read Replies (2) \| Respond to of 36161

isopatch, just a FYI CNBC hyping HOFF as this is written! Roebear

To: isopatch who wrote (14583)	6/20/2002 12:11:31 PM
From: waverider	Respond to of 36161

Very well said. Iso, I think this economic correction in both stocks and personal wealth has been a long time coming. It will take a shock, unfortuntately, to make a significant change in how many live their lives... -from piling rooms full of toys for our kids (with the bi-yearly purge to Goodwill) to showing our children the value of creativity... -from going shopping as a form of therapy to shopping for what one needs... -from having 4 to 6 full trash cans every week sitting on the curbside filled with spent containers (and credit card offereings) to a more balanced level of consumption... -from dreaming of buying the next niffty cell phone with features we don't need to talking with the person next to you for REALS! Apologies for the rant, but I sincerely feel the debt ridden/over consumption mentality that has developed over the years is just one more pathological condition of the greed cycle that needs immediate treatment for the good of all. Unfortunately, the treatment will become available for most only after and very long detox. wr

To: isopatch who wrote (14583)	6/20/2002 1:14:25 PM
From: inchingup	Read Replies (3) \| Respond to of 36161

Iso: You are so right. All around me I have people who are 50-60 years old and refinancing their homes for the umpteenth time to buy a new motorhome, boat, remodel, new cars, and other goodies to "keep up with the Jones's". I can't imagine how any one of them sleeps at night knowing that they will still be making house payments when they are 70 plus years of age. Many of them have no pensions or insurance or even a couple of K in the bank for a rainy day. Most live day to day and think that they are happy because all their friends are in the same boat. (The one that is sinking) They are relying on our Federal Government to come through for them in their old age. Yet, when I look at what their children are accomplishing to help support us in the future I begin to cringe. My bet is that most of us on this board probably pay more in taxes in a bad year trading than they will earn in year or two. Even the ones who are doing better than average are throwing it away. Around my area the average home sells for about 135K, yet these people who have little or no job security are buying homes for $250K with annual family incomes of $70-75K with both partners working. Maybe that's where the term "like father, like son" came from. Some 12 years ago I was stricken with a form of cancer that immobilized me completely for 2 years. During my entire working lifetime I never collected one cent of SS or any other aid. When I applied for SS after 6 months disability I was virtually laughed at as they said I still had some cash in the bank and I was not totally disabled because I could get around using a walker. By the time I was able to work again the savings account was depleted and I was into some of my credit cards for a low 5 figure total. Yet, others who have no disability other than not wanting or caring to work, or people from other countries that move into ours can collect money from the Federal Government virtually at will. The banks in our city were told to give loans to a certain ethnic group and they were guaranteed by the Federal Government as these people were placed in our city. These loans were low interest and virtually down payment free. Yet, when I went into the same bank with a 75% down payment for a home I was denied even though I had a perfect credit record. They would not even consider a strong co-signer on my mortgage as they said they knew the house was mine. I finally put the deal together another way but felt that I was the one who was a "minority" though the taxes I had paid for 30 years or so were used to support my neighbors with free government handouts. After recovering I wanted to start a new business. My bank who was required to loan to the other minority to start their business's was unable to give me a loan against my mortgage free home as I had "no income". Go figure. Eventually I financed the whole business on a raft of credit cards. Once my business was successful and the initial indbtedness on the credit cards paid off my bank kissed my ass. They were then willing to lend me uncollateralized money on my signature alone. Go figure again. Those of us who have actually worked physically to build this country rather than taking money in illegitimate ways like many of the CEO's and politicians are the ones who are getting screwed in the end. To this day I still operate my business for the sole purpose of having not to pay higher taxes on any capital gains made from trading if it was my full-time profession. This is about the only way I can lower my annual contributions to the IRS. It really stinks.