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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: epicure who wrote (23651)	8/7/1998 11:10:00 PM
From: James F. Hopkins	Read Replies (2) \| Respond to of 94695

X; <OT> I don't agree with that, if they were so tired of the dead- beats , they would not be doing mass mailings, there is not a week goes by that I don't get a whole batch of "you are already approved" mailings. Heck was in the news last week that they even issued a credit card to a guys dog. As frugal as I have been it didn't take with my kids, they are credit card freaks, why beats me ? Not only that they all drive newer cars than I do, and get a new one as fast as they pay the old one off, sometimes before paying it off. I have owned one new car in my life, and after that I swore I never would buy another new one. Also at the time because I never had used credit I decided to "build my credit" so I financed the sucker..( I could have easily paid cash )..man never again will I finance anything, except maybe a business, but then in a limited way. I bought my own Tug Boat, back in 80, well I gave the owner half the money up front, and a note for the other half in one balloon payment in 12 months. I had a contract and felt that in 12 months I would get my 1/2 back easy enough, and then if it still looked good I'd pay it off. That went off fine and I didn't mind the 10% interest, as it gave me the time to make up my mind if I wanted to keep the boat, or give it back to him. I kept it till the oil glut cut day rates to next to nothing, what got to me & ticked me off, here I was with a paid for boat, and paying all my bills, and these jokers that went into chapter 13 , ( had no intention of paying their bills ) but they kept working and were the ones who cut rates so bad that I just sold my boat in disgust. They had the banks so hooked and were so over financed if they had major work to be done the banks just coughed up more money they couldn't collect to keep the so called non performing assets on their books. Now how could I compete with these guys who could get free overhauls and any thing else they needed and not have to pay for it. When it collapsed or just before it did, I had several bankers just begging me to take over a boat "no money down" and just pay the interest & we will defer the princable..it was unbelievable some of the boats on the free market were worth maybe a 100k but were financed up to ten times their value, it blew my mind. I might should have joined the crowed and done what the others were doing, hell the chapter 13 gang was making money hand over fist up till the S&Ls all folded. While the owners that would pay their bills were forced out of the business by the cheap rates the crooks could work for. Jim PS Bonnie if you read this remember book value is not always what they say it to be, particularly if there is debt involved.