You said so.
Honestly, I don't care.
I'm happy with my life atm, and I could not care less if everyone else was corrupted.
So, if your boss, his boss, your CEO and executive board were corrupt and you knew it, you wouldn't worry about the security of your job? You
wouldn't feel any obligation to make things right? Not only is that ignorant, it is immoral by any standards.
-My position in my company assures, to the best of our ability, things like this don't happen. Our business layout is solid and very hard to corrupt. I'm not saying it's impossible, just speaking off our present standing.
But since you stated it, if I knew my company was going corrupt, would I care? Yes I would. Why? Because it does effect me and the integrity of my life. But that would not fall into the "everyone else" category I implied. By everyone else I mean people I don't work with, people not in my family, and people who are not close friends. If I were to become bankrupt and lost a majority of my total liquidable assets, would you care about me? I didn't think so. Would I call you immoral? No I can't say I or anyone else I know would call you immoral, because you need to be concerned with your own problems.
I could go into the accounting side, all the extra money we throw out to other organizations, our local, national and international expansion plans in the next 2 years but that's another topic to show the solidity of our firm. Which is another reason of why, I don't care about the "economic problem".
Don't make silly financial decisions and you won't be effected either.
I'm sorry, but this is flat-out wrong. As banks are less inclined to lend money now, and will be for a while, people who have been fiscally
responsible in the past will have higher interest rates for new loans, and will have a harder time obtaining loans. Perhaps a slightly harder time, but a harder time
nonetheless.
-I was speaking in present and future tense, you quoted as if I was speaking in extreme past tense. But anyway, you first state it's really hard (eg. Lv. 10) to get a loan for anyone. Then you tone it down a bit (eg. Lv. 3) for people with "better" credit to obtain loans. I see this a lot, the gray area of uninformed news reporters.
I watch the news too as do I assume everyone who's reading this thread. I hear this all the time on bits and segments of FOX and CNN and the phrase "even financially responsible citizens will feel the impact of the current economy" is cliche, if I really wanted to, I could pull up the segment on my dvr of the subpar economists that speak on these shows at times. I feel inclined to say "tell us something we don't know" but that would be pointless since your entire post falls under that.
I know what you're trying to say, that things do turn out bad at times and people who have made informed decisions in the past are effected. But the ability to adjust and adapt to any problematic situation is considered an ability to make "smart financial decisions" so you avoid being negatively effected, money-wise, due to a poor economy if it were ever that bad. Not doing anything and letting things go from bad to really bad, to the point where you feel effected is NOT a smart financial decision and is rather silly, which is what I assume most people do. But I see you believe it is your prerogative to justify that with blank quotes.
I'll get back to this in the following.
Call me a selfish little bastard, see if I even dignify it with a frown.
Calling names isn't my scene, so I'll pass on that. Dignify it as you please.
-That's your choice and I didn't ask you to do anything. So dignify that as you please.
If you're smart, you'll do what everyone else did.
Take your money and save it. Don't dump it into the sinkhole called the _.
Except that's not what "everyone else did". Hoarding money under one's mattress is just as fiscally irresponsible as storing it away in a bank
somewhere, allowing said bank to redistribute it by these bad lending practices that have been going on. All it does is make for kindling in one's bed.
Redistributing earnings through purchases and sound investments (no, not Wall Street investments -- I'm talking investing money into things that will physically give a return) are good practice, and always have been.
-I said; "If you're smart, you'll do what everyone else did." meaning -not- the irresponsible people, the majority complaining about the current economy... you know, the people who constantly complain "gas prices are too high, interest rates are too high, I can't get a loan I think can afford" type. Economists and I know what smart financial decisions are, options with the lowest trade offs, opportunity cost and risk for the highest benefit pertaining to what you want. Everything you stated above is straight out of a text book and besides your metaphor is flawed. You make it seem like it's a negative aspect to hold on to your assets (M1, liquid funds mainly since it's the primary thing that matters in recessions for people in average to poor financial situations) when right now it is indeed the smarter choice. You said it yourself, why do you think banks and lenders are reluctant to grant loans to anyone today, including those with a bit higher than average credit, which is a contradiction on your part, but a false one nevertheless since both your points lack background.
We all know fixed rate long term return investments like CDs are the smart thing to do. But you saying that is another moot point. I said if you're smart you won't dump your money into the wildcard "_", meaning unecessities from the smallest things like expensive food, movie tickets, clothing to mid-range higher items like laptops and cars IF you are not able to afford them. If you have the monetary power and time, CDs are one of the best thing for a low and reliable return, but we all knew that already. Stating concrete ways to gain money and saying they are good practice is nothing different than saying "You should work and make money because it's good practice" is hardly an argument on your part of this topic about saving money.
If worse comes to worse, bank is a 2 min walk from where I live, go withdrawal, live on. I recommend the same for everyone else ^^;
Take Care.
Yet, what if your bank is not a member of the FDIC? No, it's not a requirement. Credit Unions are not Member-FDIC, and most local (smaller) banks
aren't either.
Likewise, your cash reserves aren't limitless. You can withdraw money often as you like...until it runs out.
-"What if it's not?" It is. And even then, if it was or not, I go back to my original point, I don't care. I'm not filthy rich like I would like to be so, yeah my cash flow isn't limitless, therefore if my bank were to ever get in trouble - "worse comes to worse" (desperation), which I doubt it would, I would take a small trip there and withdrawal everything I have to secure it, and I recommend the same for everyone else. I stated "2 mins away" implying haste. A bank being FDIC insured has a little part to play in this scenario if you're quick and not a procrastinator which is another "smart financial decision". But in the event of this actually becoming a problem, it would be a desperate situation of course.
To think otherwise is ignorance.
You speak as if every person, company and organization in the US is failing and heavily impacted and devastated by the "economic crisis". Wrong.
Am I effected? Yes I can't say I'm not. I pay almost $100 for a tank of gas that would normally cost under $60.
But do I care? No. Are my credit card interest rates higher? No. Can I still afford my bills without having to worry about my company and career going downhill? Yes.
Do I make silly financial decisions? I like to think I don't. Do I have long term low return but garanteed investments involving money only? No I don't. Does that make me a person with incorrect economic views about saving money? No.
How many people do you actually know first hand with above average credit? Have they ACTUALLY had a hard time getting loans for large purchases, that are actually reasonable?
If you said yes, then believe me, they certainly do NOT have above average credit. Believe it or not, in the REAL WORLD, it's not that bad.
For every pissed person out there with a bad loan story to share, there are a few with success stories. Why can't people get a loan? bad credit and if the lender assess you unworthy. Not because "oh the economy is bad, even tho you have above average credit, we'll say no to make things harder on you".
You use the term ignorant as if you know what it means. You state fuzzy / gray facts and assume I don't have any idea of what you're talking about and will accept your frivolous stretched statements which are irrelevant or wrong to begin with. Then you call me ignorant?
If it's anything I'm ignorant towards it's people who fall under the press negative economic situation propaganda. Dejavu is correct, this may or may not be a scare tactic but it sure does seem like one. If you're in a position to not be effected, the phrase "I don't care" could not be further from the truth. If you mean "I don't care" = "I'm ignorant" then yeah, you have no argument from me.
But since, according to all your posts in this thread, all you can seem to do is flip through your economics text book and watch the news and write down slurs that sound good and post them on QCDN without any solid knowledge to how they actually relate to real life situations outside of "on paper" and "on TV", it shows who the ignorant one really is.
To think otherwise is ignorance.
... right?
I'm not an economics expert and rather far from one. If someone says something I don't agree with, I would try to not call them ignorant and spam the board with irrelevant facts not closely pertaining to their original point.
