[ironman]

jonnycsd,

I certainly see (and partially agree) with your point and I am by no means defender of the banking institution …

If someone walks away from a loan , do you think he would be screwing the bank ? I do not think that he will be like Robin Hood , stealing from the rich and giving to the poor!

Either the government will pick the loss (all of us) or small bank investors (think 401Ks or other retirement funds)
In a nutshell , he will be screwing his fellow man !

Now , do I say make good on your loan at the expense of your children going hungry , hell NO, BUT I say that you should live a couple of years under your means and pay us much as you can !

If we agree that the society is footing his bill then it would only make sense to tap that common resource only if you have to and not to just preserve your way of life!

And I do apologize if are the first category

Ironman

[ironman]

jonnycsd,

I certainly see (and partially agree) with your point and I am by no means defender of the banking institution …

If someone walks away from a loan , do you think he would be screwing the bank ? I do not think that he will be like Robin Hood , stealing from the rich and giving to the poor!

Either the government will pick the loss (all of us) or small bank investors (think 401Ks or other retirement funds)
In a nutshell , he will be screwing his fellow man !

Now , do I say make good on your loan at the expense of your children going hungry , hell NO, BUT I say that you should live a couple of years under your means and pay us much as you can !

If we agree that the society is footing his bill then it would only make sense to tap that common resource only if you have to and not to just preserve your way of life!

And I do apologize if are the first category

Ironman

[ironman]

jonnycsd,

I certainly see (and partially agree) with your point and I am by no means defender of the banking institution …

If someone walks away from a loan , do you think he would be screwing the bank ? I do not think that he will be like Robin Hood , stealing from the rich and giving to the poor!

Either the government will pick the loss (all of us) or small bank investors (think 401Ks or other retirement funds)
In a nutshell , he will be screwing his fellow man !

Now , do I say make good on your loan at the expense of your children going hungry , hell NO, BUT I say that you should live a couple of years under your means and pay us much as you can !

If we agree that the society is footing his bill then it would only make sense to tap that common resource only if you have to and not to just preserve your way of life!

And I do apologize if are the first category

Ironman

[ironman]

jonnycsd,

I certainly see (and partially agree) with your point and I am by no means defender of the banking institution …

If someone walks away from a loan , do you think he would be screwing the bank ? I do not think that he will be like Robin Hood , stealing from the rich and giving to the poor!

Either the government will pick the loss (all of us) or small bank investors (think 401Ks or other retirement funds)
In a nutshell , he will be screwing his fellow man !

Now , do I say make good on your loan at the expense of your children going hungry , hell NO, BUT I say that you should live a couple of years under your means and pay us much as you can !

If we agree that the society is footing his bill then it would only make sense to tap that common resource only if you have to and not to just preserve your way of life!

And I do apologize if are the first category

Ironman

[ironman]

jonnycsd,

I certainly see (and partially agree) with your point and I am by no means defender of the banking institution …

If someone walks away from a loan , do you think he would be screwing the bank ? I do not think that he will be like Robin Hood , stealing from the rich and giving to the poor!

Either the government will pick the loss (all of us) or small bank investors (think 401Ks or other retirement funds)
In a nutshell , he will be screwing his fellow man !

Now , do I say make good on your loan at the expense of your children going hungry , hell NO, BUT I say that you should live a couple of years under your means and pay us much as you can !

If we agree that the society is footing his bill then it would only make sense to tap that common resource only if you have to and not to just preserve your way of life!

And I do apologize if are the first category

Ironman

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[ironman]

To stay on course:

Joe Six-pack borrowed money against his house value and spent it on a nice vacation
His bank sold the loan to Fannie with guarantee
Fannie sold it to the Chinese GOV with guarantee
Joe Six-pack’s house dropped in value and he stops servicing the loan and dumped the house
The Chinese Gov now has a loan that is not performing and sends it back to Fannie
Fannie sends it to the bank
The bank works with other people money and has it own reserve, what does it do?
a) Use its reserve – very unlikely
b) Use people’s deposits – more likely
The latter is guaranteed by the US Gov so it backs the bank liability as promised
Everybody pays Joe Six-pack load

To HarryBosch:
If you multiply the above situation by a million and US Gov goes broke (bankrupt) who so going to guarantee your relative pension or money in the bank?
If there is a depression everybody suffers. If there is super-inflation everybody savings are reduce to 0.
And I totally see myself in the same situation, live bellow my means for a couple of years just to see my savings cut by inflation/falling dollar.

I am saying that in any situation the money wasted by the speculators will have to be paid by the people who were diligent and financially smart.

Ironman

[ironman]

To stay on course:

Joe Six-pack borrowed money against his house value and spent it on a nice vacation
His bank sold the loan to Fannie with guarantee
Fannie sold it to the Chinese GOV with guarantee
Joe Six-pack’s house dropped in value and he stops servicing the loan and dumped the house
The Chinese Gov now has a loan that is not performing and sends it back to Fannie
Fannie sends it to the bank
The bank works with other people money and has it own reserve, what does it do?
a) Use its reserve – very unlikely
b) Use people’s deposits – more likely
The latter is guaranteed by the US Gov so it backs the bank liability as promised
Everybody pays Joe Six-pack load

To HarryBosch:
If you multiply the above situation by a million and US Gov goes broke (bankrupt) who so going to guarantee your relative pension or money in the bank?
If there is a depression everybody suffers. If there is super-inflation everybody savings are reduce to 0.
And I totally see myself in the same situation, live bellow my means for a couple of years just to see my savings cut by inflation/falling dollar.

I am saying that in any situation the money wasted by the speculators will have to be paid by the people who were diligent and financially smart.

Ironman

[ironman]

To stay on course:

Joe Six-pack borrowed money against his house value and spent it on a nice vacation
His bank sold the loan to Fannie with guarantee
Fannie sold it to the Chinese GOV with guarantee
Joe Six-pack’s house dropped in value and he stops servicing the loan and dumped the house
The Chinese Gov now has a loan that is not performing and sends it back to Fannie
Fannie sends it to the bank
The bank works with other people money and has it own reserve, what does it do?
a) Use its reserve – very unlikely
b) Use people’s deposits – more likely
The latter is guaranteed by the US Gov so it backs the bank liability as promised
Everybody pays Joe Six-pack load

To HarryBosch:
If you multiply the above situation by a million and US Gov goes broke (bankrupt) who so going to guarantee your relative pension or money in the bank?
If there is a depression everybody suffers. If there is super-inflation everybody savings are reduce to 0.
And I totally see myself in the same situation, live bellow my means for a couple of years just to see my savings cut by inflation/falling dollar.

I am saying that in any situation the money wasted by the speculators will have to be paid by the people who were diligent and financially smart.

Ironman

[ironman]

To stay on course:

Joe Six-pack borrowed money against his house value and spent it on a nice vacation
His bank sold the loan to Fannie with guarantee
Fannie sold it to the Chinese GOV with guarantee
Joe Six-pack’s house dropped in value and he stops servicing the loan and dumped the house
The Chinese Gov now has a loan that is not performing and sends it back to Fannie
Fannie sends it to the bank
The bank works with other people money and has it own reserve, what does it do?
a) Use its reserve – very unlikely
b) Use people’s deposits – more likely
The latter is guaranteed by the US Gov so it backs the bank liability as promised
Everybody pays Joe Six-pack load

To HarryBosch:
If you multiply the above situation by a million and US Gov goes broke (bankrupt) who so going to guarantee your relative pension or money in the bank?
If there is a depression everybody suffers. If there is super-inflation everybody savings are reduce to 0.
And I totally see myself in the same situation, live bellow my means for a couple of years just to see my savings cut by inflation/falling dollar.

I am saying that in any situation the money wasted by the speculators will have to be paid by the people who were diligent and financially smart.

Ironman

[ironman]

To stay on course:

Joe Six-pack borrowed money against his house value and spent it on a nice vacation
His bank sold the loan to Fannie with guarantee
Fannie sold it to the Chinese GOV with guarantee
Joe Six-pack’s house dropped in value and he stops servicing the loan and dumped the house
The Chinese Gov now has a loan that is not performing and sends it back to Fannie
Fannie sends it to the bank
The bank works with other people money and has it own reserve, what does it do?
a) Use its reserve – very unlikely
b) Use people’s deposits – more likely
The latter is guaranteed by the US Gov so it backs the bank liability as promised
Everybody pays Joe Six-pack load

To HarryBosch:
If you multiply the above situation by a million and US Gov goes broke (bankrupt) who so going to guarantee your relative pension or money in the bank?
If there is a depression everybody suffers. If there is super-inflation everybody savings are reduce to 0.
And I totally see myself in the same situation, live bellow my means for a couple of years just to see my savings cut by inflation/falling dollar.

I am saying that in any situation the money wasted by the speculators will have to be paid by the people who were diligent and financially smart.

Ironman

[Author]

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