[meadandale]

@qwerty007

I’ve read the book that the film is based on (or was written during film production).

While I WAS dumbfounded by some of the behavior of the financial institutions (e.g. sending credit card offers to a woman who was currently being foreclosed on by the same bank) I did repeatedly see the same dumb behavior BY THE BORROWERS.

For instance, while it is stupid for the bank to be sending credit offers to a woman in foreclosure, how stupid is it for the woman to take advantage of those offers?

One of the points of the movie was that consumers increasingly see credit as a ‘badge of honor’. They figure (incorrectly) that the banks wouldn’t offer them credit if they can’t afford to make the payments.

All you have to do is look at people in the news to see that how well the movie captures this sentiment. People pulling money out of HELOC’s and putting it in a CD or Money Market account before the credit dries up. People who are near bankruptcy and foreclosure continuing to spend on vacations, cars, tv’s and maxing out their credit. People who refinanced and pulled out tens of thousands of dollars to pay off staggering credit card bills only to charge them back up.

Yes, companies are taking advantage of people. But many of those people are victims of their own stupidity and laziness as much as the financial institutions that people are villifying.

It’s like the woman I saw interviewed on consumerist.com the other day who was too lazy to walk a few blocks and use a bank to cash a check–she’d rather walk across the street and use a check cashing place and pay the fees. So, who is to blame, the check cashing place for charging the high fee or the stupid person paying the fee WILLINGLY?

[meadandale]

@qwerty007

I’ve read the book that the film is based on (or was written during film production).

While I WAS dumbfounded by some of the behavior of the financial institutions (e.g. sending credit card offers to a woman who was currently being foreclosed on by the same bank) I did repeatedly see the same dumb behavior BY THE BORROWERS.

For instance, while it is stupid for the bank to be sending credit offers to a woman in foreclosure, how stupid is it for the woman to take advantage of those offers?

One of the points of the movie was that consumers increasingly see credit as a ‘badge of honor’. They figure (incorrectly) that the banks wouldn’t offer them credit if they can’t afford to make the payments.

All you have to do is look at people in the news to see that how well the movie captures this sentiment. People pulling money out of HELOC’s and putting it in a CD or Money Market account before the credit dries up. People who are near bankruptcy and foreclosure continuing to spend on vacations, cars, tv’s and maxing out their credit. People who refinanced and pulled out tens of thousands of dollars to pay off staggering credit card bills only to charge them back up.

Yes, companies are taking advantage of people. But many of those people are victims of their own stupidity and laziness as much as the financial institutions that people are villifying.

It’s like the woman I saw interviewed on consumerist.com the other day who was too lazy to walk a few blocks and use a bank to cash a check–she’d rather walk across the street and use a check cashing place and pay the fees. So, who is to blame, the check cashing place for charging the high fee or the stupid person paying the fee WILLINGLY?

[meadandale]

@qwerty007

I’ve read the book that the film is based on (or was written during film production).

While I WAS dumbfounded by some of the behavior of the financial institutions (e.g. sending credit card offers to a woman who was currently being foreclosed on by the same bank) I did repeatedly see the same dumb behavior BY THE BORROWERS.

For instance, while it is stupid for the bank to be sending credit offers to a woman in foreclosure, how stupid is it for the woman to take advantage of those offers?

One of the points of the movie was that consumers increasingly see credit as a ‘badge of honor’. They figure (incorrectly) that the banks wouldn’t offer them credit if they can’t afford to make the payments.

All you have to do is look at people in the news to see that how well the movie captures this sentiment. People pulling money out of HELOC’s and putting it in a CD or Money Market account before the credit dries up. People who are near bankruptcy and foreclosure continuing to spend on vacations, cars, tv’s and maxing out their credit. People who refinanced and pulled out tens of thousands of dollars to pay off staggering credit card bills only to charge them back up.

Yes, companies are taking advantage of people. But many of those people are victims of their own stupidity and laziness as much as the financial institutions that people are villifying.

It’s like the woman I saw interviewed on consumerist.com the other day who was too lazy to walk a few blocks and use a bank to cash a check–she’d rather walk across the street and use a check cashing place and pay the fees. So, who is to blame, the check cashing place for charging the high fee or the stupid person paying the fee WILLINGLY?

[meadandale]

@qwerty007

I’ve read the book that the film is based on (or was written during film production).

While I WAS dumbfounded by some of the behavior of the financial institutions (e.g. sending credit card offers to a woman who was currently being foreclosed on by the same bank) I did repeatedly see the same dumb behavior BY THE BORROWERS.

For instance, while it is stupid for the bank to be sending credit offers to a woman in foreclosure, how stupid is it for the woman to take advantage of those offers?

One of the points of the movie was that consumers increasingly see credit as a ‘badge of honor’. They figure (incorrectly) that the banks wouldn’t offer them credit if they can’t afford to make the payments.

All you have to do is look at people in the news to see that how well the movie captures this sentiment. People pulling money out of HELOC’s and putting it in a CD or Money Market account before the credit dries up. People who are near bankruptcy and foreclosure continuing to spend on vacations, cars, tv’s and maxing out their credit. People who refinanced and pulled out tens of thousands of dollars to pay off staggering credit card bills only to charge them back up.

Yes, companies are taking advantage of people. But many of those people are victims of their own stupidity and laziness as much as the financial institutions that people are villifying.

It’s like the woman I saw interviewed on consumerist.com the other day who was too lazy to walk a few blocks and use a bank to cash a check–she’d rather walk across the street and use a check cashing place and pay the fees. So, who is to blame, the check cashing place for charging the high fee or the stupid person paying the fee WILLINGLY?

[meadandale]

“credit cards are how nearly everyone purchases everything from food to travel to TV’s.”

That’s because ‘nearly everyone’ is either financially illiterate or just plain stupid.

I haven’t carried a credit card balance in over 5 years. I pay cash for everything, including vacations, food (entertainment) and electronics (toys). That you and ‘nearly everyone’ else doesn’t shows that ya’ll have alot of learning to do.

[meadandale]

“credit cards are how nearly everyone purchases everything from food to travel to TV’s.”

That’s because ‘nearly everyone’ is either financially illiterate or just plain stupid.

I haven’t carried a credit card balance in over 5 years. I pay cash for everything, including vacations, food (entertainment) and electronics (toys). That you and ‘nearly everyone’ else doesn’t shows that ya’ll have alot of learning to do.

[meadandale]

“credit cards are how nearly everyone purchases everything from food to travel to TV’s.”

That’s because ‘nearly everyone’ is either financially illiterate or just plain stupid.

I haven’t carried a credit card balance in over 5 years. I pay cash for everything, including vacations, food (entertainment) and electronics (toys). That you and ‘nearly everyone’ else doesn’t shows that ya’ll have alot of learning to do.

[meadandale]

“credit cards are how nearly everyone purchases everything from food to travel to TV’s.”

That’s because ‘nearly everyone’ is either financially illiterate or just plain stupid.

I haven’t carried a credit card balance in over 5 years. I pay cash for everything, including vacations, food (entertainment) and electronics (toys). That you and ‘nearly everyone’ else doesn’t shows that ya’ll have alot of learning to do.

[meadandale]

“credit cards are how nearly everyone purchases everything from food to travel to TV’s.”

That’s because ‘nearly everyone’ is either financially illiterate or just plain stupid.

I haven’t carried a credit card balance in over 5 years. I pay cash for everything, including vacations, food (entertainment) and electronics (toys). That you and ‘nearly everyone’ else doesn’t shows that ya’ll have alot of learning to do.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

We rented this house near Kona, HI for 8 days last year.

http://www.konadolphinhouse.com/hkonadolphinhouse.html

3000 sq feet, 3 large bedrooms and a granny apt that sleep 4+ more. Gourmet kitchen, HUGE lanai with awesome view of kealakekua bay.

Total cost was under $5k

I think that the guy has it on the market for just over a million.

Granted, the little dump in MB is right next to the sand but would you pay 3x more for that POS teardown than you’d pay for the above house in HI?

The mortgage payment alone (assuming 6.5%) on the MB house would be almost $19k. Even if you could rent out the house at $5k/wk (which is more than the house we stayed at in HI), you’d still be significantly in the red after you add in taxes and insurance.

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