The subprime auto loan bubble

[Dondilion]

Originally Posted by Tom Joad

This is true.

And it's one of the reasons why the 401 K plan isn't working.

.

It is too accessible for a retirement plan.

It is more like a Christmas plan.

Anyhow it is good for a down payment on a house.

[Tom Joad]

Originally Posted by Dondilion

It is too accessible for a retirement plan.

No shit.

I took a part time job back in the late 80's and early 90's when I was hard up after the Dayvorce. I did taxes for H&R Block.

Most of the clientele are lower income working class looking to get their refund back faster and willing to be gouged by H&R Block to do it.

H&R Block is basically a short term loan rip off outfit.

Anyway, I would say about 90%, at least 90% of the ones I saw, that had left a job the past year and had a 401K, had cashed that sucker in rather than roll it over.

[noonereal]

Originally Posted by Tom Joad

This is true.

And it's one of the reasons why the 401 K plan isn't working.

The fact is a huge percentage of the population either can't, or won't save enough for retirement. That's why we need Social Security, and defined benefit plans like was the norm a generation ago.

What kills me is the outrageous retirement benefits many public workers now receive.

Here is a short piece on PA school teachers.

When I was a kid being a school teacher was at the bottom of the totem poll, the folks forced to take these jobs are now, well rich.

http://www.phillyburbs.com/00redesig...8f831849b.html

I know I am supposed to be a liberal but old folks can't afford to live in the house they were born in and teachers are pulling in 6 figures after working what is essentially a part time job.

[nailer]

People are stupid. This is an example of less stupid people taking advantage of more stupid people.

Regarding the nurse and prison guard. Is she an RN? Probably not. If the guard works for a private sector prison (outsourcing) his pay and benefits are significantly less than a civil servant prison guard.

[Tom Joad]

Originally Posted by nailer

Regarding the nurse and prison guard. Is she an RN? Probably not. If the guard works for a private sector prison (outsourcing) his pay and benefits are significantly less than a civil servant prison guard.

I suspect that's true, She's probably more like a glorified orderly and I doubt his prison guard job is civil service.

Still, they are DINKS. (Double Income No Kids).

Seems like they ought to be doing better than having to rent tires. So they probably have a money management problem too.

[nailer]

Originally Posted by Tom Joad

I suspect that's true, She's probably more like a glorified orderly and I doubt his prison guard job is civil service.

Still, they are DINKS. (Double Income No Kids).

Seems like they ought to be doing better than having to live in a trailer and rent tires. So they probably have a money management problem too.

True enough, and a reason for this is that since being booted out of Eden most people haven't been able to effectively manage their money/assets.

[Tom Joad]

Originally Posted by nailer

True enough, and a reason for this is that since being booted out of Eden most people haven't been able to effectively manage their money/assets.

I'm watching you nailer.

You may have done enough damage control on your Obama/Osama slip up to buffalo the other posters, but not me.

[nailer]

Originally Posted by Tom Joad

I'm watching you nailer.

You may have done enough damage control on your Obama/Osama slip up to buffalo the other posters, but not me.

When reading this post I hear:

BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARKBARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK BARK BARK BARKBARKBARK BARK BARKBARKBARK BARK BARK ...

Remain ever vigilant Mad Dog.

[Wasillaguy]

Originally Posted by Tom Joad

I'm watching you nailer.

You may have done enough damage control on your Obama/Osama slip up to buffalo the other posters, but not me.

Nailer pointed out the obvious, so he must be an evil conservative.
Don't look now, but noonereal just did the same thing! Better keep your eye on him too!

[Pio1980]

Originally Posted by JJIII

The couple has enough to pay the outrageous price of renting tires but they didn't have enough to set back a little every month to buy the tires? There are no used tire stores in the area? There are no salvage yards in the area where they can cull good tires from wrecked cars?

We tried this used tire thing, used tires tend to go to states with weak environmental controls over their disposal and the quality can vary from usable to dangerous. Lacking upgrade pulls from new cars, Walmart is about the best cheap option for dependable tires.

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