My Grandchildren are In Terrible Trouble

[Prof]

...there is no such thing as "good" debt. Your mortgage, student loans, business loans...debt is debt is debt.

Yup.

I keep shaking my head when people here start talking about how to get financing to buy a truck.

We all need to think in terms of lowering our debt (nation, business and personal). If you really want an SRT 10...save. If you want a Roe TSTM, save.

If you want a TB from Boomer...save.

If we want to have social problems (opps, Freudian slip...I meant programs) fund them in a balanced budget...if that balanced budget isn't addressing the needs of Social Security, Medicare and Debt short falls...it isn't balanced.

 

[ntw0rk]

Is it Clinton's and Carter's fault that the dollar has lost so much of it's value? Or that China holds the mortgages to our houses? Our kids and grand kids ARE in trouble! What a shame.

In a sense it is, but it's also every other president's fault who hasn't done anything about it.

The dollar is declining in value because we keep borrowing money from other countries. Instead of budgeting based on the taxes we pay, the gov keeps increasing it's lines of credit with other countries, thus the deficit grows.

I recommend all of you read Lee Iaccoca's book "Where Have All the Leaders Gone?", it is a real eye-opener when it comes to what affects our economy. It is an enjoyable read.

 

[shade]

Maybe those other countries should cut us off and we actually have to slow down spending and pay down some debt first.
Guess who's going to pay.... the same people that are getting bent already

 

[Annu Kumar]

Yup.

I keep shaking my head when people here start talking about how to get financing to buy a truck.

We all need to think in terms of lowering our debt (nation, business and personal). If you really want an SRT 10...save. If you want a Roe TSTM, save.

If you want a TB from Boomer...save.

If we want to have social problems (opps, Freudian slip...I meant programs) fund them in a balanced budget...if that balanced budget isn't addressing the needs of Social Security, Medicare and Debt short falls...it isn't balanced.

No prof its called leverage I save my cash for growing investments. I leverage the rest. Now your 60 something its easier for you to say "save and pay cash

 

[BurntRubber]

Call it leverage if you want...your still in debt

http://www.abcnews.go.com/Politics/Vote2008/story?id=3839318&page=1

 

[Prof]

Interest is the opposite of compounding...compounding is wonderful...you select the adjective for debt.

 

[Scrambler1]

Can I pay my $30,000 now and be done with it?? I'll sign up for that in a heartbeat!

All Hillary is going to do is raise taxes some more. I'm sad for my children because my family business will prob die with me because they won't be able to afford the estate or inheritance taxes to inherit what is theirs.

Joe

 

[Prof]

Joe your insight is 20/20...I hope that is the worst case situation...but I fear we are the grasshoppers and there don't seem to be any ants on the horizon that plan to run for our top office.

 

[jelms]

I am self employed also I would like to know why my company has to match 8% of payroll just because I own my own business

Try doing business in DC. I just got a supplemental tax bill for $20K for the stadium they are building for the Nationals They taxed me for 2005 and 2006 revenues I generated in DC. This is crap, and I wish I could do something about it. Nothing like opening up the books again to pay more taxes. To say the least I am looking into how to minimize my DC revenues.

-jeff

 

[jelms]

Can I pay my $30,000 now and be done with it?? I'll sign up for that in a heartbeat!

All Hillary is going to do is raise taxes some more. I'm sad for my children because my family business will prob die with me because they won't be able to afford the estate or inheritance taxes to inherit what is theirs.

Joe

Joe,

What you need to start doing is consulting with lots of lawyers on how to protect your family from the tax burdens that might occur when you either leave or unfortunately pass away. My general counsel and my executive consultant have come up with estate plans and insurance policies that will make it easier for me to sell my company when I want to or use insurance policies to pay taxes and still have my estate able to take care of my family if I am not able to sell before i pass away.

I usually hate lawyers, but they have been able to help me a lot with a good exit strategy.

Owning a small company is the backbone of our country and I'm proud that I am able to provide a living for my employees and feel that I need to take care of them no matter what. It all comes down to planning and finding people that can help you take care of your family and people that work for you.

-jeff

 

[Django]

I'm lobbying to bring back the Biblical "Year of Jubilee" from the days of the Old Testament... Every 50 yrs all debts were cancelled......

Besides, I don't have any grandkids.....

D

 

[TheSickness]

Sometimes I wish I came from a foreign country...That way I could get the low rate loans to start a business like they do. This country is all Phucked up that way. Give immigrants a hand up......Phuck all that non sense....How about the people that have served this country with distinction in time of War. What do we as a Nation have for those people When will we come together and help ourselves I am tired of playing big brother to the world. We can't even help us let alone anyone else. 9 trillion is nothing Roy....We will print more don't worry Entitlement programs going all the way back to the advent of a chicken in every pot is what has Phucked us up....Not any one administration can be held accountable....Sure you can point fingers and lay blame....But the real problem is that our country is complacent and Lazy......China will be the loan super power within 25 years if we don't do something now....Because just like we can print more money to throw at problems....Those Bastages will just screw until the cows come home and create another billion people to take over the natural resources.

Natural resources will be what the next WW is started over...My guess is that it will be over water. After all we can only melt a few dozen Ice Bergs a year to help I will also address the Social Security problem by telling you that it is part of the General Fund. Meaning those funds can be moved and used as they see fit. Remember that when you go to the polls guys. All those amendments and Propositions that have funds ear marked for the general fund should be voted down. Examples are the California Lottery. It was supposed to be for schools when originally propossed.....Ask any of the inner city schools if they have seen what has been promised Do some research and be informed before you vote.....it's our God given right to vote and it's your responsibility to be smarter then a cracked out 5th grader when you male your choices. That's why I never ever vote strict party line Bullshit. Not only is it stupid but they count on suckers like you to do that

 

[Scrambler1]

Joe,

What you need to start doing is consulting with lots of lawyers on how to protect your family from the tax burdens that might occur when you either leave or unfortunately pass away. My general counsel and my executive consultant have come up with estate plans and insurance policies that will make it easier for me to sell my company when I want to or use insurance policies to pay taxes and still have my estate able to take care of my family if I am not able to sell before i pass away.

I usually hate lawyers, but they have been able to help me a lot with a good exit strategy.

Owning a small company is the backbone of our country and I'm proud that I am able to provide a living for my employees and feel that I need to take care of them no matter what. It all comes down to planning and finding people that can help you take care of your family and people that work for you.

-jeff

That is what we have been doing so that my brother and I will be able afford to keep the company if something were to happen to my father (mid 60's). Everything from transferring a certain value of stock into my name every so often, trust funds, and life insurance policies. My brother and I also carry insurance on each other in the event that something should happen to one of us. We've been at this for a long time and it's scary to think about how much money we have spent and will continue to spend in the name of keeping the company alive. And people wonder why small business sell out and put their employees on the street instead of carrying on:dontknow:

It saddens me to think about the direction our country is headed. Maybe someday those of us with common sense will be able to take our country back.... or move. Hopefully this picture will attach... also make me furious.

 

[joemags54]

I'm lobbying to bring back the Biblical "Year of Jubilee" from the days of the Old Testament... Every 50 yrs all debts were cancelled......

Besides, I don't have any grandkids.....

D

Great minds think alike.... I was figuring....., just have the USA declare bankruptcy. The government has consistently outspent its collected revenue.
"Year of the Jubilee"...... It's got a good ring to it.....Maybe no grandkids, but, I could be a distant relative from the "old country".

 

[Prof]

It saddens me to think about the direction our country is headed. Maybe someday those of us with common sense will be able to take our country back.... or move. Hopefully this picture will attach... also make me furious.

I once again want to urge people to be very careful about what you see and read.

The picture you post scrambler has been misconstrued several times. I did some research and found that the picture was not taken during the Pledge, as many "anti-Obama organizations have said. The picture was taken during the singing of the Star Spangled Banner. There is considerable confusion and no policy about placing your hand over your heart during the singing of our national anthem. There is nothing wrong with what you see, only the way it has been presented for nefarious (I presume) purposes. Only the military in uniform are required to 'salute', during the playing of the Star Spangled Banner. Many do place there hand over their heart but there is no obligation to do so...as there is when the 'Pledge' is recited.

Just trying to set the record straight.

 

[BurntRubber]

The new president will not stop debt from piling up. Believing that is ignorance, health care cost, social security, and other govt programs are being "financed" at record rates. If taxes are raised than medical and drug costs should be regulated and capped, that is the only way to keep that balanced. Capitalism allows companies to charge what they want went govt debt will supplement what the person doesn't have. Eventually it will all crumble and the US dollar will have no value to it. Best advice is to pay off debt, save money, buy investments that will protect your downside loss(I like Gold, Silver, utility stocks, and if possible money in some european or swiss bank held in euros...buy em slow because they will pull back)

Switzerland, Singapore have no short term debt and per capita are the wealthiest countries in the world.

 

[Prof]

Burntrubber touches gingerly on the value of the dollar...but this is, and I am shure he agrees, one of the most serious threats on the financial horizon...if the rich and big countries loose interest in buy our dollars...our fortunes will reverse in a huge hurry.

No expert here, and the more I read the more I am concerned and confused.

 

[BurntRubber]

Burntrubber touches gingerly on the value of the dollar...but this is, and I am shure he agrees, one of the most serious threats on the financial horizon...if the rich and big countries loose interest in buy our dollars...our fortunes will reverse in a huge hurry.

No expert here, and the more I read the more I am concerned and confused.

Gingerly...thats just because we should be talking about how to get more HP out of our trucks.

Prof - you are right this is the biggest threat to our country...I am amazed that no one takes it serious. Or maybe I am a paranoid 30 year old:dontknow:

2 books
Conquer The Crash by Bob Precther
Financial Reckoning Day by Bonner Wiggin

 

[Prof]

I think you are at the nexus of the future. What happen to the value of the dollar is critical. If the very large and very rich countries stop buying and hording dollars and move toward another medium of exchange...we are chopped liver. But this is not an area that I have any knowledge...we need some input here...if the dollar devalues severely, what are our options?

Someone jump in here and teach us...

 

[Wifey]

I think you are at the nexus of the future. What happen to the value of the dollar is critical. If the very large and very rich countries stop buying and hording dollars and move toward another medium of exchange...we are chopped liver. But this is not an area that I have any knowledge...we need some input here...if the dollar devalues severely, what are our options?

Someone jump in here and teach us...

I'm gonna find a big bridge and jump off, how's that work for ya??? :dontknow: