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Post by macromeister on Jan 21, 2013 18:29:55 GMT
Credit... 2003... house boom... Audis everywhere... foreign holidays... designer labels... expensive watches... expensive everything... mortgages for all... take what you want, not what you need... greed... credit.... Image produced on an Epson flatbed scanner. I deliberately chose a card from a Spanish bank. So - how is the recession going for you???  the rise and fall by rob ashcroft @ www.macromeister.co.uk, on Flickr |
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Post by chrisc on Jan 21, 2013 19:06:53 GMT
Fun image and it certainly reflects the consequences of too much, too fast, no responsibility from the lenders and borrowers both.
I was so fortunate. I bought two nice waterfront lots on the upper part of the bay in 2006. In early 2008, I was made an offer on both even though I had no signs up offering them for sale. It was a good offer but since I was more interested in building on one and selling the other at a later date, I declined...but with a counter offer figuring there was no way in Hell they would take it...but they did.
I sold for nearly 3 times what I paid. Six weeks later, my profit still sitting in the bank until I decided where it would best serve me in the market, the whole damn economy collapsed...the second big Black Friday in the US.
Whew!
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Post by chrisc on Jan 21, 2013 19:08:16 GMT
The typeface is too comical for the seriousness of the portrayal.
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Post by nickjohnson on Jan 21, 2013 19:14:03 GMT
Well Rob, I'm feeling very glad that I was able to retire and even more glad that we have no need of credit. I feel very bad about the blight on so many lives. I have no idea how Spain is going to cope with the level of unemployment they now have. It is bad – real bad.  |
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Post by macromeister on Jan 21, 2013 20:58:55 GMT
The typeface is too comical for the seriousness of the portrayal. Oh no, I have to disagree. I spent a long time thinking about that, and chose that font as it best symbolized FOLLY! ;D |
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Post by macromeister on Jan 21, 2013 21:01:05 GMT
Well Rob, I'm feeling very glad that I was able to retire and even more glad that we have no need of credit. I feel very bad about the blight on so many lives. I have no idea how Spain is going to cope with the level of unemployment they now have. It is bad – real bad. I too am retired, and am lucky enough not to have any debts. I'd really hate to be 25 now and trying to get a decent job, get a mortgage, pay off student loans etc. Spain is actually Ok on the debt side. Their public debt is 60% of GDP where Germany and the UK is about 80%. The problem in Spain is a housing one. |
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Post by chrisc on Jan 21, 2013 21:43:04 GMT
I owe no one anything. I make as much with my pension and social security as I did when I worked and if I choose, I can pull another $2,000 a month off stock dividends..so far not had to or wanted to.
My daughter and son in law got caught up in all of it and went immediately upside down in their mortgage..and they can't possibly ever get right side up...daycare in Atlanta is about a thousand a month, their mortgage another $1,500 (escrow, et al). They have to net $30,000 before they can spend a nickel on anything else.
They make more than that but if either one lost their job, they'd go under in less than three months. My advice to them is give it back to the bank.
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Post by The Wirefox on Jan 22, 2013 7:18:45 GMT
Lemme a fiver! ;D It really does appear that wearing sensible shoes pays off in the end...but is that really true....only if we consider that we have arrived at our fiscal destination in life....I may still be tottering around in 6 inch stiletto heels but the risk of falling off them seems less daunting than predicting my life and getting it right. Now I can really see what I want in life I am not sure I can get it by being predictable because what I want is to start of yet another journey.
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