Wamu-biggest Bank To Fail In Us History!

[HALEY]

Originally Posted by gja1000

Yes! I'm convinced that many people KNOW they won't actually have to pay back the loans. Just listen to the commercials for debt reduction, e.g., "YES, you will only have to pay back pennies on the dollar of what you owe"!!! I hear that several times a day on both radio and TV. So, why in the world would people think they will really have to pay back the loan, when they hear that they won't. Also, anyone can (well could) get a loan, you hear those commercials too - "You CAN buy XXX even with bad credit!" I hear that too every day - so why in the world are we surprised that we are in this mess.

Gayle i thank God for my sister and mother everyday, for teaching me how to save and manage my money, i remember the first credit card i got i maxed it and went out and got more credit cards, i had about 5 of them, all with balances and a 5.00 an hour job, i was in tears didn't know how i was going to pay them back, my mother took all my credit cards and cut them up, and showed me for the first time at the age of 18, to manage money, it took me two years to get those credit cards paid off, still today, i have one credit card now with a balance on it, and have two back up ones with zero balance on it... I like to pay cash but sometimes you can't but always make sure you have the money to pay them off when the bill comes in... My mother never had a credit card in her life and she still to today don't own one...

[Marilyn]

I hate the idea of a bail out, but it seems from what I'm hearing to be necessary.

We were truly blessed that I was raised by parents who believe in never buying anything on credit. I do remember that one time they bought a car and went to the bank to borrow money for a couple of months until they had the funds to pay it off. We sat outside the bank for a long time while they discussed it because it was so against their philosophy. They did get the loan, but I think they paid it off in two months.

Hubby and I have used credit, and our home is currently mortgaged, but the outstanding balance is less than the 3rd of the value of the home, and our mortgage is 4.2% 15 year fixed.

We were very poor the first 5 years of our marriage. As Dave Ramsey would say, we lived like no one else, so we could live like no one else. Our first home was bought with cash, but we built it ourselves. It took us 3 years and we paid as we went, but after living in it for 3 years, it sold for twice what we had paid for it. That's what gave us our start. That and education. I went to a local university and scrimped to pay cash for my education. I don't have a degree from a prestegous university, but I make as much or more that others I know who have that big name degree, and we had no student loans.

I'm not trying to brag at all. We are pleased with the way our lives and finances have turned out, but it was all due to being taught to conserve funds and not buy more than you can afford. We try very hard to counsel young people to not go into debt. Just hope we can make a difference in some of their lives.

Credit used to be hard to come by. It should return to being that way again!!!

[HALEY]

Good for you Marilyn, i am the same way, i'm fixing up my old house, to increase the value of it, so sometime in the future i can use that money for a bigger house, but not until i have saved 20% down for a new house, i do have a savings account which i put 200.00 away every month plus my bonuses that i get at work and all are tax returns now go into this account that is my dream one day to have a nice brick ranch home, with a two car garage. But one day... when i have the funds for it.. and with the sale of my house a big chunck of that will go straight on the principle of the new house.. my sister always told me never take a morgage out for 30 years always 15 years... she is so right about that one.. so i can wait for my dream house.
As for the Government passing the bill, i really think they screwed up on that one, they just made the rich richer, and us the middle class workers are going to pay dearly, there going to start taxes the crap out of us, like were not taxed enough already.. But who do you think is going to have to repay this dept. We are!!! I think it's going to be an ugly Christmas for alot of us working class and small business owners, just wait the taxes are coming and there going to start raising prices on everything..food, gas, etc, So sad...

[Marilyn]

I just wish they would close some of the loopholes for the big corporations so they would carry their part of this tax burden.

We need Dave Ramsey for President!!! Our country needs to quit spending on things we don't need, like some of the ridiculous multimillion dollar studies, paying contracts to build things that never get built. Stop the waste so we can pay down some of this debt. We need to end our dependence on foreign oil, whatever it takes and quit borrowing from China. We need to pay them off once and for all and begin taking care of our own country for a change.

And yes, it is patriotic to pay taxes, but it is insulting to the tax payer to waste our money. We work hard for what we have, and they have no right to take our funds and waste them.

Also, the people who are able bodied, of sound mind, and living off the government need a kick in the rear. They need to go out and get a job like the rest of us to help with the burden, not contribute to it.

[HALEY]

Amen Marilyn!
I would vote for DAve Ramsey in a heartbeat!!
And one more thing i would like to add for people that are on government assistance, i would really like to pass a law for them to get drug and alcohol tested for there checks, My husband and i both get drug and alcohol tested at work, and if we have to do i believe they do to, and they also can work for there checks too, hey are highways need cleaned, road kill needs to be picked off the roads, why shouldn't they have to work for there money like we do.. I know i might get a bad reaction from this post, but around my area, the first of the month if you go to any bar, and i do mean any bar, there are tons of welfare people in there drinking it up all day long, and it just makes my blood boil,,, there is nothing wrong with these people working, they all look pretty fit to me, it just makes me mad that i bust my ass everyday for my check and the government just hands there checks to them and for what so they can party all day.... makes me mad!!!!
There are alot of people that "NEED" government assitence, like the elderly, and so on, but i'm talking about healthy young people that don't need just abuse it!!