Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
Joined: Oct 25, 2004 Posts: 1293 Location: Stalag 13
Posted: Wed Jul 23, 2008 8:15 pm Post subject: Given a Shovel, Americans Dig Deeper Into Debt
Given a Shovel, Americans Dig Deeper Into Debt
Quote:
The collection agencies call at least 20 times a day. For a little quiet, Diane McLeod stashes her phone in the dishwasher.
But right up until she hit the wall financially, Ms. McLeod was a dream customer for lenders. She juggled not one but two mortgages, both with interest rates that rose over time, and a car loan and high-cost credit card debt. Separated and living with her 20-year-old son, she worked two jobs so she could afford her small, two-bedroom ranch house in suburban Philadelphia, the Kia she
drove to work, and the handbags and knickknacks she liked.
Then last year, back-to-back medical emergencies helped push her over the edge. She could no longer afford either her home payments or her credit card bills. Then she lost her job. Now her home is in foreclosure and her credit profile in ruins.
Quote:
Years of spending more than they earn have left a record number of Americans like Ms. McLeod standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees.
Posted: Wed Jul 23, 2008 11:54 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Watching that video was like doing one of those "how many things are wrong with this picture" puzzles in highlights.
1. Coke can on counter.
2. Fat.
3. Smokes. A lot.
4. 2 Dogs.
5. "Bought" house no money down, despite 25k in credit card debt.
6. 10k in penalties and fees in mortgage.
7. Tapped into 401k to pay those fees.
8. Refied house and rolled CC debt into mortgage - I call this the 30 year amortization of the cheezeburger. G-d bankers suck.
9. Got unexpected tax bill on 401k withdrawal.
10. Pay 3k to IRS with new CC.
11. Refied repeatedly from 135 buy price to 228 "appraisal".
12. Freeloader son living at home smoking, with own dog.
Did I miss any? _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: May 06, 2006 Posts: 738 Location: Tustin, CA
Posted: Wed Jul 23, 2008 11:54 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Most Americans are Stupid like this. But if they are anything like their progenitors, they wake up and come around fast! _________________ Skeptical scrutiny in both Science and Religion is the means by which deep thoughts are winnowed from deep nonsense-Carl Sagan
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