i have a theory that would help fix this country

[jatguit]

The problem is that no one can get credit to buy anything anymore. Even of you have a 720 beacon score there is a good chance no one will lend to you, even to buy a new car. Remember that we have an economy that was based on consumption and easy to get credit.

This is what it boils down to. until we get through the nervousness, no one is going to let go of thier money. We all see whats going on in the news (I try to ignore it, but its hard to).

Sorry, didn't mean to offend.

one of the biggest problem we have is people living off credit and buying things they cant afford, my "pleasure boat" is paid off in full and i would have never bought it if i could not afford it. maybe i am dumb but please explain to me how owning a "pleasure boat" is any different then owning a project car or if you are going to call out things not needed then do you own more then 1 tv? do you have expanded cable? a computer? do you really need any of this to survive?

The problem is most people borrowed credit for their pleasure boats and those pleasure boats are strictly frill. Its just not a good example. The majority of people borrow for cars also, the problem is PEOPLE BORROW or OVER BORROW. At least the car whether it is a project or not can still provide you the basic transprtation you need. I suppose if you have multiple cars like me then I guess they get to be a little more of a frill, even thou i use them as fun and transportation to get milk for example, and long trips somewhere. Everything I own is paid for.(well except the house, its almost paid for). I own one old TV from 1992, No cable, 2 computers i built and maintain myself, Cell phone paid by work. Wife has no Cell and doesn't want it, all our cars (4) are from 13-34 years old, are paid for and i maintain and fix them mostly myself, we try to live very frugally with what we have. We live off the land as best we can, we really try to save reasonably everywhere. Unfortunately I am not adding much to the growth of the country, and I like it that way as I get to save my money (and put some back into the old house and the old cars, a vicious cycle, but save some nontheless).

Ultimately, the world can no longer sustain growth and consumption, the idea of growth and that it can continue is insane. We are now seeing the corrections that would have eventually come. It sucks, my investments have tanked just like most of you. There were a very few people I know who saw it coming and told me to get out a couple of years ago and that they saw a correction coming, I shrugged it off, shame on me. People with degrees up the ying yang are TRYING to figure this out how best to get us out of this. I feel somewhat sure (I have to) that things will turn eventually when good measures are finally put in place. This is bigger than anything. This is our generations depression, its gonna get worse before it gets better. This makes me want to sell everything and go into the woods and live completely off the land.

Sorry, there I go again, so what was this post about?

 

[srercrcr]

From what I understand you can get a new car if you have good credit and a down pmt, but if you're upside down on your trade-in, no go. So the lenders, including GMAC and Ford Credit, did it to themselves.

 

[xitabl442]

gas is yellow... and it makes my car work.

The market will come back like they always have. I think also if the auto makers go bankrupt there will be plenty of private domestic investors interested if they can get the unions out.