Economy Collapse "How To:" DUmor Style

[Revolution]

No DUplicitous DUpe  (1000+ posts)      Fri Aug-27-10 04:34 PM
Original message
How To Protect Yourself As The U.S. Economy Collapses  
 How To Protect Yourself As The U.S. Economy Collapses
posted with permission from http://sane-ramblings.blogspot.com/2010/08/how-to-prote...

The winds of a collapsing economy are blowing, and in the months to come they will gain hurricane force. On Tuesday (8/24) the front page of The Wall Street Journal characterized the latest Fed meeting as "among the most contentious in Ben Bernanke's four-and-a-half year tenure" as chairman. The Fed knows the economy is faltering but can't agree on what to do next and it is nearly out of new options.

Meanwhile the FHA, which guaranteed nearly half the real estate loans this year, and accepts down payments as low as 3.5% is sinking and will need a taxpayer bailout. As The Wall Street Journal put it (8/24), "The agency's reserves are falling sharply as many of those loans have defaulted at a rapid clip."

And from CNN, "Plunging home sales could sink recovery." http://money.cnn.com/2010/08/24/real_estate/existing_ho... .

To protect yourself, try to save $20,000 in cash so you can weather an enormous financial storm. How?

If you have an old car, maintain it rather than replace it, which will save you a $600 a month car payment and higher insurance costs. And discuss ways to cut unnecessary insurance costs with your insurance broker. If you have an old TV set, skip the new technologies for now and enjoy what you have. My TV is 9 years old and works fine.

If you have expensive but unnecessary items on a payment plan such as an ATV or a boat, try to sell them and get out from under those payments.

If you're going to spend money, invest in your health. If you have a lump, go see the doctor for without good health, you won't be able to work and may not even be able to enjoy your life. If need be most doctors will offer you a payment plan.

If your house is or will be in foreclosure, negotiate a revised and sharply lower 30 year fixed rate mortgage with your lender. They don't want to take your house back, they have too many now. If you can no longer afford the house, negotiate a short sale discounted price with the lender and price it to sell. The lender would prefer you sell it than to carry an empty house on its books and have to sell it later.

If you rent an apartment, negotiate a lower rent with your landlord. Vacancies are growing, landlords are offering move in specials and they do not want to lose a good tenant.

If you're buried in credit card debt, negotiate a forgiveness for most of the debt with the card providers and an affordable payment plan for the balance. They don't want you to declare bankruptcy or to default.

If you can no longer afford your car payments, negotiate a settlement with the finance company and give them back the car. They too don't want you to declare bankruptcy or default.

If you're getting calls from bill collectors, speak to them, don't hide from them for their incessant calling will only make your life miserable. In many cases, once they get past their initial demands, they too will negotiate a settlement with you, for collecting some money is better than getting none.

If you like to read, watch movies or listen to music, visit your local library and for free bring home books and CD's.

Also, don't be too proud to go to a food bank. Things are already so bad, that in the U.S., food banks feed 12% of the population in whole or in part. That's 37 million people, and their numbers are growing. In addition, clip coupons, join membership clubs and shop sales.

Then take all the money you're saving and put it in an FDIC insured account. Those accounts pay almost nothing but at least you will still have the money as you strive for $20,000. When it comes to Wall Street, don't trust them. It's a rigged game just as it was two years ago before the financial panic that led to the bailouts.

One more thing. It is crucial that you develop a marketable skill or cross train at work so you become indispensable. This could keep you employed.

But remember, life is about more than money. Meditating or visiting a park can bring you relaxation and pleasure and both are free. So is the company of friends.

As in the Great Depression, together we will get through this financial catastrophe and hopefully build a much better nation, than the one that throws its money away on endless weapons and wars, and one that bails out big campaign contributors at the expense of working class America. This financial collapse is the only way to get the mass of U.S. citizens involved and restore representative government.

http://upload.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9028714

B-b-but, I thought things were just hunkey dorey. I thought Obummer was taking care of everyone, and everything. I thought we were climing out of the recession, and making progress.


 

Jacksases.

[Tantal]

On the upside, at least they're starting to realize that the Jug-eared Kenyan is a failure. Of course, we could have warlords and cannibalism by 2012 and they'd just blame it on Bush and pull the lever for Obama again. There's a reason they're called DUmmies.

[jukin]

Socialism is an equality in the distribution of misery.

[DefiantSix]

On the upside, at least they're starting to realize that the Jug-eared Kenyan is a failure. Of course, we could have warlords and cannibalism by 2012 and they'd just blame it on Bush and pull the lever for Obama again. There's a reason they're called DUmmies.

Akshully, they'd probably say that it was we, the ignorant ungrateful mass of American humanity, who failed the jug-eared Muslim Messiah.


WE'RE NOT WORTHY!  WE'RE NOT WORTHY!!! [/DUmpmode]

[Revolution]

^ Yeah, and it's been taking place for years. We're going along fine, and then, we ellect a complete piece of shit for a President. Then, we elect a decent guy to fix it.

My question is: Have we gone too far? Can we fix what WE (not us, of course) have f'ed up, collectively? Have we gone too far this time?

[BlueStateSaint]

^ Yeah, and it's been taking place for years. We're going along fine, and then, we ellect a complete piece of shit for a President. Then, we elect a decent guy to fix it.

My question is: Have we gone too far? Can we fix what WE (not us, of course) have f'ed up, collectively? Have we gone too far this time?

Rush is fond of saying that he has complete faith in the American people.  I don't think it was in this context, but I too have faith in American ingenuity and work ethic.  Sure, there are a lot of people out there who think that they deserve wealth and riches purely because they exist (welfare queens, and Bobbo the Hobo, for example), and they will wind up going hungry if TSHTF.  But, this country didn't become great by sitting on our asses.  The people who want to work will dig our asses out of the hole that the Obamessiah has helped us jump into. 

[Revolution]

I think you're right, but there's only so far you can dig the hole before you reach the molten core of the earth. Obama has a giant drillbit going that way, and we only have so long to stop it. Lot of man power is needed.

[JohnnyReb]

You can save $20,000.00 while on welfare and foodstamps?.....obviously we're paying them to much.

[AllosaursRus]

If you have an old car, maintain it rather than replace it, which will save you a $600 a month car payment and higher insurance costs. And discuss ways to cut unnecessary insurance costs with your insurance broker. If you have an old TV set, skip the new technologies for now and enjoy what you have. My TV is 9 years old and works fine.

Uh........$600/month car payment? I've never had a car payment more than $300! I guess DUmshits don't take care of their cars, trade up, or put any money down, do they?

http://upload.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9028714

B-b-but, I thought things were just hunkey dorey. I thought Obummer was taking care of everyone, and everything. I thought we were climing out of the recession, and making progress.


 

Jacksases.

But, but, but, it's the "Summer of Recovery"! Just ask "BiteMe!

What a clown! I know, I know, they drive Clown Cars! That explains everything!!!!!

[true_blood]

Uh........$600/month car payment?

WHAT?!?! 600 bucks a month? No wonder they want the gubberment to step in and help them pay for their possessions?!?

[diesel driver]

The most I ever paid a month for a car was $465.  When wife #1 left me, I gave her the car (and the payment) in exchange for the house and mortgage ($300/mo.)   

I'm paying $350/mo. now for a used 2002 Jeep I bought in 2006.  This car is the boss's car, I only drive it with her permission, or when she needs a chauffeur.

As far as the rest of my "fleet" goes, all are paid for, and most were bought for less than $600.  All have over 200,000 miles and all run very well (Except the Olds.  Anybody know where I can get a 1985 or so MFI 2.8L V-6?)

I have a 1993 Buick and a 1980 Malibu, both of which I got for free and both of which I use for mail delivery and daily drivers.  Both have over 200,000 miles on them.  I just finished rebuilding the transmission in the Malibu.  (I'm looking for a replacement tranny for it.  Turbo 350, 4L60, or 700R4, anything to replace this POS Turbo 200!)

I have a 1988 Ford F-250 diesel with over 250,000 miles that is getting a "facelift"  (sandblasting and repainting the frame and cab, replacing the fuel injector pump, thanks to ULSD fuel, and new seals and gaskets on the engine, transmission, and drivetrain)

I have a 1995 Chevy S-10 Blazer with 235,000 miles that will be my backup delivery vehicle for when the snow gets deep.  I got it real cheap, ($100) cuz the owner thought  the engine was shot.  Every time they put water in it, it would run out as fast as it went in.  $3.00 worth of freeze plugs fixed it.

I have a 1985 Oldsmobile Firenza that I've converted to right-hand drive, but it needs a motor.

[Revolution]

Auto Trader?

[diesel driver]

Auto Trader?

I've been meaning to get to a junk yard about 150 miles from me.  About once a month or so, they have a "all you can carry" sale.  

For a $65 entry fee, anything you can carry BY YOURSELF for 10 yards is yours.  Doesn't matter what, if you can carry it 10 yards, it's yours for the $65 entry fee.  (plus core charges for engines, trannys, and such)

Unfortunately, every time they have that sale is on a Saturday that I have to work!  

[DumbAss Tanker]

I retired the last car loan I ever intend to have over a dozen years ago, since then it's been hundred-thousand-milers for cash.  If it made it to 60K in decent shape, t'll make it to 200K.  Of course I check the oil and transmission fluid for flakes or other foreign material, listen carefully to the engine and suspension in the test drive, and crawl under it to check for leaks before I buy.

[AllosaursRus]

Anybody know where I can get a 1985 or so MFI 2.8L V-6?)

Ooooooooooh! That's a tuffie! Most of 'em nowadays are bein' rebuilt, scabbed into the 'ol Toyota and Nissan 4 cyl 4 wheel drives!

We have whole culture of mud boggers up here that are willin' to pay big bucks for those. If you're willin' to buy one that needs a ground up restoration, I can prolly find one! PM me, and I'll talk to the Red head down at my local liquor store and see if she can find one! She runs the place, Heh! We're on a first name basis. Wonder why? Anyway, she's into the part chain so might be able to find one! I sold her the transfer case outa my 85 1/2 Hard Body!

I have a 1985 Oldsmobile Firenza that I've converted to right-hand drive, but it needs a motor.

One of the finest cars ever made! I bought "Toots" one, used, back in '96! It already had over a hundred on it, and when we finally put her to rest she had 260! "Toots' kept the "Firenza" tag and put it on her key chain!

Damn fine car!

So far I'm drivin':

My Ford F350 Dually with 250,000

A 1996 Subarau All Wheel Drive with 235,000

The "Cop" car, a 1993 Crown Vic/spot light with 180,000

Mama's Jeep 1996Grand Cherokee with 110,000

1989 3/4 ton Dodge Van with who knows? It was Grandpa's!

and last but not least, partin' out the 'ol '85 1/2 Nissan, cause it's the weak link! It's the only one I bought new, rebuilt it twice sold it to my son, and still have the thing in my yard growin' mold after he put a lift kit and 12" wide mudder tires on the thing!

[JohnnyReb]

Had a 91 Buick something or other that the wife drove for years. It was a 3.8L and you just couldn't wear them out if you serviced them. She put 280 thousand on it and it still ran great and didn't use any oil. A deer craved in one of the back doors, someone at WAL-MART craved in the other back door, the front windows motors wore out, the air conditioning died, the wiper motor wore out.....in other words, the amenities died but the running works were healthy. I just got tied of working on all the little things.

I hadn't had a house payment since '72....no car or truck payment since '78....but I paid off plenty of loans while in business up until '90....guess what....as of 2007, I had no credit ....and no record of ever having a loan or loans.....sheeesh. So when I bought a truck in 2007, I made payments....paying interest on the loan when I had the money to pay it off  graped my butt every time I made a payment. It's paid off I got "some" credit now. Now I find myself asking myself, "Why did I do that?"

[Karin]

   You car guys hijacked the thread. 

Notice how in the list how often the poster advises you to go, hat in hand, and ask for loan forgiveness and other freebies.  "Negotiate this and that blah blah blah."  Makes it sound easy as pie.  They will get thrown out on their ear. 

If you rent an apartment, negotiate a lower rent with your landlord. Vacancies are growing, landlords are offering move in specials and they do not want to lose a good tenant.

  Really, DUmmie?      All those people who've been foreclosed on have to live somewhere, don't they?  I'm not offering any move in specials, and the stated rent is what it is, i.e. a fair amount that the market will bear.  And no, DUmmies do not make good tenants.  They make nightmare tenants. 

[JohnnyReb]

  You car guys hijacked the thread. 

Notice how in the list how often the poster advises you to go, hat in hand, and ask for loan forgiveness and other freebies.  "Negotiate this and that blah blah blah."  Makes it sound easy as pie.  They will get thrown out on their ear. 
  Really, DUmmie?      All those people who've been foreclosed on have to live somewhere, don't they?  I'm not offering any move in specials, and the stated rent is what it is, i.e. a fair amount that the market will bear.  And no, DUmmies do not make good tenants.  They make nightmare tenants. 

Lets all run down to the courthouse and negotiate lower property taxes on any rental property we might have....yeah, that's the ticket, negotiate.

[DumbAss Tanker]

If you rent an apartment, negotiate a lower rent with your landlord. Vacancies are growing, landlords are offering move in specials and they do not want to lose a good tenant.

   Really, DUmmie?      All those people who've been foreclosed on have to live somewhere, don't they?  I'm not offering any move in specials, and the stated rent is what it is, i.e. a fair amount that the market will bear.  And no, DUmmies do not make good tenants.  They make nightmare tenants. 

Yeah, that one struck me too.  The landlord isn't squirreling the dough away in Scrooge McDuck's money bin, it's his immutable costs plus the margin of profit, if any (If it's multiple-unit and he has an unusually low occupancy rate at the moment, he may already be flirting with red ink).  There's also the fact that if he does this for you and the other tenants get wind of it, the rush will be on.  Most landlords would very justifiably give the DUmmie the stink-eye, ask why DUmmie-child can't meet the lease it voluntarily signed (Lost it's job?  Had your hours permanently cut??  Parents cut it off??? No???  Then why can't it pay as agreed???).  Then they'll give it a talk about any penalties for breaking the lease that are in it, and finally say something to the effect that if it can't live up to its commitments, at least say so now and tell them a definite move-out date so they can start advertising the place and try to get a renter into who can afford it.

[AllosaursRus]

I've go it! I'll rent out the Nissan as a one bedroom! It does have a camper shell after all! They will have to tow it though, cause it needs a clutch!