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Subprime Auto Nation

Tyler Durden's picture





 

By Jim Quinn of The Burning Platform

Subprime Auto Nation

Have you heard the news? Auto sales are booming. Total sales for the month of August were 1,285,202 vehicles, according to Autodata Corp, the highest monthly sales figure for any August since 2007, when 1.47 million autos were sold in the United States. Year to date auto sales have totaled 9.7 million and are on track to reach 14.5 million. Between 2006 and 2007, auto sales ranged between 16 million and 18 million. They crashed below 10 million in 2009. The Keynesians running our government have pulled out all the stops to restart this engine of consumer spending. First they wasted $3 billion of taxpayer funds on the Cash for Clunkers debacle. Almost 700,000 perfectly good cars were destroyed in order to keep union workers happy.  This Keynesian brain fart distorted the used car market for two years, raising prices for cars needed by the working poor. After that miserable failure, they realized the true secret to selling vehicles is to give them away to anyone that can scratch an X on a loan document, with 0% interest for 60 months, financed by Federal government controlled banking interests. Add in some massive channel stuffing and presto!!! – You’ve got an auto sales boom.

General Motors sales are up 3.7% over 2011. Ford Motors sales are up 6% over 2011. The Obama administration continues to tout their saving of the U.S. auto industry with their bailout in 2009 that saved unions and screwed bondholders. If this strong auto recovery is not an illusion, how do you explain the two charts below? General Motors stock is down 42% since 2011. The highly proclaimed success story called Ford Motors has seen their stock collapse by 50% since 2011. This is surely a sign of tremendous success and anticipation of soaring profits for these bastions of American manufacturing dominance.

Chart forGeneral Motors Company (GM)

Chart forFord Motor Co. (F)

This is America, land of the delusional and home of the vain. The appearance of success is more important than actual success. The corporate mainstream media dutifully reports the surge in auto sales is surely a sign the economy is recovering and the consumer has finished deleveraging and is ready to spend again. The government propaganda machine proclaims the surging auto sales are due to their wise and forward thinking policies (like the Chevy Volt). Luckily for them, there are millions of gullible Americans who believe the storyline and are easily convinced that driving a $30,000 new car, financed over seven years, makes them a success. The decades of Bernaysian marketing propaganda has worked its magic on the government educated, math challenged citizenry. There are only two things that matter to the non-thinking auto buyer (renter) - the monthly payment and what the next door neighbor and his coworkers will think. Buying a fuel efficient car they can afford, paying it off in three or four years, and driving it for ten years, while saving the monthly car payment, is what a practical, rational thinking person would do. The fact that only 20% of the 9.7 million vehicles sold this year have been small cars and the average sales price of new cars sold is now $31,000 proves Americans are still living in a delusional fantasyland of cheap gas and monthly payments for eternity.

As gas prices surpass $4 per gallon across the country, somehow 4.7 million of the 9.7 million vehicles sold in 2012 have been pickups, vans, crossovers or SUVs. Three of the top eight selling vehicles are pickups. Luxury vehicle sales are booming, with Mercedes, BMW, Porsche, Land Rover and Audi showing double digit percentage sales gains over 2011. We’ve entered a recession, gas prices are approaching all-time highs, job growth is pitiful, and Americans continue to buy luxury gas guzzlers on credit. This will surely end well.

The average payment on a new car in 2012 is $461. For used cars, the average monthly payment is $346. Today, 77% of new car purchases are financed. About half of all used vehicles involve financing. Of those cars financed, 89% are through a loan vs. 11% with a lease. A critical thinking person might wonder how a country with 4 million less employed people than we had in 2007, median household net worth down 35%, and real wages lower than they were in 2007, could be experiencing an auto boom. The answer is a government/corporate/banker/media effort to funnel taxpayer funds to deadbeats across the land in a fruitless attempt to create a facade of recovery. Our governing elite are convinced that more debt peddled to the masses is the path to recovery for an economy that imploded due to excessive debt peddled to the masses in the first place. Essentially, it comes down to who benefits from the peddling of debt. It isn’t the masses, as they become enslaved in the chains of debt and monthly payments in perpetuity. Debt peddling benefits Wall Street bankers, politicians, and mega-corporations selling crap to the masses.

The storyline being sold to the vegetative dupes (watching Honey Boo Boo) that occupy space in this delusional paradise we call America, by the corporate media, is that consumers have deleveraged and are ready to resume their “normal” pattern of spending money they don’t have on stuff they don’t need. Of course, the facts always seem to get in the way of a good yarn. Consumers have never deleveraged. Consumer credit outstanding is at an all-time high of $2.58 trillion. The decline from $2.55 trillion in 2008 to $2.4 trillion in 2010 was NOT deleveraging. It was the Wall Street Too Big To Fail banks taking a big dump on the American taxpayers. They passed their bad debts to you through TARP, the Federal Reserve buying their toxic “assets”, and ZIRP. 

Revolving credit (credit card) debt peaked at just above $1 trillion in 2008 and “declined” to $850 billion during 2010.  The media storyline is that you buckled down and paid off your credit cards, therefore depressing consumer spending and creating a recession. Sounds convincing except for the fact that it’s a load of bullshit. The Federal Reserve’s own data proves it to be false. Your friendly Wall Street banks have written off $213 billion of credit card debt since 2008 and passed the bill to the few remaining taxpayers in this country. For the math challenged, this means that consumers have actually INCREASED their credit card debt by $68 billion since 2008. The bad news for our Chinese crap peddling mega-retailers is that the significantly poorer average middle class American household is using their credit cards to pay their property tax bills, IRS bills, and utility bills in order to survive.  

Credit Card Charge-off in Dollars 2005 – 2011 — Not Seasonally Adjusted:

Year Dollar Amount
2011 $46,017,459,671
2010 $75,090,106,350
2009 $83,179,901,000
2008 $53,506,353,600
2007 $38,149,440,000
2006 $32,111,934,400
2005 $40,634,994,400
Year & Quarter Dollar Amount
2012Q1 $8,772,385,443

 

The category of debt that barely budged in the 2009 collapse was non-revolving credit. It stayed in the $1.5 trillion range in 2009 and has since surged to over $1.7 trillion in 2012. What could possibly have made this debt skyrocket by 33% when the GDP has only grown by 12% over the same time frame? You guessed it – your corporate fascist friends in Washington DC and on Wall Street. Non-revolving debt consists of auto loan debt of $663 billion and student loan debt of approximately $1 trillion. Student loan debt has shot up by $300 billion since 2008. This student loan debt is being distributed, like candy by a pedophile, from the Federal government in an effort to artificially hold down the unemployment rate.

Approximately $500 billion of the student loan debt is held directly by the Federal government, up from $100 billion in 2008. The Feds guarantee the majority of the remaining student loan debt. Can you think of a more subprime borrower than a 40 year old former construction worker getting a liberal arts degree from the University of Phoenix, sitting at his computer in his underwear scratching his balls, and paying with a $10,000 Federal student loan from you? This fraudulent attempt to obscure the true employment situation will end in tears for the borrowers and the American taxpayer. It’s tough to make a loan payment without a job. The student loan bailout is just over the horizon and will cost you at least $300 billion. Delinquencies are already off the charts.

        

When has offering low interest debt in ample portions to people without jobs, income or assets ever backfired before? The bankers and politicians that control this country seem to be a one-trick pony. They will never admit that debt is the problem and reducing it the solution. The real solution would make them poorer, so their solution is to pour gasoline on the fire with more debt at lower interest rates to more people. The addict will keep injecting more poison into their system until sudden death. The bankers and politicians know we are a car-centric society and appeal to our vanity and poor math skills to keep the game going.     

During the first quarter of this year, total U.S. car loans totaled $52.5 billion. That’s 49% higher than the same period in 2009. Also during the first quarter, the average amount financed on new vehicles rose by $589, to $25,995, and for used cars by $411, to $17,050. Furthermore, buyers are stretching out payments for longer terms: The average length of new- and used-vehicle loans jumped a full month during the first three months of this year, to 64 and 59 months, respectively. The surge in auto sales is being completely driven by doling out more loans for a longer time frame to deadbeat borrowers. Subprime auto loans now make up 45% of all car loans and the vast majority of all used car loans.  They have even created a category called Deep Subprime. Borrowers classified as “deep subprime” (i.e. those with Vantage scores below 600) account for 10.7% of auto loans. You can also classify them as loans that will never be repaid.

 

Two thirds of all car sales are for used cars, so the fact that 37% of all new cars are being sold to subprime borrowers is exacerbated by the ridiculous lending practices for used cars. The fine folks at Zero Hedge have provided the outrageous data and a chart that proves beyond a shadow of a doubt what awaits the American taxpayer – another bailout. Zero Hedge has already revealed the GM fake recovery by detailing their channel stuffing over the last two years. Now they’ve dug up more dirt on why car sales are surging. What could possibly go wrong providing loans for more than the value of the asset to people with a history of not paying their debts?

  • Subprime borrowers received 56.46% of loans on used cars in the quarter, up from 52.70% a year earlier.
  • The average loan-to-value on new cars was 109.55%
  • The average used car loan-to-value ratio rose to 126.62%
  • 77% of Subprime Auto Loans are for a period greater than five years

It’s amazing how many cars you can sell when you aren’t worried about getting paid. This is the beauty of a fiat currency, a printing press, and a taxpayer available to pick up the tab after the drunken party gets out of hand. The chart below provides the details of our superhighway to disaster. The percentage of used car loans to prime borrowers is now at an all-time low, while the percentage of loans to subprime borrowers is near all-time highs reached just prior to the 2008 crash. When lenders cared about being paid back in the early 2000?s, they rarely made loans longer than five years. Today, more than 77% of all subprime used car loans are longer than five years and average FICO scores are now well below 600. Just to clarify – if your FICO score is below 600 – YOU ARE A DEADBEAT.

When you start to connect the dots, things that didn’t seem to make sense begin to crystallize. This is all part of the master plan concocted by Bernanke, Geithner, Obama and the Wall Street Shysters. The auto section of my local paper now makes sense. Offers of 7 year financing at 0% interest and monthly lease offers of $150 to $200 for brand new cars now are understandable. The newer model BMWs, Cadillac Escalades, Volvos, and Jaguars I see parked in front of the low income luxury gated townhome community in West Philadelphia now makes sense. A pizza delivery guy driving a new Lexus is now explainable.   

The master plan is fairly simple. The Federal Reserve lends money to the Wall Street banks for 0% interest. These banks then turn around and provide credit card debt at 13% interest, new & used car loans to prime borrowers at 5% interest, and new & used car loans to subprime borrowers at 16%. When you can borrow for free, you can take a chance that a significant number of your borrowers will default. Essentially, Ben Bernanke is screwing the prudent savers and senior citizens by paying them 0.15% on their savings in order to subsidize the bankers that destroyed the country so they can make auto loans to the same people who took out the zero percent down interest only no doc mortgage loans in 2005. In addition, Wall Street knows the Bernanke Put is still in place. If and when these subprime loans explode in their faces again, Bennie, Timmy and Obamaney will come to the rescue with your tax dollars. Its heads you lose, tails you lose, again.    

 The chart below is like a who’s who of TARP recipients. The top 20 auto lenders control half the market. And look at the leader of the pack. Our friends at Ally Bank are the market share leader. You remember Ally Bank – they conveniently changed their name from GMAC (also known as Ditech – biggest subprime mortgage lender) after losing billions and being bailed out by you. They still owe you $11 billion and are 85% owned by the U.S. Treasury. No conflict of interest there. You have the biggest auto lender on earth controlled by the Obama administration. Do you think they have an incentive to make as many loans as humanly possible to help Obama create the illusion of an auto recovery? The only downside is for the American taxpayer when we have to eat billions more in Ally/GMAC losses. This insolvent excuse for a lending institution has been extremely aggressive in the subprime auto lending market and has forced the other wannabes – Wells Fargo, JP Morgan, Capital One and Bank of America – to lower their lending standards. Does this scenario ring a bell? 

top_20_car_lenders_market_share

We’ve become a subprime auto nation, addicted to easy debt, living lives of hope, delusion and minimum monthly payments. Storylines about economic recovery, fraudulent government statistics showing lower unemployment, feel good propaganda from the corporate mainstream media, and a return to easy money debt fueled spending does not constitute a real recovery. Until the bad debt is purged from the system and saving takes precedence over spending, the country will stagger and ultimately fall under the weight of its immense debt. We are lost in a blizzard of lies. This subprime fueled engine of recovery will propel the country into the same canyon of reality we entered in 2008. The crack up boom approaches.

 


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Sat, 09/08/2012 - 07:16 | Link to Comment Racer
Racer's picture

"This is America, land of the delusional and home of the vain. The appearance of success is more important than actual success."

That's what you get when you give fat bonuses for failure and give golden rewards for doing so.


Sat, 09/08/2012 - 07:49 | Link to Comment falak pema
falak pema's picture

so sound as if "yes we can" ...save GM, doesn't convince u! 

How about... "Mint the FED" with more fiat as "nobody pays taxes" Romney comes to WS... work?

Sat, 09/08/2012 - 08:32 | Link to Comment knukles
knukles's picture

No Deadbeat Left Behind
The new redistributionist policy of the Racially Neutral Mature Transparent Leadership of Humericah, it is of worthy note that ALLY BANK, the olde GMAC of yore which choked to death on sub-prime paper collateralized by every single asset class imagined by man since 1634 AD and had to be rescued with taxpayer funds to make whole their owner, in part Cerberus (a fucking non governmental non depository risk taking private entity bailed out with tax payer money, folks, if my feeble memory serves me at all) is back at it again, as a significant if not the largest issuer of sub-prime auto loans

Seriously
What could go wrong?

 

Sat, 09/08/2012 - 08:33 | Link to Comment Almost Solvent
Almost Solvent's picture

Also, GM is handing out 0% 72 month payments, and I've seen some of those "buy here pay here" offereing 84 months of payments. 

 

Insane since most of today's junk cars won't last 72 months, and those other joints are selling USED cars over 84 months. 

 

Good luck on all that.

Sat, 09/08/2012 - 09:25 | Link to Comment Oh regional Indian
Oh regional Indian's picture

American indoctrinated belief system...

 

Cheap

Assed

Rides

Suck

 

Pretty soon, depending on which one gets re-possessed first, americans will be sleeping in their cars, home-less, or in their homes, carless.

My funnest car was a BMW 528e bought for 1,000 dollars. Rocked. 

ori

Sat, 09/08/2012 - 12:44 | Link to Comment saturn
saturn's picture

Success is a measure that you are enough a predator. But wait, what happens when all become predators.. Oops?!

Sat, 09/08/2012 - 19:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

My wisest (and one of my wealthiest- real wealth, who has zero debt) client has a saying:

"Death is worse than debt, but only marginally, and in some cases, debt takes the lead."

 

Here's the simple Kryptonite of fractional reserve fiat banking & the sole method which will ultimately stop the perpetuation of a fiat Ponzi system, heavily promoted by the likes of the TBTF Wards of the CronyKapitalist State (e.g. Goldman Sachs, JPM, et al.) The Bernank (or, more appropriately, those he works for), Krugman & one now notorious Eric S. Rosengren (or, again, more appropriately, those he works for): 

 

Do not borrow anything to purchase anything. Whether you earn 15k, 35k, 50k, 150k, 500k or 5 mln a year, pay for everything you purchase with cash.

If that means you have to settle for a vehicle (that is needed for productive purposes) that's not as nice as the one you had hoped to drive, chalk it up as a huge victory.

This may be easier for some than others, depending on how influenced/brainwashed they are by their circle of friends, commercial advertising, and the psychology of marketing in general, but not having debt is the only way to true economic freedom (and once you extinguish your debt, you're far more able to begin building real net wealth).

We all know that former "success story" who was acquiring all those symbols of modern day success, whether the tudor in the quite expensive part of town with the 30k a year property tax bills, the Mercedes S-Class, the 50k a year membership at golf/athletic club in vogue, etc, who, as it turns out, was just borrowing prolificly, and living the dream on wheelbarrels full of debt that he/she couldn't repay.

Besides, most things purchased do not increase one's level of happiness, and at most, merely provide a dose of short-lived excitement and transient satisfaction, lasting maybe 2 hours to 2 months (habituation is a bitch).

Some will chime in and claim that going into debt can be a winning strategy sometimes. Yes, this is probably the exception to the general rule. If one possesses a specific knowledge or skill set, or has a very comprehensive talent in a particular area that can be monetized (from a business standpoint), it's probably okay to assume some debt (as little as possible and as little that's personally guaranteed or securitized) to open and/or expand a business enterprise and carry some debt to expand a profit-making endeavor built on a very solid business plan- but more often than not, people who think they've met this strict set of criteria have not, and this is proven by the high % of loan defaults in the opening of any business.

Debt is the modern day tool of The Money Masters to extract as much capital as possible from the masses. At one time it was human slavery. Debt is the closest thing in modern times to human slavery. This is particularly true given that 80%+ of that which is procured by debt is uncessary.

Debt is the currency of slaves.

 

A Detailed Look At The Debt Ponzi & Debt Slavery Created by Fractional Reserve Fiat Banking

 


Sat, 09/08/2012 - 20:21 | Link to Comment badrhino
badrhino's picture

I printed off your comment for my teenagers to read.

Sun, 09/09/2012 - 00:30 | Link to Comment respect the cock
respect the cock's picture

Thanks TIS, love your stuff.

Sun, 09/09/2012 - 00:30 | Link to Comment respect the cock
respect the cock's picture

Thanks TIS, love your stuff.

Sat, 09/08/2012 - 09:30 | Link to Comment IBelieveInMagic
IBelieveInMagic's picture

As long as we have the reserve currency, we will and can get away with this. If you are going to be cautious and a saver, you will be hurt -- Get that clear.

Sat, 09/08/2012 - 11:52 | Link to Comment AnAnonymous
AnAnonymous's picture

'American' economics is all about consumption.

Sun, 09/09/2012 - 16:11 | Link to Comment Imminent Crucible
Imminent Crucible's picture

"As long as we have the reserve currency, we will and can get away with this."

That won't be forever. See "the Triffin Dilemma".  At the rate China is amassing gold, it could be just a few years away. Or less.

Sat, 09/08/2012 - 10:18 | Link to Comment max2205
max2205's picture

Cash for deadbeats CFD.

The US never again will send out stimulus checks because there isn't a middle man who has to pay off some Politician.

Sat, 09/08/2012 - 10:20 | Link to Comment max2205
max2205's picture

At some point I'll be able to pick up a 3 year old Lexus costing $95,000 for about $15,000. Waiting

Sat, 09/08/2012 - 10:54 | Link to Comment slyhill
slyhill's picture

You'll never get the pizza smell out of it.

Sat, 09/08/2012 - 12:39 | Link to Comment Pure Evil
Pure Evil's picture

Nor the smell of cigarettes and Phillie blunts.

Sat, 09/08/2012 - 21:30 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

It used to be that people actually took care of their vehicles and did the maintenance (like oil changes) needed, so buying a used car might not be so risky.  The other day I was filling up at the gas station and a man with a nice looking Toyota truck was telling another customer that he had not EVER changed the oil in 95,000 miles and the truck was still "running fine".  The outside of the truck was all nice and clean and shiny.

Buyer beware.

Sat, 09/08/2012 - 07:59 | Link to Comment Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

But if we're worried about looming (hyper)inflation, isn't the best strategy to borrow as much cheap money as possible now, buy stuff with it now, then pay off the loans in devalued money later?

 

If that's the case, borrow lots of money now for the nice car, defensible house, and harder assets (such as prep gear like solar panels and food/water storage, guns, ammo, metals, etc), then pay the loans off with cheaper dollars tomorrow.

Sat, 09/08/2012 - 08:03 | Link to Comment Hmm...
Hmm...'s picture

The only problem is that although dollars willl be cheaper in the future, the vast majority of Americans will not see a nominal increase in their wages due to global wage arbitration, automation, and US Tax policy. 

Dollar depreciation does not help you if you have the same or lower nominal wage.

Sat, 09/08/2012 - 09:07 | Link to Comment nmewn
nmewn's picture

Exactly.

If you're going to try and "cheat the system" you had better do it in a way that removes the value to outside their system. Spend the borrowed dollars on things that are untitled possesions, thus non-recoverable, that will increase in value.

(Bzzz) What are things that can be lost in a boating accident Alex?

(Alex) Correct.

Sat, 09/08/2012 - 13:19 | Link to Comment Freddie
Freddie's picture

(Bzzz) What are things that can be lost in a boating accident Alex?

(Alex) Correct.

+1

LOL!

Sat, 09/08/2012 - 10:05 | Link to Comment dbomb12
dbomb12's picture

Buy your gold and silver now and when hyperinflation comes you can pay all your debts with just 1 oz of gold, Thats my plan

Sat, 09/08/2012 - 10:22 | Link to Comment max2205
max2205's picture

Buy it on that credit card you are going to default on. Money for nothing and your chicks for free

Sat, 09/08/2012 - 16:14 | Link to Comment Overfed
Overfed's picture

Max out your credit cards on gold and silver! That's my plan!

Sat, 09/08/2012 - 13:08 | Link to Comment LMAOLORI
LMAOLORI's picture

 

 

Increase let's see if they even have jobs

What’s It Take to Be Middle Class? A Job

Welcome to obama's new low wage America where the jobs created are service sector and the rich share the gains the rest the pains

Service sector growth rises in August: ISM

and tax slaves behold your public debt will cost more

Fitch lowers ratings on Muni Bonds

Sat, 09/08/2012 - 09:26 | Link to Comment FutureShock
FutureShock's picture

You are right but add in some PM's on credit and then they would be cheaper when hyper inflation hits. Timing is everything however and most everything is gradual. A home equity reserve line might be useful when gold is at 3k, Europe has a new frame work and China reserve currency rumblings are strong. Europe, Japan then us.

Sat, 09/08/2012 - 10:04 | Link to Comment jekyll island
jekyll island's picture

I do not have enough faith in US gubmint that the economy will go straight to hyperinflation.  If things get that bad, it will probably follow a period of deflation.  For those of you scoring at home, if the Bernank does everything right we will get stagflation in the double digit range.  If they lose control we will have hyperinflation.  If they wait for a market signal, we will have deflation.  Mr. Market wants to shed the bad debt and the market force to facilitate this is deflation.  It's Bernank vs. Mr. Market.  Who do you think will win?  

Sat, 09/08/2012 - 10:09 | Link to Comment DosZap
DosZap's picture

jekyll island

I vote stagflation, and much higher prices on food and fuel.

Sat, 09/08/2012 - 10:32 | Link to Comment centerline
centerline's picture

I agree but see it more as a power play being run by folks behind the scenes, trying to shake off more and more parasites who are jumping on the host everyday while keeping the stooge politicians in tow and the general population clueless.

No meaningful arrests on Wall Street or elsewhere, a nuetered SEC, etc. tells us that a free-for-all is on like Donkey Kong.  God only knows what is going on behind the scenes.  But with trading floors and hedge funds being wiped out, I 'd say the Fed put a flea collar on.  Interesting.

Likewise, the whole flation thing is really confusing.  I try not to get caught up in the terminology.  Reality is that my cost of living is going up, up and up.  That trend never changed - just the acceleration stops and starts (but velocity is always towards inflation).

My take is that hyperinflation already happened.  But, unlike previous hyperinflations, it was hidden from view via the shadow banking sector, leverage, and creative financial instruments.  So, like the analogy that Tyler has been using... that of Schrodlinger's cat, the moment we observe the truth, it will be instant death to the system.  This may be a poor interpretation of this famous thought experiment, but is the closest that seems to fit the bill.

Anyhow, the Fed, ECB, etc. does not want anyone looking into said box and will do anything to prevent this - including putting forth fake boxes.

But, they also know that monetary systems do not last forever.  They were built to be dismantled.  The final blame will be put onto the politicians who will blame the people themselves.... which won't be hard to do actually.  Out of chaos will arrive a new system, devised most likely by the same wizard behind the curtain... or maybe even a new wizard (seems to me there are many competing)... but nonetheless, another game - another cycle.

Sat, 09/08/2012 - 12:37 | Link to Comment Renewable Life
Renewable Life's picture

Is it just me........ Or does silver just look so fucking cheap, it's almost unbelievable????

Sat, 09/08/2012 - 16:16 | Link to Comment Overfed
Overfed's picture

We may get lucky and be treated to one more fire sale before PM prices go to the moon.

Sat, 09/08/2012 - 08:18 | Link to Comment rbg81
rbg81's picture

"The appearance of success is more important than actual success."

For fuck's sake, that's has been true for at least my whole adult life (30+ years).  I lost track of how many bosses I've had who only wanted to hear "good news" or were adept at putting lipstick on a pig. 

In modern America, if you actually TRY to solve a problem (or even give an honest appraisal of the situation), people get pissed and think you're an incompetent loser.  So they put the guy in charge who tells 'em what they want to hear.   Bascially, their strategy is to bluff your way through until things finally start to turn around.  And ya know what?  It mostly works because they buy time with their rosy scenarios and eventually (more by pure chance/luck than actual effort or skill) the situation improves.  Which is why these clowns keep getting promoted. 

Sat, 09/08/2012 - 08:29 | Link to Comment Umh
Umh's picture

We elect those clowns you speak of too. Their other strategy is to be gone before people see that their terrific plan doesn't work.

Sat, 09/08/2012 - 10:47 | Link to Comment Spastica Rex
Spastica Rex's picture

My experience as well, although I've got about 15 years on you.

In my line of work, I noticed big changes in "leadership style" around the mid '90s.

Sat, 09/08/2012 - 18:07 | Link to Comment rbg81
rbg81's picture

It gets especially nasty when solving the problem requires extra money, work, sacrifice, risk, or (gasp!) critical thinking on the part of others.  Then the shit really hits the fan.

Sun, 09/09/2012 - 00:32 | Link to Comment respect the cock
respect the cock's picture

Tame the cunts!

Sat, 09/08/2012 - 13:17 | Link to Comment Cathartes Aura
Cathartes Aura's picture

that yellow smiley face "have a nice day!" pose most amrkns adopted in the 80's/90's is now permanently embedded in the systems, which are mostly "service industry" models based on "customer satisfactions" - all propped up by happy-pill-pharma, so that anyone not soma-'d out is considered a doomy-downer, and lectured or avoided altogether.

amrka is the land of the fake, it's all about appearance, and substance is but a memory. . .

Sun, 09/09/2012 - 18:17 | Link to Comment billsykes
billsykes's picture

They call it change. If you try to change anything in a corporation that you are not the majority shareholder in you are wasting your time and placing your sole means of income at risk.

Banged my head on the wall for 3 yrs trying to figure out why CEOs of pub. co's get paid very well for consistently poor performance.  And if you have a company that makes money, its not "exciting" enough or they want dividends thus sapping the growth. 

Sat, 09/08/2012 - 08:29 | Link to Comment Gfountain1
Gfountain1's picture

Im 23 years old and paid for my new truck in cash, do people think having loads of debt is the American way now? Being debt free is the only way to live imo.

Sat, 09/08/2012 - 08:41 | Link to Comment Dr. Engali
Dr. Engali's picture

You my freind are a malcontent and a nuisance to society. You have not been properly educated in the American way. Seriously though, unfortunately you are an exception to the rule. The bankers like to get them hooked right out of school.

Sat, 09/08/2012 - 11:54 | Link to Comment in4mayshun
in4mayshun's picture

What Gfountain1 one neglected to tell us is that he paid for the truck with money from a student loan.

Sat, 09/08/2012 - 12:14 | Link to Comment AssFire
AssFire's picture

Exactly,       

He didn't buy that.          

Sat, 09/08/2012 - 12:24 | Link to Comment Gfountain1
Gfountain1's picture

I put myself thru state college with a major in BUSINESS. My father and I have been starting a small gold and bullion business. I work for what I have.

Sat, 09/08/2012 - 11:54 | Link to Comment in4mayshun
in4mayshun's picture

What Gfountain1 one neglected to tell us is that he paid for the truck with money from a student loan.

Sat, 09/08/2012 - 11:55 | Link to Comment in4mayshun
in4mayshun's picture

J/K.....maybe

Sat, 09/08/2012 - 14:46 | Link to Comment SheepRevolution
SheepRevolution's picture

HE'S A TERRORIST!

Sat, 09/08/2012 - 09:49 | Link to Comment FutureShock
FutureShock's picture

And that is why you will get screwed in the end for doing the right thing. Your savings with hyper inflation will tank in value while your buddy will pay off his bmw and credit cards full of assets with lower valued hyperinflated dollars. Your parents can't pay for the nursing home becaue their savings are worthless. Pay 20k cash for a car or borrow and pay it off for 10k with hyperinflation. Add in some real estate for the high rollers and you get the picture, follow George Sorros who is probably buying shit in Greece right now. The wealthy have a long time horizon the masses need perfect or close to perfect timing.

Rather than pay off my mortgage early with over payments I can see paying it off for less with hyperinflated dollars. I am back to paying the minimum as the house could loose more value or the dollars owed will. Buying up real estate with borrowed money that will only get cheaper is the play. How do you think the 1% keep getting richer? This is the elite banker reality now that will be comming to a town near you. Cash is king, lucky timing and LOTS of CREDIT borrowing could make you rich after the dust settles. The timing is the gamble for the middle class in the know. The wealthy diversify their timing with borrowed asset purchases a little here and there and come out ahead in the end.  Doing the right and prudent thing could be very bad, taking advantage of messed up system could mean survival or better.

Sat, 09/08/2012 - 13:17 | Link to Comment toady
toady's picture

I'm more than twice your age, but I'm right there with you. When the wifes car got trashed we went to get her a new jeep ( she had to have new, not used.... women, can't live with'em, can't ...) the dealership guys were downright offended that we wouldn't finance with them. A good hour of the 5 hour ordeal was spent saying no to various financing schemes.

Sat, 09/08/2012 - 16:19 | Link to Comment Overfed
Overfed's picture

I bought a now 27 year old Nissan with cash 10 years ago, and I'm still driving it. I'm gonna keep driving it 'til the doors fall off. I bought my wife a cute little Suzuki car earlied this summer for cheap, and spent $350 fixing a few things. It gets driven 2000+ miles a month, and has already paid for itself.

I don't think I'll ever buy a new car.

Sun, 09/09/2012 - 00:36 | Link to Comment respect the cock
respect the cock's picture

Same here. Sold the 4runner before gas goes to the moon and renders if worthless, and bought a 13 year old Civic HX; pocketed the difference. All the MPG benefits of a TDI, with much better maintenance/upkeep.

I'll never buy new again either.

Sat, 09/08/2012 - 09:25 | Link to Comment Poetic injustice
Poetic injustice's picture

I gave all my money to 16 year wonderboy. I believe he will bring at least 1000% profit to me, then I will buy cool car and house!

Sat, 09/08/2012 - 09:38 | Link to Comment nmewn
nmewn's picture

And the Gold in the MillionDollarBonus 400 meter sprint goes to...

Sat, 09/08/2012 - 10:06 | Link to Comment DosZap
DosZap's picture

I think it the eat drink and me merry on someone elses dime, for tommorrow we default on the loan.

When the vehicle is at 50-60k, and people are sick of it.

They have wached the system being milked by everyone in goobermint, and Wall Street,in expensive homes ,livng for free for years, so why not grab a lil gusto, when  you have no intent of ever paying it off.

They are screweing the system in return for their blody asses.

Pass me the Prep H suppositories pls.

And they are too stupid/ignorant to use that money to buy hard assets.

Sat, 09/08/2012 - 11:04 | Link to Comment glenlloyd
glenlloyd's picture

Granted, this is now moving into the extreme situation but my recognition that the car as a status symbol was no longer true happened in the early 2000's. Even then it was obvious that people were literally and figuratively 'driving beyond their means.'

With 89 octane now pushing $3.75 / gal here in IA does the owner of a Suburban or truck stop and think about what it costs them to push that thing down the road? Do they actually believe they can afford to drive it? Are they really that stupid? Yes they are. Do they recognize that they might go all of 15 - 17 miles for that $3.75 on the highway?

People make bad choices when the consequences of those choices are blurred, or just by virtue of being irrational human beings, or when it's in the best interest of the auto purveyor to show them the behemoth vs the econobox.

It's absolutely ridiculous...

Sat, 09/08/2012 - 13:21 | Link to Comment Cathartes Aura
Cathartes Aura's picture

isn't Iowa GMO corn-fed gov subsidy central?

most likely the only ones who can truly afford those huge vehicles. . . for now.

Sat, 09/08/2012 - 11:26 | Link to Comment Diogenes
Diogenes's picture

The American Dream: Spending money you don't have on things you don't want to impress people you don't like.

Sat, 09/08/2012 - 07:24 | Link to Comment Jlmadyson
Jlmadyson's picture

Got a mailer yesterday from a big auto retailer in the area and it said;

No credit rejected.

Good times are back!

Sat, 09/08/2012 - 07:24 | Link to Comment bigwavedave
bigwavedave's picture

Trickle Down Debt

Sat, 09/08/2012 - 07:26 | Link to Comment DavidC
DavidC's picture

A very good article.

I'm reassured to know that I'm not a vegetative dupe as I have NO idea who or what Honey Boo Boo is.

DavidC

Sat, 09/08/2012 - 07:44 | Link to Comment ziggy59
ziggy59's picture

I just googled honey boo boo since i too, was ignorant of what or who it was...
I can say this WTF.. We are so doomed..

Sat, 09/08/2012 - 08:22 | Link to Comment knukles
knukles's picture

Ranking right up there with Lizard Lick Towing, here's a link for the curiously lazy.

http://detroit.cbslocal.com/2012/09/07/does-honey-boo-boo-prove-the-maya...

As a Casual Observer of the Human Condition I actually make an effort to stay abreast of Americana such as this.  Otherwise, prognosticating upon the status of mankind is pursued in a vacuum reflective of the society observed....

LOL

Sat, 09/08/2012 - 09:36 | Link to Comment StychoKiller
StychoKiller's picture

Next up:  Cooking with Soylent Green for all you fine, young cannibals out there! :>(

Sat, 09/08/2012 - 10:36 | Link to Comment centerline
centerline's picture

Waiting for the hardcover cookbook. lol.

Sat, 09/08/2012 - 10:54 | Link to Comment Spastica Rex
Spastica Rex's picture

OH, ISN'T SHE PRECIOUS???!??!?!?!?!!?!1!1/!?1!?!1/11?11?1

Sat, 09/08/2012 - 09:25 | Link to Comment Ricky Bobby
Ricky Bobby's picture

Honey Boo Boo is Ricky Bobby's little sunshine, ain't she cute all dolled up! Holla for Dalla

Sat, 09/08/2012 - 09:29 | Link to Comment spanish inquisition
spanish inquisition's picture

Just watched clip. Am logging off for morning, realized I am way behind on my prepping.

Sat, 09/08/2012 - 10:42 | Link to Comment centerline
centerline's picture

Ha ha.  Thats the same reaction I usually have.

Another one was last night going to a high school football game (my daughter is in the band).  It looked like a gang convention (including parents).  Most of the young girls looked like they belonged on some street corner turning tricks.  The smoke from the grill in the background, lots of chain link fence, big overhead lights, noisy...police everywhere, on horses, in the stands, cruisers on the track next to the cheerleaders... (and I live in the good part of town... really I do).

All I could think is "internment camp" and these are the folks that will be fighting for the next bag of rice... or waiting to club me for my families bag of rice.  Terrible feeling.

Sat, 09/08/2012 - 13:36 | Link to Comment toady
toady's picture

I recently had the same experience. I didn't realize how Hispanic our area has become. I must have seen a dozen neck tattoos. It looked like a Raiders game without the silver & black makeup.

Sat, 09/08/2012 - 12:29 | Link to Comment roadhazard
roadhazard's picture

Honey Boo Boo got more viewers than the Repubican convention... too  funny.

Sat, 09/08/2012 - 08:16 | Link to Comment petolo
petolo's picture

" No one ever went broke underestimating the taste of the american public"........H.L. Mencken 

 

nor the intelligence.

Sat, 09/08/2012 - 10:44 | Link to Comment NidStyles
NidStyles's picture

I was thinking, WTF is Honey Boo Boo, so I googled it. All I have to say is WTF...

 

Sun, 09/09/2012 - 18:29 | Link to Comment billsykes
billsykes's picture

Now I had to google it because you said it is WTF and it is really WTF.  I don't even want to process this and accept that there are people like this or people who watch it.

Sat, 09/08/2012 - 07:34 | Link to Comment yabyum
yabyum's picture

Gotta have me a big Dodge ram truck. Cost a c-note to fill but WTF. Nice wheels to ride to the Mcjob.

Sat, 09/08/2012 - 08:15 | Link to Comment CunnyFunt
CunnyFunt's picture

Why not throw in the dual tractor exhaust for an extra grand and you can piss off all your neighbors.

Sat, 09/08/2012 - 09:51 | Link to Comment Max Cynical
Max Cynical's picture

...wouldn't be complete without that set of "novelty testicles" hanging from the trailer hitch.

http://yournutz.com/

Sun, 09/09/2012 - 02:58 | Link to Comment Blankenstein
Blankenstein's picture

After watching that I'm pretty sure the end of the world is near.

Sat, 09/08/2012 - 07:43 | Link to Comment Dr. Engali
Dr. Engali's picture

My sister in law who has no job, five kids, and has filed bankruptcy last year just got a brand new Honda mini van with every option you can imagine. My wife and I could not believe it.

Sat, 09/08/2012 - 07:50 | Link to Comment falak pema
falak pema's picture

change your wife for u no hoo!

And leave the 5 kids to your ex...

What a thanksgiving joke that would be. To be taken with a pinch of salt! 

Sat, 09/08/2012 - 08:03 | Link to Comment fonzannoon
fonzannoon's picture

My deadbeat 22 year old cousin drives a 50k Audi. Lives in my Uncles house. I bought him the single "quarter tank of gas in my new E-class". He thinks it's funny.

Sat, 09/08/2012 - 08:12 | Link to Comment Dr. Engali
Dr. Engali's picture

I see all these kids fresh out if school driving around in brand new mustangs and camaros. A few days back I saw a kid at least half my age if not more be bopping around in a new BMW 5 series. I just shook my head. The average wage in this town is $9.00 an hour.

This thing needs to collapse just so we can get our head screwed on straight about what is important.

Sat, 09/08/2012 - 08:16 | Link to Comment Ray1968
Ray1968's picture

Every day on my way to work I drive past a trailer park. That park is always loaded with brand new cars including Cadillacs. The contradiction is simply amazing.

Sat, 09/08/2012 - 08:28 | Link to Comment Almost Solvent
Almost Solvent's picture

Well, the Repo man cometh unless they keep up the payments. 

 

They choose to live in trailers, or with their parents, so they can "afford" the Audi payments. 

 

I'd rather driver a clunker and enjoy other luxuries in life, including my best friend silver and some nice chianti.

Sun, 09/09/2012 - 16:25 | Link to Comment Imminent Crucible
Imminent Crucible's picture

Your best friend is a horse?  Oh......

Hi Ho Tulving, and away!

Sat, 09/08/2012 - 08:44 | Link to Comment Mareka
Mareka's picture

What sucks is when I walk in to buy a car for cash, I am competing for that product with every math challenged Bozo willing to scribble their name on a loan application.

Our government using my tax $$ to keep housing and car prices as high as possible because price discovery is bad.  Reality is unacceptable.  I feel sooo protected.

When do you suppose all the GM channel stuffing will hit a wall and they have to start giving 90%+ cash back offers to clear the lots?

No chance it will be as simple as dropping the price.

QE 3.X = 99% cash back in the form of a pre-loaded Visa card that must be spent within 48 hours on consumer crap.

Sat, 09/08/2012 - 10:37 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

I drive a 2000 Toyota fullsize pickup that I bought new with cash.  I figure its broken in at 180k miles.  The way the V8 purrs it's probably not even half way to retirement.  Good thing I have the ground clearance around here.  Road maintenance isn't what it used to be.  I've been thinking about buying a nice sports car as a toy, maybe a 2005-2007 Z06.  Not in a hurry ... waiting for bubble to implode.  I'm guessing I'll be able to pick a cherry one up for under $20k within the next few years.  It won't be long before this bubble pops.

Sun, 09/09/2012 - 00:47 | Link to Comment respect the cock
respect the cock's picture

Same thinking here, bought a fuel efficient car with cash for the interim...will snatch up a truck at fire sale prices in a few years.

Sat, 09/08/2012 - 10:57 | Link to Comment Mr Pink
Mr Pink's picture

As stupid as it sounds, these kids are almost "forced" into making bad decisions with their money. Our society today only judges people by what they drive, wear or where they live. Unfortunately by society I actually mean women. What is the number one motive for a young man to give himself the appearance of being successful? You guessed it....TO GET LAID!

If the 95% of women in this country would stop caring about owning "stuff" and start looking for guys who are smart, handy, strong etc.. you would stop seeing souped up honda civics, monster trucks, loud motorcycles and all the annoying garbage that these idiots "own" to get attention.

So..yes..I am blaming women for the mess this country is in....flame on...

Sat, 09/08/2012 - 11:33 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

Met my wife of 23 years in college.  Both of us were dirt poor starving students.  She understood that I could barely afford a pizza date once a week but we had our fun in other ways;)  There are some really cool chicks out there.  The ones that can only see a person's surface are not worth pursuing.  There are plenty of fish in the sea.

Sat, 09/08/2012 - 13:50 | Link to Comment toady
toady's picture

My wife always insists I drive a pickup. She says it will be handy to move furniture, pick up stuff at home depot, etc., but we rarely do anything like that.

I'm forced to agree. She insists that we waste money on stuff we never do or use. (50+ pairs of shoes she never wares, closets overflowing with clothes we never ware, etc.)

Sat, 09/08/2012 - 21:19 | Link to Comment rambo1028
rambo1028's picture

Wow...so it's our fault because you boys are so fucking stupid that you let a 3 inch flap of skin between your legs make major life decisions for you! Lol and you think women are stupid! Lol

FYI the reason you don't have any women isn't because you drive the wrong kind of car...it's because you're a fucking idiot.

Not all women are greedy, indulgent numbskulls. The problem is that you wouldn't even give us good, smart girls a second look because we don't dye our hair platinum blonde, don't have silicone parts, and we are smart enough to be intimidating and don't put up with much bullshit. It's just as well though because a d bag like you wouldn't stand a chance of keeping my interest.

Sun, 09/09/2012 - 04:30 | Link to Comment malek
malek's picture

Let me answer you with a comment I found on another blog:

Western yuppie males are socialized, for instance, to believe in feminism, that women will behave logically like our equals and let us know what they want to do, etc. Nothing can be further from the truth. But you need a blog like this to show you why. Nowhere else will you be told the following, for instance:
Females in socializing with men, no matter how feminist, expect to be led along and persuaded. They need for their ASD (Anti Slut Defense) to be overcome despite themselves.
Most men don’t understand this because they expect women to be logical. Feminism’s worst aspect is that it disingenuously broadcasts to males that its female adherents will behave like logical adults.

So unless you're the exception to the rule, keep your attempts to imply you are a logical acting female even in relationship issues in the curiosity cabinet.

Sun, 09/09/2012 - 13:31 | Link to Comment rambo1028
rambo1028's picture

I somehow don't think you have run up against a woman like me before and from your post it's clear you probably never will.

We can argue about whose turn it is to take out the trash and blah blah blah.... but if I want fucked from behind....believe me.... you'll know.... and outside of that.... is there really anything else?

Sun, 09/09/2012 - 15:29 | Link to Comment malek
malek's picture

Seems like you're still implying that you are a completely rationally acting woman, who never found a man to live up to it and appreciate it.

That's very, very unlikely to be true.

I have tried for 18 years to find an intelligent, rational woman to like me and hook up with me, often ending up stumped because during dating phase such a woman would suddenly turn into an irrational, moody, self-contradicting pack of jelly.
Finally with luck a rational woman got me through the inauguration ritual and a second one gave me nice lessons in female twisted logic but a few times spoke out the truth when asking her directly in a quiet moment.

And your "taking out the trash reference" seems to point to you being one more of those "emancipated" females who at least subconsciously fully believe that relationships can always be characterized as a constant power struggle.

Sun, 09/09/2012 - 18:28 | Link to Comment rambo1028
rambo1028's picture

I am not much into "finding" a man.... not even sure that I would want one if I "found" one. I have a pretty good, full life...and I do or don't do whatever I want. If it ain't broke...

Concerning "taking out the trash", maybe you missed the part where I said ".... is there really anything else?" For me it's pretty simple, if you are taking care of the business, all the rest is bullshit. I actually really appreciate dating a MAN... one who is not afraid of being a man, doesn't require my permission to be who he is, and keeps shit real simple. But thanks for your lame attempt at pinning my whole persona down after reading a few posts on a website. Sorry you have had such bad experiences with women. What you must realize is that each of those encounters had one thing in common...you. You pick the crazy ones then act shocked when they act crazy. I have seen it a hundred times through my guy friends.... all the while the sane ones watch from the sideline wanting no part of all that bullshit. A woman worth her salt wants nothing to do with a drama king and his insecurities and we can spot you from a mile away.... just sayin...

Sun, 09/09/2012 - 20:02 | Link to Comment malek
malek's picture

Really funny... Alinski-style accusing me of what you are doing yourself: your lame attempt at pinning my whole persona down after reading a few posts on a website

Where did I say I picked crazy ones?
I didn't understand why they suddenly turned into illogical beings, as at the time I had no concept of typical women running purely emotional and tossing all rationality out of the window when it comes to dating. Plus the logic inversion of "desire": we desire more, the more it is withheld from us. What is offered for easy access right in front of us, we desire less. The vast majority of women is that way, so I didn't pick any wrong ones.

And when you say you want a MAN - that really means you want someone who acts somewhat macho, and either ignores or sees through the bullshit that's gets tossed at them from their gf.

But you can do whatever you want and, as usual, make it all the men's fault when something doesn't end up your way - enjoy!

Sun, 09/09/2012 - 16:38 | Link to Comment Imminent Crucible
Imminent Crucible's picture

"you let a 3 inch flap of skin between your legs make major life decisions for you!"

Begging your pardon, Ma'am. That's a 10 inch flap of skin making my decisions."

Sun, 09/09/2012 - 18:05 | Link to Comment rambo1028
rambo1028's picture

You didn't post a bitchy little rant about how women won't fuck you because of your car... probably because you don't have that problem. :)

Sun, 09/09/2012 - 20:43 | Link to Comment Mr Pink
Mr Pink's picture

Who posted a rant about women not fucking me? for your info I've fucked more beautiful women than most guys can dream of.I was just pointing out why the idiots work overtime to put a big spoiler and loud muffler on their civic.

One thing I know for sure is that NO guy could put up with your shit long enough to fuck  you stupid, ugly cunt.

Your profile pic is very appropriate

Sun, 09/09/2012 - 21:54 | Link to Comment Imminent Crucible
Imminent Crucible's picture

*sniff*   *sniff*

I smell a misogynist around here somewhere. Where's the Raid?

Um, the reason why the idiots work overtime to put a big spoiler and loud muffler on their Civic is because they're idiots.

Sun, 09/09/2012 - 22:35 | Link to Comment rambo1028
rambo1028's picture

Yeah....sure you have.

I have a pretty high opinion of myself so what some random guy on the internet says about me doesn't much matter to me. I do find it amusing that although you have not seen a picture of my cunt, you called her ugly. Her feelings are SOOOOO hurt!

There are plenty of guys who would love to have the opportunity to fuck me stupid....or sideways....or however I want. I know you're jealous because you want them to want you like that. Guess you should start saving for that gender reassignment surgery.... step out into the sunshine buddy. :)

Sun, 09/09/2012 - 04:31 | Link to Comment malek
malek's picture

Well if these kids, I actually mean men, were a bit smarter or had gotten a few hints from their (non-deadbeat) father, they would've realized they can get laid easily and often, with very little money to invest for it.

Sun, 09/09/2012 - 18:33 | Link to Comment rambo1028
rambo1028's picture

FYI

One of those greens are from me...

Sun, 09/09/2012 - 12:49 | Link to Comment misnomer
misnomer's picture

I will agree that society judges you on what you own, but really who gives a fuck what society thinks? 

My husband drives a 62 Chevy pickup that we inherited when my stepdad died.  It's his work truck and it looks like the dog's breakfast.  I drive a 97 Toyota Camry that I bought cash from a local auctioneer.  We live in a 1100 sq ft. house with our two kids, and have 5 years left on our mortgage.

We both work and earn decent income, we could easily afford a mortgage for a bigger house, nicer cars, and maybe some more toys. But what I have learned in my 44 years on this earth, is that I really don't give a shit what anyone thinks of me, my car, or anything else that I own.  More people need to wake up to that fact. How can you let someone else decide your self-worth? 

And I am a proud owner of a female set of parts.  (all my own from birth, I might add), I keep a clean house, own 3 pairs of shoes, share a small closet with my husband, and the only thing I collect are books and coins.

I suggest you move out of the city (where soul-sucking man-eaters are the norm) and to a small rural area where the women are real and won't drain your wallet and self-esteem.  And yes, we are just as hot, but without all the silicone and duck-lips.

 

 

 

Sun, 09/09/2012 - 16:33 | Link to Comment Imminent Crucible
Imminent Crucible's picture

You've got five years left on your MORTGAGE?! You irresponsible profligate wastrel baggage!! Real men and real women DON'T GET MORTGAGES. They do like I did: I'm not going to explain it all but it involves cement mixers, nailguns and chop saws. It does NOT involve anything remotely connected to banks.

Seriously, I have to know: What are duck-lips? Where can I get some?

Sun, 09/09/2012 - 19:12 | Link to Comment rambo1028
rambo1028's picture

Omg...I think I found my soulmate right here on the hedge!! No banks...nail guns and saws...10 inches oooh la la! Lol i keed i keed but i must confess there is a part of me that hopes that I can someday find a man who understands the concept of fixing things not throwing them away... and who appreciates that I drive my old car because it's freaking paid for... a girl can dream. :)

Sun, 09/09/2012 - 20:31 | Link to Comment Imminent Crucible
Imminent Crucible's picture

Yes, a girl can dream, and should. What good is a life without a dream? Unfortunately, the Officer In Charge here wants you to know that all the aforementioned attributes and appurtenances have been taken charge of by her, and she is prepared to defend her rights. With nailguns and chop saws.

Don't you worry, Ms. Rambo. Your soulmate is out there and seeking you desperately, as soon as he finishes that keg of Guinness. "I always say, if the women don't find you handsome, at least they oughta find you handy."

p.s. I lied about the 10 inches.

Sun, 09/09/2012 - 18:36 | Link to Comment billsykes
billsykes's picture

I don't agree. 

A guy who looks like he spends some time in the gym wearing a pair of levis and a white t-shirt and a smile can do more wonders than a leased car parked 5 blocks away from the club can. 

If I have to blame it on something, I would blame it on lack of parenting, mass media, and good ol fashioned peer pressure.

 

Sun, 09/09/2012 - 21:57 | Link to Comment Imminent Crucible
Imminent Crucible's picture

If you're Bill Sykes, you blame it on Nancy. Just sayin.

Sat, 09/08/2012 - 08:09 | Link to Comment reading
reading's picture

People I know have done the same...given back 2 properties to the bank (in the process of another), business in the crapper, debt load of mammoth proportions and they got a brand new high end car with all the bells and whistles too.  I was shocked someone would do the loan as I had assumed lending standards were tighter than they were.

 

Then I got a car, over the phone, no documentation except my insurance card and license. No paystub, no w-2, nothing. I really couldn't believe the old days were back so fast.  Yes, I have good credit and yes I have a job, but shocked none the less. But I guess since I hadn't bought a car since 2004 I didn't know the ropes...

Sat, 09/08/2012 - 11:07 | Link to Comment centerline
centerline's picture

Thanks for the observation and info.  Yup, sign of another credit bubble about to pop.  Makes me shake my head what cars cost these days too.  No wonder.

 

Sat, 09/08/2012 - 07:47 | Link to Comment Doug
Doug's picture

A nation dependent on its government is a nation controlled by its government.  Imagine George Carlin ranting about the government controlling everything like he did about Wall Street, and you'll get a good idea of where we are headed.  A collapse of the financial markets is not going to happen as long as the Federal Reserve prints away our responsibilities and the dollar remains the reserve currency; what's collapsing is every last vestige of the American spirit.  Maybe that's been the plan all along.

Sat, 09/08/2012 - 07:47 | Link to Comment ziggy59
ziggy59's picture

Just when you catch up to the 'Jones' they refinance...

Sat, 09/08/2012 - 08:10 | Link to Comment reading
reading's picture

Or buy a bigger one...

Sat, 09/08/2012 - 07:54 | Link to Comment midtowng
midtowng's picture

this is why we need to get rid of Dodd-Frank, because if Wall Street is free to do any lending they want then everything will be OK again.

Sat, 09/08/2012 - 07:56 | Link to Comment Jim Quinn
Jim Quinn's picture

Would someone please wake-up David Pierre and tell him I've posted an article that proves I'm a 9/11 denier.

We all await his cut and paste words of wisdom.

Sat, 09/08/2012 - 10:05 | Link to Comment Oh regional Indian
Oh regional Indian's picture

In that case, let me step in to DP's shoes.

http://cluesforum.info/viewtopic.php?f=17&t=477

 

Must see. Must....see...

ori

Sat, 09/08/2012 - 11:53 | Link to Comment Hulk
Hulk's picture

Jesus Christ Jim, don't tempt the gods. My dream, for before I die, is to read one of your posts DP free...

Sat, 09/08/2012 - 14:31 | Link to Comment ClassicalLib17
ClassicalLib17's picture

I'm curious,  what's the story with Jim Quinn and David Pierre? 

Sat, 09/08/2012 - 18:05 | Link to Comment Hulk
Hulk's picture

Have you ever seen a murder of crows harass a Hawk ???

DP == crow

JQ == Hawk

where == is "equivalent to" ...

Sat, 09/08/2012 - 22:05 | Link to Comment nmewn
nmewn's picture

So who were the partisans in this little encounter here?...the Blackfoot or the Crow?

"Stump Horn approached the hill the same way the previous attackers had, from the south, trotting up the hill zig-zagging, acting like an elk and singing his war song. In the words of Crow historian, “He charged it and they shot at him; they couldn’t hit him and he finally made it to the barricade.” Stump Horn entered the Blackfeet position and started stabbing them. Demoralized by a combination of Stump Horn’s apparent invulnerability, his fearsome fighting and an overwhelming number of Crow warriors charging in on them, the Blackfeet broke.

The Crow killed all but one of the Blackfoot, the lone survivor was severely beaten and allowed to >>>travel<<< back to his people to tell the story of their defeat. The Peigan Blackfeet have no record of this defeat by the Crow. Recently, the writer of this article asked a prominent Crow Tribal member if he had any thoughts or comments on this battle, his reply was, “Old Fashioned Homeland Security”

http://www.nps.gov/bica/historyculture/grapevine-creek-battle-part-two.htm

Seems they both were...but only one prevailed in the end. The Crow sure didn't seem too concerned about Blackfoot human rights or POW status back then did they?...lol. I would add a snide remark about DHS and "traveling" in here but I loathe them probably more than you.

Sat, 09/08/2012 - 07:58 | Link to Comment disabledvet
disabledvet's picture

First off they should have flown off the Canyon wall in a BMW...M5 Convertible preferably (with a pair of jet ski's in tow...as well as a sixty foot longer camper thingy--just to show what true renegades look like.) TOTALLY the wrong car. Clearly what i drive and how i came into possession of that Ferrari out there is NONE OF YOUR BUSINESS. Secondly "methinks this has a slightly larger impact on how governments actually pay for things than how consumers do." But hey...rock on bro.http://www.youtube.com/watch?v=tIKt_WQHia8

Sat, 09/08/2012 - 07:59 | Link to Comment Sean7k
Sean7k's picture

If you don't mind living a life of poverty and spending time groveling to government workers, the standard of living still exceeds that of most nations on earth. However, if you want to OWN something or GET somewhere, it is quite the conundrum. All the while, any productive capital or wealth has been transferred to a very small class of being. All done with paper and a promise and faith. 

Sound familiar? Got religion? Thousands of years of the same playbook, a cast of millions, a pool of billions of slaves; yet, it never changes. Wonder what kind of intelligence has this ability for consistency over such a long timeframe? It sure isn't human.

Sat, 09/08/2012 - 08:59 | Link to Comment bushwarcrime
bushwarcrime's picture

I can't credit the original poster but.

In a country of 320 million, and there are only 2 political parties, how is it possible that there is no mind control going on?


Sat, 09/08/2012 - 08:03 | Link to Comment Dapper Dan
Dapper Dan's picture

x

Almost 700,000 perfectly good cars were destroyed in order to keep them from going to Mexico, where they would consume more of the gas that should rightly go to Americans!

 

 

Sat, 09/08/2012 - 08:05 | Link to Comment BurningFuld
BurningFuld's picture

0% for 72 months is also being offered in Canada by GM. I do think most people getting the loans here will be qualified to actually pay them back though.

Sat, 09/08/2012 - 08:06 | Link to Comment Zgangsta
Zgangsta's picture

"The appearance of success is more important than actual success."

That's about as close to a unified explanation of everything as you're ever gonna get.

Sat, 09/08/2012 - 08:10 | Link to Comment Taint Boil
Taint Boil's picture

 

 

I drive a 2009 Ford Focus because I want to. I could buy / lease any car I want but I am not doing it. I do not want to pay 1 cent to the bank in interest unless I need to (can't pay cash for the house for example). Always pay more on every loan just for the joy of screwing over the bank on their interest they want - yeah it is a small thing but it is still sticking it to them.

Oh, and another thing I do is I ALWAYS send back those po$tage paid busine$$ envelope$ with a big F U on the trash they send - try it its fun.

Sat, 09/08/2012 - 08:27 | Link to Comment petolo
petolo's picture

The sad part is that some poor wage slave reads the FU while the fraudsters are having lunch at the Waldorf deciding on the Lafitte or the Mouton.

Sat, 09/08/2012 - 09:00 | Link to Comment Taint Boil
Taint Boil's picture

 

 

...............deciding on the Lafitte or the Mouton.

I don't even know what those are but they sure do sound good and fancy.

And don't worry.... I am sure the wage slave gets a little chuckle out of it.

Sat, 09/08/2012 - 11:38 | Link to Comment morpheus000
morpheus000's picture

I drive a dukes of hazard car with Confederate flag and everything..

Sat, 09/08/2012 - 08:28 | Link to Comment Zero Govt
Zero Govt's picture

the Thelma & Louise car rocketing off the cliff is inspired ...chuckle :)

nice one ZH

Sat, 09/08/2012 - 08:38 | Link to Comment francis_sawyer
francis_sawyer's picture

Runner-up might have been Bill Murray driving the pickup into the quarry (with the groundhog) in Groundhog Day... A little less iconic, but still makes the point...

Sat, 09/08/2012 - 08:33 | Link to Comment buzzsaw99
buzzsaw99's picture

There is another story in the above charts. It appears that even while the quality of subprime loans deteriorate the quality of the prime loans is getting better. It isn't just the penniless who are stretching out the loan duration either. Many who could pay cash for a car are stretching to a 60 month repayment schedule because interest rates are so low. Bifurcation bitchez.

Sat, 09/08/2012 - 08:42 | Link to Comment sangell
sangell's picture

Is a 5% loan in a zirped world a low interest rate? I took out a loan years ago when Toyota offered 0% 48 month financing because I could get 4+% from a CD. If I earn nothing from the bank on my cash why would I want to take out a 5% loan to buy a car?

Sat, 09/08/2012 - 08:49 | Link to Comment buzzsaw99
buzzsaw99's picture

Prime loans are currently in the 0% - 2% range. It is a play on the anticpation of higher rates on deposits (which will never come) but really it is a free option because there is no penalty for early repayment.

Sat, 09/08/2012 - 08:36 | Link to Comment sangell
sangell's picture

"Osama bin Laden is dead, and General Motors is alive." --Joe Biden at the Democratic Convention

Read more here: http://www.bradenton.com/2012/09/08/4189832/obama-upstaged-but-clear-in-...
Sat, 09/08/2012 - 08:56 | Link to Comment insanelysane
insanelysane's picture

The solution is simple.  Do for the American people what the government did for GM.  Erase everyones' debt.  After all it is just 1s and 0s.  Imagine the stock rally then.  No one has any debt, a perfect credit score, and can re-leverage all over again.

Sat, 09/08/2012 - 12:54 | Link to Comment JOHNICON
JOHNICON's picture

But, since our money is created by that debt, wouldn't extinguishing the debt implode the money supply?  That would be bad, no?  Bad for who is the question, I guess...

Sat, 09/08/2012 - 08:39 | Link to Comment A82EBA
A82EBA's picture

off topic but, as ZHers, do we vote and who do we vote for in POTUS election?

Sat, 09/08/2012 - 08:41 | Link to Comment buzzsaw99
buzzsaw99's picture

imo it doesn't matter

Sat, 09/08/2012 - 08:48 | Link to Comment Alex Kintner
Alex Kintner's picture

Rosanne  Barr is looking better all the time.

Sat, 09/08/2012 - 13:22 | Link to Comment IAmNotMark
IAmNotMark's picture

Do you mean the dispicable woman that wished ChickFilet customers would get cancer?  I'm sure there's someone even worse you can pick....maybe Hillary Clinton.

Sat, 09/08/2012 - 09:07 | Link to Comment Taint Boil
Taint Boil's picture

You write in Ron Paul.

Sat, 09/08/2012 - 09:46 | Link to Comment dwdollar
dwdollar's picture

Vote for whoever you like if it makes you feel better. Anybody brave enough to ask the question knows this whole thing is FUBAR.

Sat, 09/08/2012 - 11:28 | Link to Comment A82EBA
A82EBA's picture

In an world where our pockets will be picked, either by Govt or Corp, I think I'll go with my gut and vote to put Ryan in as 2nd in command. It's one prayer's chance in hell. A symbolic vote for RP doesn't help my conscience. We're way outnumbered by the sheep and heading over the cliff so for the time being I'll ride the coattails of Ryan and corp amer. and stack phys.

Sat, 09/08/2012 - 14:04 | Link to Comment toady
toady's picture

On the contrary, a symbolic vote for RP is the only way I'll be able to sleep with a clear conscious.

Sat, 09/08/2012 - 16:32 | Link to Comment Overfed
Overfed's picture

Write in Ron Paul.

Sat, 09/08/2012 - 08:47 | Link to Comment rbg81
rbg81's picture

No one who has been paying attention should be surpised by this article in the least.  Let's face it:  the American path to prosperity (really the path to GLOBAL properity) is to turn the average American into an unthinking, overweight Zombie who is willing to take on unsustainable amounts of debt in order to live the American "dream".  But the dream has morphed into a nighmarish, comsumerist parody of itself.  Basically, its to enjoy a 4-8 year party (ahem:  education) at college, live in oversized houses, drive fancy cars, take extravagent trips, and generally buy shit we don't really want or need.  All to create the illusion of "success" so we can get the better job or promotion and convince someone better looking than ourselves to fuck us.  And if we give up on all the bullshit, the fallback is to sit home, sleep late, smoke pot, watch TV or play video games, and get the Government to subsidize our self-built slacker wunderland.    In both cases, its our energizer Bunny-like drive to go into debt in both the private and public spheres that power the economic motor of the world. 

Of course, one could argue that we're still far better off than the poor South or East Asian bastards who work their asses off for pennies on the dollar so we can live our dream.  But, eventually, the Piper will need to be paid.

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