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Originally Posted by CobraEd
VRM, This is another classic example of $hit for brains. And now the American public will have to bail out all the people like this, that is if their mommys and daddys dont fix it for them.
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Yep, I agree...this same guy has been jealous of me having a Vette. I've told him numerous times that if he bought a car and drove it for a few years then he would not be throwing money at car dealers and could actually save for a fun sports car. Instead, he goes out every 2-3 years and buys the biggest pickup he can find. I've known him for 10-12 years now and he has had 4 new pickups (usually a dually covered in chrome doo-dads) in that time. His wife just got (2 years ago) a brand new Pontiac Grand Prix - 26K for that.
He makes better money than average, but not enough to afford what he is doing.
Unfortunately, when people stop their crazy spending for TVs, cars, and so on, the economy will take a turn for the worse.
I'm not in favour of bailing out the companies or the borrrowers - they made the decisions to finance this they should have to live with it.
Steve