401K borrowing to stave off foreclosure??

[englishman26]

http://www.chicagotribune.com/business/yourmoney/chi-ym-borrowing-1014oct14,0,5181066.story

This is some really scary great-depression-esque stuff.

It seems to me that there needs to be a credit bubble correction. Too many people are living off credit in the hope that everything will be okay down the line. Houses 10x their salary and even cars equal to their annual wage. Our grandparents didn't/don't do this because they saw the pain it bought. I'm just annoyed because in the end this greed and simple keeping-up-with-the-jones will bring down the whole economy and make me poorer in the process.

[aiki14]

http://www.chicagotribune.com/business/yourmoney/chi-ym-borrowing-1014oct14,0,5181066.story

This is some really scary great-depression-esque stuff.



Damn right scary, and when you combine this with the 20% of people with no retirement savings at all it's downright chilling.

[pa-sale]

I just read an article that said one of the reasons India is so sucessful is that they SAVE 70% of their annual income. Most Americans dont save a penny, but some save 5-13%.. That is bone chilling.

[cramerica1972]

I just read an article that said one of the reasons India is so sucessful is that they SAVE 70% of their annual income. Most Americans dont save a penny, but some save 5-13%.. That is bone chilling.what has made india sucessful is...................outsorcing of a US job that paid $60,000.yr they do it for $40,000 they are "sucessful"at the expense of the american worker,and it will get worse.........................WAY WORSE.

[netwrangler]

what has made india sucessful is...................outsorcing of a US job that paid $60,000.yr they do it for $40,000 they are "sucessful"at the expense of the american worker,and it will get worse.........................WAY WORSE.
OK, so what's the counter strategy?

Is there no counter strategy that is both effective and politically feasible?

If that's the case, then what's the trade?

[God, grant me the serenity....]

[cramerica1972]

OK, so what's the counter strategy?

Is there no counter strategy that is both effective and politically feasible?

If that's the case, then what's the trade?

[God, grant me the serenity....]NAFTA has become bend over america and take it up ya shafta:lol:

[netwrangler]

NAFTA has become bend over america and take it up ya shafta:lol:
Ya think?

In my view, "Free Trade" is a much more complex subject than that.

Classic economic theory 'demonstrates' that 'all parties' are better off with free trade.
More recent thought suggests that free trade is a mixed bag — with some severe labor dislocations and environmental effects that need to be factored in.
IMHO, the key factor is how quickly a [culture / economy / country] can adapt to change.

So how are we [the United States] doing? Not well enough, it seems. I believe we should spend more time working on how to adapt, and less time complaining about why we have to.

[aiki14]

Ya think?

In my view, "Free Trade" is a much more complex subject than that.

Classic economic theory 'demonstrates' that 'all parties' are better off with free trade.
More recent thought suggests that free trade is a mixed bag — with some severe labor dislocations and environmental effects that need to be factored in.
IMHO, the key factor is how quickly a [culture / economy / country] can adapt to change.

So how are we [the United States] doing? Not well enough, it seems. I believe we should spend more time working on how to adapt, and less time complaining about why we have to.

Based on about 367 previous posts I don't think the "nuanced" answer is forthcoming. Logical, well thought out, and sentient, don't come to mind either.

[netwrangler]

Never give up!

[TonyM]

NAFTA has become bend over america and take it up ya shafta:lol:

I'm having difficulty connecting the dots between Canada , Mexico, the U.S. and India, perhaps you could enlighten me with a one sentence metonymy.

[englishman26]

A "metonymy" is the use of a word for a concept with which the original concept behind this word is associated. Metonymy may be instructively contrasted with metaphor. Both figures involve the substitution of one term for another. While in metaphor, this substitution is based on similarity, in metonymy the substitution is based on contiguity.

[TonyM]

A "metonymy" is the use of a word for a concept with which the original concept behind this word is associated. Metonymy may be instructively contrasted with metaphor. Both figures involve the substitution of one term for another. While in metaphor, this substitution is based on similarity, in metonymy the substitution is based on contiguity.

How nice of you to save cramerica the trouble of using google.

[netwrangler]

How nice of you to save cramerica the trouble of using google.
FWIW: I'm glad to be enlightened.

[cramerica1972]

FWIW: I'm glad to be enlightened.
TOO bad ya not unlightened,where is jack 24?

[TonyM]

I do believe the village idiot just called you fat, netwrangler. Now go work out and unlighten yourself.:lol:

Jack24 was a bit of a pest that was banned from here a while back just fyi. Your writing style and his have nothing in common so obviously we can see where the ABG cramerica made the connection.

(psst, don't use words with more than one syllable around this guy, it confuses the heck out of him)

[netwrangler]

I do believe the village idiot just called you fat, netwrangler. Now go work out and unlighten yourself.:lol:

Jack24 was a bit of a pest that was banned from here a while back just fyi. Your writing style and his have nothing in common so obviously we can see where the ABG cramerica made the connection.

(psst, don't use words with more than one syllable around this guy, it confuses the heck out of him)
Not to worry, I've been called worse by better.

Maybe when Cram starts calling people "Nuncle" we will understand his true role in this play. :wink:

[Firecracker]

1. If it costs a compny 40k instead of 60k, what happens to the 20k saved?
-->the 20k saved goes to the american company, which shows up in bottom line profits.

2.where do bottom line profits show up????
-->profit for shareholders

its quiet easy to state one side of the story "indians successful at expense of american workers"

consider reading theories on comparative advantage and opportunity cost

[cramerica1972]

I do believe the village idiot just called you fat, netwrangler. Now go work out and unlighten yourself.:lol:

Jack24 was a bit of a pest that was banned from here a while back just fyi. Your writing style and his have nothing in common so obviously we can see where the ABG cramerica made the connection.

(psst, don't use words with more than one syllable around this guy, it confuses the heck out of him)tony,if all u can do is call me names in my post,DONT reply to them.theirry should ban ya for thread crapping.

[netwrangler]

1. If it costs a compny 40k instead of 60k, what happens to the 20k saved?
-->the 20k saved goes to the american company, which shows up in bottom line profits.

2.where do bottom line profits show up????
-->profit for shareholders

its quiet easy to state one side of the story "indians successful at expense of american workers"

consider reading theories on comparative advantage and opportunity costExactly! Classic and fundamentally solid economic theory — theory that is either misunderstood or ignored by most of the media.

But the theory gets muddy when you start to factor in

product 'Dumping' [an economic Term of Art]
[perceived] strategic need for some industries to remain domestic
parity [or variance] of environmental rules across borders
labor exploitation abroad vs. labor featherbedding at home

It is difficult even to describe these issues without using words that are politically charged. I can argue both sides of each bullet.

[TonyM]

tony,if all u can do is call me names in my post,DONT reply to them.theirry should ban ya for thread crapping.

LOL tony ur an idiot

You were saying?

[cramerica1972]

1. If it costs a compny 40k instead of 60k, what happens to the 20k saved?
-->the 20k saved goes to the american company, which shows up in bottom line profits.

2.where do bottom line profits show up????
-->profit for shareholders

its quiet easy to state one side of the story "indians successful at expense of american workers"

consider reading theories on comparative advantage and opportunity costthat $20,000 goes into the already ultra-paid ceo's pocket.