Abraham

Second Mortgages: Why Absolve Consumers for Stupidity?

I partially agree. But let me give you some insight. I have been there done that with consumerism. I stopped my addiction to debt 11 years ago. Instaed of debt I have a sizeable savings. I have not had a PENNY of debt for at least 8 years. Lets talk about culture. Bankers call me a scumbag---LOSER! You are a deadbeat! Because I have no debt. Realtors the same refrain because I rent a modest abode. Even my financial advisors HATE me, because they can't keep stealing a commish from me THEIR FOR TERRIBLE CHOICES.

So I trust me and feel like an ENEMY within my own country. Why? because of the enmity of all the players in government and the FIRE sector. Luckily I have the means to tell them where to go. But they try to work me, plead with me lie to me and CURSE me, because I am not a sheeple idiot who owes THEM a living.
I am intelligent, but could have easily succumbed to the bleating of MOST all the medias finacial adivisprs from Suzie Orman who actually WORSHIPS debt. My FICO is ZERO---I HAVE NO DEBT. In her estimation I am a bum. I get this hatred every day. I understand why sheeple and doofuses fall for the REALTOR lies the banker lies.

I recently asked a banker this question (Bank Of America). If I bring in $100,000 in cash to put in a savings deposit account what is in it for me? banker> "YOU don't want to do that---You are throwing YOUR money away. No I am throwing my money away if I let YOU loan it out through some scheme. Bottom line BOA pays 0.24% on passbook savings. That means out of $100,000 of hard earned cash taxes already paid on it ---Bank of America will reward me with $250 AT THE END OF THE YEAR. How many middle American have $100,00 lying around? I do lots of it. So Mr . Bank Of America you will pay me the equivalent of 231 McDonalds Cheeseburgers for letting you "take care" of my money for one year? Wait, but you will charge me a fee of hundreds of dollars for a meager $1,000 loan?

No way. You see BANKS are no longer banks. At one time they were like the old stodgy Smith Barney TV ad. Today they are like payday loan outfits. I saw a report that sais some mainstream banks charge up to 56% PER YEAR interest on credit card loans.

It takes TWO to tango. I had my Lat dance with banks. So, in your theory am I the bad guy? I don't think so. That why are savers like myself vilified in the press by the likes of Ben Bernanke, Hank Paulsen and The president of the United States? Remember President G Bush's nasty comments about people who would save their "rebate checks"? So look at me---old car --old clothes -- no plastic and hated because I AM NOT A DEBTOR . Please rethnik your idea. It is hell living in a world where a saver BECOMES THE ENEMY! Its ;likke people think I am a communist because I don't believE the lies of commissioned salesmen and the banking world. They just better hope they don't ask me for help someday!