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#10 | |
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Location: Tulsa (cat free zone)
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I don't know what you mean by an underwater mortgage. Do you mean people who took out a loan with a bank for an adjustible interest rate instead of a fixed rate ? Or someone who took out a loan they knew they couldn't afford but because the bank agreed to give them the loan they took it, and now can't make the payments? Tell me what you mean by underwater mortgages and then I can give you my opinion. As far as medical bancruptcy, it of course could happen to anyone. Just like any disaster in life, you don't expect it, or want it but you still need to take precautions. There are many many insurance companies you can buy policies from for a very small monthly fee ,some as low as 20 dolars a month, to protect you in case you become ill and unable too work . It pays your mortgage medical bills and even pays to retrain you in a new field if your injuries or illness prevent you from returning to your job. Some will pay up to a million dollars of medical bills etc, depends on your policy. So knowing it could happen to anyone at anytime, I think it's important you take measures to insure you're prepared. It's like not having renters insurance. It's less than 10 dollars a month but if you don't have it and a tornado wipes everything out, you'll have nothing. Do you think someone who wasn't willing to protect themselves should now be taken care of by tax payers? I don't. I'm not saying I don't feel sorry for them , or that it's not an awful situation to be in, I'm saying you can protect yourself if you don't want that to happen. If you don't protect yourself, then I guess you'll have to make do best you can. That is the responsiblity of the individual. Enron is a messed up deal. All the people and companies that lost everything, the elderly, who can't work anymore, it's sad. Again could happen to anyone, those people had no idea their investments were shams some even did a lot research on the company before they invested, and it all seemed valid , how do we compensate victims of a crime? I supppose all that can be done is sell the assets and distribute them to the victims. Hold the people accountable for their crimes including the Gov. agencies who's job was to insure these things don't happen, like SEC. Then impliment rules and safeguards so that it doesn't happen again. It's all you can do. It's not a perfect plan , and those people will never get all their money back or even a fraction, by no fault of their own. It's sad it sucks, it's not fair. No easy fix for that one. Now the mom and pop crisis. I'm sure many will hang me by my eyelashes for my opinion on this but, it's the truth as I see it. My opinion. If you go into a store and they want 65 dollars for a blanket, you can get somewhere else for 18 dollars, which one do you choose. If you can't change and grow and be flexible, and offer the public something different, something better and your prices are too high you're are going to go out of business. That is a fact. That's bad business practices. Mom and pop shops didn't want to lower prices didn't want to offer a different service didn't want to do anything different, so they failed to compete. Blame it on walmart? There are plenty of mom and pop shops still open. Mcdonalds , Burgerking, Wendy's , Steak and Shake, they haven't put any small mom and pop burger places out of business. People will pay extra for a better product, they will also pay more for a unique service or product, but they won't pay more for the same product or a like product. If a company is not offering something better or different than their rivals , except higher prices, that's bad business practices, no company can be profitable conducting business like that, why should poor busniess practices and an unwillingness to change anything make a mom and pop store anymore special than say, Builders Square, or Ultimate electronics . That's business, that's how it works and how it doesn't work. Blame it on walmart, blame it on the internet, target, kmart, but the fact is had they offered something better,something more, something different, something unique, they would still be in business. Ok That's it for tonight.
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