Interesting conversation with an auto repo company today...

NEW -> Contingent Buyer Assistance Program
I know the type EXACTLY that ended up with these stupid lease options, or took cash out of a house to buy a expensive car... I was married to one!

It's the old "rob peter to pay paul" and "I deserve it now, even if I can't afford to buy it cash" mentality... All the fancy addresses, expensive cars, clothes and watches... but financed up the *&$%! It's all to look the part.

People can really have things backwards! Then when the market changes..... well, you all know, now don't ya!

GITOC
 
Nobody under the age of 40 or so has a clear memory of hard times. I was young and too busy with McJobs to notice the 1991 recession. People have the assumption that today's "Goldilocks" economy will continue forever. What, it's slowing down? That's OK, the Fed will lower rates. Party on!

I hated life in 2002 (no job for most of the year) but it changed me at the core. I know what it's like to wake up every morning for months and have no place to go other than the park. If we'd gotten the recession we should've had in 2001, it might have shaken off more of the excess and beaten down some attitudes. We might not be here today, looking over the cliff towards something nasty. IHB wouldn't need to exist.
 
Hmmm I remember the 1991 recession very well, and I'm under 40!

I remember some people I know well bought a new larger house in 1990, it right away jumped up in price. They sold their existing home, and within two years the new buyers were upside down and selling for half what they paid for it... and had added about $50,000 in upgrades.

I remember thinking how amazing that things can turn so quickly.
 
Where I lived, the economy was so damn slow that little changed during the recession. The top employers were a few recession-proof industries, the school system, and the local government.

Even today, when I go back to visit I wonder how come it doesn't just all fall apart. I have a hard time locating the economic output.
 
Under 40 but I remember it well. I was a college sophomore, contemplating entering an industry getting hit particularly hard by the recession, and layoffs were rampant. So I dropped out and had fun for a few years, eventually landing a job in that same industry when times where much better. I remember reading an article in the newspaper in '91 or '92 that looked at how bad the housing market was then, and how an alarming number of people were walking away from their homes. Back then most people put a lot more equity down than what has been required recently. I promised myself I would do whatever it takes to never be in that position.

So odd that I'm in the same spot right now, contemplating changing careers to move into finance at a time when the indsusry's experiencing so much upheaval.
 
Some neighbors back then,borrowed against their house when the prices were rising... they were soooo very proud of themselves that "now they can write off the car interest" since they took the money out of the house.... then the 1991 recession hit, they got relocated to the east coast for work, and they were upside down in the house. The car idea didn't seem like something to be proud of anymore.
 
I am under 40 as well and I remember it very well. My dad lost his job, friends parents were getting divorced and another friend his dad lost his job and eventually their house. It was pretty ugly in OC at the time. It wasn't just the defense sector like all the bulls remember it was RE as OC always is involved with RE. The builders were mostly private companies so they got burned hard because they were so leveraged. There was the Baldwin company run by two brothers who filed for BK and withdrew 100s of thousands every month from the BK restructure account for the "Baldwin Lifestyle". I still have my ID card for Lincoln Savings.
 
OK. I lose. I take back the under 40 comment. Me and all my dumb buddies were competely oblivious at the time. More concern with Def Leopard and Metallica than the economy.

Apparently it was front-and-center around here.
 
I wouldn't say you lose because I was oblivious at the time too. I think I just see the same things now and it reminds me of that time. For the longest time I thought the LV bags came with the MBZ as a standard feature.

You mention Def Leopard over Skid Row?
 
I hate to admit this - but I'm watching "Rock of Love." They showed him at the Ducks game during that show! I'm only watching the show because I've always loved him, and I still have his songs on my iPod!

I know - I'm still stuck in the 80's. It was a GREAT decade though!

I should change my name from CalGal to 80'sGal.
 
I dragged out my college years from 4 years to 7 years. Afraid of the job market. When I entered college, major corporations showed up for career day. Then when I was about to graduate. Fast food corporations dominated career day. Hahaha.

Banks either merged or went out of business. Remember Security Pacific? Or Great Western? Oh, whatever happen to First Interstate?

And at the time, the war with Iraq. One of my classmate and I were afraid of being drafted.
 
It's too slow for me tonight. I feel like I'm on dial-up. I'm falling asleep waiting for it to change screens.

Over-and-Out for the night. Have a good one!
 
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