« The Fed Is Responsible For Entire Mortgage Mess | Main | European Bank Meltdown Possible From 9/11-9/17 »

Comments

N.A.
D. F. Facti

This is too distressing. You are right that it is impossible to dislodge the idea that debt is a good thing. I remember years ago a woman several tiers above me on the economic ladder saying that she and her husband "had to" run up debts, so they could take them as tax deductions. They blamed welfare, of course, and social problem-solving via government for their high taxes. They were the two-MBA family - no kids, hot shots whom the WWII era executive leadership actually nurtured. They want to blame the baby boom for inventing itself, but the demanding wiz kids didn't do it alone. Advertising, television, the entertainment component of our culture, all well established before you and I could walk - and a refusal of the WWII military types who authored the Vietnam disaster to repent of their triumphalist ways - those things have contributed mightily to this epic mess.

Like the young people I know who think that I am cranky for distrusting fancy corporate "wealth" - they have never known anything any different. Their reality is quite different from mine.

Babel. For sure.

blues

Well, they are all well and truly screwed now. They should have known. Why didn't they? Maybe they took some bad advice? People are very good at taking bad advice! Let's just say I know about this game. being from Connecticut and all. They absorbed it all, and now the Piper has turned on them. Big surprise? They don't call it the Nutmeg State for nothing. Known for fake wooden nutmegs!

DeVaul

I am really surprised that a class of Swedish kids would write something like that. Germans tend to think things through a bit more than we do, so I thought all Germanic cultures were like that.

What they put forth is the same crap that mutual funds trumpeted for years before the dot com bust, and STILL DO!!!!

It is sad that these kids are being spoonfed a truckload of lies by their elders. Left to their own devices, they might quickly see that reality is much different than the clean, surefire mathematical formulas pushed by economic conmen.

Many people now think that a tax deduction is the same as a tax credit. It's not. If you have no mortgage, you end up with more after tax dollars than someone with a mortgage. Basic math eludes everyone now.

Once upon a time adults viewed their own children as needing guidance in how to survive in a harsh world. Now, these same adults view them as "markets" that can be "exploited" for personal gain.

This is worse than any hell the Christians and Jews could ever imagine, and now that all the oil is gone after just 100 years, it will get even nastier.

Canuck

A classroom in Sweden? What’s your confidence on that? The telling item of a mortgage tax deduction, are these applicable in Sweden? I can tell you that there is no such thing in Canada unless you run a business from your home and designate a part of your home a business asset (interest only deduction). I doubt socialist Sweden does either.

Elaine Meinel Supkis

Oh dear, don't misunderstand the class in Sweden! They sent me an article from the AMERICAN NEWS that was trying to illustrate how being in debt makes one richer!


This story line is all over the place. I have seen it more than once. At no point in these tales do the media people say that the person paying off the house is free to sell and move and still has lots of equity.

Elaine Meinel Supkis

Also, I just spent much of the day at the hospital today, my husband's brain damage caused him some problems. He will be out in a week. I am going to be a bit pressed for time for the next few days.


Al

Elaine,
Take care, God be with you two.

Canuck

Sorry to hear that, all the best.

Neuro Artist

I am Swedish, but since 9 months I live in Istanbul. The interest of a mortgage (or any other loan) IS 30% tax deductable against income tax in Sweden. The housing bubble is IMO at its peak right now in Sweden (things usually happen about 2 years later in Sweden), almost no-one I know about who buys a house in Sweden first time finance it with any less than 90% in loans (100% seems to be the norm, the last 4-5 years). The insane growth in debt among the Swedes lately has fueled a shopping boom with american style malls growing up everywhere, selling chinese produce, apart from the vegetables which are grown in Spain by African slaves (who are not able to survive on farming in Africa, because the EU is dumping its agricultural surplus there, so they risk their lives to get across the border to slave for a pittance at the plantations).

It seems like the Roman empire finally is going down. Most people will be very surprised that it happened so quickly, well they were to busy following the Paris Hilton smokescreen, to be able to think.

Best wishes to you and your husband, Elaine!

Carlos

The biggest rats are bailing in droves while their minions plug the leaks in the dike to give them enough time to clear their hoard. It's going to get real interesting very soon.

All the best to you and your husband, Elaine!

Elaine Meinel Supkis

It seems we have very violent weather when he is hospitalized. I know I get headaches from big storms...we had so much lightning this last several days! I can't imagine what goes on in his head under these circumstances!

I had to wait extra hours to post the Tuesday's story due to lightning storms.


About Sweden: thanks for the news! I fear we have seen all of Asia funneling the growing trade surplus to them back to ALL of us in the form of easy debt money...a difficult tar baby for us to let go.

DeVaul

Elaine,

I hope your husband recovers enough to go back home soon.

And thanks to Neuro Artist, I now understand a recent graph I saw showing the five countries with the most retail shopping space (footage). Sweden was in the top five, which I thought was really weird based on my former knowledge of Sweden.

I am glad that stupid article did not originate in the Swedish classroom. It sounded too much like a brochure from a mutual fund, but this is the nonsense that we teach our children now.

Dennis

Elaine, best to you and husband. as a forex trader, really enjoyed this piece, very illuminating. psych part very thought provoking too. well, here's a bit of my economic cartooning cheer you can print out... http://www.whattolearn.com/humor.htm
and thanks

Neuro Artist

Dennis,

Whats your next career?

Elaine Meinel Supkis

Prime minister of Japan! Of course. They need a new one. The job is open.

PFO

Hello Elaine,

Very interesting WEB page; I just stumbled onto it today.

For the past week I've been getting financial, political and religious vibes that Friday [9/14/07] is going to be a very significant day.

Too many threads to explain why here, but your comments about many realities impacting at the same moment are eagerly read.

Kindest regards,
PFO

aitrader

Hmmm...deleting user comments with a different spin than your own? Shame on you.

aitrader

Ooops - my bad. My comment was in another topic. Apologies.

Elaine Meinel Supkis

Someone is deleting comments here?

Huh?

John

Everyone has to have ups and downs to have ups again. Italy is a great place so the romans didnt lose anything anyway. What diference does it make really??? Yes people spend more than they earn and banks allow them because they get interest MORE FOOL THEM. When things get tough it will only be the ones that spent beyond there means that get stung so again its there own fault. I dont really see how the largest companies in the world will stop making profits when they have offices globally so who really cares. Have you ever stopped to think that prices will fall in america and europe so they can convert there profits from the growth in the countries they moved a lot of factories too back to pounds and dollars and euros? The picture of doom and gloom is a bit pointless. America went to war with japan flattened the place and made them pay them to re-build it. NICE!!!! But look at them they all watch american TV shows and play baseball etc they might as well be americans. Now iraq and afghan need building up after flattening the places and well hey whos going to pay the bill?? They are in oil no doubt. the british handed back hong kong so there is an influence and also some kind of strong bonds between the rich business people and both US and UK. The bigger picture is there is more growth in china. population wise and also in building the place up. The smart business brain would have calculated the sum to make them cost effective in playing a part in that growth even if it means your own nation gets told they cant have a loan for a few years and pays more for some milk!!! So they move a lot of the factories there and to south america. Those places are going to be built up into debt and the same people will be in the drivers seat. Benefit from it dont complain invest in the same growth potential its not going to go away. Its a big business of nations where all the leaders are getting very rich. You can trade forex and there are plenty of options and pairs to choose from or better still you can save your money in a bank in a country offering greater interest. Or you could move to a diferent country. I think the real magic is happening and the media stirs up the frenzy. I think the dot com bubble burst because the rich folk that like to have an edge wanted it to happen and then they bounced back with there own form of domination. If you convince everyone there is a problem then there will be a problem. When america invaded iraq they took out all iraq TV and then brain washed the people using american media. You hear something long enough the chinese whisper becomes reality. Brain washing is an important way of doing what you like then some guy takes the fall and a new guy comes in as the hero. BUSH was the best guy for the job the perfect guy for the fall. He only finished the job his father couldnt do the first time round.

gehi

nike store,air max shoes,dunk sb shoes,nike shox shoes

angel

puma shoes

angle

tiffany jewerly

discount


air max 2003

angle

nike ir max

discount

air max 1

discount

air max 2

angle

nike sb dunks

discount

airmax

discount

nike sb dunks

men mid dunk

The comments to this entry are closed.

Blog powered by Typepad