It sounded (and it was hard to hear everything that was going on, especially considering I was trying to ignore a lot of it) like a lot of the people had taken out either (1) mortgages or (2) auto loans for cars they couldn't afford. The subprime bubble actively encouraged people to take out credit for anything and everything regardless of their ability to pay.
Of the two types of loans, the second are far worse than the first. I think that many poor people (regardless of race) do not really think about the waste of money involved in buying a car. They don't think about the fact that a car is a wasting asset, unlike a home, which generally appreciates in value. While buying a car is a necessary step for many in America given our size and lack of public transportation, a poor person in New York can get along fine without one. Getting any car at all is something that should only happen if finances permit, and getting a nice one is something that poor people would be crazy to even think about - they're basically flushing lots of money down a toilet for no reason.
Of the two types of loans, the second are far worse than the first. I think that many poor people (regardless of race) do not really think about the waste of money involved in buying a car. They don't think about the fact that a car is a wasting asset, unlike a home, which generally appreciates in value. While buying a car is a necessary step for many in America given our size and lack of public transportation, a poor person in New York can get along fine without one. Getting any car at all is something that should only happen if finances permit, and getting a nice one is something that poor people would be crazy to even think about - they're basically flushing lots of money down a toilet for no reason.
Political correctness is the pettiest form of casuistry.
ἡ δὲ κἀκ τριῶν τρυπημάτων ἐργαζομένη ἐνεκάλει τῇ φύσει, δυσφορουμένη, ὅτι δὴ μὴ καὶ τοὺς τιτθοὺς αὐτῇ εὐρύτερον ἢ νῦν εἰσι τρυπώη, ὅπως καὶ ἄλλην ἐνταῦθα μίξιν ἐπιτεχνᾶσθαι δυνατὴ εἴη. – Procopius
Ummaka qinnassa nīk!
*MySmiley*
ἡ δὲ κἀκ τριῶν τρυπημάτων ἐργαζομένη ἐνεκάλει τῇ φύσει, δυσφορουμένη, ὅτι δὴ μὴ καὶ τοὺς τιτθοὺς αὐτῇ εὐρύτερον ἢ νῦν εἰσι τρυπώη, ὅπως καὶ ἄλλην ἐνταῦθα μίξιν ἐπιτεχνᾶσθαι δυνατὴ εἴη. – Procopius
Ummaka qinnassa nīk!
*MySmiley*
"Till Debt do us Part" and "Princess": Everything thats wrong with our society
- 07/03/2011 04:22:19 AM
727 Views
Re: "Till Debt do us Part" and "Princess": Everything thats wrong with our society
- 07/03/2011 10:47:27 AM
420 Views
because they watch shows like Keeping Up with The Kardashins and try to "Keep up"
- 07/03/2011 01:07:45 PM
370 Views
Also, they need a strict Asian mother like mine
- 07/03/2011 01:11:52 PM
397 Views
I've found that the best way to save is to not spend your money. *NM*
- 07/03/2011 10:42:03 PM
142 Views
Try going to bankruptcy court.
- 07/03/2011 08:05:34 PM
488 Views
Well.
- 07/03/2011 09:15:57 PM
381 Views
It is by definition race-related.
- 07/03/2011 09:29:31 PM
403 Views
Regional unemployment rates is probably your big one
- 08/03/2011 01:58:15 PM
406 Views
The subprime component could be a telling one
- 08/03/2011 03:04:48 PM
360 Views
I don't think I could watch a show titled "Princess" without risking putting a hole in my TV
- 08/03/2011 07:43:45 PM
343 Views