tag:blogger.com,1999:blog-11719208.post6299007941826548646..comments2023-11-05T04:36:14.223-08:00Comments on The Mess That Greenspan Made: The borrower is the slave of the lenderTimhttp://www.blogger.com/profile/16530974968126497397noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-11719208.post-43962621602839141682009-11-28T06:53:59.559-08:002009-11-28T06:53:59.559-08:00Ramsay has some good advice. He also has some rid...Ramsay has some good advice. He also has some ridiculously extreme points of view (borrow ZERO for a car even if that means your wife goes to work in an unreliable, unsafe, gas hogging $500 clunker). I am debt free, do not borrow for cars myself, but a rich guy telling relatively poor ones not to take on a modest loan on a used cars is typical of this guy's arrogant side. <br /><br />He uses religion simply to put butts in the seats at his expensive shows. The religion tie-in is his marketing machine. Church folks will gladly go with just one mention from their preacher. My parents got the speel for it at their Sunday services and were all ready to attend with no other previous vetting of him. <br /><br />Listen to his show for a few days. You'll quickly see his attitude is a thinly concealed arrogance and contempt for his callers and sometimes it bubbles out and he has to catch himself and try to act humble and helpful.<br /><br />Overall, good message but flawed messenger. It's about his own financial empire. Not yours. <br /><br />PS. He was telling folks to load up on stocks and RE during 2007/2008 and called Schiff and other bears "kooks" and in a very unchristianlike way made sure to mention Schiff's dad was in jail. That's your guy in a nutshell.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-28936751017203549492009-11-26T01:17:52.594-08:002009-11-26T01:17:52.594-08:00I think the basic points of Mr. Ramsay's advic...I think the basic points of Mr. Ramsay's advice are quite sound. Whether he should envelop them in religion is a matter that every reader/listener should decide for himself.Martin, the Netherlandsnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-63703313510003868002009-11-25T16:42:59.376-08:002009-11-25T16:42:59.376-08:00@Nick,
The only way to keep ahead and keep your s...@Nick,<br /><br />The only way to keep ahead and keep your soul is to realize that wealth redistribution creates malinvestments and therefore underinvestments elsewhere. If you are early and find the right vehicles, either one will work.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-90921467239878366282009-11-25T14:10:22.751-08:002009-11-25T14:10:22.751-08:00The flip-side of the argument, of course, is that ...The flip-side of the argument, of course, is that by not borrowing you're limited to un-leveraged investing, you cannot take advantage of government incentives which encourage borrowing (eg: tax deductions), and you're a slave to the monetary authorities who control the currency, and by extension its implied value. But wait, I forgot possibly the most important other argument: you're last in line for government bailouts, and governments will confiscate your wealth anyway, and give it to people who lived the high-life on borrowed money.<br /><br />In a perfect, fair country/world, being fiscally responsible would have its rewards. In the US, however, you're often fighting an up-hill battle just to break even. I'm not saying you shouldn't try to save, I'm just saying it's not the road to prosperity with tax-happy wealth-redistributing governments.Nickhttps://www.blogger.com/profile/05587036619182019599noreply@blogger.comtag:blogger.com,1999:blog-11719208.post-86208664081575403312009-11-25T13:46:44.044-08:002009-11-25T13:46:44.044-08:00The central bank has made the US a nation of slave...The central bank has made the US a nation of slaves by printing too much. The US is now a slave to overseas lenders.Anonymousnoreply@blogger.com