China and the Repo Man

[Krazy Okie]

Ok, what would happen if China decided to call in our debt in hard currency and we could not pony up?  Just a thought, would we go into the worst depression in world history or would we just tell them to take a hike?

[tombogan03884]

 The environmentalists would get chucked out the window and all OUR oil that we can't drill now would be on  ships headed for Shanghai.

[twyacht]

Since so many of their goods are sold here in the US, collapsing our economy is not the aim of the Chinese, They would be kinda like the loanshark "Guido" from the mobster movies, chain us down (as an economic power), and be subservient as they hold all the cards.

I guess the Empire State Bldg. would be lit "Red" everyday.

[MikeBjerum]

Since so many of their goods are sold here in the US, collapsing our economy is not the aim of the Chinese, They would be kinda like the loanshark "Guido" from the mobster movies, chain us down (as an economic power), and be subservient as they hold all the cards.

That is what I have always thought. 

I was fortunate when our farming adventure was ending that the banks left me alone, but I have many friends that found themselves as servents to the bank.  The farmer held all the responsibility, the bank pulled all the strings, and the bank reaped all the benefits.  Some eventually sold out with the bank getting everything and writing off the rest, and some were fortunate enough to be able to work their ways out of it.  In the end the banks (lenders made big big big money off the small farmers), but regardless of how it came out it was the side of debt our parents, grandparents and the Bible has always warned us of.

[tombogan03884]

Talking to a guy tonight who retired a couple weeks ago.
He's 55, Has not missed or been late on a payment since he was 14, He's drawing $5,000 per month from his 401K which has a balance of $500,000, already owns 3 houses, one of which he is in the process of selling.
He wants to buy an apartment house thru an FHA foreclosure because it is under valued at $110,000, his mortgage payment will be under $800 per month and he already has a tenant lined up at $1100 per month.
The bank turned him down because he can not show pay checks for the last 3 weeks.
But illegal immigrants and welfare recipients can get discounted loans  ?   WTF ?

[Sponsor]

[tt11758]

Talking to a guy tonight who retired a couple weeks ago.
He's 55, Has not missed or been late on a payment since he was 14, He's drawing $5,000 per month from his 401K which has a balance of $500,000, already owns 3 houses, one of which he is in the process of selling.
He wants to buy an apartment house thru an FHA foreclosure because it is under valued at $110,000, his mortgage payment will be under $800 per month and he already has a tenant lined up at $1100 per month.
The bank turned him down because he can not show pay checks for the last 3 weeks.
But illegal immigrants and welfare recipients can get discounted loans  ?   WTF ?

Your guy screwed up.......he worked hard and played by the rules.  In today's environment he has set himself up to fail.  Self-sufficiency cannot be tolerated, because someone who is self-sufficient doesn't need the government to provide for him from the womb to the tomb.