[Tyler_JC]

Roccland, you're contradicting yourself.

For those of you on the metals sideline...best jump onboard.

Why would anyone want to buy precious metals in a deflationary environment?

If the money supply is indeed contracting (and I see no evidence of that), then cash is king.

So which is it? Inflation or deflation?

[Roccland]

$this->bbcode_second_pass_quote('Tyler_JC', 'R')occland, you're contradicting yourself.

For those of you on the metals sideline...best jump onboard.

Why would anyone want to buy precious metals in a deflationary environment?

If the money supply is indeed contracting (and I see no evidence of that), then cash is king.

So which is it? Inflation or deflation?

[ColossalContrarian]

I’m curious to know the time frame of FICO irrelevance?

I figure as long as there’s money to be lent then there will be FICO scores.

Are people thinking months, years?

[Roccland]

A landslide...

Anyone who thinks that a FICO is still relevant - needs to read a little more.

$this->bbcode_second_pass_quote('', 'T')his is not just a subprime mortgage crisis; this is the crisis of an entire subprime financial system: losses are spreading from subprime to near prime and prime mortgages; to commercial real estate; to unsecured consumer credit (credit cards, student loans, auto loans); to leveraged loans that financed reckless debt-laden LBOs; to muni bonds that will go bust as hundred of municipalities will go bust; to industrial and commercial loans; to corporate bonds whose default rate will jump from close to 0% to over 10%; to CDSs where $62 trillion of nominal protection sits on top an outstanding stock of only $6 trillion of bonds and where counterparty risk - and the collapse of many counterparties - will lead to a systemic collapse of this market.

[nobodypanic]

$this->bbcode_second_pass_quote('ColossalContrarian', 'I')’m curious to know the time frame of FICO irrelevance?
...
Are people thinking months, years?

[StuckInPhilly]

It would be nice to see it become irrelevant.

It seems like this (FICO) is the only way anyone is assessed as a human being anymore. Heaven help you if you became unemployed and tried to get a job with a damaged credit rating - good luck trying to get that mended.

I am only as good as the interest I have paid in my life.

[cube]

$this->bbcode_second_pass_quote('Tyler_JC', 'T')ry getting a mortgage in today's environment with a lousy credit score.

As credit availability dries up, only the most qualified buyers will have access to it.

[ReverseEngineer]

Made the mistake early on in my life of living beyond my means and using credit to do it. Eventually ended up in a Chapter 7 Bankruptcy. I rebuilt my life thereafter, never using credit at all. Even after the bankruptcy, I was offered Credit Cards on about a weekly basis in the mail. I took on one, a WaMu card as a means to rent cars and so forth, always paying the bill as it came in that month. It was effectively a debit card for me at that time. However, the Credit limit on that card exploded from an initial $1000 to around $15,000 the last time I checked what my limit was. I had a balance of Zero of course, so the limit really was not meaningful since I was not going to spend what I did not have.

I have Zero debt. I own close to nothing, just what I need to live. I make a good living, I work hard every day. I have a surplus because of that, and because I also only buy what I need to live. I do not invest my money in stocks, I buy what is tangible as my savings. I hope I can hold onto it. I rent, I am now month to month after initially signing a 6 month lease. I can walk out of my place tomorrow and the owner of this place will owe ME money, since I dropped down a security deposit on it when I took it. I am beholden to no man.

I don't buy in anymore to movies or going out much, its just a waste of money. I have seen it all already, after 50 years if your eyes are open you have seen it all. Once you cut your expenses down to just what you need to live, its remarkable how fast you can work up a surplus. In just 2 years here on the Last Great Frontier, I went from just the 3 suitcases I brought up to having enough goods to make it through at least a year if I don't give it all away, which I intend on doing anyhow.

I entertain myself nightly on the internet by writing my thoughts and sharing them with my friends. Most recently here, for the last 7 years on my own board on another subject. Real value is not in the physical world, its in what you THINK, and how you share with others. Becoming indebted to others either physically or spiritually is a MAJOR mistake. You lose your independence that way, you lose your FREEDOM.

No matter what happens, no matter how it plays out here, what I have cannot be taken from me, because what I have does not exist in the real world, it exists only within my own mind. Take my life from me, and what I have in there goes with it, you cannot steal that from me. I do not fear death because of this.

Place value on your worldly possessions, they CAN be stolen from you by those who have more POWER than you do. Live for your SPIRIT, nobody can ever take that from you. It really does not even MATTER if there is a Heaven, because the truth remains the truth in the absence of all matter. I have done my Prep. I am PREPARED to walk into death, regardless of what is waiting for me there.

See You on the Other Side.

Reverse Engineer

[Ferretlover]

$this->bbcode_second_pass_quote('kpeavey', 'A') credit score can also be seen as a measure of how much money the banks can make off you. They don't make much off me, hence the low score.

[HEADER_RACK]

$this->bbcode_second_pass_quote('ColossalContrarian', 'I')t would be nice is to hear from someone who has poor credit and how their daily life is.
What do they need to do differently because their FICO score gets in the way in various parts of life?
Maybe it doesn’t make a difference because they pay cash all the time. I’m just curious to know if having poor credit effects people’s daily life.

[shady28]

$this->bbcode_second_pass_quote('Roccland', 'J')ust curious...

I think they are and will be obsolete in the years ahead.

[ColossalContrarian]

Maybe we should be paying for things in advance (like rent and utilities, waiting to purchases goods until we have the money) but if anyone here believes the FICO score or credit in general is going to disappear then they should also abandon their belief of hyperinflation because I see no way for hyper inflation to occur if nobody uses credit.