Join Date: Jan 2007
Location: far and away
Ferrari Life Posts: 6,203
I agree with Boxer 212 and Archie: This is far from over, and I'm not just saying there are no true oversights or stop-gaps to thwart another melt down, but that more shoes, yes many, more will drop over the next ten months.
I predicted the non-secured credit industry would go south, this Christmas period back in June/July and I'm not far off. That industry is gone, essentially as persons like myself, who are the 'GREAT/GOOD' customers are being asked to boost monthly fees, payments etc....I cancelled every bank card I own, including business [shoot they took away about $150,000 LOC anyway!!!!].
I only have Credit Union cards, which sit there, about five of them. AND USAA ,which is sterling next to Navy Federal Credit Union = both very good overseas too.
This economy is far from recovered.
We are not truly producing anything, but only hoarding money into accounts, no lending, and asking the good people to pony up more over the short run
GUESS WHAT BofA and Citi are doing: Paying back TARP so they can continue the errors of their former selfs.
Ferraris will be good investments, albeit stable, which is where I like them. Non-depreciating even the 1990's era vehicles are a good buy I feel.
Only thing we'll have to worry about is govt. interv. in extra tax on older gas 'hogs' [think exotic here] to remain non-green....guess my daily drivers will be finally relagated to Parades and specialty vehicle license plate venues.
Guide to the Galaxy: Don't Panic
Rik -- LAH !
1990 Mondial T Cabriolet SN 86247 : Red/Tan
1995 456 GT 2+2 SN 99987 : Roso Metalizzato [Fer 311/C] & Tan