Sunday, June 08, 2008

What About the 'We're Rich' Argument?

  • Rep. Laura Richardson (D-Long Beach)
  • Ed McMahon
  • Evander Holyfield
  • Michael Jackson
  • Letrell Sprewell
  • Aretha Franklin
  • Jose Conseco
All are very wealthy individuals, all are living in "special" places, all have multi-million dollar mortgages, and all are foreclosing. There will be more.

Wealthy individuals can buy more expensive houses and have more assets to draw from, but they can be just as "stretched" as any working class nine-to-fiver as they are just as susceptible to societal pressure to buy more than they need, to "keep up with the Joneses", to obtain bragging rights to their friends and family, etc.

At the very least my hope is that the pain from the housing bubble bust, and the public record provided by the housing bubble blogs, will finally and once and for all teach people to ignore all the easy, self-serving, "rational" sounding "explanations" realtors/agents, etc., peddle to the gullible masses to keep them buying and so mindlessly and willingly paying ridiculously high prices. My hope is that realtors/agents will finally and once and for all be discredited as definitive sources of real estate related information.


Blogger Chuck Ponzi said...

The rich would like to believe they're just like you when they want something. They are not just like us. They are the worst part of us... a kind of Mr. Hyde by proxy. They do not deserve a bail-out if poor people get one too.

Chuck Ponzi

Jun 8, 2008, 4:41:00 PM  
Blogger Lisa said...

I saw the Ed McMahon interview on Larry King. All I could think was how on earth could someone that age, who made a lot of money over the years, NOT HAVE A PAID FOR HOUSE BY NOW. And of course that was the question that Larry King never asked. Just let him and his wife sob over their predicament, and the poor other FB's in their same situation.

My parents, who lived in Novato for many years and never made a lot of money, had a fully paid for home by the time they were 50. It's possible. You just have to budget.

Jun 9, 2008, 4:58:00 PM  
Blogger John said...

There is one simple secret to being rich - spend less that you earn. Everything else is detail.

Jun 9, 2008, 8:35:00 PM  
Blogger sf jack said...

Didn't Latrell, when he was making something like $8 million a year (in the 1990's), try a chokehold on his coach and then complain, or file an appeal with his team, over the length of his suspension and/or the fine?

I think his retort to the media was... "I gotta feed my family".

And, so now, he's really "gotta feed" his family.

Jun 11, 2008, 9:47:00 AM  
Blogger wannabuy said...

saw the Ed McMahon interview on Larry King. All I could think was how on earth could someone that age, who made a lot of money over the years, NOT HAVE A PAID FOR HOUSE BY NOW.

Am I evil for stopping thinking about Ed after thinking a similar thought?

The Hollywood ponzi scheme is falling apart. That will rock the whole state. The nation always feels it when California goes into recession...

Got Popcorn?

Aug 3, 2008, 11:09:00 PM  

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