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What would happen

yokeyoke Posts: 1,440
edited November 2008 in A Moving Train
If the economy gets so bad, more and more people stop paying their bills. What if more people say I can't pay my mortgage( I am not talking about the people who are not paying them now). I can't pay my car loan or CC bills. I have to feed my kids and well I am not paying this stuff anymore. I am not paying my cell phone bill etc..



What would happen?
Thats a lovely accent you have. New Jersey?

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  • know1know1 Posts: 6,794
    yoke wrote:
    If the economy gets so bad, more and more people stop paying their bills. What if more people say I can't pay my mortgage( I am not talking about the people who are not paying them now). I can't pay my car loan or CC bills. I have to feed my kids and well I am not paying this stuff anymore. I am not paying my cell phone bill etc..



    What would happen?

    I don't know, but if we keep bailing people out as we are, there won't be a great deal of incentive to pay them, will there?
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • mammasanmammasan Posts: 5,656
    yoke wrote:
    If the economy gets so bad, more and more people stop paying their bills. What if more people say I can't pay my mortgage( I am not talking about the people who are not paying them now). I can't pay my car loan or CC bills. I have to feed my kids and well I am not paying this stuff anymore. I am not paying my cell phone bill etc..



    What would happen?

    You would start seeing a large increase in homeless people and families, unfortunately. Banks are not going to let you keep your home or car simply because you can't pay for them. landlords are not going to let people stay in their apartments either. It's going to get really shitty out there and I think we need to stop acting selfish and start working together so we can get through this.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • mammasanmammasan Posts: 5,656
    know1 wrote:
    I don't know, but if we keep bailing people out as we are, there won't be a great deal of incentive to pay them, will there?

    We haven't bailed people out, we have bailed corporations out. they are the one's getting all the free money. John Q. Taxpayer is the only one getting royal fucked in this equation.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • know1know1 Posts: 6,794
    mammasan wrote:
    We haven't bailed people out, we have bailed corporations out. they are the one's getting all the free money. John Q. Taxpayer is the only one getting royal fucked in this equation.

    Haven't there been some bills to help bailout homeowners who are behind on their payments, too?
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • yokeyoke Posts: 1,440
    know1 wrote:
    Haven't there been some bills to help bailout homeowners who are behind on their payments, too?


    I think the FED squashed them.. I think I heard that yesterday.
    Thats a lovely accent you have. New Jersey?

    www.seanbrady.net
  • mammasanmammasan Posts: 5,656
    know1 wrote:
    Haven't there been some bills to help bailout homeowners who are behind on their payments, too?

    I don't think it's passed yet. I know Chase, or was it CitiGroup, froze foreclosures in order to work with the home owner. I don't think that we should just bail out every homeowner who is in floreclosure, but we can at least try to help those that are lossing their home because of lay-offs. There are people out there who are hurting, not because they where irresponsible with their finances but because of loosing a job.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • jbalicki10jbalicki10 Posts: 517
    yoke wrote:
    If the economy gets so bad, more and more people stop paying their bills.

    What if more people say I can't pay my mortgage( I am not talking about the people who are not paying them now).

    You will get foreclosed.


    I can't pay my car loan or CC bills.

    You car will get repoed and you will have bad credit.

    I have to feed my kids and well I am not paying this stuff anymore. I am not paying my cell phone bill etc..

    Your phone will get shut off.

    What would happen?
    See above.... It ain't all that bad if you think about.

    No Cable Tv (big deal you can get it via atenna free)
    No Phone (write a letter, 911 will still work with a disconnect phone line)
    No Internet (Go to a Free WiFi spot)
    No Car (Ride the bus or train, or bike)
    No House (Rent, or rent with others)

    There is nothing you cannot overcome. Unless you have no money for food beer or clothing. Then your screwed.

    See above
  • ReleaseMe...ReleaseMe... Posts: 494
    why wont people be able to pay bills? people may have to move, people may have to drive different cars, people may not be able to have cell phones.......there are still career opportunities that are hiring. maybe not ones that allow you the luxury of taking the family to florida once a year or to own a boat anymore....but if people continue to find jobs, its not like they are going to end up sleeping in the parks
    Mansfield II: # 23, since '03

    routine was the theme..

    there aint gonna be any middle any more
  • mammasanmammasan Posts: 5,656
    ReleaseMe... wrote:
    why wont people be able to pay bills? people may have to move, people may have to drive different cars, people may not be able to have cell phones.......there are still career opportunities that are hiring. maybe not ones that allow you the luxury of taking the family to florida once a year or to own a boat anymore....but if people continue to find jobs, its not like they are going to end up sleeping in the parks

    That may be the case if you live in an area where there are a lot of employment opportunities, but what if you live in some small town where the only source of employment is the local auto parts plant. The economy keeps slipping the plant needs to close up shop and there goes 1,000 jobs with no other source of employment around. Some of us are extremely fortunate that we live near large urban centers where there are a multitude of employment opportunities but many don't have the same options available to them.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • yokeyoke Posts: 1,440
    ReleaseMe... wrote:
    why wont people be able to pay bills? people may have to move, people may have to drive different cars, people may not be able to have cell phones.......there are still career opportunities that are hiring. maybe not ones that allow you the luxury of taking the family to florida once a year or to own a boat anymore....but if people continue to find jobs, its not like they are going to end up sleeping in the parks



    Happens all the time, you lose a job, maybe your spouse does and you get behind on a few bills and the next thing you know you are way behind.

    You make it sound easy, just move to a new job. What if you own a house and you can't sell it(not the best market right now and I would know my wife is an Agent). Most people can't afford 2 mortgages and no bank is going to take that risk now. Cell phones I agree with, I was just tossing that out as a bill. Sure Cable, Internet we don't need. However if we want to watch TV come Feb 09 we will need to buy a Digital Converter box and maybe some people can't afford it(maybe only $75 but still thats a lot of money). Hell electric/gas(or heating oil), water, property taxes, insurance.. It all adds up quickly sometimes.


    Jobs are not that easy to come by. I was in the tech field and got downsized a few years back. I have plenty of friends still in the field who are fighting for thier jobs as I type this. My B-inlaw lost his job(Network Engineer) yesterday and my sisters company(manufacturing) is collapsing around her.


    I am just asking, What If people couldn't afford to do it anymore and stopped paying. What would the Gov do?
    Thats a lovely accent you have. New Jersey?

    www.seanbrady.net
  • jbalicki10jbalicki10 Posts: 517
    yoke wrote:
    Happens all the time, you lose a job, maybe your spouse does and you get behind on a few bills and the next thing you know you are way behind.

    You make it sound easy, just move to a new job. What if you own a house and you can't sell it(not the best market right now and I would know my wife is an Agent). Most people can't afford 2 mortgages and no bank is going to take that risk now. Cell phones I agree with, I was just tossing that out as a bill. Sure Cable, Internet we don't need. However if we want to watch TV come Feb 09 we will need to buy a Digital Converter box and maybe some people can't afford it(maybe only $75 but still thats a lot of money). Hell electric/gas(or heating oil), water, property taxes, insurance.. It all adds up quickly sometimes.


    Jobs are not that easy to come by. I was in the tech field and got downsized a few years back. I have plenty of friends still in the field who are fighting for thier jobs as I type this. My B-inlaw lost his job(Network Engineer) yesterday and my sisters company(manufacturing) is collapsing around her.


    I am just asking, What If people couldn't afford to do it anymore and stopped paying. What would the Gov do?

    I know this post may stupid but, if you know that these things are to come. Why not get a job as a repo man? Bounty Hunter? Or how about law enforcement? Surprisingly there will be new job opportunities from this. You sometimes got to go with the flow.
  • yokeyoke Posts: 1,440
    jbalicki10 wrote:
    I know this post may stupid but, if you know that these things are to come. Why not get a job as a repo man? Bounty Hunter? Or how about law enforcement? Surprisingly there will be new job opportunities from this. You sometimes got to go with the flow.


    I know what you are saying but I am not worried about me, I will work and do what I have to do. I am really trying to get some thoughts on what the Gov would do or even "bill" collectors if there is a seismic default from borrowers.
    Thats a lovely accent you have. New Jersey?

    www.seanbrady.net
  • Pacomc79Pacomc79 Posts: 9,404
    more than likely set up emergency shelters/ soup kitchens along the lines of something you might see during a natural disaster.

    A lot more people would probably start squatting. We would see more theft, basically the tossing out of the sociatal contracts and deaths from cold/heat and for instance carbon monoxide from burning charcoal or gas generators inside houses. Probably a lot more roving gangs that sort of thing as society degrades.
    My Girlfriend said to me..."How many guitars do you need?" and I replied...."How many pairs of shoes do you need?" She got really quiet.
  • Ms. HaikuMs. Haiku Washington DC Posts: 7,297
    mammasan wrote:
    You would start seeing a large increase in homeless people and families, unfortunately. Banks are not going to let you keep your home or car simply because you can't pay for them. landlords are not going to let people stay in their apartments either. It's going to get really shitty out there and I think we need to stop acting selfish and start working together so we can get through this.
    I agree. When I first read the OPs post I thought immediately of Dorothea Lange images from the depression:

    http://www.artnet.com/artwork/423940666/911/white-angel-breadline-san-francisco.html
    There is no such thing as leftover pizza. There is now pizza and later pizza. - anonymous
    The risk I took was calculated, but man, am I bad at math - The Mincing Mockingbird
  • jbalicki10jbalicki10 Posts: 517
    Pacomc79 wrote:
    more than likely set up emergency shelters/ soup kitchens along the lines of something you might see during a natural disaster.

    A lot more people would probably start squatting. We would see more theft, basically the tossing out of the sociatal contracts and deaths from cold/heat and for instance carbon monoxide from burning charcoal or gas generators inside houses. Probably a lot more roving gangs that sort of thing as society degrades.

    Mad Max Beyond Thunderdome?
  • Pacomc79Pacomc79 Posts: 9,404
    jbalicki10 wrote:
    Mad Max Beyond Thunderdome?


    not enough aussies.
    My Girlfriend said to me..."How many guitars do you need?" and I replied...."How many pairs of shoes do you need?" She got really quiet.
  • blondieblue227blondieblue227 Va, USA Posts: 4,509
    lmao! :)
    *~Pearl Jam will be blasted from speakers until morale improves~*

  • saveuplifesaveuplife Posts: 1,173
    Ironically, it's been proven that depressions typically lead to war. If we enter into a scenario like the one you mentioned, people the unemployment rate would sky rocket, government would be forced to spend more to offset the decline in consumption.... unfortunately, one way to do that... is war.
  • Ms. HaikuMs. Haiku Washington DC Posts: 7,297
    saveuplife wrote:
    Ironically, it's been proven that depressions typically lead to war. If we enter into a scenario like the one you mentioned, people the unemployment rate would sky rocket, government would be forced to spend more to offset the decline in consumption.... unfortunately, one way to do that... is war.
    I think why it didn't work as well within the most recent war is because during other wars the US was more of a manufacturing society, and now it's not. War stimulates production, but if a country outsources a lot of it's production then the country as a whole wouldn't benefit as much.
    There is no such thing as leftover pizza. There is now pizza and later pizza. - anonymous
    The risk I took was calculated, but man, am I bad at math - The Mincing Mockingbird
  • saveuplifesaveuplife Posts: 1,173
    Ms. Haiku wrote:
    I think why it didn't work as well within the most recent war is because during other wars the US was more of a manufacturing society, and now it's not. War stimulates production, but if a country outsources a lot of it's production then the country as a whole wouldn't benefit as much.


    That's a good point. But, I would bet, if it came to that, we'd become ridiculously "protectionist" and cut off a large amount of trade. So, we'd produce things domestically.

    Additionally, our military is more of a "information" military than it ever has been, so, I could see that "service" aspect playing a role as well.

    Not saying any of us want this to occur, I'm just responding with something that may.... if this scenario ever unfolded.
  • Ms. HaikuMs. Haiku Washington DC Posts: 7,297
    saveuplife wrote:
    That's a good point. But, I would bet, if it came to that, we'd become ridiculously "protectionist" and cut off a large amount of trade. So, we'd produce things domestically.

    Additionally, our military is more of a "information" military than it ever has been, so, I could see that "service" aspect playing a role as well.

    Not saying any of us want this to occur, I'm just responding with something that may.... if this scenario ever unfolded.
    I've hear "That president is going to war to stimulate the economy," quite a few times over my lifetime. It's a blanket statement so many of us use to find fault or give praise for war. However, as it obviously hasn't worked in this case I don't expect to hear that cliched statement during the next new war whenever that will be. The reasoning probably won't be so obvious.
    There is no such thing as leftover pizza. There is now pizza and later pizza. - anonymous
    The risk I took was calculated, but man, am I bad at math - The Mincing Mockingbird
  • pateljampateljam Posts: 340
    Pacomc79 wrote:
    . Probably a lot more roving gangs that sort of thing as society degrades.

    My Favorite film "Clockwork Orange" will be our real life then...
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  • Strangest TribeStrangest Tribe Posts: 2,502
    It amazes me that when they get the bailout money they go right back to the old ways of 1/2 million dollar junkets every week and multi-million dollar bonuses for CEOs....

    fuck 'em they all need to be put in prison....
    the Minions
  • jbalicki10jbalicki10 Posts: 517
    Ms. Haiku wrote:
    I've hear "That president is going to war to stimulate the economy," quite a few times over my lifetime. It's a blanket statement so many of us use to find fault or give praise for war. However, as it obviously hasn't worked in this case I don't expect to hear that cliched statement during the next new war whenever that will be. The reasoning probably won't be so obvious.

    Plus aren't we already at war? What's next War+1
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