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Those tables Scott posted, appear to be ominous. So, we can look forward to another year of this madness. Unless interest rates fall, which I’m sure they are taking a look at now, this thing is not over by a long shot.
My bank just mailed me a notice the other day, telling me that I am pre-approved for an equity loan. They still want to lend it. It’s the only way they can stay in business.You know what wspeed? After I wrote this, I thought about that. CR would have been a likely destination for this dirtbag. But by now, he is either too old, or dead and buried.
I had almost forgotten about this incident, until Scott posted his unfortunate dealings. Then I got all incensed again about it, and had to tell it. The rough part is, we were just about to get married when we realized we would have no furniture. But, such is life. You live, and hopefully, you learn.So, I guess the shakeout will continue. Amazing how Manhattan keeps on booming though. Then again, it is all about location.
None of us are immune to the workings of a professional scammer. I admit, I got it bad once too. We gave a deposit on furniture to a guy who was a “Freelance designer” working out of a furniture store. Gave him a hefty deposit, and he never delivered. Called up the store and they tell us he was just renting space. We called the local TV news, and they came with cameras blazing. It was so bad, the district attorney got involved when a load of other people that got scammed saw it on TV. I had to testify in front of the grand jury. This guy left the country with, from what they could figure, with $200,000 plus, in deposits. And that was in 1977 dollars.
Never heard a word of what became of our money, or this piece of garbage.
This bum, was an older gentleman with a good line of crap. He built up years of reputable business by delivering furniture at good prices and on time. At the end, all his business was referral business. That’s how we got snagged. A refferal from a friend who had dealt with him in the past, and who also got burned in this final scam.
As far as the DA knew, he may have gotten away with a million dollars. Some people, most likely did not go to the DA when this scum skipped, and just ate the loss.
So, we’re possibly all vulnerable to smooth talkers at some point. You have to keep your guard up and do the best research you can.
The great thing here is, Scott had the guts to put this guys picture up to help prevent somebody else from falling victim.Way to go, Scott!
Lotus, I think you are right about it not being the end of the world. The thing I really can’t understand, is the way all the financial commentators are dismissing this as if it already over. The news has been full of these guys the past few days. Now they are talking about the real estate bust being almost over. Last week they were heading for the hills, saying it will be at least the end of 2008 before it turns. The fact that a few sectors are showing higher sale prices has these guys in a tizzy. I just can’t believe how they turn from bears to bulls in three seconds.
I’m sure you know a lot more than I do about RE. Do you think the bust is over? Or are these market makers just hyping it up?Somebody made it, you can be sure of that. There must be a few very happy people, and a very many sad in this affair.
The rats always get their cheese. Don’t they?This thread is way down on the list, but still relevant. A friend of mine just returned from Ireland. In the newspaper there he read 38,000 layoffs at companies involved in this subprime mortgage debacle. Add that to the 21,000 in the US.
He said, some people in Ireland are of the opinion these mortgages were sold to finance buying in trailer parks in the US…I kid you not!
This practice of subprime lending is still being advertised here. They haven’t learned.
And the stock market is on the rise again?If they ever find a vaccine for AIDS, do you think almost everyone in Africa will jump on board to get it? I do.
You have to weigh the benefits against the negative aspects of any medicine.
Profits are a major part of drug company motives. We all can agree on that. But positive results also make a company profitable. Good drugs are out there, and not all researchers are putting profit above health.The very first hotel we stayed at, in the city Alajuela, had no A/C. Both my wife and me like it on the cold side, and thought we would experience a terribly hot first night. Our host said it gets awfully cold at night, but we were not sure if he meant cold for Gringos, or cold for Ticos. The first night was very nice. The second night, I got up at 4am to close the windows in our room. We were freezing!
Last year we went down with our sons, both A/C lovers as well. They had the same experience as we had. When we returned home to balmy NY, we found we did not use the Air conditioning half as much for the rest of the summer. My chronic sinuses were clear all the time in Costa Rica. No steroid spray. When we got back, my sinuses stayed clear for three months, so did our sons’.
Not using air conditioning, besides saving on your utility bill, is healthier. No question in my mind. Your skin even feels better. Less dry and itchy.
When I was growing up, we lived in the city, and most of the time we only had a fan. And we survived. Now, we use the A/C all the time up here. I think we have gotten softer over the years. Or just spoiled.Good idea about the consumption tax.
GT, Yes, you are deserving. An excellent answer, and education, I have gotten again from you.
It is true international trade has gone on since before Marco Polo. I’m sure the reason for inventing ships to sail the seas was mainly for commerce. They must have had their problems as well.
Your response makes an awful lot of sense. I agree with you that the Tico’s are highly educated and have a natural ability for business. I’ve always been amazed by how many small businesses there are there, and still manage to have stayed open when we visit the next year. I have a soft spot for Costa Rica, and the Ticos in particular. Some of my comments may have been influenced by my feelings for them. Hopefully it wasn’t “European/North American” paternalism.
They do deserve a chance to compete with the world. Time will tell if they are up to the challenge.As always, it has been a pleasure to read your words.
Please, do not get bored!
Scott’s “Perfect Storm” scenario looks like it is indeed turning into the “Perfect s**t storm.” Countrywide Bank, one of the US’s largest home mortgage lenders, may have to file for bankruptcy.
I just saw an ad on CBS during the 5 o’clock news for a no income verification loan that would finance up to the full value of the home and, has a cash out option to boot. They were offering loans of 500k for under $1340 a month.
The madness is still in full swing, with this ongoing foolishness. The stock market continues to take hits, dropping today under 13,000. Now, I just read where inflation is beginning to show signs of slowing down. Are they crazy? We are heading for a recession, or worse, and these idiots are still worried about inflation. The only thing getting inflated here is people’s blood pressure.The patients are running the asylum, here in the land of the criminally insane.
GringoTico, While your comments are always well thought out and informative, and I always respect your advice and opinions, I have to ask a few questions, and give a few of my own thoughts.
I am full aware Costa Rica has broadened its trade relations recently. Panama being another neighbor it is partnering with. Do you think underdeveloped nations, in general, are going to benefit in the short term by trading with the US?
My opinion is that Costa Rica, until it can trade as an equal partner, stands not to benefit in the immediate future. They just don’t have the financial resources to ramp up their supply side to make themselves export much more to the US than they already do now. What I think will happen, is what happened in the past. Companies like United Fruit came there and developed business which benefited their pockets and not the Tico’s. We see that now with international development of the waterfront areas, and workers being paid around $280 for two weeks work. When the projects dry up, where will the jobs be? Similarly, workers will be paid less than their American counterparts to work in businesses developed by US companies. While I understand they cannot make the same wages as American workers, are they going to get paid any better than if a Costa Rican company would be the one owning it?
I think Costa Ricans should be able to own more of the larger businesses in their own country. They should also have the opportunity to share in the economic growth and wealth that would allow them to afford beachfront homes in their native land.We saw what happened with NAFTA. Initially Mexico had a lot of US investment in new manufacturing facilities. I am in the billiard industry and saw first hand how Mexico was starting to produce better quality, cheaper billiard cloth, than factories in the US northeast. The reason was the modern equipment. All the Northeast factories closed up as a result. Competition from other parts of the world, where cheap labor was available, cut Mexico’s business in very short order. Many other products were sourced out to Mexico in our industry as well. Within a year or so after startup, almost every wood product made in Mexico went over to China. Mexico may have seen some benefit from the agreement. But we still have the borders being overrun by Mexicans looking for jobs.
The US is still the world’s largest trading partner, and as such, it would be foolish not to have some sort of agreement. However, the agreement should be one that is understood by both parties, and should be fair as well. No one seems to know if it can be interpreted, or if it is fair. They have looked at this thing for years now in Costa Rica. And they still can’t come up with an intelligent answer one way or the other.
Costa Rica is in a bit of a pickle. It is a small country. Both in geographical area and economic terms, Costa Rica is a dwarf by comparison to its larger trading partners. It will have to take a hard look at itself and see if want’s to enter this arena.
Japan was able to overcome these shortcomings, by building better cars and electronics than they had in the past, In the 80’s and 90’s they were an economic powerhouse and everyone here in the US thought they would buy us up. I don’t know if Costa Rica has the same will to do these things, or if they need to.In October, many Ticos will be voting on this matter. As I stated once before, it seems the Costa Rican government has abdicated its responsibility to bring this agreement to a vote. It is entrusting the electorate to ratify an agreement which they themselves could not understand. If it passes and blows up in their faces, who do you think will get the blame?
Tomorrow morning I have an appointment with my dentist here in the USA. It is to check out how my implant is healing. The first one failed and he had do do a bone graft. This one seems to be alright, but we will see in the morning.
The reason I bring this up is the cost factor. $1800 for the implant and another $1500 to $1800 for the crown. Another dentist does the crown, so I haven’t gotten the exact price yet. And the total time, with the failed implant and graft will be 6-7 months.
Had I known better, before I started this procedure, I would have done it on a visit to CR, and the savings would have paid for the vacation.
I can tell you from research I did after the fact, the dentist in Costa Rica, if I would have used the three month healing time implant, would be using the exact same screw type implant post I have now. His price would have been roughly one third the cost, for the total job with crown.
I could have gotten the same day implant in CR at about half the cost of what I am paying for the post alone in the USA.Next time I know better.
David, It would appear that both parties try to move towards the center as the election nears. Also they get really centrist after they are in office. I don’t know why, it just seems that way. Bush started off as what most think was conservative, then became more centrist when he assumed office. He has not vetoed any spending.
Bill Clinton, some hoped, would be liberal. Then he moved to the middle, and gave us the welfare reform act. You never can tell what they will do, but you can be sure our interests are not high on their list.
