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What's in Your Wallet?
From the Nightly Business Report of 4 Nov 2005:
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Many MBA type brokers will simply hype stocks. But even many of them are changing their tune. Too many are now recommending investments outside of America. How can this be if George Jr has created five years of growth? The growth has not existed thanks to a former alcoholic now addicted to Treasury credit cards and a destructive tax cut. As posted by this author so many years ago, that tax cut will result in a few good years followed by economic forces that punish the economy. There is no reason for history to change this time. We are now entering the punishment phase as demonstrated by so many stock brokers who also note that the stock market has been completely flat during the entire George Jr administration. How can this be if there has been growth? Where is all this growth? Its clearly well invested - in bullets and broken Humvees in Iraq - in SUVs - in all those more efficient factory and power plant equipment not invented in America because George Jr only advocated more oil consumption and denials about global warming. The classic 'guns or butter' concept from economics. Any stock brokers here want to recommend a domestic investment? Good ones are scarce as the Fed must drastically increase interest rates to correct for George Jr's tax cut and for what any alcoholic would call a balanced budget. Remember all those Capital One, et al credit cards with near zero interest rates? Where were they making money? They have invested in US. They need you to maintain high balances. Then when you default on a single payment - even to the gas company - then they apply massive interest rates to that large balance. Maybe 20%. Credit card companies are getting ready to reap huge profits because so many Americans do not and cannot pay off their credit cards. Part of those upcoming profits includes the 'reform' of bankruptcy laws. Don't think for one minute that those credit card companies have not been thinking long term. They needed and will now get even the Fed to increase interest rates. And unlike house mortgage companies, then credit card companies can immediately apply those higher rates to your debts. Worse still, you may not be able to declare bankruptcy; must keep making payments for what - a decade? Long term and profitable planning. If you have any such debts, better be paying them off ASAP. The legacy of George Jr economics is fast approaching. Ahhh... but nobody expected the levees to be breached. What's in your wallet? |
I own my soul. The company store can go to hell. ;)
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I know that credit card companies don't think long term. How? Simple
1) Credit card companies are run by MBAs 2) MBAs don't think long term, as tw often reminds us 3) Credit card companies don't think long term. Q.E.D |
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drivers license
visa card silver shrapnel petrol reciepts x 4 book of 10 stamps with 4 missing asthma card implanon info card myer card medicare card NRMA card oooooooooh. its not that kind of thread.. ;) |
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I don't use a wallet, it all floats freely and mingles with the pocket lint, I usually carry my D.L., my debit card, my swiss army knife (tinker), and my NYBG membership card. On rare occasions there is folding money. |
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Meanwhile, what is a NRMA card, a myer card, and an implanon info card? |
i've got 6 bucks cash! yeppers! a fiver and a single, i do!
wallet: D/L debit card pilot license picture of my son phone #'s kroger card (points thingy for cheaper groceries and gas) receipts an uncashed check from my g/f wal-fart gift card blockbuster card expired concealed handgun license (haven't had time to renew) and various business cards. |
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Myer is a store card - (you dont have myer? grace bros? david jones?) its like a credit card that i can use at myer, Dj's, jimmy b's, coles and target. Implanon card is in my wallet so in case im ever in an accident or anything the doctors will check my wallet and know that i have an implanon implant in my arm (a 5cm tube lodged in my bicep muscle that releases small amounts of ostregen daily)..ick! I dont cary cash, i find if i have it.. i spend it (its not money in the bank!). where as, when i use the card i can feel it hurting the actual bank balance. I save without cash. |
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"I'm planning on...when I get the time, money, etc." Oh, just read sparkz description. It's like a med alert bracelet. My mom's says: 'hypochondriac' |
Aside from all the other crap, I have a 2005 Republican National Committee membership card. That makes me a card-carrying Republican. It's like a "get out of Guantanemo free" card.
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Or an automatic internment card during the Obama administration.
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D/L
CCW MasterCard MAC card (note to folks outside of Phila. This is an ATM card. Our ATMs were all called "MAC" (Money Access Center) when they first brought them online (except the now defunct Girard Bank machines, which were called "George.") Even though few ATMs in the area still bear the MAC logo, they are still called that. By darn near everybody. Two gasoline company Cards NRA Member Card 2nd Amendment Sisters Member Card Insurance Card $87 (includes $2 bill) Asst fortune cookie inserts $1 coupon from RJ Reynolds Several crumpled and unreadable store receipts, at least one of which is a point of sale debit that I should have listed in my checkbook register three weeks ago. I do not have any Capital One cards. But I do like those vikings. |
D/L
about fifty of those debit receipt's that I've yet to record in my checkbook my P.O. card four no-longer-working credit cards pictures of my boys (handsome devils, they are!) library card X2 Book store discount card CPR/ALS card License to practice radiography License to practice Nursing License to Kill (kidding 'bout that last one.) |
D/L
D/L change of address card Master/debit card Voter info card J.Crew card Pottery Barn gift card ($50) Target gift card ($25) Starbucks card with unknown amount left on it Barnes & Noble member card $23.35 cash/coin acorn lid "whistle" |
how come jinx gets all the gift cards, huh???? I'd like a gift card...
...is jinx a yuppie? |
If yuppie still means young, urban, professional - no, no and no. If gift cards have something to do with it, I just might be.
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Damn, I carry way more crap around than most of you.
--Drivers license --Old drivers license with my maiden name on it for the occasional proof of identity --Insurance card --Things Remembered rewards card from when I got someone something engraved two Christmases ago --Long distance calling card --Old college student ID for discounts in various places --Lifetime Complimentary Pass to performances by my high school theatre department --Capital One card (Hooray for Vikings!) --Library Card --ATM card --Visa Credit card --Little information card telling me the model number for replacement printer cartridges in my printer --Randall's card (grocery store--and I don't shop at Randall's) --Medical insurance card --Discount card given to me by a realtor at some point --Ancient Blockbuster card from back when they laminated them by hand --CPR Certification --A "get enough stamps and you get $ off" card from a store that closed about 6 years ago (throwing that one away now) --A receipt giving me $10 off my next Salvation Army purchase --A stamp-sized hologram of Earth --A laminated quote from the perspectives section of Newsweek around 1996 or so: "'Your gloves don't match your shoes.' Chanted at police who wore protective clothing during last week's gay-rights demonstration in Washington." --A business card of a coworker --A Simon (mall chain) giftcard --A doctor's appointment reminder card for next Tuesday --A Jo-Ann's giftcard with about $3 left on it (local fabric store) --The receipt from our downpayment on our house that we bought two years ago, with the old owner's new address scrawled on the back. --A gift certificate to a restaurant called "Tokyo One" in Dallas from about 2000 --A pen --My checkbook |
Amex
Visa card Debit card Corporate Visa HMO card AAA card Driver's License Frequent flyer card Wegman's card Business cards ~$80, random change |
1972 - DJIA 1003
1982 - DJIA 1004 two (many more really, but these two i've looked at in the last week) run of the mill Growth and Income mutual funds tripled assets by using the same systems, processes, and prospectus that they did for the 40 years before this time period. in rough or scary times disinvestors lose, investors win. oh my wallet contains: $17 cash Debit card credit card Pictures of family DL military ID |
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So is that wallet one of a creditor or a debtor? Many only have instruments of debtors - credit cards. And yet current economic conditions say you better not be a debtor with storm cloud brewing on the horizon. Symptoms are similar to the early 1970s.
Paying big bucks for a war that, somehow, does not show up on federal spread sheets. Massive government spending that, last time, was so dependent on European and Japanese bond buyers. Today that same debt problem is very dependent on Chinese buyers. Serious trade imbalances that don't have any sign of being corrected as even jobs move overseas while a wave of new innovative products diminishes. Unprecedented debts among consumers - we have never had so many consumers this deep in debt. Unrealistic prices for things such as housing. A market driven mostly by rediculously low interest rates that will only keep increasing to address serious and impending inflation. Sharp increases in energy prices created by extreme and unproductive consumption levels - ie car MPG back then dropped from 17 MPG to 8 and 12 MPG. Today the 25 MPG number continues to be driven lower by vehicles that only get 8 and 12 MPG. Domestic automakers in serious financial trouble. Combined with some whose entire product line is incompatible with the future, whose costs due to inferior design are excessive, and whose corporate leaders are again trying to blame the unions. One new factors is the impending Pension Fund disaster that looms like the S&L crisis of the mid 1980s. A problem created by bean counter mentalities whose function was to make a profit - the purpose of those financial instruments irrelevant. Let's look at the stock market when these same factors previously existed as cited by Lookout123. Notice the pathetic growth rates from 1970 until the early 1980s - when gasoline went from the highest price in mankind to the lowest. The first chart uses a linear scale that really distorts the numbers. The second chart uses a logrithmic scale that puts the stock market Dow Jones Industrial Average into useful perspsetive: |
my point was that during that time period we had presidential problems, oil problems, middle east problems, war problems, and a flat economy and yet people with discipline and patience did very very well.
again a case of one person seeing a glass as half full while the other tears their hair out and screams to everyone who will listen "the sky is falling the sky is falling, if only you were as smart as me you would know the sky is falling!!!" |
Forces continue today to contribute to an economic downturn. The Pension Benefit Guaranty Corporation - a Federal government insurance company for Pension Funds - has announced a $22.8 billion shortage. A number that does not yet include the almost $3 billion default by Delphi onto the fund.
Again, we go to GM as a classic example of a company whose spread sheets mask a company in severe trouble. GM's products have long since been poor. One industry analyst recently pegged GM products at about $3,000 inferior to market standards. Of course, and contrary to GM's propaganda, the unions contribute only $650 per vehicle. GM products are that bad due to management. Even a chief designer is a graphics art student - not a hardware designer. So what has GM been doing to mask their bad product line? Rick Wagoner's people were simply fudging the spread sheets to make the company look profitable. They shorted the Pension Funds and played other spread sheet tricks to claim profits that do not really exist. Just like the S&L crisis of the 1980s, these spread sheet games to pretend GM makes good cars will eventually come out of your pocket. The PBGC deficient is just another way you will pay for GM that should have long been driven to bankruptcy - so that their bad management was removed. GM buys companies, sucks out the profitable parts using cost controls, and then spins off the remnants. Delphi is just the latest example of these spread sheet games. Already GMs 2001 accounting games is under investigation. Meanwhile, the criminals will not be prosecuted. It’s simply a question of how big the retirement bonus will be for Rich Wagoner - a man who never worked in the product side of GM - and therefore was chosen over Louis Hughes as GM's top man. You will pay for his type as more large companies drop their pension funds into your lap - the PBGC that is already $23 billion in debit - a number that will only increase due to MBA management games with the spread sheets. Notice the trends in that Dow Jones average chart. As a result of spead sheet games of the 1970s, higher oil prices, a war waged for reasons that were lies, etc; then the US did not see growth until about 1982. That growth was constant until about 2000 when a new president created same mistakes of the 1970s - including wild and uncontrolled government spending, masked by lies or spin, and not seen on this scale since Richard Nixon. This president even advocates torture and denies it. Just more indications that the lurker should be protecting his financial positions. Prospects for a severe downturn are appearing. |
lessee... starting at the top:
PADI open water diving cert card membership card to tanning salon (haven't gone in a looong time) my husband's Alaska Airlines frequent flier card Barnes & Noble membership card $12 in cash (wooot!! the kids didn't steal it all!!!) Providian gold visa AT&T platinum mastercard (what were they thinking??) Wells Fargo platinum visa (see above) Wells Fargo visa check card Discover platinum card (I wonder if I've ever used this thing) driver's license 2 pass thingys to the upper part of the Stratosphere in Vegas my hunting/ fishing license 2 Hot Topic frequent buyer cards I need to turn in my checkbook a bunch of coins Geeeez I guess I cleaned my wallet out before the last trip - I usually have way more in there than that! |
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As for credit cards...give me a good reason I shouldn't accept a standing offer of a 25-day interest free loan, and I might change my mind. |
starbucks gift card with maybe $4.20 cents left on it
dl debit card $1.00 and change AAA card Medicare card (all but worthless - you can die nicely with the help of your Medicare card)) Library cards from 3 different Colorado libraries King Soopers discount card crumpled receipts that I can no longer read phone book delivery contract long distance calling card |
bump
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OK you win - you called it first! |
Ok, this could be a long list:
D/L Military ID CCW License Security Badge Security Card for computer aka CAC Card Visa MC Visa Debit card Bank Debit card (second account) Exxon Card Insurance Card Block Buster Card Second Insurance card (motorcycle0 Boat Insurance Card Sea Tow Card Boat US Card Boater World Card Boater Safety Card from Coast Guard NRA Card GOA Card SS Card Old College ID with me with really long hair Voter Registration Card Passport Service Card SeaDoo service Card Check Cashing Card (local Store) Organ Donor Card Copy of old hip pocket travel orders Laminated copy of quote "Not the critic that counts..." Health Insurance Card $228 lawyer business card Storage Access code Pictures of kids Hunting Fishing License Tricare Supplement Insurance Card Miniture of Masters Degree Professional License (#1, #2, & #3) Certifications (A, B C, D) Major Malpractice Insurance Card Bunch of Change 2 Debit Receipts |
Whole lotta pocket lint and an expired driver license from another state
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ZERO credit cards...not a single one. I have not owned one since my divorce 8 years ago.
In fact, until last September when my car finally died and I had to finance a new one, I didn't owe a single person or entity any sort of debt whatsoever. My only obligations were for rent on my house, utilities and daycare. I've found that buying things on credit is just not necessary if one chooses not to. We never go without, have very nice computers, musical equipment, clothing, and the usual toys people indulge in...but all of it was paid for at the time of purchase. We aren't wealthy, by any means, but we do budget and plan for future expenditures ie: birthdays, vacations, upgrades to possessions, Christmas and retirement. |
It is also possible to have credit cards and not run up huge balances. If you pay them off completely each month, you can make good use of the added insurance you get from buying using a credit card. Credit cards do not have to mean debt. Not that there's anything wrong with avoiding them altogether, but neither are all card users financially irresponsible.
Now are we ladies doing wallet or handbag/purse contents? because if the latter, I'd better wait until another day/year...... :eek: |
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