Another Cautionary Tale: Sapp is broke...

[THELAWFIRM226]

The moment you got to the bolded part, you should have realized that your argument was a lousy one.

My argument is a lousy one eh? Well it sounds to me like you're still holding a grudge from a while back. Why exactly is my argument a lousy one? I pointed out that many of these professional athletes piss away money instead of investing it intelligently. I never said real estate is a 100% fool proof way to keep your money safe. Theoretically the only way to have a guaranteed way to keep your money safe is to put it under your mattress, and even then you're still subject to inflation. I don't want this to blow up into a huge argument, but I fail to see how my argument is a lousy one. As for your friends who have lost in the real estate market, well, there always has been fat cats and starving dogs, sounds like your'e hanging with the wrong crowd. Your "friend" probably failed to properly examine the contract and got screwed. In all honesty however, if you're upside down on your mortgage, you're a moron.

 

[stcjones]

Sapp is a d'bag!

Sucks to be him!

Good! I hate this dbag! I hope his bankrupted fat azz is standing in a soup kitchen line sometime soon!!

 

[THELAWFIRM226]

That's anecdotal. Nearly everyone who bought real estate at the peak of the market in 2006 or 2007 has lost his/her shirt. It's very possible that there are a few thousand people who got property at a very good price and made money, but they are a small portion of the millions who lost money at the same time. You can't base an argument on that.

You're obviously completely right about managing personal credit. And, if you are suggesting that, over the long haul, defined as 20--30 years, Real Estate is an investment that will protect your principal against inflation and maybe even go up a bit, you are right there as well.

The people that lot their shirts in the collapse a few years ago were most likely being greedy and had their fingers in every real estate pie they could find. If they were the least bit intelligent they would have taken a step back and said "hey wait a minute, real estate is increasing at such a sharp rate, it can't keep doing this forever." So what happens when the general masses finally figured that out? Everyone panics and sells, and we are left with the mess we are barely coming out of today. Granted we have Lehman and Goldman and their mortgage backed securities to thank as well, but those who have been consistently conservative may have suffered throughout all of this, but certainly did not lose their shirt.

 

[RelocatedPatFan]

I imagine lot of athetes have to bring up the family to a more reasonable "economic" level and that's part of where the money goes. Though it is part of being fiscally responisble (not spending more than what you can afford).

But, the average american has something like 5k-7k credit card debt. Imagine what it's like when money is coming in hand over fist.

Still, the NFL has many programs to help these guys become fiscally set for life and it takes a certain discipline and willingness to admit you don't know it all.

As for Sapp personally, it must suck. Can't say I like the guy, but don't wish that on anyone.

 

[Deus Irae]

My argument is a lousy one eh? Well it sounds to me like you're still holding a grudge from a while back. Why exactly is my argument a lousy one? I pointed out that many of these professional athletes piss away money instead of investing it intelligently. I never said real estate is a 100% fool proof way to keep your money safe. Theoretically the only way to have a guaranteed way to keep your money safe is to put it under your mattress, and even then you're still subject to inflation. I don't want this to blow up into a huge argument, but I fail to see how my argument is a lousy one. As for your friends who have lost in the real estate market, well, there always has been fat cats and starving dogs, sounds like your'e hanging with the wrong crowd. Your "friend" probably failed to properly examine the contract and got screwed. In all honesty however, if you're upside down on your mortgage, you're a moron.

I'm not sure what you think I'm holding a grudge about, so I'll just say that such is not the case. Your argument is simply crap, that's all. And if you think it takes a moron to be upside down on a mortgage after prices dropped as far as they did, you're probably about as clueless as they come.

 

[T_Brady12]

I must have missed the part where I cared about Warren Sapp's finances.

 

[pherein]

did sapp really do anything wrong except say a name he shouldn't have.

 

[Joker]

I listen to Warren Buffett...Warren Sapp should have also

 

[jlu52]

Woman beater, and derelict on multi child support payments. Emotionally bankrupt, morally bankrupt, and now financially bankrupt. Steerike Threee!! You're outta' here, Sapp!

 

[PatsWickedPissah]

I listen to Warren Buffett...Warren Sapp should have also

So Sapp shouldn't pay his millions in tax bills to the IRS just like Buffett???

 

[Tunescribe]

Woman beater, and derelict on multi child support payments. Emotionally bankrupt, morally bankrupt, and now financially bankrupt. Steerike Threee!! You're outta' here, Sapp!

You left out intellectually bankrupt, so he's working on his second strikeout.

 

[eom]

Wow! Now that I think of it, Rich Eisen is one of the luckiest SOBs out there! If Sapp get paid 540k then Eisen gets at least that much too. Probably more since he has the Rick Eisen Podcast and Hosts NFLN. Just get paid a ton of money to talk football! Ok, so it may be a bit more work than that but still... I like all the guys from NFLN except Marshall Faulk because he is so biased towards the Pats.

rich eisen has to sprint his ass off every year.

 

[lurker1965]

I'll cry after I stop laughing.

Wait a minute. Warren Sapp? When I stop laughing I'll do laundry or something.

 

[THELAWFIRM226]

I'm not sure what you think I'm holding a grudge about, so I'll just say that such is not the case. Your argument is simply crap, that's all. And if you think it takes a moron to be upside down on a mortgage after prices dropped as far as they did, you're probably about as clueless as they come.

You keep saying my argument is lousy and my argument is crap, yet your fail to list even one reason why? When I listed real estate as an appreciating asset I did not mean that real estate is the end all be all of investing. I simply used real estate as an example that has historically proven to appreciate. I will admit my statement about anyone "who is underwater on their mortgage is a moron" was a bit harsh, but in all honesty I do not know that many who have had to foreclose and for those that did have to foreclose, well they were most likely victims of predatory loans. I've seen you post quite a bit on this forum, and I will be the first to say you are more knowledgable about football than I, but when it comes to finances and such however, I'm afraid to say I've got you beat.

 

[Deus Irae]

You keep saying my argument is lousy and my argument is crap, yet your fail to list even one reason why? When I listed real estate as an appreciating asset I did not mean that real estate is the end all be all of investing. I simply used real estate as an example that has historically proven to appreciate. I will admit my statement about anyone "who is underwater on their mortgage is a moron" was a bit harsh, but in all honesty I do not know that many who have had to foreclose and for those that did have to foreclose, well they were most likely victims of predatory loans. I've seen you post quite a bit on this forum, and I will be the first to say you are more knowledgable about football than I, but when it comes to finances and such however, I'm afraid to say I've got you beat.

When you start assigning all the blame for financial struggles on the people themselves, you make a clown of yourself. The person who bought a house before the market crash, and then got screwed when housing prices dropped through the floor, is not a moron. The person who gets their money pissed away by a financial advisor, or loses money because a company they've invested in has been committing fraud is not a moron. Whether you care to admit it or not, brilliant and responsible people go bankrupt, too, and outside forces do sometimes screw people over.

Some "smart" people who've gone bankrupt or were extremely debt-ridden:

Abraham Lincoln
Mark Twain
Donald Trump
James Madison
Thomas Jefferson
James Monroe
William Henry Harrison
Ulysses Grant
William McKinley
Harry Truman
Oscar Wilde
P.T. Barnum
Walt Disney
William Durant

 

[THELAWFIRM226]

When you start assigning all the blame for financial struggles on the people themselves, you make a clown of yourself. The person who bought a house before the market crash, and then got screwed when housing prices dropped through the floor, is not a moron. The person who gets their money pissed away by a financial advisor, or loses money because a company they've invested in has been committing fraud is not a moron. Whether you care to admit it or not, brilliant and responsible people go bankrupt, too, and outside forces do sometimes screw people over.

Some "smart" people who've gone bankrupt or were extremely debt-ridden:

Abraham Lincoln
Mark Twain
Donald Trump
James Madison
Thomas Jefferson
James Monroe
William Henry Harrison
Ulysses Grant
William McKinley
Harry Truman
Oscar Wilde
P.T. Barnum
Walt Disney
William Durant

Most of them were around when the gold standard was still in effect so I'm not sure how relevant that argument is. Regardless, I think we should agree to disagree, I've got a flight to catch anyways. Cheers.

 

[PatsFanSince74]

The people that lot their shirts in the collapse a few years ago were most likely being greedy and had their fingers in every real estate pie they could find. If they were the least bit intelligent they would have taken a step back and said "hey wait a minute, real estate is increasing at such a sharp rate, it can't keep doing this forever." So what happens when the general masses finally figured that out? Everyone panics and sells, and we are left with the mess we are barely coming out of today. Granted we have Lehman and Goldman and their mortgage backed securities to thank as well, but those who have been consistently conservative may have suffered throughout all of this, but certainly did not lose their shirt.

Your description of the crash is so naive that it pretty well confirms what others have observed, viz., that you don't know what you're talking about.

The demographics of those impacted by the RE crash are diverse and so much more complex than your comments suggest you would be able to understand that I'm just not going to waste my time defining them. This is not a matter of "my opinion," but is quite well documented.

 

[PatsFanSince74]

When you start assigning all the blame for financial struggles on the people themselves, you make a clown of yourself. The person who bought a house before the market crash, and then got screwed when housing prices dropped through the floor, is not a moron. The person who gets their money pissed away by a financial advisor, or loses money because a company they've invested in has been committing fraud is not a moron. Whether you care to admit it or not, brilliant and responsible people go bankrupt, too, and outside forces do sometimes screw people over.

Some "smart" people who've gone bankrupt or were extremely debt-ridden:

Abraham Lincoln
Mark Twain
Donald Trump
James Madison
Thomas Jefferson
James Monroe
William Henry Harrison
Ulysses Grant
William McKinley
Harry Truman
Oscar Wilde
P.T. Barnum
Walt Disney
William Durant

I can't believe he blamed their problems on the gold standard. Waste not thy breath, Deus.

 

[THELAWFIRM226]

Your description of the crash is so naive that it pretty well confirms what others have observed, viz., that you don't know what you're talking about.

The demographics of those impacted by the RE crash are diverse and so much more complex than your comments suggest you would be able to understand that I'm just not going to waste my time defining them. This is not a matter of "my opinion," but is quite well documented.

First of all, lets get away from the term crash, what we had was a bubble, and that bubble popped which caused the recession. I never said that the common person caused this crash, if you interpreted it that way well then my apologies, that is not what I meant. What I was intending to say is that many "common people" were receiving loans that they should not have been receiving. So yes, this is partly the banks fault and partly the person receiving the loan's fault. The bank was trying to profit and the person was trying to live above their means. In many cases they were offered low interest rates for a period of time, then a stipulation in the contract would spike those rates to the point where they could no longer afford to pay their mortgage. So now their mortgage is upside down and many of them just walked away. Now we have foreclosures left and right and well that's always a good thing right? The large firms are also at fault, the banks were issuing predatory loans essentially, bundling up all these loans (some good, some bad, and some decent) they were called mortgage backed securities and then selling them to investors in slices. Essentially what the large firms were doing is selling these MBS's to their clients, then turning around and betting that they will fail (knowing all along they will). It was extremely profitable for several years because the housing market was booming. We also have the aspect of Moody's and Standard and Poors who were giving these massive corporations AA or even AAA credit ratings when they were on the verge of bankruptcy. If I remember correctly, AIG had a AA credit rating DAYS before going bankrupt. There is no single cause for this problem, it was a ton of people and corporations making horrible decisions. This is not the first time and this is not the last time that a crash like this has occurred, they happen at normal intervals and it's all because we are so greedy and can't help ourselves. Rumor has it that China has a bubble as we speak but that's just hearsay. I'm a bit tired of arguing about this, but please don't call me naive because although I'm not the worlds foremost expert on this, I do know a good deal about what happened.

 

[THELAWFIRM226]

I can't believe he blamed their problems on the gold standard. Waste not thy breath, Deus.

I didn't blame the gold standard for their debt or bankruptcy, it's just that some of the people he listed lived so long ago I just don't see how you can compare those two economies. On a side note, I don't consider Donald Trump an intelligent individual, he inherited his money and went bankrupt. Sure he has money now but lets be serious, Trump is a joke. Seriously though I don't really know what got into you, on the last page you were agreeing with me now you've jumped down my throat telling me I know nothing. Just realize that I have not been insulting either of you, I'm just trying to state the facts, while you two are constantly calling me naive or a clown. I'd love to know what your profession is because you and deusche act like experts on every possible area. I read a lot of posts on here, and although I don't have a ton of posts I see everything that's posted, and you my friend are quite full of yourself. Are you like chairmen of the FED? Bernanke is that you???