Skip to comments.Deep in Debt, and Now Deep in Worry (pls feel sorry for the irresponsible)
Posted on 01/25/2009 3:52:00 AM PST by TigerLikesRooster
Deep in Debt, and Now Deep in Worry
By BEN STEIN
NOT long ago, a woman in California called me for advice. She is divorced, with two children, and has a series of interlocking financial problems.
She lives in a lovely home in a stylish inland enclave. It has an interest-only mortgage of about $2.2 million that requires a payment of $12,000 a month, very roughly. It was last appraised at $2.7 million, but who knows if its now worth anything remotely close to that price.
The woman, whom Ive known since she was a teenager, has no job or other remunerative employment. She has a former husband, an entrepreneur whose business has suffered recently. He pays her $20,000 a month, of which roughly half is alimony and half child support. The alimony is scheduled to stop this summer.
She has a wealthy beau who pays her credit card bills and other incidentals, but she is thinking of telling him she is through with him. She has no savings and has refinanced her home repeatedly, always adding to indebtedness and then putting the money into a shop she owns that has never come close to earning a dime. Now she is up all night worrying about money. Terrified, as she put it. She wanted me to tell her what to do.
What could I say? I did the best I could, but I had to tell her that she was on very thin ice.
Ever since, Ive been thinking of the troubles of this sweet woman, consumed with worry about money.
(Excerpt) Read more at nytimes.com ...
I thought this was from the Onion!
Peter Schiff tries to tell the world to stay away from financials because they are toxic. He gets beaten down like the red headed step child.
** I thought this was from the Onion!**
Agree - stupidity posturing as satire!
That *sweet*, high-priced hooker should have thought before she bought the mansion.......whose money and which lending institution???
Raising her children.... and a new beau paying her bills? Loverly, just loverly.
This women must be terrorized out of her mind if she calls a fool like Ben Stein for financial advice. Ben Stein should be laughed off the air and be sued for every dime he has made by lying. This Financial Genius is a lying fool.
Lives in a home she can’t afford: Check
Gets a payout she doesn’t deserver(Ali-money):Check
Someone else pays her bills: Check
Has a losing Boutique: Check
Is currently living off someone but wants to punt him so she can get something better: Check
Refinanced her home every time she needed more walking around cash: Check
Whooo boy. What an entitled See you next Tuesday.
Here’s how this works in the rational world:
1. MOVE. Eat the loss or do a short sale.
2. Deal with the fact that husband #1s largesse doesn’t belong to you any longer
3. Dump your losing business
4. Stop spending money
5. WORK! Pump gas, run grocieries, WORK!!!. Your current and former job of leeching off a man is about lose significant value when the court allows prior husband to stop paying you.
6. Make current boyfriend’s toes curl as he’s your only income stream of significant value.
Sounds like her brain is between her legs.
I pity her first husband.
the poster child of an Obamabot!
“Learn a useful skill that Americans really need, like law or plumbing or medicine or nursing.”
Like we need more lawyers...
She called Ben hoping he would bail her out.
In stories like these, I think the unmarried boyfriends who foot the bill for such lifestyles are more foolish than the woman who is the subject of this story.
Ever since, Ive been thinking of the troubles of this sweet woman, consumed with worry about money.
That’s easy. marry her and assume the debt. She won’t have to worry any more.
Jesus, I went to see if this was Scrappleface, but it really is The Matrix that most people are enmeshed within.
He worries for this lady who has no real job, no real skills, no real education, no real productivity, and who lives off of other people's money in a house that I could only dream of living in?
I worry for the America that let our education sink this low.
Ben denied his own son the most valuable thing his father taught him - live within your means. At 20+ it may be too late.
And his “lady” “friend” was looking for a handout, as were the others in their Christmas newsletters. He was probably the only one to get that version of the story.
Gee, Ben. Maybe you should have counseled your son instead of some "whore" who can't run her own life.
I think Ben has lost it. I saw him on Glenn Beck and he said the Govt. could keep printing as much money as it needs as long as we are in a deflationary period.
Deflation my ass! The idea that the CPI for last year is only one percent is just a blatant lie.
Not to be cold but $20,000 per month alimony. Do you know what I could do with such an amount...The squirrel in me would be hiding it away for many rainy days. I feel for the lady because it sounds like it is all about ready to come crashing down around her and that is as scary as can be.
Instead of teaching sex education (if that’s what you want to call it) and fisting in schools, basic self responsibility and how to handle money courses would help.
Sweet woman? LOL!! She's a leach! About time for this lady to pay the piper.
Reminds me of my first wife. A southern Californian who was first married to a MD. She just loved that lifestyle and would do anything including cheat the IRS and run herself into bankruptcy to keep it. Similar situation, but my ex had gainful employment when I married her.
Long story short, when our divorce rolled around, I was lucky to get out of there with the shirt on my back.
I’m afraid I’ll insult the delicate sensibilities of our younger members if I suggest what this “lady” is qualified to do for a living now. Remember honey, always get the money first.
Well all know what she is, now we are just haggling over the price!
She’ll be on the Mortgage bailout list for sure...
Time for Ben Stein to give this Sweet Lady some advice....comeon Ben tell her the truth, your advice ain’t worth a wooden nickel and it is Time for Ben and his ho-buddie to GET A REAL JOB!
It’s of vital national security to protect the multi million dollar home industry. This particular industry employees a disproportional amount of illegal Mexican maids, service personnel, landscaper. With out this work and the dollars extracted out of the economy, and sent back to Mexico, Mexican billionaires like Carlos Slim would not be able to charge 5 dollars for a bag of his ready mix cement for the poor to build their hovels. The whole Mexican economy would collapse, sending waves of even more illegals pouring north. Not to mention Slim would not be able to loan The New York Times $250 million at 14 percent interest.
See how everything is connected?
Did I leave you out? Well, that’s because you are a working stiff and don’t figure into the grand econonational calculus of big money politics. Don’t be sorry though, neither do I or most Americans either. We are basically modern day peasants.
$12,000\month mortgage payment? I can’t feel sorry for her.
You wrote: Its of vital national security to protect the multi million dollar home industry. It should read: Its of vital national security to protect the multi million illegal's home industry.
How dare you be insensitive to this woman's plight when she is just trying to live like our mis-SPEAKER of the House or the shemale Senator from CA; or for that matter any other member of Congress.
Maybe this woman should invest in an old south and west Texas house that was so popular with our Hispanic breatheren a century and a half ago; the jakal (pronounced "ha call" or "ha cal").
A jakal is a traditional south and west Texas hut. Its walls are made of upright branches, cactus staves or sticks chinked with mud. The roof is usually thatched and it is floored with hard-packed dirt, sometimes further hardened with ox-blood, and swept with a broom. And I can tell you that it does stink inside because of the dried blood on the floor. A randy billy-goat smells wonderful compared to one of these.
This woman needs to also have the so-called "House Rules" posted on the entry way; which could read:
"Gents are requested not to spit on the walls !"
" Keep their boots off the bed clothes !"
"Empty chamber-pot when leaving building
"Do not clear nostrils on the floor."
With all of the land where her house sits on, she could run a regular gated "affordable housing community." With half-a-dozen mud-huts neatly thatched with straw and open sheds attached for culinary purposes, where the kettle hung suspended over a wood fire, in real gypsy fashion, while an old weather-beaten crone bent over, stirring the pot-au-feu of frijoles that were to make the evening meal.
As a Jacal is a Mexican hut, then she could use about nine-tenths of her land for such houses as she could house all of her wait-staff on her premises. With such dwellings, and as a jacal is a den hardly fit for a jackal to live in, then she could feel right at home with any inhabitants,
This affordable housing consists of one room, 12x12, and is constructed by driving a number of poles into the ground, very slowly -- that is, as it takes an illegal about half a day to plant one post, and the other half of the day to lie on the ground and look at it from different directions to see if it is set straight.
The posts are planted close together, and the space between is daubed with mud. The roof is made of cane, thatched with tule. There is an opening in the side of the jacal for the entrance and exit of the inhabitants. A blanket with enough holes in it to justify being washed by the dozen, usurps the place of a door.
The inside walls are decorated are adorned with cheap and highly-colored pictures of saints, or other members of the democratic administration or party, with blue legs and purple hair. These saints should bear a striking resemblance, in facial expression and general anatomical construction, to those high personages, the king and jack of diamonds. I use these analogies for the "House of Cards" that Freddie-Mae and Freddie-Mac have all sold us.
There is no attempt at gorgeousness in the way of furniture. A couple of benches and a few goat skins comprise the parlor set. The library, dining room, parlor, stable, kitchen, picture-gallery and sleeping apartments are all in one room on the ground floor. When the owner is influential and opulent, a goat pen may be discovered in the neighborhood, and a few lean donkeys browse around in the adjacent chaparral.
Here in Texas, these jacals were the same as a puerto, harbor, haven or port. One small hut called a jacal built from rock, earth,and plant fiber was built by Gilbert Luna in the late 19th century. Gilbert Luna lived in this small house with his 38 children born by six different wives.
Welcome to Obama's idea of equality, for all of us to live the exact same way as his brother George does back in Kenya.
That was freaking hysterical! Granted I was viewing it with 20/20 hindsight, but he and the rest of those against Schiff come off as financial imbeciles who should be run out of town. Stein's advice to go into Financials was the worst advice I have seen in 40 years of investing.
Peter Laffer is another droid over his .01 bet with Schiff. Laffer was recently on some show with Mather, promoting his new book, and when Mather needled him about that bet, he blew it off with "That's why I only bet one cent." That's more than HIS advice is worth. If anyone who hasn't yet seen that video, please do so, but don't be drinking anything at the time or it will be all over your keyboard and monitor.
I wonder how many years this woman has been collecting 20K/month alimony? It’s nearly a quarter million a year! If she saved only half and “suffered” on 10K per month (how I wish I could suffer so), she could sock away 120K per year. In about 8 years, she’d have a million in the bank.
She’ll be a cleaning lady or a hooker next year.
Should that bimbo call me, I have a few pieces of advice at the ready:
Get a JOB
Sell the McMansion, try renting if you have no equity
Don’t rely upon the largess of gigalos.
Oh, and while not mentioned, dump the Mercedes, get a Honda.
I’ll bet her brain is in her bra, the men’s brains are between their legs.
Then he could have told her to run, not walk, to the nearest place offering Financial Peace University and sign up.
Then sell the cars and buy beaters. And sell the house and rent something within her means.
That's what ordinary people have always known to do.
And if I had an indigent 21 year old that just married another indigent 20 year old- their choice of restaurants would be which one to work in, not eat in.
That was before women started piercing their tongues with vibrators ,and tramp stamps on their backs, Before abortion made birth control easy, before equal employment laws made companies hire women for men’s jobs.
Today’s woman think as yesterday’s man using their plumbing as their brain.
Hey Ben, could you send me the phone number of the soon-to-be ex-beau? I have some bills that need to be paid.
There’s always a honest living to be made in porn. Get busy, girl.
Why does Ben feel compelled to try to offer her advice? She obviously is a leech and as such should be ignored. The only thing she has to offer others is advice on how to take what isn't hers.
My advice to anyone who is having a tough time nowadays is for them to study the prior choices others have made that allows them to be free from worry in todays economy.
Sweet? I would call her **STUPID**!!!
She is reaping what she as sowed. ( And...I feel sorry for her kids who are likely very “messed up”.)
Um—the last 5 months have been hugely deflationary. Food is higher than a year ago but most other things are down. Housing prices are way down, clothing & electronics are way down, gas is the lowest it’s been in 5 years, commodity prices are down on average around 60%. Stocks are down 40+%, corp bonds are down, assets dropped $10 trillion in value. Car values are down. Almost everything is down.
The johns in this story are Ivy League graduates who have been running the financial institutions that got us into this mess. The distaff side is providing a cash service, which the Johns are paying for with cash ripped off from their depositors and investors and now the American public.
What about compared to a year ago? Of course they came down in the last five months.
Also, notice now they are adding fuel and energy into the CPI whereas before it was separate.
Electronics, clothing, housing, cars, gas, commodities are all down from a year ago. IT was NEVER seperate a year ago...the US measures 2 versions of inflation - Core (which excludes food & energy) and total (all). Feel free to go to bls.gov and do the research.
BTW, how did we only have 2 or 3 percent inflation when housing was going up ten to fifteen percent a year several years ago?
I don't buy electronics, housing and cars every day. Food I need for my family. That's way up over a year ago. Just look at chicken prices.
Honestly, anyone that looks at the CPI for an indication of whether we are in inflation or deflation lives in a fantasy world. Just like a politician.
They measure rents instead of owning (Clinton changed that IIRC). Food only makes up 10% of my budget, so even if it went up 10%, it would only be a 1% cost of living increase. Just because you don’t buy it every day doesn’t mean its not a valid measure. I got chicken breast for $2.77/lb this week and $2.99 the two weeks before. Last year it was $3.99-$4.99. What’s your point?