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To: TigerLikesRooster

Interesting. One of our regular Saturday Coffee Club members that regularly dispenses economic advice has been bankrupt twice. It amazes me that anyone pays attention to him.


3 posted on 12/19/2010 3:30:09 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb
Interesting. One of our regular Saturday Coffee Club members that regularly dispenses economic advice has been bankrupt twice. It amazes me that anyone pays attention to him.

Bankruptcy is not necessarily a indication of being a poor businessman.

You have to look at the whole of his financial history. What have been his highs?

Many of the most successful businessmen in history have made and lost fortunes several times.

The most successful businessmen have been risk takers. With great risk you occasionally have great failures.

5 posted on 12/19/2010 3:54:20 AM PST by Pontiac
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To: abb

Maybe he learned after two times. He’s got experience. That’s probably why people listen.

To some folks, this is FAR different (and interesting) than taking advice from someone who has never filed for bankruptcy. Why? Because you never know if the person you’re talking to is on the cusp of filing and just not being forthcoming.

My uncle (we all thought) owned a successful business for years. That’s only until years later we learned he was sending in every credit card offer mailed to him, and when he did file, he was close to $2M in debt.

He started the business in 1990 or 1991 and it dissolved around 2005. During those 15 years, I doubt the company ever made a profit.

Yet, he was able to be a high-roller and live in an $800,000 house and drive two new cars, etc.

IMO, you should have to go to prison for something like that, but I don’t think he was ever even charged with a crime.


6 posted on 12/19/2010 3:59:39 AM PST by library user (Just because you're homeless doesn't mean you're lazy.)
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To: abb

Interesting. One of our regular Saturday Coffee Club members that regularly dispenses economic advice has been bankrupt twice. It amazes me that anyone pays attention to him.


The problem with economics is that those who claim to be economists are the worst when it comes to economics


10 posted on 12/19/2010 4:07:22 AM PST by UCFRoadWarrior (Whenever something is "Global"...it means its bad for America)
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To: abb
Roubini took out a $2.99MM mortgage -- so he needed to come up with $1.5MM in cash. I understand he already owns a very nice Manhattan condo, so this would be an upgrade. I'm guessing he is selling the smaller condo. In addition to his NYU salary he probably earns speaking and consulting fees. Maybe he just wants a nicer place to live and he can afford it. He is probably not looking at it as an investment.

I someone earns $50k and buys a $5k used pickup truck camper, I doubt he'd be criticised for it.

24 posted on 12/19/2010 6:07:45 AM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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