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Originally posted by Twilly
You are forgetting 1 important point. The Government made all of your money for you.
In the late 90's, your tech company did well because of the tech boom, that was created by government regulations. And the real estate boom was directly caused by Big Willie and the Dems in Congress. Barney Frank in particular, passed a law forcing the banks to give loans to people who they KNEW couldn't pay it back. That caused a shortage of real estate, which caused prices to sky-rocket... Making you alot of money. If the Government had kept their hands out of both issues, There would have been no bubbles, and the free market would still be doing its thing. Please dont tell me Capitalism does not work... It works great when left alone.
The bottom line of capitalism is Risk and Reward. If I only have $100, and I risk it, chances are I will receive a reward. Those who refuse to risk anything, will get no reward.
Originally posted by JohnnySasaki
reply to post by deadeyedick
Well yea, 100k is not gonna be enough to buy a property out right, but that 100k turns into 500k or more with a loan from a bank. If you can get one that is, lol. Working on the credit score as we speak. And I've seen lot's of properties (with real Cap rates above 20%) under 500k.
And I think like 70% of restaurants fail within the first year. Some people say it's as high as 90-95%, but apparently that's a myth. 70% is still crazy high though. Not saying it can't be done, just saying the figures don't seem to be on your side, even if everyone does like chicken wings. You need to sell quite a few chicken wings to pay the rent, the electric, and the wages of your employees.
One person asked whether I'd support a debt reset. One of the ideas I've been playing around with is the idea of forgiving some debt PLUS giving people who have non-negative net worths additional cash.