A vague warning from the top

I rarely even post in the Gray Area because I personally like to be able to give specifics... but sometimes specifics are not possible. This is one of those times. Readers may believe me or no; no names will be mentioned here.

I have a friend who has recently become quite enamored with the local political scene. The other day I was talking to him during a smoke break and he was telling me about a recent luncheon he held where he ran into a US Senator from the general area. It seems my friend made mention that the last race had cost him so much he was going to need to take out a loan, and the Senator looked him dead in the eye and said, "Anyone who borrows money for at least five years will lose everything they have."

Now I have met this Senator before, and he is not the type of person who is given to either making wild claims, nor is he the type to give out such general advice. He is very popular in the Southeast because of this. He is not up for re-election; he was apparently at the luncheon just for appearances and to meet and greet some of the new political blood. Even if he were up for re-election, his position is about as secure as a political position can get. So he has no reason to give such a warning for personal gain.

I have never had this particular friend lie about such a thing. And the concern on his face when he told me this was genuine.

So, again, I put this out for those who wish to read it merely as an anonymous warning from someone I personally have a lot of faith in. Believe it or not at your own volition.

TheRedneck

Can I ask exactly what that statement is suppose to mean?
If I borrow $1000 today,will they come take my house and car?

Like, someone will take it, back to debt prisons.... or like, it won't matter because you won't be able to pay it back because we won't be here and will lose everything anyway? Seems like option 1, which is very interesting, considering the stories in the past couple of years about random Joes going to jail over owing minimal credit card debt because of changing state laws.

Here's one such example:

www.startribune.com...

I would like more information as well. If this senator is willing to make a statement like that, he must be willing to back it up with more info. Maybe your friend could arrange a meeting with this senator to get more info.

Yea... the meaning was unclear to me as well. What about previously engaged debt? Why just now? I have no clue what this warning is.

reply to post by jakeistheone

You can ask, but I can't answer. All I know is what I posted above.

TheRedneck

reply to post by jakeistheone


It may mean that our currency will be highly devalued, and that 1000 would turn to say 15000. Making 15000 with no job because there are no jobs in this situation would be impossible, so therefore everything would be repossessed in order to get the money back.

just a guess btw

Originally posted by Pelvi
reply to post by jakeistheone

 

It may mean that our currency will be highly devalued, and that 1000 would turn to say 15000. Making 15000 with no job because there are no jobs in this situation would be impossible, so therefore everything would be repossessed in order to get the money back.

just a guess btw

In that situation, it wouldn't matter whether we borrowed money or not, we're sunk.

Redneck, what is your opinion of what was said?
You acknowledge your friend's sincerity and the integrity of the senator, so you must have a measure of what you interpret it as. Are you or your friend changing anything in the way you spend/save? I'm curious to hear more, although you said this is all you know.

reply to post by kaylaluv


Government stepping in and taking it themselves? A dying government would do anything to keep itself in tact?

Considering the federal reserve runs the government and all of these bankers dgaf

"Anyone who borrows money for at least five years will lose everything they have."

Anyone who borrows money with a 5-year payback term?

Anyone who borrows money between now and 5 years from now?

Borrowing from a bank, a credit union, a private party?

Will lose everything...money, home, Netflix subscription, hair?

What?

Originally posted by TheRedneck
"Anyone who borrows money for at least five years will lose everything they have."

I am lost on this as well. If the value of the dollar goes way down anyone in debt now is screwed already so ... Im boned. Sounds to me like the senator made an awkward comment and may have misspoke slightly. Unless he is just saying that everything financially is going down the toilet so minimize risk and dont go "further" into debt.

Originally posted by Zarniwoop

"Anyone who borrows money for at least five years will lose everything they have."

Anyone who borrows money with a 5-year payback term?

Anyone who borrows money between now and 5 years from now?

Borrowing from a bank, a credit union, a private party?

Will lose everything...money, home, Netflix subscription, hair?

What?

Exactly. It's just too vague of a statement to even form an opinion on. If the senator had said, "those who take a loan and don't pay it back will lose everything" -- that says a little more. It implies that creditors will start getting tougher, like the debt prisons in a previous post. But the senator just said anyone who takes a loan... what if you take a loan, but pay it back on time? What then?

Originally posted by underduck

Originally posted by TheRedneck
"Anyone who borrows money for at least five years will lose everything they have."

I am lost on this as well. If the value of the dollar goes way down anyone in debt now is screwed already so ... Im boned. Sounds to me like the senator made an awkward comment and may have misspoke slightly. Unless he is just saying that everything financially is going down the toilet so minimize risk and dont go "futher" into debt.

I think you are right...the senator misspoke a little!

They are known to be arrogant...this would make sense!

Or we are all screwed...I know I am up to my eyeballs in debt!

perhaps its an anagram.

Originally posted by underduck

Originally posted by TheRedneck
"Anyone who borrows money for at least five years will lose everything they have."

Unless he is just saying that everything financially is going down the toilet so minimize risk and dont go "futher" into debt.

This makes sense, but why would the senator have such a strong reaction to the specific mention of a loan? Especially when it was mentioned in jest? Sounds to me like this senator just has a personal aversion to loans in general - not that he has any specific inside information.

reply to post by shadow watcher

There's not a lot for me to change. I have no debt, no mortgage, no car payments, no credit cards even. I use a debit card instead, and own my land and vehicles outright.

I stopped borrowing money 15 years ago. I realized the name of that game was "redneck loses", so I decided not to play.

My impression was that my friend had decided to stick it out as long as possible without going into debt, and I think that would be a wise decision (and told him so). I know he considers himself debt-free, but I do not know if he has a mortgage or not. Some people do not include mortgages in that definition.

I believe the Senator is sincere, and my personal belief (based on nothing but my impression) is that we are indeed heading into a period of unparalleled economic misery: hyperinflation, massive unemployment, and astronomical foreclosure and forfeiture rates. I think he sees some actions coming on the horizon that he is powerless to stop, unable to express publicly, and he is simply warning a colleague on the sly.

Precious little of what is actually known can be divulged publicly by those in the know: that much I am certain of.

But... that's just my personal thinking, and since I have been warning of such for a while now I didn't want it to overly color my OP. The OP is fact as to what I heard; this post is pure conjecture.

TheRedneck

reply to post by TheRedneck



Thank you for the heads up TRN. I've never read a post of yours that wasn't completely sincere, well thought out, and honest. The fact that what your friend told you, impacted you enough to start this thread, is good enough for me.

Much appreciated...

Des

reply to post by kaylaluv

It wasn't mentioned in jest, just casually. As in, "That was such an expensive campaign I'm going to the bank tomorrow to get a loan." "Anyone who gets a loan in the next five years will lose everything." My friend is in a pretty rough position right now and has been considering borrowing money to help him over the hump for a few weeks now.

And guys, remember, this wasn't a press conference or public statement; hence I will not name names. It was a casual (but apparently serious) comment in a private conversation. It is also second-hand, so quite possibly paraphrased. I thought (and think) it deserved mentioning because the gist of the message is pretty clear to me: financial turmoil is coming.

TheRedneck

Well I guess it's fortunate that I agreed to terms on my student loans four years ago!



Oh well, I'll keep deferring (I have to considering I can only find per diem work in my field) until they send the men in black to take me away....at least I'll have three hots and a cot.....amiright?



Troubling news indeed....

Thanks for sharing redneck.




-TS