Older Americans among most vulnerable
Fixed incomes, rising prices add to pain of downturn
Melissa Haneline
The Post and Courier
George Dallas, 77, looks over copies of correspondence Friday that he's had with various agencies in an effort to get financial assistance with his mortgage.
Additional story
Analysis: Main Street will hurt; it's a matter of just how bad, published 09/30/08
George Dallas is 77 years old and 50 payments behind on his mortgage.
"Nobody even believes that," the Red Top resident said. "They say, 'Man, they should've taken that house years ago.' "
A nagging nerve problem forced Dallas to stop working before he was ready, at 71. He soon found that relying on Social Security and a pipefitter's pension left little behind after making his $800-a-month mortgage payments.
He tried cash-advance stores but couldn't manage the interest. He filed for bankruptcy but couldn't keep up with the required payments.
Now seeking financial assistance at counseling centers and churches alike, he hears the same thing: There just isn't any money.
The turmoil in the economy stings in a unique way for older Americans who might not have the time to wait for investments to rebound, for banks to stabilize and provide loans. Even those who aren't watching their stocks plummet in value each day are hurt by rising gas and grocery prices.
With many retirees on a fixed income, they're among the most vulnerable to the financial meltdown.
"You may see older folks going back to work, having to take a job to supplement their pensions or retirement," said Patrick Cobb, spokesman for AARP South Carolina.
About 13 percent of the state's population is 65 or older, according to the most recent U.S. Census data. That's slightly higher than the national average.
The percentage of retirees very confident in having a financially secure future plunged from 41 percent to 29 percent since last year, the Employee Benefit Research Institute reported in April. That's even before the hard times hit.
Just last week, the South Carolina Retirement Systems Investment Corp. sent a memo to participants in its State Optional Retirement Program, telling them they can change their investment provider between now and March 1. One of four providers and the first option listed under that plan was AIG Retirement, the country's largest insurer, which recently was spared bankruptcy by an $85 billion government bailout.
Paul MacDonald, owner of The MacDonald Financial Group in Mount Pleasant, said his older clients took the market downturn as a natural event until the weekend preceding Sept. 15.
"Where it really hit home is ... when we went home on Friday and we came back to work Monday, and Lehman Brothers and Merrill Lynch were gone," MacDonald said.
He advises clients to invest by a simple rule: Subtract your age from 100 and put the remainder of your assets, on a percentage basis, in the market.
"If you're close to retirement, you shouldn't have been 100 percent in the market in the first place," MacDonald explains. But just last week, a 65-year-old man and his 71-year-old wife came to him looking for a lifeline.
Part of the problem today, he said, is with the corporate shift away from traditional pensions, most workers are forced to manage their 401(k) plans, which demand more discipline.
"It's definitely shifted the burden onto the individual," he said. "You have to save for your own retirement."
As a result, MacDonald sees baby boomers who procrastinated and now plan to work later in life.
AARP in May reported that two-thirds of surveyed Americans 45 or older had stocks and that nearly three-quarters of those people had lost money on them within the previous year. In the same publication, called "The Economic Slowdown's Impact on Middle-Aged and Older Americans," AARP also reported that 27 percent of workers 45 or older have postponed their retirement plans.
For those who started out with little, the sour economy has gone beyond investments and turned even necessities into a struggle.
Stephanie Blunt, director of the Trident Area Agency on Aging, said she's seen an increase in requests for food. The agency delivers more than 308,000 meals a year and has a waiting list.
The agency's food costs rose 6 cents per meal beginning July 1. And with high gas prices, "volunteers aren't available to volunteer as much because they've had to cut back," Blunt said. "It puts the burden back on the agency to make sure the meals are delivered."
Michaele Pena, Consumer Credit Counseling Services director for Family Services, said she and her three-person staff have seen three times as many clients since May.
They usually come to her with one of three problems: They spent their retirement on their children's college; they tried a reverse mortgage and exhausted it; or they have unmanageable medical expenses.
"They don't want to hear 'bankruptcy,' " Pena said of the elderly. "You might as well put a gun to their head. ... Quite frankly, I don't know what's going to happen to that generation."
She said the most common source of financial decline in baby boomers stems from living beyond their means to please their children.
"I can't tell you how many couples I see a week who have put themselves in a bind to keep their kids in a fantasy world," she said.
Those hit hardest by the recent Wall Street tumble have yet to reach her office, she said. They're still at the stage of working with financial planners, trying to recoup.
Jim Peyton, a dental lab supervisor at the Medical University of South Carolina, turns 70 next month and plans to retire in June. More than two years ago he began moving his assets over to safer investments.
He's among the lucky ones.
"At my age we saw it necessary to be in an area without so much volatility," Peyton said. "As for my retirement, I don't have any qualms about it."
Staff writer Katy Stech contributed to this story.
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Comments
This article has 44 comment(s)
Posted by Riptide on October 1, 2008 at 2:57 a.m. (Suggest removal)
This story is too much. Has anyone ever heard of the rental market? If you can’t afford a house then you have to rent. If you can’t afford to rent, we got government housing. This person was force to retire at 71 and he’s now 77 with 50 house payments behind? Put the gun to my head because I can’t take this anymore. Doesn’t anyone plan for the future? What happen to purchasing a house and having it paid off before you retire? I would like to know what his personal history was like. What did he do with his life and how did he managed it. That would tell me more about why he’s in this position now. I know this article is suppose to make people feel bad about what happen to this individual but there are reasons why this person is in the mess he’s in. I can’t feel sorry about people that might have been irresponsible with their lives. We can’t reward irresponsible people and punish the responsible. After a while the responsible will give up and you don’t want to kill the goose that lays the golden egg.
Remember, the government doesn’t create wealth, it’s the market that creates wealth. What happens in the market affects us all. When the government forces lending institutions to loan money to people with no collateral, no down payment, poor credit and work histories, this is what we get… bad paper. Now the government is going to print up money to pay for all these bad loans and that will drive the value of the dollar down and prices up.
I realize this article is about feeling bad about this individual and we tax payers should be glad we have a compassionate government. If only the government had left him in his rental unit, we wouldn’t be in this mess.
Posted by WhoCares on October 1, 2008 at 5:33 a.m. (Suggest removal)
This article is indicative of why the banking industry is in such dire straits today. How have they allowed this deadbeat to stay in that house when he's more than 4 years behind on his mortgage. They should have kicked his lazy butt out years ago and sold the house (at a profit) during the housing boom. Now they will be lucky to sell his mortgage to the government for pennies on the dollar... and his sorry butt will still get to stay there without paying anything...at the expense of you and I (American taxpayers). I say we, as his new mortgage holders, demand his eviction!!!
Posted by gococks1985 on October 1, 2008 at 5:51 a.m. (Suggest removal)
Which part of "a nagging nerve problem FORCED him to stop working" did you people not read AND understand? Didwe stop to think about the medical bills he may have had to pay? How about his other finances? How can you sit here and think it's all his fault? Perhaps he has been trying. We don't know the answer to that and many other questions because as usual, the P&C does not give all the information. I for one feel bad for this man. If forced to stop working at 71, he is 77 now, that means he kept up with the payments for 3 years. The government is to blame for this and we need to make some changes in who is our elected officials.
Posted by sig on October 1, 2008 at 6:05 a.m. (Suggest removal)
The mortgage companies and credit card companies are to blame for the mess we are in. At age 77 he still has a mortgage? Probably poor planning, but we do not know the whole story.
But, if he were 21 and unemployed making 5 or 6 babies, he would have it made. He would get foodstamps, free housing, unemployement checks and medicaid would pay for all the medical bills.
I personally know someone who has over $50,000 in collection notices, but the credit card companies still send them credit cards.
Work all your life, pay your bills on time and if you have some problems and you will loose everything. What is wrong with this picture?
Posted by Realredblood on October 1, 2008 at 6:07 a.m. (Suggest removal)
It is hard to believe that this guy was approved for the loan to start with. The only sad part of this story is the guy is upside-down on the mortgage. Otherwise, they would have already taken the house.
Posted by WhoCares on October 1, 2008 at 6:18 a.m. (Suggest removal)
This deadbeat gets credit for paying for 3 years and the government gets blamed because he didn't pay the other 4 years??? ...Incredible!!! Stupid is as Stupid does...
Posted by WhoCares on October 1, 2008 at 6:23 a.m. (Suggest removal)
OBTW gococks1985 ...whatever you're smoking, I sure wish you would share it!!
Posted by moonpie on October 1, 2008 at 6:27 a.m. (Suggest removal)
"I can't tell you how many couples I see a week who have put themselves in a bind to keep their kids in a fantasy world," she said
SORT OF SAYS EVERYTHING DOESN'T IT?
RIGHT ON SIG, HE NEEDS A "BABIES DADDY" AND HE'D BE SET.
Posted by DanniD on October 1, 2008 at 6:41 a.m. (Suggest removal)
"50 payments behind on his mortgage. "
Gee...I wonder why we are in the midst of a financial crisis. This is exactly why we should not bail ANYONE out.
Posted by gococks1985 on October 1, 2008 at 7:44 a.m. (Suggest removal)
whocares- I am not smoking anything. The point I was TRYING to make and was missed by many is that most of the posters here ASSUME it was his fault. I'm not pointing any fingers, but again as I stated in my previous post, the P&C did not give all the facts.
Based on your chosen name, why should it matter to you? I at least care about our older generation.
Posted by sig on October 1, 2008 at 8:01 a.m. (Suggest removal)
I agree Early. Give them the same benefits that they give all the welfare bums who have never or hardly ever worked. He has probably worked his whole life and never had a hand out.
As I said the P&C did not tell the whole story as normal.
Posted by MP on October 1, 2008 at 8:01 a.m. (Suggest removal)
Simple math here people. The money the bank loaned this dude for his mortgage was not theirs. It was mine, yours, and your mama's and granddaddy's. Our checking accounts, our Christmas Club, our whatever that we worked for and put in the bank. I would suppose you might want to use your money some day for some purpose you decide, right? Well, to give it to you the bank has to get it back from who they loaned it to! That is, unles you want to be nice and tell the bank to just forget it so that they can turn around and tell the borrower that they dont have to bother paying bacause they decided to be nice guys.
You think banks are rich? Guess what. Banks only get to keep about 1 penny out of each dollar they earn. We do better than that.
Posted by WhoCares on October 1, 2008 at 8:02 a.m. (Suggest removal)
OK gococks1985, I don't understand... first you post:
Posted by gococks1985 on October 1, 2008 at 5:51 a.m.: "The government is to blame for this"
Then you post:
Posted by gococks1985 on October 1, 2008 at 7:44 a.m. "I'm not pointing any fingers,"
Sounds like you're flipflopping and waffling... Are you a politician?? If so, I can guess which party :))
Posted by ccfirefighterchick on October 1, 2008 at 8:11 a.m. (Suggest removal)
My heart goes out to Mr. Dallas. He worked most likely his whole life and now can't afford to live. I will agree with the posters that were talking about being a younger man with kids everywhere. If he were younger and had four or five young'uns, the government would support him 100%. But, because he is retired and doesn't appear to have any children living with him, they look the other way.
There is a fundamental problem in this country. We give and give and give to the young who have never paid into the system, and yet we ignore the people that paid into it all of their lives. This poor man didn't ask for this. He didn't buy the house thinking that he wouldn't pay the mortgage. He had to retire for medical reasons. Every one has hard times. Every one has something that goes wrong in their lives. Sympathy and empathy are supposed to be human traits. I don't see either of those on this board today with a couple of exceptions.
And, MP, are you suggesting that everyone pay cash for their house so that we don't have to use YOUR money to purchase one? Must be nice being so well off that you don't have to borrow money from banks. Next time you feel charitable, slide some my way.
Posted by msplacedinsc on October 1, 2008 at 8:13 a.m. (Suggest removal)
DanniD,
You probably don't have a 401k or a retirement fund cause if you do you will notice as of late that you lost money. Me, I lost $8k in the last three weeks. So if the U.S. government wants my help and bale out the losers on Wall Street what choice do I have? If you say no like alot of uneducated, greedy, hypocrit folks who thinks Wall St and Main St are not the same then you'll lose alot more than the $2,300 the government is asking for? Choose Wisely?
Posted by oldglory on October 1, 2008 at 8:14 a.m. (Suggest removal)
Rip, glad to hear your life has been perfect, and you have made all the right choices. Did it ever occur to you that many of us elderly folks have also done that (perhaps not on as grand a scale as you) only to be met with something -beyond their control-. This is in no way in defense of this gentlemen, because I am not omniscience as so many commentors seem to be.
sig - you seem to understand the problems of the elderly.
I planned with the advices of my accountant and stockbroker, both of whom have conservative views. But as you can imagine neither envisioned what has happened to this country regarding commodities and easy loans. I certainly have been one of the most conservative people I have known (all my life). But I am running scared now. I was running scared five years ago when I saw what was happening in the housing industry. I kept telling myself that there were federal and state laws in place guarding against what was happening, but I guess I was wrong. When my parents after WWII and then I, a generation later, purchased homes the rules were this: 1) NO outstanding debts in order to obtain a mortgage. That meant: NO car payment, NO credit card debt, and employment of a substantial amount of time. Now where did these guidelines go?
Every time I consider the financial crisis facing our country, I am reminded of Enron, and as far as I am concerned this is Enron all over again, only on a gigantic scale. This should never have happened. The citizens should not be bailing out the greedy, wealthy overseers of our economy, while they walk away scot free.
Posted by oldglory on October 1, 2008 at 8:26 a.m. (Suggest removal)
ffchick, spank, msplaced, gococks, early - Coffee anyone?
As an afterthought, every so often it pops into my head that although the country is in financial crises, I can't recall hearing that HMOs are whining. Have I missed that somehow (because I am definitely anti-HMOs!)?
Posted by msplacedinsc on October 1, 2008 at 8:52 a.m. (Suggest removal)
oldglory,
HMO's aren't crying because we Americans pay outragous costs for substandard care. The Insuarance Co's aren't complaining because they are in every politican's pocket, and it's a law that you have to have insurance for almost everything you own in the world?
So what does this have to do with the old man and his troubles?
Posted by suec on October 1, 2008 at 9:03 a.m. (Suggest removal)
Why didn't they tell us how much he gets from his SS and pension? They say he has little left over. Give us a $ amount.
Does he not qualify for diability?
I am a little skeptical until we see all the figures.
Posted by oldglory on October 1, 2008 at 9:10 a.m. (Suggest removal)
msplaced, sorry you couldn't hear my sarcasm, but I assure you that it was with sarcasm :)
Posted by dawhetsell on October 1, 2008 at 9:13 a.m. (Suggest removal)
The politicians want to make believe we can avoid paying the piper if we pass these bailouts,It’s just not true. It’s going to collapse the currency. It’s going to make a worse economic crisis because the money they’re printing is not going to buy anything. One day soon, you will be going to the grocery store with a wheelbarrow full of money to buy a loaf of bread.
Posted by msplacedinsc on October 1, 2008 at 9:14 a.m. (Suggest removal)
Maybe John McCain will let this guy stay in one of his 8 houses? John says "he cares about every American"? Ooops that's right? That's not the idealogy of the GOP, it's every man and woman for themselves? If you should happen to fall on hard times "tough-poop", it's not my problem? God, how I love America? Country First...Sorry....it's rich folks first and eveybody else get in line and maybe you'll get what's leftover?
Posted by Riptide on October 1, 2008 at 9:34 a.m. (Suggest removal)
oldglory...
Just because this person is a senior citizen, doesn't mean he gets a free pass on this issue. I’ve hit rock bottom myself and I’m glad the government wasn’t there to help me. If they were I would be looking for the government at every turn in my life. We all have choices to make in life and if you make the wrong ones then you pay for them in the end. All my life I try to do the right thing and follow all the rules. I’ve tried to give advise to some of these people, do you think they would listen? The only people I feel sorry for are the ones that do all the right things and still get screw over.
Posted by gococks1985 on October 1, 2008 at 9:53 a.m. (Suggest removal)
Let me clarify my post to you so you can clearly understand it. I said that the government is to blame because they are not doing enough to keep our people employed here in the good ole’ USA. The jobs are going overseas. This creates an economic falling in MY opinion.
I said that I was not pointing fingers because I don’t know the full story. I can’t say whose fault it was or was not. Neither can you without having all the details which were not provided by the P&C.
I’ve watched people treat the older generation like crap for years now and it really bothers me. I was brought up to respect your elders. I still to this day show respect by my actions. I still answer with a Sir or Ma’am, say please and thank you. I am not a politician; I earn my money the old fashioned way- I earn it on a daily basis. I’ve raised my children with very little help from others. I’ve busted their hind ends if they did wrong and they are turning out just fine. They respect their older generation as well. I hope this clarifies things for you a bit more whocares. If it doesn’t, then I can’t help you. I’ve got to go to work now and earn my money in case I am force into the same situation as Mr. Dallas was.
Posted by DanniD on October 1, 2008 at 9:59 a.m. (Suggest removal)
Posted by msplacedinsc on October 1, 2008 at 8:13 a.m. (Suggest removal)
DanniD,
You probably don't have a 401k or a retirement fund cause if you do you will notice as of late that you lost money. Me, I lost $8k in the last three weeks. So if the U.S. government wants my help and bale out the losers on Wall Street what choice do I have? If you say no like alot of uneducated, greedy, hypocrit folks who thinks Wall St and Main St are not the same then you'll lose alot more than the $2,300 the government is asking for? Choose Wisely?
msplacedinsc- I actually do have a 401K, and I invest and have done so since my early 20's. This is not that first time that I have lost money, and I am sure it won't be the last. The fact of the matter is if we bail these fools out again...it is only a matter of time before we need to do it all over again. They need to fall on their face, and start all over again. Sure it is going to hurt, but we can not be enablers. Past history has shown that throwing money at these fools does not help matters any.
Posted by WhoCares on October 1, 2008 at 10:12 a.m. (Suggest removal)
Well I hate to burst your bubble spankerbuns, but I'm not the big man you make me out to be. I am a middle aged Black woman who raised three children on my own (with no help from you, the government, or their worthless fathers) and never missed a mortgage payment in my life, even though it meant working two jobs!
To you, my dear, let me pass on the following advice: It is better to be thought a fool than to open your mouth and leave no doubt. Enough said!!
Posted by msplacedinsc on October 1, 2008 at 10:33 a.m. (Suggest removal)
Oh DanniD, you big hearted fool you?
Hundreds of thousands of people who are 65 years and older can't take the hit. You see my parents and in-laws are retired, worked all their lives, live thru the depression, and my in-laws lived thru the Vietnamesse war, Re-education and a Refugee Camp before making it to America they cannot afford to lose hundreds of thousands of dollars of their money because we don't want to be the "enablers"? They can't start over along with "HOLE LOT OF OTHER FOLKS?"
You need to re-think your stance partner?
Posted by DanniD on October 1, 2008 at 10:43 a.m. (Suggest removal)
No, I do not need to rethink my stance. As older Americans, they should have moved their investments to less riskier options. I would recommend this even if we were not going through a "financial crisis". Not all investments are loosing money right now. Take the healtcare industry for example...they are still thriving and will continue to do so. Especially since there is a pill for everything now.
I am not saying that I do not feel for those older Americans and the hard times that they are falling on. I am saying we can not keep enabling financial instutions that knowling lent money to people who had no business getting the money in the first place. That is what I am saying. When the man in this story started to realize that he could not keep up with his mortgage payments any longer, he should have started looking at different options.
Posted by coolfreaknbeans on October 1, 2008 at 11:12 a.m. (Suggest removal)
suec-Good post!I thought the same thing.If he is medically incapable of work-shouldnt he be getting disability?A mortgage of $800 is not that much.I know we all differ here.I tell you what,before I missed a mortgage payment I would have no electricity,phone,etc.It's much easier to get those things back or help paying them.You HAVE to have a place to live.I'm not heartless,nor have I stomped a bag of kittens.But I can't help but question this mans situation.
Posted by oldglory on October 1, 2008 at 11:15 a.m. (Suggest removal)
Rip,
Didn't I say that, "I planned with the advices of my accountant and stockbroker, both of whom have conservative views. But as you can imagine neither envisioned what has happened to this country regarding commodities and easy loans. I certainly have been one of the most conservative people I have known (all my life)." Therefore, you and I probably have very similar thinking in that area, as I've never imposed on our government either.
I'm not judging that man, because for instance:
a friend of mine had colon cancer, was well-insured, and the costs were astounding. One procedure was a total of $54,000.00; the excellent insurance paid $18,000.00, and she paid $18,000.00 (out-of-pocket) and had to forego the third treatment due to lack of funds. My question is: are you young'uns prepared financially to ward off death? If so, I'd say you are extremely savvy, and I'd like to know the names of your insurance companies.
This man's circumstances may be just as everyone seems to believe; i.e., he's just scamming the system, etc. We don't know that though.
Posted by DanniD on October 1, 2008 at 11:19 a.m. (Suggest removal)
Early...I am talking about Pharmaceuticals, things of that nature. I am telling you, the health care industry will never ever go away. Especially with all of the baby boomers getting to an age were they require more healthcare appointments and medications. And I understand that CD's and bonds are down, however if people are worried about loosing money I would much rather loose 15% instead of 30%. People are going crazy now, and are going to start pulling out all of their money, and end up loosing more in the long run than if they just sit back and weather the storm. It is not going to stay bad forever. And this is not the first time that something like this has happend.
Posted by msplacedinsc on October 1, 2008 at 11:22 a.m.
(This comment was removed by the site staff.)
Posted by msplacedinsc on October 1, 2008 at 11:24 a.m. (Suggest removal)
Thanks Early!!
Posted by mkris on October 1, 2008 at 11:26 a.m. (Suggest removal)
Posted by Early on October 1, 2008 at 7:54 a.m. (Suggest removal)
I guess I'm smoking the same shyt as gococks!
Well, born in 1937, probably fought in at least one war to protect our freedom, pipe fitter probably for the shipyard building military ships to protect us, worked till he was freaking 71, SEVENTY ONE. Most of you bone heads have no idea what that means but wait, let have sympathy for those who never had a job and have generations of families living on our tax dollars never working a day in their LIFE.
I personally think that anyone over 70 who has helped this country, paid taxes, should get a free ride till death!
I hope Mr. Dallas does not read this comments
BRAVO!
How much did the mortgage broker make on commissions that gave this man a mortgage. Was it a liar loan? What was his income at the time of the mortgage application? Was there fraud? Whose?
Posted by STREETLAW on October 1, 2008 at 11:29 a.m. (Suggest removal)
The Media Circus is back in town. And there is no shortage of clowns.
Posted by DanniD on October 1, 2008 at 11:30 a.m. (Suggest removal)
msplacedinsc....you are whack, chill out why do you got to get all crazy. I am not saying that everyone should run out and invest in healthcare. I am saying that it is still a place for a good investment. I really don't give a rats ass what people decide to invest in, that is their own business. What I care about is not having to bail out financial instutions becasue of their greed!!! In regard to the millions of Americans that are retired...I do not know what to tell you there. All I can say it is not my responsibility to take care of them, or the financial instutions that screwed everything up! If people do not save, and just friviously spend their money, it is not my problem. times are going to get hard, and people need to plan accordingly.
Posted by DanniD on October 1, 2008 at 11:33 a.m. (Suggest removal)
Oh, and by the way msplacedinsc.....you are part of the reason I will continue to invest in the healthcare industry because I am sure you take some sort of pills.
Posted by MP on October 1, 2008 at 11:58 a.m. (Suggest removal)
Early, you poor, poor soul. Most of those buildings aren't owned, they are leased. If they do own them, most of the buildings are occupied by tenants - rent paying tenants. The financial information on every bank in America is available on the internet for those who can read to actually read. Before one opens one's mouth, one should know the facts.
Posted by msplacedinsc on October 1, 2008 at 12:01 p.m. (Suggest removal)
DD,
Since you don't really understand this problem, do the right thing and don't type us your thoughts anymore. But
please continue your investments in the healthcare industry (cause thats a safe bet?), see your doctor as often as you can and purchase as many "pills" that your doctor will allow, especially the little green ones that will increase your IQ on this matter. Now get out there and sell some cars!!
Posted by DanniD on October 1, 2008 at 12:07 p.m. (Suggest removal)
msplacedinsc....why don't you go ahead and support everyone that did not plan accordingly out of the goodness of your heart. I do understand this problem, I just happen to have a different view than you do. You are an enabler, and I am not. Like I mentioned before throwing billions of dollars at this problem has not worked this far, and that fact is not going to change.
Posted by Riptide on October 1, 2008 at 12:12 p.m. (Suggest removal)
oldglory...
200 years ago life expectancy was around 37 years. For a person back then to live into their 70s takes a lot of luck and a good gene pool. With modern medicine, good genes and a healthy life style a person can expect to live right into their 80s or 90s. The same is true with the choices we make in life. We’ve all known screw ups in life. Some have manage to get their lives in order some don’t. Believe it or not screw ups get old and become senior citizens. Once they become senior citizens we don’t reward them with a sub prime mortgage in a house outside their means to maintain? This person would have been better off in his 1 bedroom apartment that was within his means.
As to your other questions, I wish I had the answer but I doubt very much anyone else has for this health care problem in this country. I was in the hospital for one day and I got a bill that was close to $8000. If that was for one day, can you imagine what the cost would be if I was in there for any length of time. I realize there are hidden costs that goes into that bill. Malpractice insurance, hospital overhead expenses, government guidelines, expensive procedures, drugs, servicing illegal aliens or anyone else that doesn’t have the means, etc. The total cost of running a hospital is divided by the paying and non paying patients. A doctor 60 years ago would not recognize the hospitals of today.
People have choices in their lives. One can take his paycheck and drink it up in the neighborhood pub or buy groceries and pay the bills. One can purchase a big screen TV or buy medical insurance or extra coverage. I don’t have the answers to some of these questions about life and death, I wish I did. How do we give coverage that will guarantee the costs to all. I don’t have an answer to that but I believe the individual must come more than half way.
Posted by MP on October 1, 2008 at 2:07 p.m. (Suggest removal)
Early, one more point to the uninformed or, worse, uneducated. The trillions in assets held by the banks are mostly loans - your car loan, someone else's mortgage loan, etc. Those loans are funded primarily by deposits. You know what a deposit is? That is where your fast food business deposits your paycheck every other week until you draw it out for beer money.
Posted by IValueU on October 1, 2008 at 2:12 p.m. (Suggest removal)
Granted, the economic slowdown has negatively affected some retirees but Allyson Bird's article is seriously flawed. A brief check of the court house records indicates Mr. Dallas DOES NOT have a mortgage. According to the time frame Ms. Bird states she interviewed Mr. Dallas, he had already received the order to vacate from the court which was issued on 8/26/2008. His residence was sold at a Marshall Sale on 9/18/2008. The public records also indicate Mr. Dallas had a series of mortgage related problems since 2001 and did not attend some of the hearings on these matters. According to Ms. Bird, she was requested to tell Mr. Dallas' story from an un-named source at Family Services. If it is Ms Bird's attempt to relay to the readers information on a growing economic problem she should ACCURATLY and COMPLETELY research her facts. Since her article is flawed, will a correction be printed? Knowing articles like this one being printed without verification of the surrounding facts, I question the validity of all subject matter published in the Post & Courier.
Posted by msplacedinsc on October 1, 2008 at 2:25 p.m. (Suggest removal)
D squared,
Many posters here probably never left America, most of them probably don't have a passport and I wonder since the majority of posters on this website are "die-hard" GOP "boot-lickers" and a few are "Democrats who's umbilical cords are plugged into Uncle Sam" while living in LA-LA Land. Every last one of them should wake up everyday and kiss the ground because we are privileged to live in the U.S.A. I have been lucky enough in my 46 years to travel to 30 some countries around the world and every time I step foot off that plane, I am happy and proud to be home in the U.S.A. If my country needs me or my family to help out in any type of crisis or help someone who is less fortunate than we will. But the piece of sh*t attitudes by the majority of posters forget that they live in the USA instead of Myramar, Vietnam, Cambodia, China, Peru where life is so very hard each day. So I am not surprised to read your and many others post here "that we ain't gonna help no one cause we didn't cause it" is BS. It's sad because again the GOP idealogy is every man and woman for themselves and phuck everybody is the wrong attitude.
I don't sit behind a computer and piss and moan that some greedy phuck in N.Y., DC, LA or Dogsballs, Nebraska is screwing the majority of Americans over, cause tomorrow I have the opportunity living in America to wake up, voice my opinion, go earn money, eat 3 squares a meals and sleep comfortably in my bed.
I wish you all the success in the world, cause you'll need it?