Rich Dad on the economy

[tchandy]

I found this on yahoo and Kiyosaki talks about the government and how it is saving the economy/hurting the US. Good read with a lot of truth in his comment.

http://finance.yahoo.com/expert/article/richricher/69637;_ylt=AqvV4HuDR2nWR23Cm5L05kWER4V4

Tom

 

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[Jeffs07]

Great article! Rep +

I epically love this: "Instead of heeding the warnings of the markets, the incompetent and irresponsible get bonus checks. "

 

[LAbull]

That was a good article.
Although the last paragraph is somewhat a cop out answer in my opinion.

He is correct and it's good advice but how about addressing some sort of resolution for everything he so easily pointed out to be wrong.

If he did have the power of the president (Rich Prez) what would he do?

 

[LAbull]

Who is more incompetent and irresponsible?

The person who does not buy silver coins now that Rich Dad told them to.... :iagree:

 

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[jimculler]

Who is more incompetent and irresponsible? The people who oversaw the subprime loan origination? The banks who securitized the securities? The credit rating agencies that gave it AAA? The financial engineers which divided it into tranches? The analysts who touted it as good investments? The hedge fund managers who bet large sums of money on it? Greenspan who lowered rates to 1%?
Or the guy who knows nothing about what's going on and gets a few hundred $ in the mail in May?

Great point.

You forgot the realtors and mortgage brokers that encouraged people to buy a 300k value home when they could hardly afford to pay bills where they were.

Stated income at 100% financing with a 550 credit score (or higher) was the craziest program ever. Literally everyone I know that insisted on buying this way has foreclosed for obvious reasons.

Of course back in the peak, you were unpopular for telling these people to buy a smaller home, or putting money down when they purchased.

 

[Jeffs07]

The sad thing is I'll bet several people will go out and buy silver after reading his article. After all forget due diligence, rich dad said to!