Hi-Tech Repo Man 241
jhaberman writes: "MSNBC has an amusing article.
It is a ride-along with a Silicon Valley repo man. You know, those guys who swipe cars from people who can't pay. He is taking cars right out of all the big players (Apple, Intel, Cisco, Sun) parking lots! Needless to say, he has quite a bit of work right now. Hilarious."
Re: beemers cant play mp3s (Score:1)
Jeez, talk about 'PROFIT MARGINS'
Re:a repo man who knows the stock price of cisco? (Score:1)
Not that I speak from experience or anything. Anybody looking for an IOS coder and reasonably priced Ford Explorer? Let me know.
Re:The last line was the best... (Score:1)
Surely they mean VA Linux shares? Ohh... same thing.
Re:LOL (Score:1)
Too bad that, every now and then, it turns out to be his college age son coming home from his dorm to sleep at home because his roommates friends are making it impossible for him to sleep. Oops, looks like his guts are splattered all over the walls. Pity he didn't call first.
Re:Schadenfreude (Score:1)
However, you may get to the bonus level if you have more than a million dollars.
Re:Interesting slant on the article. (Score:3)
So... (Score:5)
Re:LOL (Score:1)
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Secret to happiness (some random thoughts) (Score:2)
Personally, I find that happiness is good brain chemistry. Some people have it and some don't. For those with good brain chemistry, nothing will make them unhappy. Once in a while one of these people make it to prominence. You've seem them. A lot of them are fitness gurus. Some of them are insufferable.
For those with bad brain chemistry, only turning around that chemistry will make them happy. This can be done in the short run with drugs or in the long run with therapy. Therapy can be self-administered, even without knowing it, and I'm sure training in getting rid of desire is really good therapy.
I'm just not sure that, without all the mysticism involved, getting rid of desire is all that healthy. Desire, it seems to me, is tightly linked to motivation. Without desire of any kind, it is hard to see getting out of bed in the morning. Even if that bed is going to be repossessed.
Life is a big old mystery. Every day we learn more about it by living it. If our possessions are taken away, and it makes us unhappy, at least we are humbled by the experience. How can life be improved without the experience? Color me skeptical.
Re:Interesting slant on the article. (Score:2)
Re:LOL (Score:2)
Re:back to the Millionaire Next Door (Score:2)
Perhaps, but they're still relatively wealthy to even be able to purchase a million-dollar house, even if it took all their money. Most people couldn't afford a million-dollar house even if they were living well beyond their means.
Used vs. new (Score:5)
The problem is that we here in America rarely take the long view. It's always "Buy something, hope it lasts a few years, buy something else to replace it." I grew up in a part of the country where keeping old cars running for a long time was a part of the way of life. For some reason we've lost that part of our culture in our "buy buy buy" consumer feeding frenzy.
-E
That's one man's experience (Score:1)
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
Here Lies a Toppled God (Score:1)
Here lies a toppled god-
His fall was not a small one.
We did but build his pedestal
A narrow and a tall one.
--Tleilaxu proverb
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
Sorry.......Been there done that, got the T-shirt (Score:1)
I have no sympathy for people who don't save and plan ahead when it's well within their means to do so. NONE. I can afford that opinion because I *have* been there. I had enough savings that when I totaled my car two months after starting my new job, I could go out and by another with savings. Understand that I've been working 7 out of 9 months, and I could by a 1991 740 turbo wagon (Volvo) with most of the options OUTRIGHT. I still have savings. I live in a 2 br apartment by myself. I work hard, and I spend next to nothing. On top of that 10% of my gross salary goes to tithing, so you can't say that I'm a miser.
I repeat: I'm exceedingly careful with my money. I don't make a lot, but I make enough. If people don't manage their money properly, it's no concern of mine, but I don't want to hear them whining about how badly they were mistreated.
I'm not going to be sadistic and laugh about poetic justice like the guy who started this thread, but it certainly is poetic. I do this work because I love it. I got cut, I bounced back, and I'm happy again. It's a lot easier to go out and get another job than it is to sit home and collect unemployment and whine. If you have to go elsewhere to get a job, do. If you're that sharp, they'll pay for you to move. Try Utah...try RTP.
</RANT>
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
roflmbo (Score:1)
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
back to the Millionaire Next Door (Score:1)
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
Yup :) (Score:1)
It's unfortunate that most people don't exercise financial restraint and responsibility, but not doing so does not entitle them to whine about their misfortunes
if ($user =~ m/shaldannon/i) {
print "\n-- $user
}
Repo Geek (Score:3)
Interesting to see a geek at work in a different field. I'm assuming, of course, that Mr. Kevern told the reported the model number of the self-loading boom off the top of his head.
-Paul Komarek
Re:Repo Geek (Score:1)
No, not until he can pay cash for it.
Cheers, Ulli
Re:This is why I drive a 4 door 4 cylinder family (Score:3)
THE single largest factor has been a general disdain for extravagance.
Use less than you get, and you accumulate wealth. Simple. Why is this so hard for so many people to understand?
Extravagance doesn't inform the soul. It doesn't please your partner. It might get you laid, but that's all. Laid. NOT loved, which is infinitely more valuable.
It does only one thing really well..
The attractance of Jackals. Land Sharks. Sycophants.
Millionaires are generally rich because they possess and excercise something approximating a value system.
Dot Com bozo's were generally into status, and the getting of STUFF. Illusion.
THAT idea is the germ of self-inflicted brain death.
Re:Schadenfreude (Score:4)
There's nothing 'only in America' about it.
These people *knew* they were in a speculative bubble, and just chose not to recognize it. They gambled that they'd cash out some tasty stock options befor the souffle' fell, and they lost.
I have ZERO pity for these people. None. Nada.
Having known some leeter than thou yuppie wannabe scum personally, I feel that these folks are getting off far too easily.
Eventually, the greedy have to pay.
The dotbomb debacle was swift, sure justice, and I've enjoyed every second of it.
Re:Interesting slant on the article. (Score:4)
Not really. What he was saying is that he feels bad when he has to repo a car from a mother of two that is doing the best she can, and that it's the
Not so much he gets a kick, as it's hard to feel sorry for them.
on the other hand... (Score:3)
'cuz life sucks and then you die. or you just get too old and/or fat to get in the bloody car anyway. i mean, point well taken and all, but i find my toys are excellent motivation to get my ass out and working. besides, a little self-confidence and risk-taking is really essential at some point if you're trying to do something career-wise.
don't get me wrong, i have little sympathy for people eating $100 lunches while their car gets towed away, but sometimes you just have to make a fashion statement, and if it doesn't work out well hey, try again next time.
This is why I drive a 4 door 4 cylinder family car (Score:5)
No! I saved this money into a savings account and some stocks for YEARS, just for either a honeymoon or a serious vacation. Go figure, I have a lot of 'dotcom' friends the repo man will meet, while I have no bills I can't handle on much above minimum wage, and I've even gotten ahead on most of the payments on stuff I do have (car insurance, house insurance, etc) so if I DO have to get a new job, I'm not scrambling for cash.
I have zero sympathy for 'dotcom' geniuses who dug themselves into a hole. Dad worked in a factory his whole life, and I learned what it means to have a backup plan for when it all goes to hell! Thanks dad!
A little depressing (Score:2)
A reposession man should no more be happy about layoffs than an undertaker should be happy about an epidemic.
Re:Economy (Score:2)
Re:Hmmmm, where does he park it? (Score:2)
Dealer tags??? (Score:2)
New cars in California, at least in Sillicon Valley, don't have "dealer tags" on their plates. A dealer sticker is placed in the front windshield, and the dealer also typically puts cardboard advertisment where the plates should go (though it's perfectly legal to remove them, and many people do).
Makes me a bit suspicious about the accuracy of the rest of the article...
.com, vc, and S&L's (Score:2)
And frankly... the pilfering of loot from suckers by dot com boards and executives does not even come close to what the S&L's sucked out of the economy. Pud can rant about dot bombs til the mad cows come home... but simply put...Lump em all together and ya still don't have $300 Billion (that's with a b, 300 thousand million for you on the other side of the pond) paid by American taxpayers to clean up the mess left by Bush and Keating during Reagan's administration.
And in the end... a fool and his money are soon parted... and the P.T. Barnum's and Fidelity's (go check their financial statements) make out as your money gets fleeced from the sheeple of America. And BMW of America has to create a certified used car program like Lexus of America already does.
LOL (Score:3)
Also if the repo man is ANY good the only way you'll find out is when he honks driving out of your driveway or when the dead-beat tries to drive his car again
I say this as a retired repo man from the Bay Area Calif
Re:LOL (Score:3)
Versus Repo Man, who socks away $60K for four years, compounding interest.
I'll guarantee that Repo Man will have more money at retirement.
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Re:Schadenfreude (Score:4)
My family is from Latin America. I have relatives that, I assure, have studied as hard and worked twice as hard as you do, and never even had a chance at the kind of lifestyle you were enjoying. There are physicists and doctors from the former eastern bloc that drive cabs in the US. During the boom, folks like you (although not necessarily you) smugly claimed that they *deserved* their wealth, which (since wealth is relative) is an implicit claim that others deserve their lack of it. That is what makes the comeuppance so sweet.
No, greed (Score:2)
Rich people are gods and demons! (Score:2)
Now during the downtown the media is going to the other extreme and amusing us on the misfortune and greed of others.
Re:Dealer tags??? (Score:3)
D
Re:Repo Man leads to odd perks (Score:3)
That's not good at all. If these companies really wanted to help they would encourage their people to give the cars back and help out with the carpooling.
Re:So... (Score:3)
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not just in the valley (Score:2)
Its not uncommon to find a twenty something guy who drives around in a $40,000 car and a nice pair of clothes. But those are the *only* decent clothes he has, he lives in an efficiency (bare bones cheap housing) and works full time at McDonads and Wendys to pay for his car.
The guy I talked to parks in a lot that takes 5,000 or so cars, and half a dozen visits from repo guys are not uncommon. He also said its a great place to sell used cars.
Steven Wright, if you please: (Score:2)
I parked it in the middle of the Interstate, and started yelling at all the drivers to get the hell out of my driveway."
Pope
Freedom is Slavery! Ignorance is Strength! Monopolies offer Choice!
A button I own (Score:2)
I ride a bike, and read on the subway when the weather sucks
Pope
Freedom is Slavery! Ignorance is Strength! Monopolies offer Choice!
Re:LOL (Score:2)
When you purchase (not lease) a car, the vehicle is titled in your name, and the bank has what's known as a "Security Interest" in it. You still own the vehicle, but it has had a lien placed against it to provide some legal assurance to the bank that they will get paid (other than your word, shouldn't that be enough? ;). Basically, that interest says that the bank can repossess the car if you're not living up to your end of the bargin (making payments), and only after a decently long procedure to do so.
The reason the bank holds the title is a function of the poor security for titles in most states. At least in Texas, all that's needed to release a lien is a signature of the "lienholder or authorized representative." If you had the original title, there'd be no (easy) way of proving that the signature on the title to release the lien wasn't valid, so why should the bank even bother? The fact that you own the vehicle is documented not only on the title, but on the non-negotiable/transferrable "Receipt of Ownership," or a valid-only-for-you title.
The bank owns only the remaining balance in your vehicle insofar as they're the ones to whom you owe the money. Just like owning a house which is deeded in your name but which a mortgage lien has been placed against, you own the actual property and the bank owns the money that you owe them. This is why if your vehicle is repossessed (or your house foreclosed on) and they sell it at auction and recover more than you owe, the bank is required to refund to you the overage (usually minus any "fees and expenses" which almost always come out to the exact amount of that overage, funny that), since it was originally your property. Again, the only reason your lender can take the property is because of the security interest that you contractually agreed to.
See also secured and unsecured loan.
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Diuretics (Score:2)
"You ever feel like your mind is going to explode???... You ever been to Utah?" - J. Frank Parnell
"Find one in every car, You'll see" - miller
Attention Moderators: before going ape on my karma, please check out http://us.imdb.com/Details?0087995 [imdb.com] for a better understanding of my comments as well as the parent threads... Great movie with an even better soundtrack!!
Happened to me.. read on... (Score:2)
You can exercise, and then have your broker shortsell on the exercise date to recover your costs. Or before, if you want (slight risk if the stock goes up before exercise date).If you short it and your exercise date is a day or two later, and the stock drops, all the better (you incurr a slight capital gain on top of the option benefit, but that's good)
Blaming the fall of silicon vally on this option benefit tax is rediculous; again, there is absolutely no reason to exercise the options until you are ready to sell. The options themselves harbor no risk, but if you exercise, you open yourself up to a dangerous tax liability.
Also... (this is how it works in Canada)... capital losses can only be used to offset capital gains... so the massive capital loss you get in your scenario doesn't help you at all unless you happen to have some large capital gains elsewhere.
I made the mistake of not selling all the stock I exercised, and it cost me dearly. It's silly that I have to pay tax on money I never really had... but I knew the risk beforehand. If you ask me, stock option benefit should be capital gains, not income... but unfortunately, it's not.
Cheers.
I understand.. but.. (Score:2)
To repeat, the instant-money you make from exercising stock options is not a capital gain, it is a taxable benefit (income). You did not invest and have your capital increase in value, you purchased something that was worth more than what you paid (just like if you buy a house for $1, they tax you on the market value of the house anyway).
Cheers.
Re:Good point!! (Score:2)
That makes good sense, but of course, if it DOES drop, you end up with less money than you otherwise would have had...though you can cover your taxes. It's just another calculated risk.
And about getting the advice of an accountant.. ABSOLUTELY, WITHOUT QUESTION, you should do this. I sure wish I had. (I ended up paying a great deal more tax than planned this year simply because I didn't know I had to file a simple piece of paper with my employer to defer an option benefit into next year. Or more accurately, because I waited too long to get professional advice.)
Cheers.
Re:Au contraire (Score:4)
Holding onto stock in a hot market is smart, yes.
Not having the cash to cover a tax liability you cannot escape is *stupid*. You should at least sell enough to cover the tax on the option benefit, else you simply put yourself at greater risk.
This is not about foresight, it's about risk. If you invest in some hot company on the market, you only risk your investment, no matter how volatile the stock is. Better even, if the stock bottoms out, you can at least use the capital loss against your other capital gains.
A stock option benefit is a different matter altogether. the moment you exercise, you incur a taxable benefit. You WILL have to include it in your income for tax purposes, and WILL have to pay whatever tax you owe on it. So it only makes sense to ensure that you can pay up, otherwise, you are taking a big risk.
Not nessicarily - capital gains rates differ (Score:3)
I really wanted to address the point of selling enough stock right after you excercise to pay for the taxes. The issue I have with doing that (and I think one reason why perhaps a lot of people didn't sell stock as soon as they exercised) is that then you pay short term capital gains taxes if you sell the stock right away, whereas you only have to wait a year to pay long terms capital gains and a LOT less in tax! If I had exercised anything last year I'm pretty sure I would have been screwed over as well, since I would have figured just waiting one year was probably safe...
Now that we are all wiser, what I would do after exercising is to set aside a certain amount of stock with a sell limit set at an amount to cover my tax liability should the stock price drop. That way I potentially get the benefit of selling all my stock at the long term rate, but also am covered in case the stock really tanks. Of course, using that system you could be hosed by temporary dips but I figure you could set the selling point fairly low if you had some other savings or assets you knew you could rely on to cover losses (though of course as the original poster said, it's pretty painful to have to pay for money you never saw).
The last line was the best... (Score:5)
The key sentence... (Score:4)
like most other repo men, he owns his car outright.
Too bad I can't say the same about all the code I've written...
Re:feel sorry for the man (Score:3)
And the systems built by a lot of the bombed dot.commers were neither beautiful nor sophisticated, nor used by very many people apparently. Paid for by money conned out of the inexperienced and gullible in a lot of cases too.
So the choice isnt exactly as clear cut as you might think.
Re:Schadenfreude (Score:2)
Re:Repo Geek (Score:3)
Yeah, baby!
http://dynamicmfg.com/bdw.htm [dynamicmfg.com]
Re:LOL (Score:2)
Yeah, but the Repo Man's car is paid off, and he's tracking down the techie's car for a nice "pop".
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Re: beemers cant play mp3s (Score:2)
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Re:A little depressing (Score:2)
Right - but from the article it sounds like they're getting paid per reposession. Sounds like a perfect way to attract people who delight in others' suffering.
Similarly, states which use volunteers to perform executions are obviously gonna attract sadists to the job.
Re:Why do people think they're successful? (Score:3)
I wouldn't call this work.
when they still have to act a certain way,
Havn't noticed any change.
dress a certain way,
t-shirt and shorts, no shoes, same as always
or be in certain places at certain times?
Meetings suck, but if I didn't go I wouldn't cop too much shit.
when being without a few paychecks would mean losing your toys, or even your home?
have neither a home nor toys I own (well, there is that laptop..)
when I started enjoying success in a high-tech job I didn't go out and buy a bmw.
me either
I drive a 60's model volkswagen.
dont drive.
I didn't "buy" real estate in california either.
why would you want to live here for longer than you have to? It's a fucking suburb, everything is too far apart, there's nothing to do here, the pubs close at 2am, and most of em only serve beer and wine anyway.
what the fuck were you people thinking?
They weren't, they were reacting to the wants and needs that have been driven into them by society.
that you shit gold and pee perfume?
Indeed.
Re:Schadenfreude (Score:4)
"Sun Microsystems. We put the dot in 'OH SHIT, WE'RE BROKE!'"
- - - - -
Oh please! (Score:2)
much to brag about. Almost all those people are skilled professionals and will get new jobs soon, and do fine, just not with millions rolling all around them.
The repo people don't get the kick from the human misery, but from the business opportunity and chance to put some more and better food on the table. These guys make $30-60k, live in Silicon Valley, and you expect them to feel sorry for overspending tech workers?
Like the guy said, when it's real human misery, he does feel bad about it.
Enjoyable... read on (Score:3)
Learn life [buddhasvillage.com]
ah, well (Score:2)
Hey, don't get down about it, look at it this way: somebody has to free() the malloc()s.
In the land of silicon... (Score:2)
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Perhaps Uncle Sam caused some of this... (Score:2)
Re:LOL (Score:2)
Don't get those two mixed up.
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Schadenfreude (Score:3)
We've enjoyed the longest peacetime economic expansion in our history, but it's over. The saying is that a recession is when someone you know loses his job. A depression is when you lose yours. There but for fortune...
Things fall apart, the centre cannot hold...
Re:Repo story sounds about 1/2 urban legend (Score:2)
Well, if you read the actual article instead of the /. blurb, you'll find that's not what the reporter wrote.
-Legion
They were smart?!? (Score:2)
I refuse to believe that anybody smart (heck, anyone with an ounce of intelligence) couldn't tell that LEASING three cars for his girlfriend was a stupid idea when he was a salaried employee for a company that was extremely overvalued (they all were) and not a rich millionairre with cash in the bank.
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repo.vulture.com ? (Score:2)
Re:Interesting slant on the article. (Score:2)
Not once, however, did I ever say "Woohoo! Another near-fatal car wreck involving three children! Today's my day to be good at giving IV's."
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Interesting slant on the article. (Score:5)
"Whenever another company announces layoffs, we get all excited". Straight from the article.
Yes, it means you get more business, Mr. Repo man, but slow down for a second and realize that the 8,000 layoffs mean two things. 1) They mean that 50 workers who lived too lavishly will pay for it. 2) They mean that the other 7,950 workers who were just trying to get by in the most expensive place on this coast to live, are now probably apartment/home-less.
The sickening read of this article basically states what a high kick this guy gets off the human misery that is a round of layoffs, just so he can make a few bucks.
The article portrays the tech workers in a very bad light by focusing on the lavish, stupid guys. But frankly, when I read the article, it puts this repo guy in a FAR worse light.
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Re:stupid lottery.. (Score:2)
Repo Man leads to odd perks (Score:5)
Re:Schadenfreude (Score:2)
Sounds pretty rough.
Lots of people decided to get into the tech world for solid reasons-- like, tech is what they enjoy and do well. But for the last few years, the tech sector has been pulled through a violent boom/bust by Wall Street investors, buzzword babbling bimbos on CNNfn, and "visionary geniuses" revealed as blowhards. All their hot air made for a turbulence ride even down at ground level. For a while it was fun like a roller-coaster, but now it mostly makes you puke. I think a lot of us would have preferred to skip the whole up-and-down, "new economy" bullshit trip and just do good work.
I hope things look up for you soon!
Re:Economy (Score:2)
Pray you don't come home from work one day and find your apartment building is gone. Those damn repo men can do anything these days.
Re:Schadenfreude (Score:3)
I worked my way up from the bottom of Silicon Valley. When I started as a programmer here, I was making a salary below the poverty line, because it was the only company that would hire me. (I didn't have experience.)
After a year and a half of that, I finally got my first 'break': a major company wanted me. I moved to them for a year, and I was miserable. Better salary, but a lot more bullshit on the job.
I got my second, and what I thought was my greatest 'break'. A small company would hire me for the same salary that the major company was giving me. I didn't change over for the money. I did it for the chance to do something more intesting, less boring, and with bosses that didn't have Redwoods up their asses. (The business was a consulting business. No one expected to get super-rich from any stock options, even if the company ever went public.)
For eight months, the small business thrived. It was the best time of my life. I was creating software that was helping people. I was working with creative, intelligent people. Then the dot-com crunch hit everything.
I was renting a house with two other geeks. The owners were relocated back to the Bay Area, and they needed to move back into their home.
The small business had a 15% layoff. Then an 80% layoff.
I'm now crashing at my girlfriend's house. All that I own, except my car and my computer, is in storage, and I'm living off my savings. The crash is keeping me from getting a job, even though I'm writing more than twenty companies every week.
Now listen to me. I fucking studied hard, I fucking worked hard, I fucking kept on learning, and now I'm on unemployment insurance. What the fuck justice is this, you asshole?
It's Trickling Down Now! (Score:2)
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Re:Interesting slant on the article. (Score:2)
Focusing on their job is missing the point. You can work in high risk field and still be handle your personal finances responsibly. You can be an entrepreneur and still drive a ten year old Ford Escort. This isn't about risk, it's about irresponsible behavior -- and the utterly mindless worship of status symbols.
The guy who cried over a threat to repossess his Lexus SUV which he hadn't made payment on in a year is a classic case. It would never occur to him to get rid the damn thing when he could no longer afford it, would it? No, that might mean a loss of face in front of his friends. Never mind it's worth more money than many people make in a year.
Re:I dont find this amusing at all. (Score:2)
I have seen it in a number of areas of the country. Heck even in SF, where you can have studio apartment for thousands per month. Shear insanity. talk about herd mentality (we are all individuals!)
Check out the Vinny the Vampire [eplugz.com] comic strip
Hmmmm, where does he park it? (Score:2)
Off the job, he drives a rare 1971 AMC Javelin that he restored himself; like most other repo men, he owns his car outright.
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Re:Used vs. new (Score:2)
Re:"Japanese" cars sold in the U.S. don't come fro (Score:2)
In related news... (Score:5)
Mr. Kevern is offering prizes to all dealerships to hand over the names and addresses of all Microsoft employees buying 'clean' cars (ones without payment protection plays).
While Mr. Kervern does not believe all Microsoft employees intend to default on their repayments, he feels he has a right to be ready just in case.
Worthy story of /. ? (Score:4)
Meanwhile, in other news... Bugs Bunny episodes are going to be banned [yahoo.com] for being "racially charged." Now that's news for nerds, stuff that's interesting, I'd think. I may be wrong.
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Re:on the other hand... (Score:2)
Naah. When you pull back on the wheel of a Ferrari, nothing happens!
Part of my lack of understanding of people who spend beyond their means to get nice cars is that, well...the speed limit is 70 mph, and you just can't have much fun [0] in a car.
[0] The back seat of a Ferrari is inadequate for having fun ;-) ;-)
Re:Schadenfreude (Score:4)
Still their own stupid fault. I'm young, slightly immature, and certainly inexperienced...yet I have the intelligence to realise that borrowed money is expensive money, and living beyond your means is risky business. The repo man won't get my vehicle because I paid cash for it. I'd rather have a less expensive used car that's cheap to insure and paid for than a luxury vehicle or big SUV that I have to make payments on. I get sticker shock from the depreciation cost of driving a new car off the lot, so I don't do it ;-)
Re:This is why I drive a 4 door 4 cylinder family (Score:2)
Looks like you should read this [amazon.com].
Emin
Re:Interesting slant on the article. (Score:5)
Re:Schadenfreude (Score:2)
an ordinary person spends his life (Score:2)
Re:Happened to me.. read on... (Score:2)
At which point you have performed a 'constructive sale' and are liable for tax as if you had sold the shares.
If you talk to a high level broker they have legal scams that wont get you into jail. Only catch is they won't speak to you unless you have at least $5 million to invest.
Trying to find an adviser that understands the AMT system is next to impossible. The idiots at H&R block are not going to be taught the stuff on their 15 minute 'training video'. Basically once you have paid a big AMT bill on stock that dropped you can get the money back but it sorta involves exercising more stock that does not crash.
Re:I dont find this amusing at all. (Score:2)
Look at me, I left the comfort of Scandanavia to live at the North Pole.
Dancin Santa
Economy (Score:2)
Speaking of money, I forgot to pay the rent again! ;)
Re:A little depressing (Score:2)
Re:So... (Score:5)
Re: beemers cant play mp3s (Score:2)
(this is a geek board, right? What's with the yuppie car thread in the first place??)
Re:Schadenfreude (Score:4)
Silicon Valley attracted a whole lot of scum in the past decade. Some of us, who knew about Silicon Valley fifteen years ago, maybe even know the difference between TTL and CMOS logic gates, are a little pleased that some of that scum is now being hosed off the pavement.
It's not really 'revenge' or a manifestation of envy so much as the satisfaction of knowing that in the end everything generally does work out fairly.
awesome. (Score:2)
Dynamic 601-B information (Score:2)
Look here. [dynamicmfg.com]
And here. [florawrecker.com]
Actually they're more like advertisements, but I thought they were a pretty good look for getting an idea as to what the guy is working with.
Re:Interesting slant on the article. (Score:4)