"At that point, the bank was willing to give away money. We got in over our
head with land, and then the bubble burst and all this land value dropped and we
couldn't sustain it."Uhmm, yes, Smith should have know
better from this quote. Seems to me he became greedy, took on debt, more than he
could sustain even before the bubble burst and then lost it all. I don't
think bankruptcy should bail out millionaires.
3 grandslams--It is not just millionaires who should not be bailed out, it is
everyday Americans who take advantage of this. We have family who received an
inheritance. Within one year they had spent it all. Then, they continued to
spend. Before long they had to refinance their mortgage. The next step was
bankruptcy. Oh, the wailing and moaning we had to hear! Life just wasn't
fair! I've noticed most of our friends who file bankruptcy
blame it on medical expenses. That trip to Disneyland, the cruise, the new
cars, new wardrobe, liquor purchases etc. was never the problem.Our
society is about entertainment with little responsibility. Smith used his
investments as a form of entertainment, yet he called it a business.
So there is such a thing as karma...
To each of you that are so quick to judge ... so what would you say about the
100's of thousands who did the same thing John L Smith did but did it 10
years earlier, made a ton of money, paid their debts and in turn further
stimulated the economy making banks money and contributing to the job force.Were these people irresponsible? Or simply taking advantage of the
American dream by doing what U.S. law and banks allowed them to do?I'm not saying I agree with what banks were doing all along, and I'm
not saying people should get themselves into risky situations regardless of laws
and banking situations ... but it's a pretty judgmental thing to be
pointing fingers at the people that get tripped up by bad economic timing and
especially when they haven't done anything illegal.If banks
will loan, and laws will allow for bankruptcy ... don't stone the person
that goes after the dream, start doing what you can to change the system.
I love coach Smith. I could care less if he's bankrupt. His improprieties
is his business. I wish they would've reported on his success as a
football coach. I've some stones of my own sitting in my pocket that I
can't throw them out.
to motorbike: Sorry John L Smith and others were greedy!
Well I guess we can now understand why John L. skipped town so quick...it
wasn't necessarly going to a better program as much as it was going to a
bigger paycheck.I hope the $800,000 plus pay check will go to his
creditors and not hid in a bankruptcy ploy...He can stay back east as far as I
I don't understand why people who make millions feel the need to invest all
of it. Stick most of it in the bank and enjoy retirement.
Re; motorbike. Life lesson needed here...just because people let you do
something doesn't make it the right thing to do. Please don't hold up
the atandard, "Hey they let me do it!" as justification for poor
3grandslamsLife lesson needed here: Judge not.And tell
me, have you ever taken a loan from a bank or otherwise? Because if you have,
then you my friend are the pot calling the kettle black.
No tears. It's ok. It happens but needn't. He tied up his personal
assets in a speculative deal and that is not smart. Tie up a small percentage in
risk portfolio, but be able to lose it all and not lose sleep. "Going for
broke" usually does.A good question surrounds his $800,000 a
year. He can live on $200,000 and use the remainder after taxes to pay off his
debts. That is the honorable thing to do.