Vague Guru said...
I could be wrong, but I don’t think A$$hat had much reported income (you know Chris won’t 1099 him) in 2006 that was taxable. One month of his looser “W-2” job, that presumably had taxes withheld, a small amount of Google Adsense revenue.
What else? I don’t recall when the Texas foreclosure went through Dec or Jan? But even if he gets 1099’d in 2006 for the shortfall, I think he has more than enough legitimate expenses related to the properties to offset this (mortgage interest expense alone had to be at least $15k per month). I doubt he will have to pay anything this year. And you know, sure as God made little Green Guru’s, he’s going to try and claim every $37 Jamba Juice and $43 Latte as business expense.
I could be wrong. What say you?
Good questions. Cash back at close looks to me a lot like income. Right about now there's a whole bunch of special agents fighting over who gets his packet come April 17th. Surely the AMT will apply. Chris had durn well better 1099 his butt lessen he gets dragged down as well. But what do I know? Jus speculatin' is all.
102 comments:
I'm positive cash back at close is not income - it's just more debt.
As for deducting interest, I posted this in the other thread but your house needs to be a "home" in order to deduct the interest. I don't believe investment properties fall into that category. Interest on mortgages for second homes is only deductible if you use it for more than 14 days, which Casey did not with any of his homes. So, at most he can deduct the interest for ONE house, but even that's a stretch. Lying about residency for a loan app is one thing, lying to the IRS is a whole 'nother thing.
As for deducting his various business expenses, there are strict rules about deducting meals. At most, he can deduct half, but there has to be documentation that it was used for business purposes. I doubt Casey saves his receipts.
I don't know what his liability will be, but I don't think he's going to get a lot of deductions for either interest or business expenses.
Jade wrote: I doubt Casey saves his receipts.
I agree, although since nearly everything he buys is paid for on credit, he can go to his online credit card access for proof of purchases (that's how the whole world found out about this Jamba Juice debacle in the first place!)
I can picture the conversation --
Tax Accountant: OK, Mr. Serin, let's go over your business expenses.
Casey: My primary expense in 2006 totalled around $2,500
Accountant: and what was that for?
Casey: Jamba Juice.
Accountant: ....
Casey: Don't give me that look, stop being such a hater!
oh, BTW... this one's for Heidi, Homey, and so forth. Citizens can report suspected tax fraud activity to the IRS --
http://www.irs.gov/compliance/enforcement/article/0,,id=106778,00.html
... one of the things they're interested in is "the estimated dollar amount of any unreported income". Methinks Casey has quite a lot. :)
;) first
Robert,
1. Cash back is not income. It is fraud though and will be invetigated.
2. He will get 1099's from the banks for the properties sold on the balance due, AND he does owe taxes and the $30,000 "profit" he made off of his first flip- which he never paid taxes on- in 2005?
3. Chris and Casey most likeley never filed that he was employed. The money Casey received was as we suspect a kickback from NRU. It was never from "employment", so I doubt there will be any 1099 generated. That's where we come in with Casey's blog to the FTB and the IRS. Someone ask Duane if he and Casey are going to report the $1500 for 2006.
4.Regarding his 2005, 2006 taxes, rest assured the IRS will be all over them. An audit is gauranteed. Once asshat puts the phony numbers on a tax return and sends it in, he's toast. If Casey does what he always does and lies and fudges on his txes, he's going to jail. That's why he will file for extension after extension. The IRS may not get around to him until 2008 or 2009, but then they will nail him. I know IRS criminal investigators, and they will tear his head off once they get him in a room. These guys play hardball. They have access to any and every record on you. By the time they call Casey AND Galina in for the "interview", they will already have uncovered 99% of his scams through interviews of the other parties invlved and their forensic accounts.
I'll bet you 100 jamba juices he either doesn't file or files extensions well into 2008.
We all know he is playing the delay game in order to file BK past the "fraud" timeframe.
he big question I have is whether Galina is going to make her exit move and demand to file separate returns.
Benoit
I mailed the 3949A last week using excerpts from Casey's own postings for documentation. I urge everyone else to file one as well.
I agree that he probably didn't report his income from Chris. He continues to regard a "W2 job" as something unusual and foreign, tahini sauce.
If he gets away with writing off "business" lunches, I give up.
I do not understand why he should NOT be able to report cash back. It's not too dissimilar from a loan or a check payment. I get the money, I report it as income. If I pay it back, I report that the next year.
Am I simplifying this?
Another possible reason L'il Casey won't get a job - his wages can be garnished, and the line IS forming to the left, with the IRS cutting to the front of the line once the hammer falls.
L'il Casey isn't about to let the IRS steal his money!
Heidi, I salute you. You already filed the IRS forms, that's awesome, sweet even!
Has anyone tried to contact the payday loan people? He posted on his site he shut down the WF account to deny them funds - that's gotta be worth everything in a courtroom.
I've dealt with the IRS, and they are going to crucify him. The fraud will keep him from an offer of settlement, surely. Not paying taxes is one thing, generally you can just file and deal with the interest and penalties, depending on what you owe, but not filing is the big mistake, and trying to hide income, and lying on tax forms.
I'd hate to be his CPA - I wish he'd post who it is, so the haters could give him a head's up of what is slouching towards his door...
Amplification. Cash back is not income. The money is offest exactly by the increase in debt. A legitimate home equity cash out looks exactly the same. When I said Casey's cash back looked like income I was talking about the endgame where the forgiveness turns the cashback plus debt into just the cashback and thus income.
More extraneous entertainment (some of the captions are as funny as the pictures):
http://www.flickr.com/photos/sercasey/241997745/
http://www.flickr.com/photos/sercasey/125390406/
http://www.flickr.com/photos/sercasey/241997228/
http://www.flickr.com/photos/sercasey/242171225/
http://www.flickr.com/photos/sercasey/135226471/
from the RK video:
RK: How about taxes?
C$: Uh, We'll deal with that in April. I have a good CPA, hopefully he's really good.(laughter)
I cannot wait to see this chump get put through the wringer.
p.s., you all amaze me with the info you've pulled on him. Speaking of which, I'm having Homey Time withdrawal. wuz up with dat?
Jade said...
“As for deducting interest, I posted this in the other thread but your house needs to be a "home" in order to deduct the interest. I don't believe investment properties fall into that category. Interest on mortgages for second homes is only deductible if you use it for more than 14 days, which Casey did not with any of his homes. So, at most he can deduct the interest for ONE house, but even that's a stretch.”
--------------------------------------------------------------------------
Re: the mortgage interest deduction.
I’m not a tax accountant by any means, but I believe the restrictions Jade is citing were enacted to prevent people with regular salaried jobs who try and claim expenses relating to their vacation homes (secondary residences) as deductions. There are similar restrictions for people who try and claim their hobbies are actually businesses and deduct related expenses.
If your business is buying real estate and then either renting, or rehabbing and reselling, than any expenses related to the properties would be considered deductible business expenses.
The key question is whether what Casey was doing would be considered a business.
I’m no fan of our little fraudmeister, but I believe his actions and intent was that this was indeed a business and was to be his sole source of income. Everything he has said and done supports this, with the exception of lying on the loans about being his primary residences (which under normal circumstances, the IRS would never know about).
That said ask two tax accounts and an IRS agent an opinion regarding a tax issue and don’t be surprised if you get three different answers.
"Cash back" on a loan, whether a car loan ("$500 cash back, nothing down!") or a home loan or any other loan is NOT "taxable income."
Now it may be fraudulent, if, for example, the lender is unaware of it (e.g., where the buyer pay $330K for a house originally listed at $280K, gets $50K "cash back," and the neither the seller nor the buyer tell the lender about the deal).
But it is NOT taxable income.
No more so than if Alice lends Bob $50K. Bob does not declare the $50K as income, Alice does not even need to mention it on her tax returns (nor can she deduct it, of course).
Any interest paid is another matter.
And if the loan is deemed uncollectible, things change.
--Tim
Even if one of us were a tax professional; since we don't know exactly how Casey set everything up, we'll be hard-pressed to figure out how he's going to turn this into some sort of sane IRS filing.
I'm curious why everyone is so utterly certain that he will get reamed by the IRS. Certainly his returns will be dodgy, but even if they throws red flags, that's not a guarantee of an audit, much less a hardcore one.
@Ellis:
Man, Casey was living pretty well before he became poor through trying to get rich. I certainly didn't live in such a nice apartment complex at 24. Hell, I still don't. (In my town all the really nice rental caves either don't allow pets or are in noisy neighborhoods.)
If you get past the cloud of optimism and penetrate deep into that twisted little mind of his, it must really suck to be him. He's so hung up on this dream where he sits back and collects the checks while his "team" does all the work that the idea of doing any actual work horrifies him. That's why he won't get a job. It's not the risk of garnishment or the idea that the money isn't enough, although those may be factors. The problem is that he's created a worldview where doing actual work, especially for someone else, is unthinkable.
At times like this I look at my shitty apartment, my average paycheck, and my 13 year old car and thank the Maker for what I have and more importantly who I am.
That is why I've been following Casey's story for so long. It just makes me feel so damn good about myself.
Tim from MB,
A great big Exurban Nation! shout out to you sir. Glad to see you posting here. I think I have your "Wired Magazine" edition around here someplace. 'Course I got an Alpha Micro motherboard and the wing pivot bolt for the American SST here someplace as well.
Anyway now that it seems you are gracing us with your efforts, welcome.
I think there are three reasons Casey keeps posting the same annoying shit:
1) too much guru brainwashing
2) trolling for high comment count
3) his family/friends read the blog and he must continue to keep up the illusion of success
I'll keep reading over there from time to time but I refuse to add one more comment. The kid doesn't heed any of the good advice that's been offered and I refuse to take the time to try to help someone who doesn't wanna be helped.
PS: Hi, Tim....good to see you here.
Ogg,
Rob Dawg have big cave in big valley. Other caves next to Rob even bigger. Raise Brontos down below, have Bronto Burger franchise. Get rich quick. "Flip" burgers to Fred Flintsone.
Rob not think Casey think like regular caveperson. Me think Pteradactyl drop Casey on head when small caveboy. Me car is primitive SUV only 8 seasons old, have 4 full earth rounds on foot treading. Had to pick bits of Jetta out of grille last week when trying park at Macaroni Grille.
Me like watch Casey, me feel way evolved by comparison.
This may be obvious, but you cannot deduct mortgage interest if you didn't pay it. If Casey hasn't been bothering to make his mortgage payments for the past several months, that's just that much less he can put on his Schedule A.
I wonder which house he even considers his "primary residence"? His SIL's apartment?
I am not sure that the IRS will turn out to be Casey's biggest problem. If he does it right, he can minimize the damage because he is insolvent, a half dozen times over.
But obviously that assumes that he does hire a competent CPA and does not attempt to hide any real income. Its not real clear what, if any, money Casey actually got from Chris. Even if he does fail to report it, its not a large enough amount to cause major criminal problems.
But he could really screw himself even more if he does wind up lying to the IRS. Which he'll probably blog about in some degree of detail.
Good times.
-walt526
@captain obvious:
This may be obvious, but you cannot deduct mortgage interest if you didn't pay it.
That's a good point. Furthermore, other than depreciation on his houses (which may or may not be relevant) and whatever money he actually put into the Angleridge property, Casey hasn't suffered any actual losses on his properties. If he has made any payments on his remaining properties, he won't actually lose that money until they are foreclosed.
Thanks for posting that photostream - I hadn't seen it before.
Did he really pay 3200 for that POS Jetta? (shakes head). And the flickr comment on one pic is "its a step up in image from a Ford Taurus."
Um, no.
I'm with Ogg here. At 24 I was just married, we bought our first house (a 39K 2 bedroom in Missouri). We had a budget, drove a Saturn, ate at Taco Bell for special treats - and my husband was being all "stupid" getting his PhD, while I was a "cubicle drone," working at a library and getting in on Web s kills early.
Sure, we're not millionaires, but 10 years on, we're comfortable, own a bigger house in a nice school district in a different state, make more than Casey's goal of $5K/month (though of course, it's not "passive," LOL).
Casey despises what we've got and become, and I'm just so freakin' glad I'm not him...
Viewed the pics. He'll definitely be getting bent over 3x/day in lockdown.
LOVE the CASEY SERIN READY TO GO photo.
Ready to go where? Dressed like a pot dealer? The hipster snobby record store clerk? Who dresses him?
When I see that photo two things come to mind (outside of the ridiculousness of that get up):
"But I don't WANNA be a Pirate" from Seinfeld's Puffy Shirt episode
and
Why does he look so angry? I guess one could say it's a sad hound dog look or even a hint of determination, but he looks pissed to me.
At 12:14 PM, Sprezzatura said...
...
I'm curious why everyone is so utterly certain that he will get reamed by the IRS. Certainly his returns will be dodgy, but even if they throws red flags, that's not a guarantee of an audit, much less a hardcore one.
Not _everyone_ has made such a comment. While I think he'll have a complicated filing for 2006 (because of all the deals, the receipts, the partial taxes paid, some of which are deductible, most of which will not be...), and while I think his 2007 returns will be EVEN MORE COMPLICATED and will likely HAVE ABOUT $200K IN 1099 INCOME, I don't see him having committed serious tax fraud SO FAR.
His 2006 return MAY have the Dallas foreclosure as 1099 income--I forget the amount the lender(s) likely wrote off (has it even been sold at auction yet? I forget.). If the lender sells it in 2007 at a loss of $30K, this will likely appear on a 1099.
(This was Casey's least expensive property, with a loan of $194K. Not counting the $30K of repair and upgrade work he says he put into it. So the good news is that the lender may not take too much of a loss on it and so the 1099 may not be too bad. The bad news is that Casey will have limited ability to use deductions, as he never occupied the house (so the mortgage interest is impossible to take for an individual or married filer) and ordinary repairs are NOT considered deductible the way, for example, alterations that change the property value through room additions, etc., are (a way to think about this is whether the property value is seen as changed by a tax assessor: repairs of old carpet, even upgrades to kitchens, are generally not treated as changed in assessed value, nor are they changes in the basis value for a sale ("deductible," in this sense).
Anyway, I'm done with trying to think out Casey's finances. I spent a few hours on this in December and came up with numbers--which I gave on his blog a few times--which turned out to be very close to his spreadsheet values (a spreadsheet I was urging him to do for a long time before he finally did it).
Bottom line, he is about $180K in debt on credit cards and other short-term loans, he may have that $50K Countrywide loan hanging over him (especially if the Muncy short sale does in fact go through, which ends all speculation about whether the Countrywide note was tied to the short sale or not), and he will face likely 1099 income of about $200-$250 K if the rest of his properties are foreclosed upon in upcoming months. For this, the IRS and FTB will expect a total of about $75-100K.
So I would put his current "walk away from the properties" debt at about $400K, give or take.
Some say insolvency absolves (funny rhyme there) one of all 1099 obligations, he may skate on the IRS and FTB debts related to 1099s. I'm not a tax expert. He should consult one.
There may be a lingering $10K or so of tax debt (not a real estimate, just a "for instance" mention) associated with the sales that actually went through--the FSBOs, the Utah, and so on.
If Casey skates on the 1099s but still has the Countrywide note, much of this debt will NOT be dischargeable in a Chapter 7, based on what I have read and what others have persuasively argued.
So, I figure he'll exit 2007 with about $200-250K in undischarged debt. If he gets on a payment plan, that's still a lot of money per month.
Since he's not likely to find any "sweet deals" or "bird-dogging" or "high five!" deals coming his way, he'll be paying this off and having very little left over for at least the next 10 years.
--Tim
I'm so happy Tim is here. I adore his postings! Tim, you rock!
Welcome to the clubhouse, Tim, glad to see you here. That's a sure sign that L'Il Casey's 15 minutes are about up.
Tim: What I forgot to include in my speculation regarding the IRS is, if Li'l Casey does his taxes in the usual hlaf-assed, half-truth manner he does everything, the IRS will be all over him like a cheap suit. Even a genius CPA is going to have a hard time putting his return together, and that's IF L'il Casey gives him 100% accurate records of all of his transactions, sweet deals and accounts.
Big IF there, I'll say.
I wonder if he files jointly, and if so, I wonder if G knows her exposure there?
Hey Tim! Glad you are here as well.
At casey's site, Duane couldn't keep his mouth shut and said
"@ Julie, post #2.
You own a website called Home-Flip, and you dont know how to do a short sale?
Sign me up baby."
Of course you would want to sign up Duane. You have a history of latching on to people that
1. Don't know what they are doing
2. Are clueless
3. Are mental midgets.
So enough with the attempted wise ass remark.
@Stephanie, yeah evil brattiness, that is kind of sexy, though I almost had a steph relapse when I read about how you were going to throw a few punches at what's his name's throat. I don't know, I just think it is sexy to think of a woman that can kick butt and take names.
"At 1:31 PM, Jade said...
I'm so happy Tim is here. I adore his postings! Tim, you rock!"
Thanks. And thanks to Rob Dawg for welcoming me. (I'm confused, though. Is Rob Dawg = Rob Cote? I haven't been following too closely, but I had thought Rob Cote started this blog.)
Something I caught some flack for over in Caseyworld was my tendency to write long articles. Hopefully not tedious, but admittedly long.
I like to analyze problems, turn them over in my head, then comment. Except for some points about Casey ought to get his financials nailed down (balance sheets, spreadsheets, a basic "where have I been and where am I now and where will I likely be in 3 months" kind of planning summary), I haven't had many _SOLUTIONS_ for Casey.
Frankly, when one buys 6-8 houses (depending on how one counts some of his "trades," some of which I've only learned about recently, like the _other_ house he had in Albuquerque besides the Rio Rancho house!) and this is all in one year, with no money down, with cash back, with flaky Jamba Juice accounting, and the burn rate per month is $20,000-plus and the credit card debt is $175,000 and various debts are mounting, it's tough to say there's any kind of solution at all.
"Dawg, you are like so pwned!"
Frankly, I think that at this point, were I in Casey's shoes I'd consider the "walk away from it all" solution. No, not suicide. No, not moving back to Uzbekistan.
Rather, just say "I have no money. I have no prospect for having any money. My wife left me. Divorce papers are coming. Put me in your debtor's prison. Oh, you say there is no debtor's prison? Fine, then I'll be on my way."
Assuming he is not prosecuted for mortgage fraud, for mail fraud (using the mails for the deals), or for tax fraud, he is pretty much uncollectible.
And there are millions in America who live just t his way. Many are what some of us call bums and what others call "the temporarily unhomed" (gag), but the fact is that millions live this way.
Some are even living reasonably well on communes, in church houses, retreats, or just as wandering laborers. Not a life I'd want to live, but it may be preferable to spending the next 10-15 years "repaying every dirty penny" at a series of grunge-filled jobs with much of every paycheck being attached or garnished.
Personally, I think the mania about getting rich quick is bad news...bad for our economy, bad for those afflicted with the mania, and bad for just about everything.
I have more money now than I ever thought when I was young that I'd ever have, yet my current excitement is about getting a new purely functional language installed on my Mac. The language itself (Haskell, specifically GHC) is open source, and is "free," yet it's a lot more exciting to me to have and to play with and to use for my projects than some shiny object like an expensive car, a boat, or a horse ranch.
I can't understand why Casey and his peer group are so damned fixated on "sweet deals" and "bling bling" and making money fast.
Then I look at his peer group and see Nouveau Riche University and its MLM schemes and the "high fives" they give each other on their MySpace pages....ugghh.
I know I'm getting old when I'm beginning to think the way my father did: "I'm glad I won't be around when all the chickens come home to roost."
--Tim
On another note, I have found a new cretin that has splashed on the Casey train wreck scene.
He goes by the name of milliondollarjourney and he usually jumps in with a quick note like "Eh Casey, eh? Way to go!" and then spams the shit out of the blog with his website. This guy has as much scruples as Nigel casey turd eater swaby. He has a little success then he thinks he will be a millionaire. Rigggggght duuuude.
I mean look, the prick even has an entry where he GETS interviewed. Here is a tidbit
"FT: Bold statements, I know. Most people say that it’s a fool’s dream to try and beat the market every year. However, you have to think big in order to achieve big. Looking forward, I think that 12-15% return on my savings is achievable through a combination of my stock and real estate portfolio…."
I reiterate what I have said in the past on casey's trash site..the trouble with thinking too big is that sometimes you can also LOSE big. When this little shit starts talking about his 'stock and real estate portfolio' I wish I could just point Stephanie (Kung Fu) J this guy's way and wait for the bitch slapping to commence. For the record, Casey also has a 'real estate empire'
Anyways, just another moeny grubbing asshole who thinks he is smarter than everybody else and thinks he can make it in Real estate and stocks when everybody knows these markets are either tanking or on the way to a bear season.
Hi Tim from Monterey Bay,
Good to see you here!
What are your thoughts on that bizarre double homicide over a carport, a property line and a boulder in Monterey (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/02/01/BAGB8NSPQE1.DTL)?
Anonymous wrote:
"Tim: What I forgot to include in my speculation regarding the IRS is, if Li'l Casey does his taxes in the usual hlaf-assed, half-truth manner he does everything, the IRS will be all over him like a cheap suit. Even a genius CPA is going to have a hard time putting his return together, and that's IF L'il Casey gives him 100% accurate records of all of his transactions, sweet deals and accounts."
Well, Casey's 2006 tax return will almost certainly be what tax preparer's call a "shoebox return."
As in, "I guess my receipts are sort of a mess. Here's a box of them."
Tax preparers are paid to sift through these scraps of paper and attempt to assign them as income sources, as deductions, etc.
With Casey's situation, the "core" of the tax return(s) will be the main capital sales of the year, as he had an almost negligible amount of salary.
If Angleridge did not resell in 2006, it's unlikely any kind of 1099 will be issued for the shortfall. (I might be wrong--I would figure that the lender would need to dispose of the property to another buyer, or at auction, before he knows how much he can call a "loss" and thus give Casey a corresponding "gain" (the 1099). But maybe there is some way the hard money lender writes off the loan for 2006 and thus Casey gets a 1099 for 2006. I'm still willing to bet it appears for the 2007 tax year.)
The preparer doesn't have to wade through each and every little scrap of paper. A lot of potential deductions are capped. For example, when I have bought and sold houses I was certainly not able--that I could see--to deduct the meals I ate on days when I was doing something related to the sale.
The Big Picture, the Bottom Line, is that most of the things we joke about--the Jamba Juice, the Macaroni Grill--are not very important for the filing of the tax returns.
Even his cell phone charges are likely not deductible as a "business expense," for the simple reason that he was manifestly not operating his house purchases as a business, S-corporation or LLC or otherwise. He was buying and trying to resell as an individual. And so deductions are limited.
(Caveat: There was a guy in Caseyworld who argued that Casey was de facto operating as a business and could thus apply his mortgage expenses and losses against his properties in ways individual and married filers cannot do. I'm not an expert on such things, so this bears more looking into. Certainly anyone pursuing such an option would also then know that the accounting and taxable year filing requirements are then different, for example, the IRS's "Mark to market" (Wikipedia says its IRS Section 475) rules. This would mean Casey would've had to treat each of his properties as if he'd sold them on the last day of the year. Did he? Did he file the forms? Doubtful in the extreme.)
So, my hunch is that on Feb 14th Casey will carry a large box of folders and boxes of receipts to his tax preparer and the tax preparer will look at the boxes, ask him a few questions about the nature of his income for the year, and will give him an estimate of how much it will cost.
(My rough estimate: $1800, because of the amount of paperwork Casey brings in.)
Casey will realize he has no way to pay this and will, in Caseyspeak, "put it aside.")
--Tim
The little coward moderated me again. I was having my final word too... Augh, what a little pr*ck he is.
I'm in a really crappy, grumpy mood too... all primed for violence. Like a rabid dog.
Why must he be so far away. He'd be flung around like a little blonde, blue-shirted, khaki wearing ragdoll.
"At 2:10 PM, Akubi said...
Hi Tim from Monterey Bay,
Good to see you here!
What are your thoughts on that bizarre double homicide over a carport, a property line and a boulder in Monterey (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/02/01/BAGB8NSPQE1.DTL)? "
Carmel Valley is due south of me. I know what the local t.v. stations and newspapers have shown.
I'll say that property line disputes like this are common in rural areas. We have one going on in my area, just down the road from me.
This is where title companies, grant deeds, etc. need to be carefully looked at. (Our friend Casey even got up in this, slightly, when it was discovered that his Utah property had a property line issue...something involving a shed in the wrong location, as I recall.)
The guy who shot the Grimes couple is a retired physicist (like me) and was said by the Sheriff's office to be "reclusive" (hmmmmhhhhh....).
We had another story with some wider coverage, too. A 25-year-old mother of 4 crashed her SUV at high speed, killing one of her daughters. And injuring several other children and another young mother and some 20-something men riding with them. All at 1:20 am, Monday morning, a school day. Fifty miles away from their home in Hollister. Her blood alcohol was twice the limit. And she has several other criminal charges already pending. Her kids have different last names, with the first one produced when she was 15, the latest just a year or two ago.
(What was she doing out driving drunk with 9 other people crammed into her SUV, at 1:20 am on a school morning?)
These are some of the people who will likely fill our prisons before Casey does, frankly.
--Tim
You all are forgetting that Galina started a job preparing taxes in January, it doesn't pay much, since she has no education. It's more to build experience, you know. (IAFF, 12-3-2006, "Pressure is Increasing and Marriage")
So Galina can do Casey's taxes for free after she finishes her homework. I'm sure she will do a great job.
More BS from CS. What a pair.
"Casey will realize he has no way to pay this and will, in Caseyspeak, "put it aside."
And that's where the REAL fun begins.
Any talented and bored coders out there? How fun would it be to have a "burn meter" on the top of the page here? Have a grand total, and sub-counters, like tax bill due, interest, principal, cc, etc...
Tim said:
I can't understand why Casey and his peer group are so damned fixated on "sweet deals" and "bling bling" and making money fast.
The problem is Casey has NO passion, no interests. He doesn't care at all about anything other than getting rich. But for what? What will he do with his money? Wealth is a means to an end. I saved and saved and worked at a 9-5 job so I could buy my house at 26, and it was completely worth it. The improvement projects and other things I do make me happy. But what does Casey need money for? What is he going to do with it?
I feel so sad for him - I can't imagine what it's like to live a life with no passion.
Stephanie:
Don't forget about the goat herder hat he is so fond of.
Legion:
This will be the ongoing problem with Casey's site. Once we all stop posting there (and it looks like we are winning) he will only have the few moderate hater posts, some psychofants and various spammers.
And then one has to ask...who'd stay to read any of that? He will not be able to sell his site to sponsors if his eyeball rate (how many pages does the avg viewer read? How long do they stay? are all tracked) goes way down.
Just because people come to this trainwreck to read his ongoing travails, they will not stick around to do much else. It would make me wonder why I'd waste time with his site if I were a sponsor.
Has anyone tried to contact the payday loan people? He posted on his site he shut down the WF account to deny them funds - that's gotta be worth everything in a courtroom.
I think the CashCall guys were not the reason. He shut it down so that Wells Fargs couldn't "steal" "his" money. Screwing CashCall was an added benefit.
Tim in MB,
I've just changed my screen name from my real name to "Rob Dawg" partly on whim and partly because the accent caused some people problems and partly because 10,000 page views per day makes it convenient to keep real life and net life separate.
Jade:
The answer is to be a big man. He sees Trump or Kiyosaki living the high life. No worries about paying bills, no hardwork (he'd be wrong because it's hardwork to maintain a fortune), people giving you attention and the ability to do anything you want in a second's notice.
They are also addicted to the dealmaking. The same addiction that a gambler has for example. Problem for Casey is that he has no ability to spot the smart deals. To him, if it's a deal just do it!
He wants the loads of money so he can feel successful. He wants to buy his wife and family tons of stuff so they can say "Casey is great." He equates money with happiness and power. I've read NUMEROUS stories on Gen Y and their fascination with bling bling. They see it on TV via shows like MTV Cribs, the latest rap video or seeing the Apprentice and how the Donald lives.
Problem for Casey is that even Trump hit a few bumps in the road in his quest to be a megarich man. It helped that his dad was rich and Donald had the financial means to attend one of the best business schools in the country (notice that even a jerk like Trump values a COLLEGE education?).
So basically, get rich quick schemes are due to failure. The richest men in the world grew the wealth and success OVER TIME (if it wasn't inheirited). A guy like Bill Gates might be the one of the richest men in the world, but it took a lot of work to get there.
So basically, Casey THINKS wealth=easy. It's just not.
You know... I have to just share this because it's just burning me right now, and I need to get it out of my system.
I have a little brother who is mentally retarded--he's only a bit older than Casey. I see people like Casey and it just chaps my ass when they have all the physical and mental abilities they need to live productive, useful, happy lives--and do absolutely nothing good with themselves; and make a mockery of their lives, make excuses, point fingers and cry about the consequences--
--meanwhile people like my brother, given half of what the Caseys of this world have, would probably be making a lot more of themselves than Casey and his kind would, and would be grateful for the gifts these little punks take for granted--what a fucking waste of skin that little &@%&$!*$ is.
The more I read this stuff, the angrier I get about it. I need to take a mental break--I'll catch up with you guys tomorrow.
On the last thread LOL said:
The NM property is set to auction around the 14th also. I am sure we will see more last minute short sale drama.
Any links or more information on this?
Does Casey know?
Dolph, come on now, be nice. I'm Generation Y.
We're not all fascinated with gettin rich quick, I assure you. Probably the same as any other generation.
Backstage: Agreed.
Problem is I wouldn't want to mess with CashCall.
See some testimonials here:
"Ok here's the deal. Capital 1 has not lost any ground in biggest scumbag category, but it's time to spank Cashcall and its time to do it now.
We have been called by hundreds of consumers regarding harassment by CashCall collectors. Their defense?
We are the original creditor, the FDCPA doesn't apply to us.
Here's a shot of reality for you …
You are exempt from "some" of the FDCPA laws, not all. You cannot call employers after being told you cant. You cannot threaten to take peoples houses without judgements like Brian Shaw did on tape 949-313-9340
You cannot tell a client after allowing him to tape the call that you would completely show the debt "current, never late" and then refusing to do so after getting your money. The list goes on and on and the tape recordings just keep coming in.
If you have a loan with CashCall call us. We will help you prove violations and soon the FTC and Attorney General will be getting hours and hours of tapes."
Some of the choice comments on that board:
"Ok these guys have called my work 4 times now. My boss even answered the phone on the second call and told them I could not receive call there.
They called back twice after that claiming they can call to verify employment as much as they want.
Can they do this? I am getting in serious trouble at work cause of these assholes"
http://www.mycreditgroup.com/blog/cash-call-topping-the-charts-as-biggest-crooks/
Another fun comment on Cashcall:
"I became desperate for money last July. I had quit my job because I wasn't liking it there and the people there acted like children. I saw the ad on TV for Cashcall and gave them a call. Within minutes, I was already qualified for a 5,000 dollar loan. I figured the interest would be low, boy was I wrong. Cash call dwells on the desperate people to the point where they will sign anything to get the money. Well, I was one of them, I got the money and thought great, I'll be paying a little bit each month to them.
Ended up getting screwed with a 59 percent interest rate. I knew I was screwed when I got the money and saw the paperwork for it. In small print, they said if I paid the loan over the course of 10 years, It would something like 30,000 dollars. Or I could come up with 5 grand and pay it off. If I had it, I would do it. Well, being loan sharks they are, I paid the first month and that's when all the crap broke loose.
By October, I had just gotten 2 jobs and I was going to pay them on the 15th as agreed to by Scott Gross. Well after a couple days into October, Cashcall starts calling every day asking for their money. They just wouldn't listen to me. They wouldn't even accept a partial payment because that would be a default on the loan. One day in particular, they must have called at least 20 times in a hour. What a bunch of crap.
If your ever in the rut, let the bills lapse for a bit until your back on your feet. Cashcall is just another loan shark ready to screw you over. I fell for it, but hopefully others will read this and be advised about it. Its all over the TV right now. They are ready to screw you over if you make that call.
Tom
San Diego, California
U.S.A."
Can somebody tell me why Casey is lying about his interest rate with them? Based on all information out there, the lowest interest rate is in the 50 percentile.
First he lies about how much he made at Pride and now this.
Well I hope he enjoys the relentless phone calls to him and anybody he put down as a "reference" on the application.
My guess is that would be G and maybe his dad?
Ok Jade. I accept you as the exception ;)
You do know what I mean though? I have hired and interviewed MANY from your age group and it's amazing.
I've met many GOOD Y'ers as well, to be fair.
Accept my apologies? Maybe I generalized on that, but read the articles and watch the TV and it's hard NOT to think that's how it is.
Peace...
Dolph - I know what you're saying but I think it's just as common in all generations. Yes, young folks tend to make rash decisions without thinking them through. But that's no different with Gen Y than it was with your generation when you were in your 20s.
You would be amazed by my circle of friends - most of us are saving at least 10% of our salaries for retirement, a lot are homeowners, we're very responsible.
And I point to your generation as well - how many stories have I read about boomers who only have $30k saved for retirement or will have to work until they're 85? Let's not forget the McMansions, Hummers, and other toys of the boomers, bought mostly with credit.
Hey Dolph, I think Jade just called you a Boomer!
*ducks*
Actually Jade, if you look in the December archives, you'll see a post about generation bashing. Keep in mind that it's all in fun. Feel free to post your own rant, it's good times.
-jbjbj
Dolph, I agree, his site is slowly circling the drain, just like his finances, his marriage, and his life. I really did just go there to read the hilarious comments from you guys, and since you are here..welll....when I go over there, if I see commenters that I don't recognize I just bypass them.
Steph, you can use me as a punching bag anytime babeeeeee...heh..k, ummmm..wheeeee!!!
Who wants to make a bet that Casey the dumbass uses one of those title loans for his car at 500% a year to raise some money?!?!
Tim from Monterey Bay,
When I read the story, I have to admit I made sure the reclusive scientist’s first name wasn’t Tim ;).
Since I’ve had my own ongoing issues with a carport, I can understand the annoyance and even the brief moment of satisfaction when he left that huge boulder there, but homicide has never crossed my mind. Have we become so obsessed with our property values in this country that we’re willing to kill for them?
On the other hand, one of the victims was a “prominent defense attorney” and the ongoing dispute with the scientist was probably fairly well-known in the area, so perhaps the guy was framed…Odd story. It’s too bad SFGate didn’t post a photo of the boulder.
Tim from Monterey Bay,
When I read the story, I have to admit I made sure the reclusive scientist’s first name wasn’t Tim ;).
Since I’ve had my own ongoing issues with a carport, I can understand the annoyance and even the brief moment of satisfaction when he left that huge boulder there, but homicide has never crossed my mind. Have we become so obsessed with our property values in this country that we’re willing to kill for them?
On the other hand, one of the victims was a “prominent defense attorney” and the ongoing dispute with the scientist was probably fairly well-known in the area, so perhaps the guy was framed…Odd story. It’s too bad SFGate didn’t post a photo of the boulder.
I tend to think the only avenues of cash for L'il Casey at this point is the folks who call interest "vig", or through the sales of recreational pharmecueticals.
I also don't think a generational brush can be used on him:L'il Casey is NOT typcial of kids his age - better or worse, most kids his age are either getting their post-college careers started, or camping on the sofa honing their X-box360 skills.
Con men come along every generation, don't blame this on his generation.
Stephanie J
Thanks for sharing that. I have a 22yr old autistic son. He has never spoken and I have to provide all his personal care. He is a sweetheart who is happy with so little, he likes to read the Wall Street Journal everyday and go swimming at the Rec Center. That's it. And he has a job everyday packing stickers at a workshop so he functions at a higher level than Casey.
I manage to care for my son, work and volunteer.
I think that is where my anger with Casey comes from too. To be blessed with all the mental ability to lead a productive and useful life and be a waste of space like Casey.
I have another son who completed a Masters in Electrical Engineering when he was 21. He worked the whole time he went to school and has a well paid job at 24.
I also have a 23 yr old daughter who will finish a Masters in Chemistry and Cell Biology in May. She has worked in labs all through school and will be going to medical school in the fall.
None of my kids are materialistic s-heads like Casey. They love their work and will be financially and emotionally successful people who will contribute much to society.
People like Casey are a drain on society and a waste of useful resources.
Sorry everyone, I just had to let that out.
I gotta question......
What in the HELL does Casey's wife see in him? He's got to have a wart on the end of his schlong or something. We didnt' get a good look at her but she looks like she has all her teeth and hair.
Dunno...just doesn't make sense.
Stan
@Legion:
Casey shared with me by email that he already got that title loan. That's how he paid his most recent bills.
Did you like the way I eddiedhaskelled Dolph at his site?
He thinks I'm a decent guy...snicker
Heidi and Stephanie J.-
If you find yourselves Phoenix way, I'd like to buy you a beer. I know this great place where you can see RK's house from the patio.
-jbjbj
Not all gen Y's are like Casey. Two of my first cousins are 21 and 24, and better kids you could not find. I'm biased, of course, but trust me, they aren't lazy whiners just focused on the latest bling.
My aunt and uncle raised them right, and it shows. One was accepted to law school and is working a full-time job, the other one just started a Master's program at Georgetown. They're respectful, responsible, and generally on-track to have productive, successful, and happy lives.
Dolph, your entry names are hilarious. Reminds me of the Weekly world news captions
"The best ever Casey photo now unearthed" lmao.
Instead of that photo, they should show one of Casey bent over cheeks spread wide..now that one would truly be in the spirit of
"CASEY READY TO GO!"
Nigel smarmy, the sad thing is that if he did get a title loan, it wouldn't surprise me in a bit. He will definitely be in for surprise if he thinks he can just walk away from that loan (like cashcall). I mean hell, when someone is charging more in interest than even laonsharks..you don't want to mess with them, and they are NOT going to just write it off.
jbjbj-
You better be careful, I just may take you up on that beer! Phoenix sounds wonderful right now. We're getting 6 more inches of snow tonight on top of the 6ft we already have.
And a view of RK's house! I'll be able to die happy.
Wow, a title loan? Is there any shady loan Casey won't take out? Does he not realize yet that he has to pay this money back? I really don't think he understands the concept of a loan. He thinks it's his income.
"At 3:05 PM, Jade said...
Dolph, come on now, be nice. I'm Generation Y.
We're not all fascinated with gettin rich quick, I assure you. Probably the same as any other generation."
An interesting issue. I think there ARE broad differences in the outlooks of the various generations. Not that this covers everyone in the generation, obviously, else I'd be living on a hippie commune in Oregon, but each generation has a Zeitgeist.
For the generation which came of age in the 30s, the Crash and Depression shaped their generation. And they overlapped the war generation, which shaped _everyone_ in major ways.
(A good treatment of the outlook in the 1920s and how it changed in the 30s was "Only Yesterday," by Allen, as I recall.)
For the generation which entered the work force after the war, and through the 1950s, the Zeitgeist was "suburbia." Houses in the suburbs, three kids, two cars, savings, planning.
(For these 2-3 generations, after the Roaring Twenties, "get rich quick" had a decidely bad connotation to it. T.V. shows like the "Phil Silvers Show," aka "Sgt. Bilko," Bilko was constantly getting himself into Casey-like scams and con games, even as he tried to con others. "The Life of Reilly" also played on this theme. I could go on about the other totems of the age, "Leave it to Beaver," "My Three Sons," "Father Knows Best," and even themes on "Bonanza" and other popular shows.
Basically, people like Casey were usually the butts of jokes, the kind of people to avoid, the grifters and scamsters headed for jail.
As the 60s dawned, technology, birth control, revolutions on campus (social as well as political), and the Kennedy/King/Woodstock/Moon Landing events all were terribly significant.
Even though some real fortunes were made in the 1960s, mostly by the generation which came of age in the 1930s and 40s (and went to B-school on the GI Bill), the Zeitgeist was not about making a lot of money. Some were hippies, peaceniks, living on communes. Some were aspiring engineers and scientists.
The 1970s was sort of a time of consolidation of the changes. (Personally, my favorite decade. Favorite in music, favorite in a lot of ways. Probably mostly because I was in my 20s during that decade.)
(Note that house prices were only rising slowly from the 1950s to the 1970s. "Flipping houses" was not even a glimmer of an idea. Houses were for living in. Some people made sparse incomes as landlords, but it was definitely not a hot area. Most real estate agents were tired old retirees or housewives with time on their hands.)
Technology, the stock market, the "Go Go Years." The Caseys of around 1970 were the guys selling National Student Home Loan Marketing and Digital Datawhack, or betting on cocoa futures. (A good book about this period is "Adam Smith's" "The Go Go Years" and his later "Supermoney," which idenfitifed the practice of buying companies with 'supercurrency," a term my friends and I used thereafter.)
The focus began to shift seriously toward 'easy money" in the 1980s. The movie "Wall Street" captures the spirit well. Leverage buyouts, takeovers, corporate suites, private jets. The new rock stars. And another book and movie which captured this well, though not as financially successful for the movie, was "Bonfire of the Vanities." This described how inner city gang banger ghetto kids who couldn't even read were stealing Mercedes-Benz hood ornaments and wearing them on chains....the Ur-Bling-Bling, long before the bright shiny objects were even named.
I saw the young people coming of age after around 1985 as markedly more focused on making money. But without being focused on something that might actually be justification for them making money, things like having studied computer science or petroleum engineering or medicine.
As an aside, a lot of my friends had kids which came of age roughly around 1990-2000. So I saw a lot of these "Gen Y" (or even "Gen Z"). I had to endure their Pokeman phases when I was visiting, their Power Ranger phases, and their ever-present video games. And I saw how their relatively wealthy parents just handed them a $20 bill for a trip to the Mall. And how they didn't think twice about juice drinks costing $5.
(Granted, we've had inflation. But when the minimum wage was $1.65 in 1969 and I was working for that amount, I was _REAL CAREFUL_ about even spending $1.25 at McDonald's for a cheeseburger, fries, and a drink. In fact, trips to fast food places in general and restaurants in particular were RARE.
Movie matinees cost me 35 cents (at the base we lived near).
By contrast, today's college kids are routinely paying $12 for a movie ticket plus another $5-10 for overpriced popcorn. Or Casey's $5 "wheat shots."
This even as a lot of the jobs they will be getting are paying not much more than minimum wage, which is hovering around $6-7 in most places.
(Oh, and there are VASTLY, VASTLY more fast food places, clothing stores, etc. now than there were in 1970, or even 1980. I used to be skeptical that America would be turning into a nation of burger flippers, but now I'm not. I see vast numbers of twentysomethings working at Starbucks, slinging lattes for Yuppies and other Gen X kids who really can't afford it (Casey and Galina). Meanwhile, every company I have a major investment in is moving as much production as they can to China and other places in Asia. This does not bode well.)
So between the "worst opportunities in four generations" for moving ahead (see above about McJobs and offshoring and general lack of deep education) and what Tom Wolfe has called "plutography" (pluto in the "rich" sense, as in "plutocrats," and the parallel to pornography).
Today's kids are fixated on wealth they will almost certainly never have. Fixated on bling bling.
I thought things were hopeless for me to ever buy a house when I first started working out of college. Of course, I could've even then, but I looked at small 3 BR/2BA houses in Palo Alto and said "$85,000 for that little box?"
Imagine today's Jamba Juice/Peet's Coffee or even Countrywide Loan Clerk twentysomethings looking at houses in their area and seeing prices of $500K.
But they may sharpen their pitchforks when they learn about Casey buying 8 houses averaging $300K each with no money down and a maximum early income the previous year of $35K.
Or, more realistically, they may cheer him on. "You go, Casey! You da dawg!"
--Tim
"At 3:05 PM, Jade said...
Dolph, come on now, be nice. I'm Generation Y.
We're not all fascinated with gettin rich quick, I assure you. Probably the same as any other generation."
An interesting issue. I think there ARE broad differences in the outlooks of the various generations. Not that this covers everyone in the generation, obviously, else I'd be living on a hippie commune in Oregon, but each generation has a Zeitgeist.
For the generation which came of age in the 30s, the Crash and Depression shaped their generation. And they overlapped the war generation, which shaped _everyone_ in major ways.
(A good treatment of the outlook in the 1920s and how it changed in the 30s was "Only Yesterday," by Allen, as I recall.)
For the generation which entered the work force after the war, and through the 1950s, the Zeitgeist was "suburbia." Houses in the suburbs, three kids, two cars, savings, planning.
(For these 2-3 generations, after the Roaring Twenties, "get rich quick" had a decidely bad connotation to it. T.V. shows like the "Phil Silvers Show," aka "Sgt. Bilko," Bilko was constantly getting himself into Casey-like scams and con games, even as he tried to con others. "The Life of Reilly" also played on this theme. I could go on about the other totems of the age, "Leave it to Beaver," "My Three Sons," "Father Knows Best," and even themes on "Bonanza" and other popular shows.
Basically, people like Casey were usually the butts of jokes, the kind of people to avoid, the grifters and scamsters headed for jail.
As the 60s dawned, technology, birth control, revolutions on campus (social as well as political), and the Kennedy/King/Woodstock/Moon Landing events all were terribly significant.
Even though some real fortunes were made in the 1960s, mostly by the generation which came of age in the 1930s and 40s (and went to B-school on the GI Bill), the Zeitgeist was not about making a lot of money. Some were hippies, peaceniks, living on communes. Some were aspiring engineers and scientists.
The 1970s was sort of a time of consolidation of the changes. (Personally, my favorite decade. Favorite in music, favorite in a lot of ways. Probably mostly because I was in my 20s during that decade.)
(Note that house prices were only rising slowly from the 1950s to the 1970s. "Flipping houses" was not even a glimmer of an idea. Houses were for living in. Some people made sparse incomes as landlords, but it was definitely not a hot area. Most real estate agents were tired old retirees or housewives with time on their hands.)
Technology, the stock market, the "Go Go Years." The Caseys of around 1970 were the guys selling National Student Home Loan Marketing and Digital Datawhack, or betting on cocoa futures. (A good book about this period is "Adam Smith's" "The Go Go Years" and his later "Supermoney," which idenfitifed the practice of buying companies with 'supercurrency," a term my friends and I used thereafter.)
The focus began to shift seriously toward 'easy money" in the 1980s. The movie "Wall Street" captures the spirit well. Leverage buyouts, takeovers, corporate suites, private jets. The new rock stars. And another book and movie which captured this well, though not as financially successful for the movie, was "Bonfire of the Vanities." This described how inner city gang banger ghetto kids who couldn't even read were stealing Mercedes-Benz hood ornaments and wearing them on chains....the Ur-Bling-Bling, long before the bright shiny objects were even named.
I saw the young people coming of age after around 1985 as markedly more focused on making money. But without being focused on something that might actually be justification for them making money, things like having studied computer science or petroleum engineering or medicine.
As an aside, a lot of my friends had kids which came of age roughly around 1990-2000. So I saw a lot of these "Gen Y" (or even "Gen Z"). I had to endure their Pokeman phases when I was visiting, their Power Ranger phases, and their ever-present video games. And I saw how their relatively wealthy parents just handed them a $20 bill for a trip to the Mall. And how they didn't think twice about juice drinks costing $5.
(Granted, we've had inflation. But when the minimum wage was $1.65 in 1969 and I was working for that amount, I was _REAL CAREFUL_ about even spending $1.25 at McDonald's for a cheeseburger, fries, and a drink. In fact, trips to fast food places in general and restaurants in particular were RARE.
Movie matinees cost me 35 cents (at the base we lived near).
By contrast, today's college kids are routinely paying $12 for a movie ticket plus another $5-10 for overpriced popcorn. Or Casey's $5 "wheat shots."
This even as a lot of the jobs they will be getting are paying not much more than minimum wage, which is hovering around $6-7 in most places.
(Oh, and there are VASTLY, VASTLY more fast food places, clothing stores, etc. now than there were in 1970, or even 1980. I used to be skeptical that America would be turning into a nation of burger flippers, but now I'm not. I see vast numbers of twentysomethings working at Starbucks, slinging lattes for Yuppies and other Gen X kids who really can't afford it (Casey and Galina). Meanwhile, every company I have a major investment in is moving as much production as they can to China and other places in Asia. This does not bode well.)
So between the "worst opportunities in four generations" for moving ahead (see above about McJobs and offshoring and general lack of deep education) and what Tom Wolfe has called "plutography" (pluto in the "rich" sense, as in "plutocrats," and the parallel to pornography).
Today's kids are fixated on wealth they will almost certainly never have. Fixated on bling bling.
I thought things were hopeless for me to ever buy a house when I first started working out of college. Of course, I could've even then, but I looked at small 3 BR/2BA houses in Palo Alto and said "$85,000 for that little box?"
Imagine today's Jamba Juice/Peet's Coffee or even Countrywide Loan Clerk twentysomethings looking at houses in their area and seeing prices of $500K.
But they may sharpen their pitchforks when they learn about Casey buying 8 houses averaging $300K each with no money down and a maximum early income the previous year of $35K.
Or, more realistically, they may cheer him on. "You go, Casey! You da dawg!"
--Tim
He took out a title loan on a POS Jetta, and then blew some of the money on roadside assistance.
For a car he won't have when they repo the car.
(Those guys won't mess around with phone calls and letters, they'll just come get the car.)
Brilliant.
Falling forward to success indeed.
This reminds me of the guy at the craps table who just put his last $50 on the Pass line...on a table that's dead.
@ Dolph and Jade
this latest comment from Jade
Jade said...
Wow, a title loan? Is there any shady loan Casey won't take out? Does he not realize yet that he has to pay this money back? I really don't think he understands the concept of a loan. He thinks it's his income.
He thinks it's his income! LOLOLOLOL
Dolph you should put up an entry where you have the comments from the female casey bashers, they crack me up
Jade, I'm Gen X, late 30s.
Yes, the boomers are despicable as well. You sound like a smart person and so do your friends. No qualms with you or ANYBODY from your generation who see the pluses in savings.
I guess every generation has it's share of loosers who make the rest look bad.
If you ask me, the boomers are ruining it for my generation, but that's just my uninformed opinion :)
Good idea, Legion. I will do that tonight :)
Now I gotta get back to work :) Unlike Casey, I wear many hats (and not stupid looking ones that make me look like a dork).
Legion:
Who wants to make a bet that Casey the dumbass uses one of those title loans for his car at 500% a year to raise some money?!?!
If he waits until something serious breaks that he can't afford to replace, that's not a completely stupid move. My guess is that the actual market value of Vdubs in its current condition is around $3k or maybe a bit less. Given Volkswagen's reliability record and the cost of parts, not too much would have to go wrong to knock the value down below what he could get in a title loan. He'd then be better off pocketing the money and letting them take the car.
Of course, that won't work if title loan companies actually look at the car before issuing a loan.
Dolph-
Unlike Casey, I wear many hats (and not stupid looking ones that make me look like a dork).
So you year smart looking hats that make you look like a dork?
I keed, I keed.
-jbjbj
@ Dolph:
Now that you think I'm a good guy..(snicker)...
Would you mind terribly linking my site SmarmyLakeMortgageGuy?
I need the ad revenue, business has been slow.
Easy money, but how many want to bet G was'nt told how he "pulled money out of his ass" this time?
I wonder if that's why he's around all day...she has the car for school.
And how upset will she be when they repo it out of the school lot?
Nigel (the real one, not the nice one above) just tried his same old lame trick over at Calculated Risk. We were discussing the subprime meltdown and bank credit squeeze when he posted a misleading link to his website. He's such a pathetic creature I'm almost moved to sympathy.
@Tim from MBA:
You have to stop assaulting the people of my generation. I'm 27 currently and have owned real-estate myself. I have a degree from a top-5 engineering school and served my time in Silicon Valley. I did nothing like what Casey did.
Our generation is no worse than yours was as far as behaviors go. The difference is that in the past, the poor and uneducated had a lot more difficulty obtaining loans. That is the only difference. It's not that we have any more or any less desire for material goods -- it's just that we have the credit to facilitate the feel-good nature of it all now. But who's fault is that? It's your generation's fault.
Essentially, your generation more or less pushed on with the concepts of creating a "nest-egg" by dumping immense sums of cash into our equities markets for the sake of retirement. The equities market, for the most part, rallies around interest rates, inflation, and consumer spending. This is blatant speculation, but it seems as if creating low-interest scenarios with high consumer spending is in the evil interests of the boomer generation and not our generation. It's the moderate Casey Serins of the world that cause your retirement accounts to grow. So, if anything, your generation is to blame for this mess. You sacrificed your children for a fat 401k. Granted, it's sad that the Serins of the world won't realize that frugality is in their self-interest -- but how would they, given the fact that they were raised in the environment that you boomers created?
Oh and Jade...I hate Hummer cars (if you truly need it for moving large items, okay), I hate McMansions (why? so some schmuck can feel rich?) and those crybaby boomers who whine when they refinance their home's equity with an ARM or something dumb and then take vacations they have no business taking (or would not have been able to afford otherwise).
So basically, I'm an equal opportunity critic :)
Casey doesn't match the archetypal Gen Y failure mode. In particular, he's not overly dependent on hovering parents. It sounds like the apron strings are pretty well cut. In fact, it wouldn't surprise me at all to learn that Casey is estranged from his parents.
He does have the sense of entitlement that I so often see, but it's less directed. He doesn't seem to approach situations with the idea that the other person owes him something, like so many snowflakes these days. He thinks that they are likely to give him something out of the goodness of their hearts, which is not quite the same thing.
(This isn't to say that Gen Yers fail any more often than others, just that there is a common pattern among those who do.)
Smarmy: Give me the link :) I see I will get crap for that comment from my board, but he was being nice to me so what should I say?
I don't really like some of the stuff he's said about the wraparound in Utah and I stick by that. One thing he has to respect is my right to pick apart his public statements.
Check this out
http://www.flickr.com/photos/sercasey/242002173/in/photostream/
All the cash back deals are circled in green
I wonder why Casey didn't buy the property in Durham NC, or maybe he did ?
@ Rob Dawg
It's cold in this garage!
One room, no heat.
There, there Nigel. Sputnik just told me he left you something warm and steamy in your doggie bed.
Tim - I looked around my area (Washington DC) and saw homes for that price. So I worked extra hours, saved like crazy, and bought one that I could afford. It's doable. You just have to want it enough to make it happen.
Dolph - sorry for the inadvertent slam. We're cool.
Hummers suck. Real ones are a lot more fun to drive, but it takes two people to do it, not to mention a gunner.
I know I said I'd be gone, but I got home after my hour-long commute and decided i needed a fix.
@ Heidi
I already had a ton of respect for you, but after your post about your amazing children, my respect levels just skyrocketed.
@jbjbj
If I'm in that area, I might just take you up on that offer. I'm always up for a good beer with good company.
@Dolph
You and I think very much alike on the whole 'bigger is better' attitude.
@General company
I don't call 'em Gen Y, I call them Generation ME.
---signed, a Gen Xer.
Who's to say Casey files at all this year?
He's shown himself to have serious ostrich syndrome; and might just not file at all and say something like:
"That'll buy me more time. I'll deal with the tax issue when they're kicking down my door."
"At 4:43 PM, Ogg The Caveman said...
Casey doesn't match the archetypal Gen Y failure mode. In particular, he's not overly dependent on hovering parents. It sounds like the apron strings are pretty well cut. In fact, it wouldn't surprise me at all to learn that Casey is estranged from his parents.
He does have the sense of entitlement that I so often see, but it's less directed. He doesn't seem to approach situations with the idea that the other person owes him something, like so many snowflakes these days. He thinks that they are likely to give him something out of the goodness of their hearts, which is not quite the same thing."
Ogg work Geico? Ogg meet lizards? Me want meet Ogg if he meet lizards!
You've put your finger on a point I made a week or two in Caseyworld. Casey has done some absurdly stupid things, but I cannot "hate" him in the way I hate some of the people I see all around who expect to have my money taken from me at gunpoint and given to them to support them in their lifestyles (be they inner city welfare types, or AIDS people, or just bums).
Casey doesn't seem to act as if he's "entitled" to the money of others. Despite screwing up big time, I'll give him that.
I think this is why I have spent so much time on his story, following it and adding comments to his blog. He summarizes a lot of what's wrong with our current time, but he's not quite as "you got it, I want it" about it as so many of the hoodlums in and out of government are.
--Tim
The people who are posting that the IRS is going to get Casey are completely missing Casey's plan. For him the IRS is a profit center.
Between last year and this year he will lose about $500,000. That is worth about $180,000 in tax savings (28% Fed + 9% Calif). If he can declare bankruptcy, wipe out his debts. and then monitize his tax losses he will have a good stake to start investing again.
Tim: Nope, wrong caveman. My argument at one point was that the Geico caveman speaks far better English than me, but since I moved here and dropped the caveman-talk schtick, I suppose that no longer holds. Point is, anyway, that I'm not that caveman.
At the risk of stepping even further out of character than I already have, Ogg and his speech patterns are based on something I think I saw on Usenet years ago.
I've been thinking about your comment about the prewar generation's attitude toward schemers like Casey. Now I'm entirely too young to have experienced that time so I could be off base here, but I think we're seeing a key shift in the way people view success. My impression is that most respectable people at that time pursued success both for its own sake and in order to be financially secure, and gained the esteem of their neighbors by being successful. Today, especially among the youngest generation, people pursue and are esteemed for having the trappings of success rather than success itself. Security and stability have been replaced by Starbucks, sweet rims, and bling. How many young people today, regardless of their means, would be happy with the relatively modest houses that marked success and provided a secure home in the 50s?
This trend has been developing for a long time, of course. It's easy to point a fat finger at popular media but I also blame the conspicuous consumption of the Baby Boomers, the excesses of the dotcom bubble, the self-esteem culture, and above all the increasing supply of easy credit.
Of course, nothing is irreversible, and this is no exception. Will things begin to change when the crowd currently in its late teens and early 20s begins to marry and have kids in real numbers, or will it take a major depression?
Lurker wrote:
"Between last year and this year he will lose about $500,000. That is worth about $180,000 in tax savings (28% Fed + 9% Calif). If he can declare bankruptcy, wipe out his debts. and then monitize his tax losses he will have a good stake to start investing again."
If there's a joke in there, I don't get it.
Needless to say, Casey will not be give a $180K "stake" from the IRS. A loss is a loss, not a reverse income tax.
Second, if he uses the losses against his future income, if any, he is limited to $3000 per year. The so-called "tax loss carry-forward" amount.
A mighty slim "stake."
But if I missed the joke, please explain.
--Tim
I agree with Ogg that these trends have been developing for a long while.
A bunch of things enter in, and may be factors:
-- the trend toward _leasing_ expensive cars rather than saving up to buy them: wanna bet a lot of Casey and Galina's friends are driving leased BMWs and MBs? This is "appearance over wealth over actual wealth."
-- the "Who Wants to be a Millionaire?" craze of several years back
-- "It is better to _look_ good than to _feel_ good." (This Billy Crystal skit, about Fernando Lamas.) This may be too obscure, but I throw it in to represent the developing meme.
-- the whole enterprise of television shows about the "Rich and Famous," the visits to star homes, the daily coverage of wealthy people and their bling bling, their cars, their nightly pub crawls, their wealth
In a way, becoming wealthy is for ordinary suburban kids what becoming a famous basketball star is for inner city black kids....and about as likely.
Everyone I know who is now wealthy was interested in something for reasons other than for becoming wealthy.
I said this several times over in Caseyworld because it's so important. Every time I saw the seminar quotes about how the only true path to weatlth is working for oneself (they say "yourself," but they are wrong) and how real estate is the key, I wanted to break into their seminar and shout "What a crock!"
Now a lot of those seminar attendees are facing some bad situations, stuck with flipper houses they can't flip. Few are as bad enough as Casey is, of course, because few drank so deeply of the Kool Aid that they then rigged nearly simultaneous closings on half a dozen houses!
Casey is truly pnwed, as the kids say.
--Tim
What about the AMT? Automatic Minimum Tax, I think. Might be Alphonse's Melodic Trombone, but I don't think the IRS has a creative bent. Whatever. As I recall, back in the 60's, the gubberment, in their infinite wisdom, decided that there was a minimum amount that everybody had to pay, no matter what.
-jbjbj
Another thing to consider:
It's been mentioned several times that cash back from loans isn't considered income, but doesn't that only count for your principal residence? If you buy or sell several properties, doesn't the IRS assume that you are a professional investor (that's comedy gold in Casey's case) and that you should be taxed on that overage?
I have hazy memories of college here people, help me out.
-jbjbj
"Between last year and this year he will lose about $500,000. That is worth about $180,000 in tax savings (28% Fed + 9% Calif). If he can declare bankruptcy, wipe out his debts. and then monitize his tax losses he will have a good stake to start investing again."
The AMT is complicated. I am not a tax specialist. Consult an attorney, blah blah blah.
But having been hit with the AMT many times, I will say this:
1. It is not some "minimum amount" one must send in. Rather, it's a surtax on the existing tax, designed to reduce the effectiveness of some deductions.
2. For 2006, Casey will apparently/approximately have a few tens of thousands of income, some deductions, and no AMT exposure.
3. By the way, my recollection is that the AMT generally kicks in when income is above $100K and deductions are large. (This is for me, a single filer. I don't recall offhand what it is for married filers.)
4. In 2007, Casey may have $200K or more in 1099 income. This is treated as ordinary income.
Importantly, any capital gains losses (short term for most of them, maybe long term if the foreclosures take several more months) are reported on his Schedule D form. Capital losses are applicable against ordinary income only to the $3000 limit. But extendible into future years.
(I don't know the treatment of short-term capital losses, not having had them in 20 years.)
Basically, Casey will be hit with a top rate of about 34% + 10% = 44% rate on his 1099s, with limited ability to apply cap gains losses against ordinary income.
(Even for an impending fustercluck, he didn't plan this out very well.)
--Tim
So what are you saying Tim? It's not Alphonses Melodic Trombone?
Seriously, thanks for clearing that up Tim. Beers in Phoenix for you too.
OK Tim you may have a point. What's normal for my generation would be considered wealthy for my parents' generation. I own cashmere sweaters, a closetful of coats (my weakness), a professional quality camera, a car, a house and all corresponding appliances - all things that would be considered only for the wealthy a generation ago.
But don't flame me - I buy my coats on sale, the car is paid off, and the house I saved 5 years for.
But yeah - we do expect a lot.
"At 9:46 PM, Jade said...
OK Tim you may have a point. What's normal for my generation would be considered wealthy for my parents' generation. I own cashmere sweaters, a closetful of coats (my weakness), a professional quality camera, a car, a house and all corresponding appliances - all things that would be considered only for the wealthy a generation ago.
But don't flame me - I buy my coats on sale, the car is paid off, and the house I saved 5 years for.
But yeah - we do expect a lot."
I suppose this is where I'm expected to say "Big shout at ya." Or, "You go, girl!"
But, seriously, I am not saying today's young generation expects everything.
What I'm saying is that people are bombarded by 24/7 (a phrase my generation coined) coverage of wealth, "having it all," and debt financing.
I can understand how "In my day...." stories are tiresome. (In my day, "in my day" stories started with "In my day..." and usually involved tired old stories about the Depression. Earlier, they involved walking to school 5 miles in the snow.)
But the focus on wealth and bling bling and leased BMWs is, in my Boomer opinion, "gross."
'Nuff said. The gap between what today's twentysomethings expect to have and what they can realistically ever have is greater than it's been in at least 60 years. I think this is a fact, though I cannot produce sociological proof of this.
It's not hopeless, of course.
--Tim
No Tim, I was just teasing you. I have, like, 20 coats. I don't need 'em. But I love 'em just the same :D
There is something about that phrase
"You go girl!" that really irritates the hell outta me. Almost as bad as "sweet deals"
Legion - don't be a hater!
Tim - you go boy! raise the roof!
oops forgot about "hater"
:-)
Man I'd bounce on a blue ball to see either Stephanie, Heidi, or Jade kick the shit out of yneone...
I think part of the distase for phrases like "You go, girl!" and "Back atcha" and "Sweet!" is that they've hung around for so long.
When I was in high school and college, "Right on!" was pretty common. But it had fallen to cliche status after a few years, and by the time I entered my post-college life in 1974, the only time it was used was when irony dictated it.
Another expression of the time, "Boss!," faded even more quickly. (It wasn't common where I went to high school, but I encountered it with one of my roommates in college.)
An expression I thought was unique to my age group, "cool," turns out to have been in use in the 1930s, or earlier, and with a famoius Miles David record of the 1940s using it ("The Birth of the Cool," 1949). Still used today, so I expect it's one of those more or less permanent additions to the language.
"You go, girl!" doesn't seem to fit the bill. But I'm surprised it hasn't lapsed into ironic status the way "Right on!" did so quickly.
I think part of the issue is that today so many of those who watch Oprah and adopt her slogans are illiterate...which slows down the ironization process.
Back atcha.
I missed all that, sorry. Kept getting distracted with MTV and XBox.
@Heidi 1050. Fiendishly clever!
What say, you me, & Sephanie move to Utah? I think there's a smarmy, slimy broker there who can get us a good loan for a ranch.
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