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post #1 of 43 (permalink) Old 06-03-2009, 09:26 AM Thread Starter
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From ordering steak and lobster to serving it...

My favorite part is the condo. I got no sympathy for this clown.

http://finance.yahoo.com/career-work...-to-Serving-It

From Ordering Steak and Lobster, to Serving It
by Mary Pilon
Monday, June 1, 2009
provided by

Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan.

Now, he seats customers at its Tribeca branch.

Mr. Araya, 38 years old, lost his job in 2007 as a crude oil trader on the New York Mercantile Exchange. After visiting dozens of headhunters with no luck, he applied in August 2008 to be a host at the Palm to support his wife, two young daughters and mortgage payments. His salary has plunged from $200,000 to $25,000.

If the financial crisis was the flood, then the Arayas are one of the families standing in the stagnant waters left behind. Some former Wall Street employees, highly trained and accustomed to comfortable salaries, are having trouble translating their specialized skills to other fields that pay well, and instead find themselves forced to accept low-wage work. Now, Mr. Araya is on the brink of losing it all and is doubtful that he will ever return to Wall Street.

And he isn't alone. Nearly 25,000 jobs have been lost in New York City's financial sector since August 2007, according to the New York State Department of Labor. The finance industry in New York is expected to lose 56,800 jobs from the end of 2007 to the beginning of 2012, according to projections from the Independent Budget Office, a publicly funded information agency.

John Carbonaro was let go as a floor clerk by Bank of America in January 2009, and despite his job-hunting efforts, remains a "Mr. Mom." Joe Morrone, a laid-off trading clerk from Prudential, has been unemployed for two years and struggles to support his daughters and grandson. He has had stints as a deli worker, a doorman and a bouncer. "I used to have three cars," Mr. Morrone says. "Now I share one."

The result is an unlikely stream of erstwhile Wall Street pros need help.

"I've got 'em all -- Lehman, AIG, Citi," says Bob Townley, head of Manhattan Youth in Tribeca, an organization that gave the Arayas financial assistance to pay for childcare while they are working. "I can hear it in a parent's voice when there's trouble. Others are too proud to ask for help."

Many of these parents once made donations to Mr. Townley's program. Now they are asking for aid to pay for their kids. Mr. Araya's daughters, ages 6 and 7, are in an after-school program at Mr. Townley's center.

Nowadays, during Mr. Araya's late nights at the Palm, reminders of his old life crop up when former colleagues come in. Some are encouraging and offer hugs. Others sneer, he says. "The way they look at you, you know they're thinking negatively," he says. Some are laid-off like him, and ask if the restaurant is hiring.

As a host, Mr. Araya wears a suit and tie. He's on his feet most of the day, either escorting guests to tables or manning the podium at the front, answering phone calls, managing reservations on the computer and fielding orders from wait staff and managers.

Although he's thankful for the work at the Palm, paydays can be bittersweet. "At the end of the week, I get my paycheck," he says, "and I think, 'I used to make this much in a day.' "

In Carlos Araya's new job as a host at New York City's Palm Restaurant, he sometimes seats colleagues from his former life on Wall Street.

Mr. Araya's wife, Dennise, has gone back to work as an administrative assistant for a construction company and leaves home at 6 a.m. Mr. Araya often works until one or two in the morning and on weekends, leaving little time for the family to be together. He calls his daughters every night during his break at the restaurant on his cellphone to say good night.

Mr. Araya now is the one who gets his children ready for school. He's learned to tie pony tails, inadvertently shrunk sweaters in the wash and knows which grocery store has the best price on milk.

The Arayas stopped dining out, pulled their daughters out of ballet and tumbling classes, and dropped cable television -- even though the flat screen he bought when they first moved in still sits in the living room.

Last month, for the first time, the Arayas didn't make a mortgage payment. Their savings are almost depleted. The mortgage, taxes and fees for the family's condo cost $6,200. Combined, he and Denise bring in $4,000 a month. Three months ago, he and his wife applied to restructure their mortgage. The bank told them it is still processing the request. They fear foreclosure and bankruptcy.

Recently, their oldest daughter asked Mr. Araya if the family would have to move. He told her he didn't know. She countered: "How much money do we need?"

"The way she looked at me," Mr. Araya says, "I could tell she was counting the money in her piggy bank." He went into the bathroom and cried. After a few minutes, he dried his eyes and walked back into the living room.

Mr. Araya, the son of a cab driver, grew up in a working-class neighborhood in nearby Queens. Like thousands of New Yorkers, he used a Wall Street job to vault into a comfortable lifestyle that included his apartment -- bought for $960,000 four years ago -- in Manhattan's Battery Park City neighborhood and family vacations to Cabo San Lucas, Disneyland and Las Vegas.

The Arayas purchased the condo in 2005 with a 20% down payment and a pre-construction price. The proximity of the two-bedroom, two-bathroom apartment to the trading pit allowed Mr. Araya to spend more time with his family and less time commuting. Ms. Araya diligently managed the family budget with Excel charts to ensure that they had no credit card debt, good credit histories even an emergency fund saved over five years that is now depleted. Mr. Araya says he would be lucky to find a buyer and break even on the apartment now.

Mr. Araya dropped out of college in 1992 to work in the pits, where he quickly advanced from runner to trader. He shifted between large firms like J.P. Morgan Chase & Co. and smaller shops like Aren Brokerage Service, the firm that eventually laid him off.

A wrestler in high school, Mr. Araya was known for elbowing his way through the loud commodities pits. Nights were late; mornings began at 4:30 am, fueled by coffee.

"You'd clock in and just try to kill each other till the bell rang," Mr. Araya says.

He had a knack for the Merc job. He could gauge from the roar of traders' voices how the market was faring. He gained loyal clients, and was confident enough to engage in profane shouting matches with them on the phone. Mr. Araya still has dreams about the hand signals traders use to indicate orders. His trading jacket hangs in his closet.

Every day lately, he spends two hours online, trolling job Web sites like Monster.com and e-mailing former colleagues. The leads have dried up, since some of them are laid off themselves. He's contacted headhunters, been on a dozen interviews in the last year and a half, but nothing has come of them.

"It was a hard reality at first," he says. "I used to see unemployed people and think they were lazy, that it was all on them. Now it's happened to me."

Write to Mary Pilon at [email protected]

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post #2 of 43 (permalink) Old 06-03-2009, 09:32 AM
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My household income is just about half his was and I have a house payment that is 20% of his. It sounds like he was house poor and even though he had no credit card debt, he left himself in a position to lose his house even if he lost his job for a short time much less a long time.

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post #3 of 43 (permalink) Old 06-03-2009, 09:58 AM
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Sounds like he foolishly squandered a lot of his money when the times were good, lived close to his means, and didn't save much for a rainy day. He's learning a lesson the hard way.
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post #4 of 43 (permalink) Old 06-03-2009, 10:41 AM
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Sounds like he foolishly squandered a lot of his money when the times were good, lived close to his means, and didn't save much for a rainy day. He's learning a lesson the hard way.

Exactly right!

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post #5 of 43 (permalink) Old 06-03-2009, 10:52 AM
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What a pussy.
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post #6 of 43 (permalink) Old 06-03-2009, 10:58 AM
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I sick of hearing stories like this.There was one last month about a guy that worked at big banking firm and quit to start a hedge fund.The hedge fund failed and now he's delivering pizza.Go cry a river for making a bad decision and don't try and make me feel sorry for you cause you can't send your kids to private schools or pay on your 2.5 mil house
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post #7 of 43 (permalink) Old 06-03-2009, 11:20 AM
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I sick of hearing stories like this.There was one last month about a guy that worked at big banking firm and quit to start a hedge fund.The hedge fund failed and now he's delivering pizza.Go cry a river for making a bad decision and don't try and make me feel sorry for you cause you can't send your kids to private schools or pay on your 2.5 mil house
You know, especially when in general the whole country is sucking wind right now. I'm pretty sure folks making 10-40K a year could give a flying fuck about some dude who lost his 250K a year job.

It sucks, it truly does but WTF is are others supposed to do about it?

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post #8 of 43 (permalink) Old 06-03-2009, 11:40 AM
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Yeah, fuck those guys who had great paychecks and spent their money as they saw fit, then lost their jobs through no fault of their own.

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post #9 of 43 (permalink) Old 06-03-2009, 11:50 AM
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Yeah, fuck those guys who had great paychecks and spent their money as they saw fit, then lost their jobs through no fault of their own.
Not to mention they managed to pay a $75,000/yr mortgage payment for almost two years with a household income of $50,000/yr.

Seems to me he was well within his means and saved quite a few bucks. Cut your household income down by 80% and see how long you can last.
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post #10 of 43 (permalink) Old 06-03-2009, 11:57 AM
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It sucks, it truly does but WTF is are others supposed to do about it?
Point and laugh.
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post #11 of 43 (permalink) Old 06-03-2009, 12:04 PM
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That sucks for the guy and his family. Sure, he was living the highlife and it fell apart. That could be said of many people. Try not to be so judgmental. It could happen to you one day. Do you really need that cell phone, cable tv and new car? Shouldn't you be stashing that money away for a rainy day? If you lose your job and can't make it, do you have a backup plan? I've heard so many stories like this. My family was almost in the same boat a few years ago. Fortunately, we weren't so far in debt that we had to sell or give up everything before we got back on our feet.
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post #12 of 43 (permalink) Old 06-03-2009, 12:05 PM
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You know, especially when in general the whole country is sucking wind right now. I'm pretty sure folks making 10-40K a year could give a flying fuck about some dude who lost his 250K a year job.

It sucks, it truly does but WTF is are others supposed to do about it?
Learn form someone else's mistakes?
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post #13 of 43 (permalink) Old 06-03-2009, 12:07 PM
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Not to mention they managed to pay a $75,000/yr mortgage payment for almost two years with a household income of $50,000/yr.

Seems to me he was well within his means and saved quite a few bucks. Cut your household income down by 80% and see how long you can last.
The article mentions how he was trying to be responsible. "The Arayas purchased the condo in 2005 with a 20% down payment and a pre-construction price. The proximity of the two-bedroom, two-bathroom apartment to the trading pit allowed Mr. Araya to spend more time with his family and less time commuting. Ms. Araya diligently managed the family budget with Excel charts to ensure that they had no credit card debt, good credit histories even an emergency fund saved over five years that is now depleted. Mr. Araya says he would be lucky to find a buyer and break even on the apartment now.
"
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post #14 of 43 (permalink) Old 06-03-2009, 12:20 PM
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Hmmm...maybe something to that being a good steward of little so you can rule over much..

And the dude doesn't think outside the box well. I could get him a position in industrial supply making 45k first year.

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post #15 of 43 (permalink) Old 06-03-2009, 12:26 PM
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If you want to live like a king during a recession, either get elected as our president or get a job at Medieval Times.
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post #16 of 43 (permalink) Old 06-03-2009, 12:29 PM
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Hmmm...maybe something to that being a good steward of little so you can rule over much..

And the dude doesn't think outside the box well. I could get him a position in industrial supply making 45k first year.
What kind of experiance does that require?
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post #17 of 43 (permalink) Old 06-03-2009, 12:54 PM
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Learn form someone else's mistakes?
Point taken. maybe too late at this point for most, but going forward...

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post #18 of 43 (permalink) Old 06-03-2009, 01:03 PM
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What kind of experiance does that require?
Not much. Just a willingness to work hard - generally start in sales, but there are tons of companies in industrial.

1/19/09, the last day of Free America.
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post #19 of 43 (permalink) Old 06-03-2009, 01:22 PM
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serves him right,WELCOME TO THE REAL WORLD MOTHERFUCKER!

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post #20 of 43 (permalink) Old 06-03-2009, 01:54 PM Thread Starter
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He made some bets and he lost. There isn't a whole lot more to this story than that.
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post #21 of 43 (permalink) Old 06-03-2009, 02:40 PM
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Not much. Just a willingness to work hard - generally start in sales, but there are tons of companies in industrial.
Thanks. I guess spelling could be important, since I managed to misspell "experience" :-)
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post #22 of 43 (permalink) Old 06-04-2009, 09:02 AM
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sux to be him maybe he needs to sell that fucking condo so he can actually afford his bills

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post #23 of 43 (permalink) Old 06-04-2009, 10:04 AM
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The article mentions how he was trying to be responsible. "The Arayas purchased the condo in 2005 with a 20% down payment and a pre-construction price. The proximity of the two-bedroom, two-bathroom apartment to the trading pit allowed Mr. Araya to spend more time with his family and less time commuting. Ms. Araya diligently managed the family budget with Excel charts to ensure that they had no credit card debt, good credit histories even an emergency fund saved over five years that is now depleted. Mr. Araya says he would be lucky to find a buyer and break even on the apartment now.
"
I'm glad someone is pointing out what most are missing. The guy tried to be responsible. Sure, he could've gotten a cheaper place out of town, but then he has a high commute bill and time. He bought the place to spend more time with family and less time commuting. He's a victim, and it sucks, but this isn't a case of someone with $50K income buying a million dollar home and living way above his means. There are tons of stories like this guy out there. It sucks for everyone.

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post #24 of 43 (permalink) Old 06-04-2009, 10:09 AM
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kinda fucked up you guys are calling him a clown and a pussy... just shows what kinda people you are

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post #25 of 43 (permalink) Old 06-04-2009, 10:13 AM Thread Starter
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I'm glad someone is pointing out what most are missing. The guy tried to be responsible. Sure, he could've gotten a cheaper place out of town, but then he has a high commute bill and time. He bought the place to spend more time with family and less time commuting. He's a victim, and it sucks, but this isn't a case of someone with $50K income buying a million dollar home and living way above his means. There are tons of stories like this guy out there. It sucks for everyone.
There is nothing responsible about making $200K a year, living in Manhattan and having a million dollar condo with a $6200 a month payment.
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post #26 of 43 (permalink) Old 06-04-2009, 10:40 AM
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There is nothing responsible about making $200K a year, living in Manhattan and having a million dollar condo with a $6200 a month payment.
Lol, no shit. It's not like you're wiping your ass with $100's on $200k a year and a family, especially in Manhattan. Hell, I told Jen our house budget is 1x our combined income when I get finished here.
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post #27 of 43 (permalink) Old 06-04-2009, 10:55 AM
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There is nothing responsible about making $200K a year, living in Manhattan and having a million dollar condo with a $6200 a month payment.

That was what I couldn't figure out from the article. If his wife wasn't working then that is a boneheaded move. His debt to income based on the mortgage and his income alone is over 40%. At that point I say he is a moron and living beyond his means.
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post #28 of 43 (permalink) Old 06-04-2009, 11:04 AM
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There is nothing responsible about making $200K a year, living in Manhattan and having a million dollar condo with a $6200 a month payment.
Yeah, he could have lived a lot cheaper somewhere else and ridden to work on the train like a lot of people that work in new york and live elsewhere.

One thing i've found out about life is that when you get into financial trouble it will knock you down and ride you and will not let you up. Its a hole that is extremely hard to climb out of.
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post #29 of 43 (permalink) Old 06-04-2009, 11:43 AM
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There is nothing responsible about making $200K a year, living in Manhattan and having a million dollar condo with a $6200 a month payment.
He made a decision that he could afford and put money back. The decision was made (as stated) to be closer to his family and spend less time commuting. I'll never condemn someone for wanting to spend more time with family, even if it means spending more on the house. How much could he really sace anyway versus paying to commute?

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post #30 of 43 (permalink) Old 06-04-2009, 01:15 PM Thread Starter
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He made a decision that he could afford and put money back. The decision was made (as stated) to be closer to his family and spend less time commuting. I'll never condemn someone for wanting to spend more time with family, even if it means spending more on the house. How much could he really sace anyway versus paying to commute?
You can buy a pretty decent house in NJ for $500-600K. Considering he put ~$200K down on the condo I'd say he could save $3K or more a month. That's not exactly pocket change.
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post #31 of 43 (permalink) Old 06-04-2009, 01:17 PM Thread Starter
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Yeah, he could have lived a lot cheaper somewhere else and ridden to work on the train like a lot of people that work in new york and live elsewhere.

One thing i've found out about life is that when you get into financial trouble it will knock you down and ride you and will not let you up. Its a hole that is extremely hard to climb out of.
I know a guy who heads up a fund up there, lives in Connecticut and rides the train for an hour.
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post #32 of 43 (permalink) Old 06-04-2009, 01:30 PM
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Thanks. I guess spelling could be important, since I managed to misspell "experience" :-)
you're selling items to the construction and industrial markets, not source programmable guidance systems

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post #33 of 43 (permalink) Old 06-04-2009, 03:14 PM
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You can buy a pretty decent house in NJ for $500-600K. Considering he put ~$200K down on the condo I'd say he could save $3K or more a month. That's not exactly pocket change.
I agree with that, but like I said, I'm going off what the article said -- he wanted to spendmore time with his family. I can't fault him for that, especially knowing how much I travel.

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post #34 of 43 (permalink) Old 06-04-2009, 03:27 PM Thread Starter
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I agree with that, but like I said, I'm going off what the article said -- he wanted to spendmore time with his family. I can't fault him for that, especially knowing how much I travel.
I'm not really faulting him for that. I'm faulting him for buying a million dollar condo that he can't even afford in the best of times!
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post #35 of 43 (permalink) Old 06-04-2009, 04:15 PM
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If you can't afford to live in Manhattan then you shouldn't live in Manhattan. I can't afford to live in Monaco or off the coast of Wales so I don't.

Kudos to the guy for trying but he's not going to find another job paying $250k a year in this market with his skill set.

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post #36 of 43 (permalink) Old 06-05-2009, 09:26 PM
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What about the tens of thousands of skilled american blue collar workers that got thrown out on their asses when wall street got greedy? Then they were told that they were idiots and needed to go to college, when they were able to earn a decent living just fine before companies got lured by slave labor.

Fuck those pieces of shit, maybe they need to learn what real work is! Entitled white collar pricks. These companies that go around bragging about their history and heritage wouldnt be shit without the american people that built the companies.

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post #37 of 43 (permalink) Old 06-06-2009, 07:42 PM
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kinda fucked up you guys are calling him a clown and a pussy... just shows what kinda people you are


Fuck you in your clown ass, pussy.



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post #38 of 43 (permalink) Old 06-06-2009, 10:01 PM
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Quote:
Originally Posted by Juiceweezl View Post
I agree with that, but like I said, I'm going off what the article said -- he wanted to spendmore time with his family. I can't fault him for that, especially knowing how much I travel.
Hell, i'd love to spend more time with my family but I have to live in san diego 24 days a month. I can shit in one hand and want in the other, and guess which hand is fuller? You have to make a living, and you have to live within your means. I have a job out there and none here. My family requires food and shelter. So I go. Its that simple. Sometimes you have to make hard choices.

His burn rate was way too high, he should have lived elsewhere and rode the train like most of his co workers.
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post #39 of 43 (permalink) Old 06-07-2009, 01:06 PM
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No one ever said life was fair.
Sucks for him and his family though.
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post #40 of 43 (permalink) Old 06-07-2009, 01:17 PM
duh...duh....duh
 
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Quote:
Originally Posted by mikeb View Post
Hell, i'd love to spend more time with my family but I have to live in san diego 24 days a month. I can shit in one hand and want in the other, and guess which hand is fuller? You have to make a living, and you have to live within your means. I have a job out there and none here. My family requires food and shelter. So I go. Its that simple. Sometimes you have to make hard choices.

His burn rate was way too high, he should have lived elsewhere and rode the train like most of his co workers.
That's how I ended up overseas for several years. Gotta do what ya gotta do and you don't make any money whining to a reporter/journalist.

My '03 Sold.
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post #41 of 43 (permalink) Old 06-07-2009, 10:00 PM
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Why in the fuck would anyone spend damn near a mil on a TWO bedroom condo? isn't that like buying a $80,000 Pinto?

┌∩┐(-_-)┌∩┐
That's directed at you, UHHHbama
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post #42 of 43 (permalink) Old 06-07-2009, 10:31 PM
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ever priced an apartment in new york? Its fucking outrageous, so im not suprized.

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
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post #43 of 43 (permalink) Old 06-08-2009, 05:57 AM
duh...duh....duh
 
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Quote:
Originally Posted by CoorsLightCoupe View Post
Why in the fuck would anyone spend damn near a mil on a TWO bedroom condo? isn't that like buying a $80,000 Pinto?
Hell, in the NE (at least PA) my 200K house would cost around 350-400K. Cost of living is not cheap up yonder.

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