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XPO | Xpo Union Thread.

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Fly-by-night said:
WOW Gene I thought you were smarter than this. Please explain how financing is different then being slave to a lender. I can't wait to hear this
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My goodness. Professors everywhere!

Financing uses other people's money to free up your own money. Saving your pennies in a jar to buy a house, or a car, or even a toy like a bike or a boat, or grow a business, is not efficient or practical when you can borrow that money with little to no interest. Being a slave to a lender is to rack up more debt than you can pay for and drown in interest. Not the same. You can't just say "debt is bad", whether it's your debt, XPO's debt, or even the US debt.

Now, if your point was that people are racking up unsustainable revolving debt to finance a lifestyle above their station, then sure, I agree. But I don't agree with the blanket proclamation that "debt is bad" and pine for the good old days of mattress and cookie jar banking.
 
Serene Gene said:
My goodness. Professors everywhere!

Financing uses other people's money to free up your own money. Saving your pennies in a jar to buy a house, or a car, or even a toy like a bike or a boat, or grow a business, is not efficient or practical when you can borrow that money with little to no interest. Being a slave to a lender is to rack up more debt than you can pay for and drown in interest. Not the same. You can't just say "debt is bad", whether it's your debt, XPO's debt, or even the US debt.

Now, if your point was that people are racking up unsustainable revolving debt to finance a lifestyle above their station, then sure, I agree. But I don't agree with the blanket proclamation that "debt is bad" and pine for the good old days of mattress and cookie jar banking.
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Gene is spot on with this one and I don't agree with anyone questioning his intelligence its says far more about you by doing so.
 
sucker666 said:
That I agree with,it may be better for some who think they may not have the discipline to stay away from using credit .
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The best thing for a broke person to have is no credit at all.. You have to have money to use credit wisely... Until you learn how to manage your own money you will not be able to handle other peoples money.
 
Serene Gene said:
Very true- I know I wasn't when I was younger. Thankfully I grew up a little.
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I hit rock bottom in 94... Said never again and I never did again... I bought a 200 dollar Datsun B210 and worked everyday... Had 0 credit so I couldn't go into debt, was worried as hell, Until I looked in my bank account and had 10k in it from not being able to buy anything... bought a trailer to live in payments 179.99 per month with my future wife (had to use her credit) Lived in it til 02 , Bought a house and paid off a 30 yr loan in 5.5 years on 1 income... Wife came home pissy after her work one day on 04, told her I wanted her to quit and take care of our kid... 14 years later , kid is grown and wife now babysits my 115lb bulldog and still debt free... The only people in this business who are given a pass for being broke are people with sick wives / kids etc with a mountain of medical bills... If you are broke and make 75-100k or more per year, you have too many toys or you are living well above your means
 
Jeff said:
I hit rock bottom in 94... Said never again and I never did again... I bought a 200 dollar Datsun B210 and worked everyday... Had 0 credit so I couldn't go into debt, was worried as hell, Until I looked in my bank account and had 10k in it from not being able to buy anything... bought a trailer to live in payments 179.99 per month with my future wife (had to use her credit) Lived in it til 02 , Bought a house and paid off a 30 yr loan in 5.5 years on 1 income... Wife came home pissy after her work one day on 04, told her I wanted her to quit and take care of our kid... 14 years later , kid is grown and wife now babysits my 115lb bulldog and still debt free... The only people in this business who are given a pass for being broke are people with sick wives / kids etc with a mountain of medical bills... If you are broke and make 75-100k or more per year, you have too many toys or you are living well above your means
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Million of situations out there when it comes to debt and everyone has their own comfort level. I'm glad your in a good place.
 
Jeff said:
I am definitely the best looking user here, I know that is true
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Since this is the union debate thread , Jeff , do you have any sense on which way the voting will go for the ABF contract?

I wonder what the impact one way or the other would be on the rest of the industry ( LTL )?
 
icuicp said:
Since this is the union debate thread , Jeff , do you have any sense on which way the voting will go for the ABF contract?

I wonder what the impact one way or the other would be on the rest of the industry ( LTL )?
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I'm not Jeff but I bet they will reject it.
 
icuicp said:
Since this is the union debate thread , Jeff , do you have any sense on which way the voting will go for the ABF contract?

I wonder what the impact one way or the other would be on the rest of the industry ( LTL )?
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I would expect them to make their leadership go back to the table and get somewhere between what they want and what the company will offer. Truck Drivers are not just falling from the sky anymore with this booming economy so I think the workers have a bit of leverage to work with. No idea what the impact may be though
 
Jeff said:
I would expect them to make their leadership go back to the table and get somewhere between what they want and what the company will offer. Truck Drivers are not just falling from the sky anymore with this booming economy so I think the workers have a bit of leverage to work with. No idea what the impact may be though
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That's how it works. It is the booming economy and the shortage of "good qualified " drivers that lead to that leverage. If you want to run a less than average company with consistent turnover have at it .
 
Serene Gene said:
My goodness. Professors everywhere!

Financing uses other people's money to free up your own money. Saving your pennies in a jar to buy a house, or a car, or even a toy like a bike or a boat, or grow a business, is not efficient or practical when you can borrow that money with little to no interest. Being a slave to a lender is to rack up more debt than you can pay for and drown in interest. Not the same. You can't just say "debt is bad", whether it's your debt, XPO's debt, or even the US debt.

Now, if your point was that people are racking up unsustainable revolving debt to finance a lifestyle above their station, then sure, I agree. But I don't agree with the blanket proclamation that "debt is bad" and pine for the good old days of mattress and cookie jar banking.
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When you finance anything you become the slave, you have to pay it back on their terms. The bank now control you life and money. You pay interest instead of earning interest. Sound like a slave to me.
I just point out is if the IBT go on strike it might last no more than 2 weeks due to the amount of debt the average American has.
https://www.usatoday.com/story/mone...debt-the-average-us-household-owes/107651700/
 
Jeff said:
I hit rock bottom in 94... Said never again and I never did again... I bought a 200 dollar Datsun B210 and worked everyday... Had 0 credit so I couldn't go into debt, was worried as hell, Until I looked in my bank account and had 10k in it from not being able to buy anything... bought a trailer to live in payments 179.99 per month with my future wife (had to use her credit) Lived in it til 02 , Bought a house and paid off a 30 yr loan in 5.5 years on 1 income... Wife came home pissy after her work one day on 04, told her I wanted her to quit and take care of our kid... 14 years later , kid is grown and wife now babysits my 115lb bulldog and still debt free... The only people in this business who are given a pass for being broke are people with sick wives / kids etc with a mountain of medical bills... If you are broke and make 75-100k or more per year, you have too many toys or you are living well above your means
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Isn't it great just having to pay you living expenses and having all that extra money to invest instead of pay some bank payments and interest.
 
troubleman84 said:
NLRB judge is the one who made decision.
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So what? That decision still gets appealed to the board. Then it can go to an appeals court. Then it can go to the supreme court. The whole process is spelled out on the NLRB website, but what do I know, right?

That's a lot of perfectly legal steps and time remaining for something that wouldn't get them any closer to real leverage at the table.
 
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