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Cash 22 situation

15 years ago

What being in a "Cash-22" situation means?

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Comments (9)

western_pa_luann
15 years ago
ummm... do you mean catch 22?

if so----
Definition:
absurd situation or its cause: a situation or predicament from which it is impossible to extricate yourself because of built-in illogical rules and regulations

Never heard of cash 22.
erps
Original Author
15 years ago
Yes probably. I just googled cash-22 and I couldn't get the point. Thanks.
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emilynewhome - in very similar situation, the DA in my county wouldn't even pursue criminal charges against my builder! Said that with all the money changing hands in every which direction... and most of the evidence of what payments were due when and to whom and for what work being in the builder's hands, it was just too hard to prove a criminal case. DA said he had tried several times to indict builders who pulled this kind of s--t (including MINE) in the past but could never get a grand jury to indict. Builder's lawyers always claimed that, at worst this is just a breach of contract matter - and grand juries had a hard time keeping up with the "shell game" of where the money all went to see that it was continually going into the builder's pockets and it took a humongous amount of time and effort to gather the evidence necessary to begin to make a case. Plus, as a DA (which is an elected office here) he had to focus a certain amount of his energies on the rapes, murders, and other sensational crimes. Dealing with this kind of "white color" theft wouldn't get him re-elected. The DA did encourage me to pursue a civil action for breach of contract, conversion, and civil fraud...which we're still in the process of doing. My builder previously lost another civil suit for fraud, breach of contract and coversion to the tune of a judgment over $300K. Shortly after I filed suit, he filed bankruptcy to keep from paying anything to the other homeowner. My suit is "stayed" due to his bankruptcy action so, after spending an additional $15K on attorney fees, I'm no closer to resolution than ever... and now I'm having to convince the bankruptcy court NOT to allow him to discharge his debt to me before I can even get the lawsuit competed. (If I win in civil court AND the jury finds that my damages are due to his fraudulent activity, then he won't be able to discharge the debt and - someday - I might collect...maybe.) The same DA also told me that if he personally wanted to steal money, he wouldn't bother going out and getting a gun and trying to rob liquor stores or convenience stores. He'd just go register as a home builder with the state of Texas and rob his clients b/c he'd get a whole lot more money and never wind up having to serve any time for it! So, it is not just Lafayette LA where that message to dishonest builder goes out that they can steal with impunity. Thank heaven that there are HONEST builders out there or, I swear, we'd all be living in caves and tents!
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clg7067
15 years ago
It's also a good book/movie. At least it was a good movie when I originally saw it. ;)
chisue
15 years ago
When I read the OP's subject line I thought it was an imaginative way of stating the situation where you don't know where to put CASH! LOL There aren't a lot of good options right now. You can't even beat inflation with a CD or Treasury; the market is a continuing mess; and who wants to even mention real estate?
joyfulguy
15 years ago
Use cash to purchase:

CD/GIC/bond - peanuts for income: below rate of inflation. After-tax (apart from tax-free muni, available only in U.S.) result is *way!* below inflation! Who wants to subsidize the borrower??

Mutual funds - recent heavy drops in price levels, continuing. Manager dines on some of it, annually. Anyone interested in shrinking dollars??

Stocks - pretty well the same game (but there's no fund manager to eat part of the value). Anyone interested in shrinking dollars?

Real estate - the foreclosure rate being what it is ... are prices about to stop dropping any time soon? To say nothing of developing anything resembling an advance!

Gold - purchase, assay, shipping, storage costs ... maybe insurance (if available) ... apply.

Provides no ongoing income.

When you sell ... shipping, assay, brokerage costs apply.

You'd better hope that there's a major advance in price in the meantime!
_________________

Take your choice!

All of the above said ... I generally prefer to own stuff myself, rather than lending my money to another entity ...

... which often produces a better return on it for themselves than I get!

ole joyfoul

P.S. Buy pigs! Each mom produces from eight to about a dozen ... maybe more ... per year.

Howja like them apples? (Pigs like apples, too - in fact, they'll eat darn near anything ... they say that farmers in the midwest used to run pigs and cattle together ... and feed the cattle!). Maybe just a rumour!

o j
turnage (8a TX)
15 years ago
"rather than lending my money to another entity ...

... which often produces a better return on it for themselves than I get! "

I noticed in this mornings news that Bank of Montreal is lending Pilgrim's Pride Corp $365 million to help them through their Chapter 11 bankruptcy filing. At a good rate of return I'm sure.
chisue
15 years ago
Great idea, O.J. Pigs! A cow! Some chickens! Oh, foo, my suburb has already been through the 'pigs' debate with Mrs. Walgreen; no pigs allowed.
joyfulguy
15 years ago
Hi turnage,

That " ... good ..." word that you used seems to me to be one of those four-letter kind.

Like in, ""= ... s/he makes 'good' money at her/his job ..." kind of "good", right?

Sort of like, " ... high ... ", maybe?

One thing for sure - if BMO makes it ... they ain't very likely to share much of it with me, a depositor.

o j
turnage (8a TX)
15 years ago
Hi joyfulguy,

I'm sure Pilgrims is very grateful for BOM's help - the little chickens get to keep eating and lots of people keep working.

I guess when a company goes into Bankruptcy Court, they take the cash at whatever interest rate they can get. But shame on that stingy old bank for not sharing with you.

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