Quote:
Originally Posted by GH85Carrera
Back in the early 1980s there was an oil boom and the "oiles" were tossing money around like it was nothing special. Then the oil boom became a oil bust, and brought down Penn Square bank and made national ripples and many other bank failures.
We had a few members with multiple new Porsches and huge houses and they all just dropped out of the club. They were spending money and leveraging everything to borrow more money. I bumped into one of them a few years later driving a POS of a Pinto and working at a gas station convenience store. It seems most of the oiles had not saved a cent, and were spending more than they made. So it is not a new thing.
I can't imagine trying to live above my means. I know my wife would not put up with it. We are making more than we spend and she has been retired for many years now.
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Being in OKC in the 80's & 90's, living through that in some pretty influential circles as a young man was quite interesting. There was a book written about the Penn Square Bank deal, "Funny Money", about the craziness. Bankers were wearing mickey mouse ears on the job. How about them gold nugget rolex watches? hehe.