The Economy

Hong Kong’s Iconic Jumbo Restaurant Capsizes in Xisha Islands - Bloomberg

Also, ironic as seafood restaurant goes swimming with the fishes. And my first thought -- since the place was more than $12 million underwater -- was "insurance fraud."

 

Somebody check in with TrooperBari to see if he's OK.

 

I wouldn't say I'm OK -- I'm sick and in hotel quarantine -- but thanks for thinking of me. Jumbo closed its doors for good in March 2020, two months before I arrived in Hong Kong, so I only know it by reputation. The menu looks nice, if pricey.

Jumbo was allegedly on its way to Cambodia. No injuries or deaths, international waters, out of Hong Kong's jurisdiction, deep financial struggles -- it's hard to see how this is anything other than a scuttling. Our outgoing chief executive made a big deal in last year's policy speech about how Jumbo was going to be handed over to Ocean Park and be part of southern Hong Kong island's revitalization, but the finances didn't work and the deal fell through. I'd be surprised if this ends in anything worse than a slap on the wrist for Jumbo's operators as the government hasn't given a damn about the restaurant for years (another function of its situational fiscal conservatism) and only grudgingly makes an effort to preserve local heritage and history.

Hong Kong authorities request report of Jumbo Floating Restaurant sinking

 

Not an overall economy note, but a personal one. As of tomorrow, I'll be 100 percent CC debt free for the first time since I was 18 years. Feels. Damn. Good.

 

Nice man! I also accomplished that, albeit via the age old means of "married someone with a good job," ha. But, it's amazing what a mental relief being (mostly) debt free is.

 

Nothing wrong with that. I had paid more than half of it myself through a consolidation loan but continued windfall from a deceased family member’s estate helped push me over the finish line. All I have left now is 2 1/2 years of a very reasonable car payment, and I will probably start to chip away at that with double payments going forward.

 

I'm in the same boat. Car and student loans should be done early next year.

It's the Dave Ramsey plan, except not wrapped up in all the fake fundamentalist Christian nonsense.

 

I actually owe $7,000 on an HVAC/water heater we installed last July. Interest-free for 18 months, though.


I'm torn what to do about our stalemate insurance claims. We have received $15,000. We were offered $30,000 more at mediation last January (of which we would have seen $24,000). Public adjuster talked me out of it. Assured me we could get much more. "That's the way insurance companies work; they hope you'll get frustrated and settle for less."

Now we're at the last-step attorneys getting involved stage. Because they want 40% of any settlement, we would have to get $60,000 just to see that same $24,000 we were guaranteed six months ago (40% me, 40% insurance, 20% adjuster). And that's NOT guaranteed. What if we lose? Still being told the same old "You have a good case; we think we'll be able to get you a lot more yada yada yada." But dammit, inflation is through the roof. And I need a fucking new roof. What will one cost a year from now when/if this is settled?

 

I have never paid a credit card finance charge and I was completely debt free when I paid off my house after getting an inheritance. However, a couple of bigger expenses cropped up -- a car for my daughter after she crashed her older one, and a new mattress. Both came with all the bells and whistles and were expensive, but came with 0 down and 0% interest. I didn't mind.

 

One of the car ads last night (Jeep?) was still pushing 0.9% APR. I guess when you are getting top dollar for the sheet metal it still makes sense to dangle that carrot.

 

Capital One hates me. I am a convenience user. The paint is literally missing from all four edges of my credit card.
I get paid once a month. When I do, I pay off whatever I put on the card that month - be it $200 or $2000 - and ever so often cash in that 1.5% cash back.