Aske
Lederhosen
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great economy, blah blah...
« on: September 18, 2007, 07:46:33 AM » |
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century. -- Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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Walfredo
Straitjacket
Karma: 18 Posts: 2013
OfflinePaintin the town brown
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Re: great economy, blah blah...
« Reply #1 on: September 18, 2007, 07:53:10 AM » |
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The only thing that makes my mortgage rise is property taxes and my county assesor believing my house still appreciates 10% per year in this depressed market.
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For hither not, I am the stallion. Come fear, come love, I am the stallion. You know that I am the stallion, mang. I am, I am the stallion, mang. You know that I am the stallion, mang. I live, I walk, I am the stallion, mang.
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Fuzzy
Full Metal Jacket From: Island of Misfit Toys
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Re: great economy, blah blah...
« Reply #2 on: September 18, 2007, 07:54:23 AM » |
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Stock market is up today.
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"You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose." From Oh the Places You'll Go, by Dr. Seuss (Theodor Geisel)
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Aske
Lederhosen
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Re: great economy, blah blah...
« Reply #3 on: September 18, 2007, 07:55:33 AM » |
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Stock market is up today. just further proof the game is rigged for the 'haves'
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century. -- Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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Uisce Beatha
Amazing Technicolor Dreamcoat From: In the Jar
Karma: 116 Posts: 7357
OfflineGet me the tank!
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Re: great economy, blah blah...
« Reply #4 on: September 18, 2007, 08:00:09 AM » |
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Are you suggesting a faltering economy is the primary cause of increased mortgage defaults? Or the other way around? Or both? Or neither?
While everything economic depends on everything else I submit that higher mortgage default numbers are increasingly inevitable these days. You take the knuckleheads pimping unsafe products, add the knuckleheads buying them and it's a recipe for disaster. In my view there's not much difference between a drunken weekend in Vegas with your 401K money and an interest-only (or less) mortgage betting on the come that your house will be worth 40% more in five years. A few years ago I didn't think it could get crazier than 125s but those seem relatively sane at this point. I think many of the products/practices currently in play should be outlawed. That's not a very 'small government' attitude, I know, but it seems we have to protect the idiots from themselves. Weed out the crap products and the people who make a living off them. Those folks will land on their feet selling cellular phones and vinyl siding so it won't be an unemployment increase at all.
'Tis part of the economic woes of this country certainly but I don't think it's because of decreased buying power. More like a decrease in logical thinking.
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"If you're darker than a caramel, Reverend Al speaks for you." - Aasif Mandvi "Well, you can tell by the way I use my walk, I'm a woman's man: no time to talk." - stroh
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Aske
Lederhosen
Karma: 120 Posts: 31405
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Re: great economy, blah blah...
« Reply #5 on: September 18, 2007, 08:01:57 AM » |
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both
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century. -- Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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Fuzzy
Full Metal Jacket From: Island of Misfit Toys
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Re: great economy, blah blah...
« Reply #6 on: September 18, 2007, 08:02:21 AM » |
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Stock market is up today. just further proof the game is rigged for the 'haves' I guess I don't see it that way. {edit} comment directed more at the mortgage "crisis" situation. Uisce pretty much summed up my feelings.
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« Last Edit: September 18, 2007, 08:07:37 AM by Fuzzy »
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"You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose." From Oh the Places You'll Go, by Dr. Seuss (Theodor Geisel)
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Walfredo
Straitjacket
Karma: 18 Posts: 2013
OfflinePaintin the town brown
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Re: great economy, blah blah...
« Reply #7 on: September 18, 2007, 08:17:41 AM » |
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Don't forget those morans still think a home is an asset. Which it is of course if you are renting it out and not living in it while using it as an ATM.
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For hither not, I am the stallion. Come fear, come love, I am the stallion. You know that I am the stallion, mang. I am, I am the stallion, mang. You know that I am the stallion, mang. I live, I walk, I am the stallion, mang.
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Uisce Beatha
Amazing Technicolor Dreamcoat From: In the Jar
Karma: 116 Posts: 7357
OfflineGet me the tank!
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Re: great economy, blah blah...
« Reply #8 on: September 18, 2007, 08:18:26 AM » |
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Stock market is up today. just further proof the game is rigged for the 'haves' "Of course the game is rigged. Don't let that stop you - if you don't play, you can't win." - Robert HeinleinAnd it's a lot more than your 'haves' who are playing the game. I'm not sure if I'm a have or a have-not but I love it when my measly retirement accounts increase in value. I guess I'm probably not a have as my basement is unfinished. I'm probably not a have-not as I do have a basement to be unfinished. I'm probably somewhere in the middle with the other 200 million+ Americans vested in retirement plans, mutual funds and the market in general.
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"If you're darker than a caramel, Reverend Al speaks for you." - Aasif Mandvi "Well, you can tell by the way I use my walk, I'm a woman's man: no time to talk." - stroh
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hobbit
Tartan Jacket From: The Shire
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Re: great economy, blah blah...
« Reply #9 on: September 18, 2007, 03:14:14 PM » |
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Stock market is up today. just further proof the game is rigged for the 'haves' "Of course the game is rigged. Don't let that stop you - if you don't play, you can't win." - Robert HeinleinAnd it's a lot more than your 'haves' who are playing the game. I'm not sure if I'm a have or a have-not but I love it when my measly retirement accounts increase in value. I guess I'm probably not a have as my basement is unfinished. I'm probably not a have-not as I do have a basement to be unfinished. I'm probably somewhere in the middle with the other 200 million+ Americans vested in retirement plans, mutual funds and the market in general. Ding, ding ding! We have a winner. Almost ALL of us are 'in the market' - not just the 'rich'. My 401k, Roth, IRA, etc., all increase in value when the market goes up - is this all it takes to make me a 'have'?? (I guess the fact that I have more than just a 401k may, but thats just cause I'm single - and trust me, getting raped on taxes as a result - *fudge* anyone that thinks I'm getting special breaks, loopholes, etc. - you know not what you speak of). Aske is correct that is 'both' - its a terrible feedback loop. But I'm not completely sold on further regulating the industry. Let fools be fools and pay the price - its a self correcting practice and people will learn. There is, however, an undeniable impact (not nearly as big as its being made out to be, but panic is not rational is it) on the overall economy - do we need to shield the fools from themselves, or the rest of 'us' from the fools? The latter sounds better but I have no idea how to accomplish that without the former. One thing I do know, is that if there is any bail-out at all, new regulations are a must as well - otherwise you're setting a precedent that could be repeated ad nauseam.
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I've gone to find myself. If I get back before I return, keep me here.
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