A few months ago the G8 met and flat-out told everyone they'd interfere in the currency markets if they got 'irrational.' Fast forward to the action of the past couple of weeks, and you still have people calling us tinfoilhatters for pointing to intervention. Ya, the general market is in there, too, dumping and buying in a panic to keep up, but I don't have a doubt that the Fed's $52B treasury sale, Trichet's rate-cut hint, and major investment houses publicly recommending the same stuff they'd short within days, was completely orchestrated to get the ball rolling.
Long live the US Dollar.
Long live the US Dollar.
What the hell do you call this then? This is copy and pasted from one of your previous posts in this thread : :think2:
You are obviously talking about taxes...damn man....you are like a dog chasing his tail.
Do you even know what you mean or say? :think2:
You libs are so stone cold stoopid I don't even know where to start.
The housing market has been the single best thing to ever happen to ordinary Americans...and remains so. You are taking little slices of the big picture and trying to spin it into horrible sob sister stories of doom and gloom.
Flat out ridiculous...to the extreme.
My parents bought their new 3 bedroom ranch in 1965 and still own it. The $12,000 mortgage has been paid off for years...at the top of the bubble it was worth $120,000...now its worth $95,000.
And you try to make it sound like the Great Depression!
They have made out like bandits..and so is everybody else I know that bought and hung on. Everybody I know is living in new homes with 30 year fixed rates in the low 5%. They are set for life and can ride this out with little problem. And prices will go up again...because we in the U.S. own the most valuable real estate on the planet.
A little inflation and price inflation is a good thing.
Enough of your ridiculous over the top lefty hand wringing....please.
You don't seem to have a clue.
The "housing bubble" we refer to - the one causing people to walk away from mortgages, banks to write off billions, and capital to depreciate at a pace not seen since the Depression - is the one started in the early 2000s. We're not talking about homes that rose in value relative to the rate of inflation over many decades.
Tho, I'm curious: Why is year-over-year price inflation a good thing?
Tho, I'm curious: Why is year-over-year price inflation a good thing?
I am surrounded by a host of friends, clients and family who purchased homes in Florida during the period of 1997-2003. With very few exceptions, anyone that might want to sell those homes - ranging in purchase price from $100K-1.6million - would not be able to get even 75%.
Friends and coworkers in Michigan, Ohio and NYC tell me similar tales, though not quite as desultory.
It shouldn't be particularly shocking in the least to see home foreclosures in major population centers approaching record levels. As the value of the homes has diminished, wages and compensation among the working class (those employed as opposed to being business owners) have failed to keep up with rises in cost of living.
I thank God multiple times daily that I listened to counsel in my college years to become self-employed. I shudder to think what my life at age 48 would be like were I to be dependent on the American job market for me to keep pace.
also to continue as bardude turns a bit tizgloomy
how much in property taxes have been paid over the years
how much upkeep costs have been put in etc.....
the recent bubble really screwing over everybody that got in the housing market within the past 10 years or so
unless you got in way back you pretty much underwater when you factor everything in and especially when you factor in inflation and housing only heading further south
how much in property taxes have been paid over the years
how much upkeep costs have been put in etc.....
the recent bubble really screwing over everybody that got in the housing market within the past 10 years or so
unless you got in way back you pretty much underwater when you factor everything in and especially when you factor in inflation and housing only heading further south
not quite sure why you reference hot money and how it ultimately causes deflation in the end
yet somehow you believe raw commodities will be immune to these forces
and like bardude says the average joe just can't keep up anymore and haven't been for quite some time so naturally prices will have to fall to make up for the shortfall that has been hanging around for a while now as his consumption is hampered due to no more easy credit
only way people could keep up in recent past was housing bubbles, tapping homes as ATMs, racking up CC debt etc....
:lol:
I'm likely in top 10% of most any group when it comes to Optimism.
And I'm confident that living in North America is still one of the best deals going for someone with high financial aspirations.
But I'm not blind to reality of how many people across the USA are in fairly dire straits and it's not by any means due to their being "foolish" per se or having neccesarily made an extended string of poor financial decisions.
Rather, many of these folks just didn't stop to consider all the legitimate "What Ifs" when making their financial decisions.
Most notable would probably be people in the northern half of the US who during the period of 1975-2000 did not take a really hard look at "What if the economic and core business base in my community and geographic region moves to a different location?"
Second would probably be the people in the southern and western half of the US who may have thought, "Things are rocking so good in this part of the country and in my financial life that I don't need to be building a strong, conservative growth portfolio. Rather, I will drop the bulk of my revenues into high dollar consumables" - with the most commonly poor decisions being overly priced vehicles and overly priced residential homes.
Mix in our state and local governments no longer having the support they used to have from the feds due to the past 7 years of excessive military spending and hard working folks who might have gotten some bang back for their tax dollars are now left with fewer options.
It's not about subprime. I work at law firm that employs 500 people - all we do are foreclosures (and the bankruptcy and eviction work that goes along with it) and then the conveyancing of REO properties. We've got about 6000 bank-owned properties waiting to be sold with more coming in every day. We can't hire people fast enough.
These f/c are not subprime loans. The problem isn't unscrupulous lenders or stupid borrowers - the problem is jobs and wages.
I would hope those on the left and the right could agree on one thing - the outsourcing of jobs overseas and the continued influx of cheap foreign labor is absolutely killing this country. Cheap foreign labor is degrading our standard of living and it depresses EVERYONE's wages.
Yet neither party will do a fucking thing about it.
I don't get either side in this debate.
Fact: People are losing their homes
Fact: The lenders offered deals that were to good to be true - and people who had never lived thru a bad economy; who didn't plan for the worst - have sufferd for it.
Fact: Both lenders and borrowers are guitly
Lenders are guilty for making loans to people who couldn't afford them
Borrowers are guilty of stupidity - of spending every penny they could borrow and for hocking their futures to spend for today.
IMO, the government should bail them out to save the economy and my 401k - but both parties should be made to feel a lot of pain in their wallets for their ignorance and stupidity.
Fact: People are losing their homes
Fact: The lenders offered deals that were to good to be true - and people who had never lived thru a bad economy; who didn't plan for the worst - have sufferd for it.
Fact: Both lenders and borrowers are guitly
Lenders are guilty for making loans to people who couldn't afford them
Borrowers are guilty of stupidity - of spending every penny they could borrow and for hocking their futures to spend for today.
IMO, the government should bail them out to save the economy and my 401k - but both parties should be made to feel a lot of pain in their wallets for their ignorance and stupidity.
Lost jobs is always one of the reasons there are foreclosures, always will be. The current rate of foreclosure is also influenced by the monthly payments on sub-prime variable rate mortgages increasing substantially. Such loans were made available to people who otherwise couldn't buy the homes, so when their payments increase and the property values stopped increasing, foreclosure is the result. 20% of foreclosures are on investment properties, more speculation gone bad. Banks were also giving loans to high credit risk people, the type of credit scores that won't get a mortgage today.
A lot of variables are in play as to why we have more foreclosures, lost jobs or reduced incomes is probably the one variable that's most consistent throughout time, it's the reason law firms like yours exist. The most dominant variable that influences the rate of foreclosures varies from zip code to zip code.
As for regulating the outsourcing of jobs, what on earth do you suggest?
Attention Lou Dobbs,
America has the second highest corporate tax rate in the world (second to only Japan). Might that have something to do with "Outsourcing America?"
Of course honest hard working Americans can compete with ANYONE -- but not when China artifically devalues it's currency and Uncle Sam overtaxes the engine of the economy: entrepreneurs and the investor class.
The Pelosi-Reid-Obama Democrats want to RAISE the corporate tax rate because they believe "the rich aren't paying their fair share."
John McCain will lower corporate taxes which will help bring back some of those overseas jobs.
While the Pelosi-Reid-Obama Democrats obsess over "dividing the pie," Republicans believe in growing the pie.
Elections matter. VOTE!
:aktion033:aktion033:aktion033:aktion033
subprime just tip of the iceburg
plus this isn't just a US issue
there are housing bubbles worldwide
the unstoppable american consumer living beyond their means wasn't gonna stop until he was forced to....aka the banks get in trouble
also bosstown there is nothing that government can do but dig us a deeper hole
by trying to bailout and keep prices elevated they are doing what got us into the problem to begin with
the whole problem is prices need to fall in everything to realign to the new marketplace in which americans only can consume based on what they earn not what they can rack up on debt or via tapping their home equity or whatever
which is why i think deflation in not just homes but everything is coming....and the reason you are starting to see things such as oil fall in price
by trying to bailout and keep prices elevated they are doing what got us into the problem to begin with
the whole problem is prices need to fall in everything to realign to the new marketplace in which americans only can consume based on what they earn not what they can rack up on debt or via tapping their home equity or whatever
which is why i think deflation in not just homes but everything is coming....and the reason you are starting to see things such as oil fall in price
oh yeah some people just got stuck and didn't even know what hit them....the non home flippers etc.....
my grandma lived in the same house since the 50s probably bought the home under 20k.....it was starting to build some cracks due to age as well as an underground foundry in the area
at the peak of this madness they were going around her neighborhood and paying people 300k to come and knock down their home and put up these mcmansions which were going for 800k on pretty tiny lots in the suburbs of chitown
she sold out and moved to a retirement type deal it was so close to the peak that the person that bought it from her ditched out on the 800k mcmansion deal and just covered up some of the issues with the home and resold it to some young couple for a little more that didn't know any better
so they basically paid over 300k for a house that is worth 150k at best not just due to market conditions but fact that it has some age issues to go along with it.....many people like this along the way
for my grandma on the other hand it worked out well got in dirt cheap and sold out at the top
The underlying conclusion of Boss's post is regulation to stop job outsourcing, is this what you're :aktion033:aktion033:aktion033:aktion033 about?
Or are you just happy he said the economy is bad, makes you feel all warm and fuzzy inside.
