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Several people called the meltdown before it happened, and I agreed with them, but this statement is incorrect. You can inflate your way out of anything. The only problem is that you risk hyperinflation, which is worse than deflation. You can keep printing out money until it is worthless. If a house is worth $1 million today, and you dont want it to drop in NOMINAL value during a housing meltdown, you just keep printing out more money until $2 million dollars tomorrow is what $1 million dollars today is worth. Now, the house will still sell for $1 million dollars, but that $1 mil is only worth $500K. So you CAN inflate your way out of anything, but it is a dangerous game to play, and hopefully our government doesn't have the guts to play it any further than they already have.
Very true...point well made. And another prime example of why one should never pay of a mortgage early.
Maybe Millburn is a lovely place to live, but paying a premium in NJ has become foolish. Many towns outside the NYC area are wonderful places to live without financing the capital.
Maybe Millburn is a lovely place to live, but paying a premium in NJ has become foolish. Many towns outside the NYC area are wonderful places to live without financing the capital.
It's only foolish if it's foolish to the person paying the premium. You are talking in very relative terms. If someone can afford a mercedes, who's to tell them it is foolish to buy one? If someone wants to live in the NYC area, obviously, the premium is worth it to them, so what is foolish?
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