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Old 12-09-2018, 01:43 PM
 
Location: Washington State
18,459 posts, read 9,554,421 times
Reputation: 15750

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Quote:
Originally Posted by thelogo View Post
The value of houses going up is an illusion. People "invest" in property and is used as collateral in loans, that is why their prices apparently go up. But this is unnecessary in a healthy economy. Houses like any other goods depreciate with time. Rich people and speculators park money in property and that ruins it for everyday working people. That is why rent is so high and continue to rise. Spending half the working life of a person for rent is a hindrance to the economy, but it creates lots of wealth for owners of real states and banks. And so the accumulation of wealth in a few hands continue.

A house is a basic need, spending 30 to finally own your most basic need is madness. If prices continue to go up, in the future it will take 50 years to pay a house. The real price of houses should be a lot cheaper than what they are now and should go down with time. That is normal, but we live in abnormal times where a few clever ones screwing the rest are idolized.
Housing has gone up primarily because of materials and features demanded, increased size and people wanting to crowd into certain locations. Housing is cheap in some locations. The USA, by the way, has much cheaper housing particularly for our average incomes than most of the world.


Median house price in Australis is $809K Aussie dollars or $581K USD compared to $200K median in the USA
https://www.domain.com.au/news/what-...180608-h115ni/

https://www.cnbc.com/2017/06/29/what...ss-the-us.html
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Old 12-09-2018, 03:06 PM
 
Location: Kansas City, MISSOURI
9,013 posts, read 2,728,318 times
Reputation: 6945
Quote:
Originally Posted by rstevens62 View Post
Im not sure I agree with the 30 yr mortgages being a good thing for the people...

When we first got married my wife and I bought a house, sale price was $94,500, we were first time home buyers so we qualified for no money down, and a decent rate (around 7% back in the 90s). Our monthly payment was $870...if we had made our payment each month, at the end of 30 yrs, we would have paid around $315K...for a $95K house!!!! Im not skilled in investments, but that doesnt seem like a very good investment!
And if you had not been able to take out a home loan, would you have been able to afford to buy a house at all? Probably not.
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Old 12-09-2018, 03:18 PM
 
Location: Ohio
19,883 posts, read 14,221,081 times
Reputation: 16076
Quote:
Originally Posted by lovecrowds View Post
21.85 trillion in federal debt.
The world has always run on a debt.

Long before currencies existed, there was debt.

Before money existed, merchants in some cultures kept tally of what you owed on a stick. Other cultures used beads and various other means of keeping track of debt, like tying knots on a string.

Even in a world where barter rules, you still have to borrow sometimes.


You think farmers and herders did without from Spring until the Fall harvest?


No, they borrowed on credit long before money existed.
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Old 12-09-2018, 03:34 PM
 
15,122 posts, read 3,993,514 times
Reputation: 10949
If I can buy a house or car or food with my fake money, does it matter that it is fake?

In the end, trade has often been about the perceived value of the goods involved. That drives the willingness of billions to WORK in exchange for the script and assigns value to it.

Big numbers can scare people - like that 32 Trillion dollars in our homes just in the USA or the 33 Trillion in the USA Stock Market Capitalizations. Land, in addition to our houses, is worth about 25 Trillion. What are rivers and lakes worth? Infrastructure? All the savings and resources combined?

What is the monthly output of all the investments and workers and machines?

Throwing numbers out there without a couple thousand pages of references and balance sheets is fruitless. A dollar was a dollar when I first went to work 40 years ago and it's a dollar today (inflation-adjusted, but it sure buys a heck of a lot).
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Old 12-09-2018, 05:28 PM
Status: ""a mind that understands science"" (set 29 days ago)
 
18,999 posts, read 12,192,035 times
Reputation: 10416
Quote:
Originally Posted by odanny View Post
Trump gave the military industrial complex more money than they even asked for, he also slashed the tax rate for the nations
1%er's.

Enjoy your ill gotten gains folks, because a crash is coming, and it's gonna take a while to recover when it gets here.. The 1%er's won't be bothered too much by it, they have the Republican Party looking out for them.


I guess you forgot that Obama doubled the debt from $10 trillion to nearly $20 trillion. But that doesn't count in minds of libs.
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Old 06-25-2019, 07:17 AM
 
12,705 posts, read 9,961,918 times
Reputation: 9515
Quote:
Originally Posted by James Bond 007 View Post
I know it's popular to bash high debt levels, but the reality is, developed nations are developed in large part BECAUSE they have high levels of debt - particularly real estate debt.

In 3rd World nations, typically they don't have things like 30-year mortgages, or at least things like that are hard to get, and as a result, people commonly build their own houses, resulting in residential neighborhoods that look like this. Typically in places like that, debt levels (at least personal debt like mortgages, car loans and credit cards) are low, but that means people don't have the money to buy a nice house. So they buy a bare plot of land (which is usually cheap) and then go out and start buying cinder blocks and start building their own house themselves. That's why typical neighborhoods in developing nations tend to look so crappy. It's all very "do it yourself."

In developed nations, debt/credit is much more easily available, and as a result, people can buy things they otherwise wouldn't be able to without taking out a loan. Places like this would simply not exist remotely on the scale that it does without the widespread availability of credit. If people in the US did not take on so much debt, the US would look more like Brazil.
Actually, 30 year fixed rate mortgages are common only in the US. Even in other developed nations they are much rarer. Also, about half of U.S. homeowners do not have a mortgage, so how can you claim that credit explains the difference between their houses and those in a third world country? Finally, if someone actually has enough income to be able to handle car payments, then they also have enough income to buy a scooter instead and save up to buy a cheap car in cash in 1-2 years. So again it seems suspect to me to claim that credit really is needed for these.
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Old 06-25-2019, 07:32 AM
 
Location: Milwaukee
4,244 posts, read 2,084,896 times
Reputation: 2655
Quote:
Originally Posted by hawkeye2009 View Post
I guess you forgot that Obama doubled the debt from $10 trillion to nearly $20 trillion. But that doesn't count in minds of libs.
It's a competitive world
Everything counts in large amounts
--(from a 1983 single by the electronic band Depeche Mode)


https://www.debtconsolidation.com/us-debt-presidents/
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Old 06-25-2019, 07:38 AM
 
26,599 posts, read 9,050,355 times
Reputation: 9262
In a world of Fake debt-based economy's no reason not to have the best one !!!
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Old 06-25-2019, 09:42 AM
 
6,740 posts, read 6,546,204 times
Reputation: 5058
Quote:
Originally Posted by thelogo View Post
The value of houses going up is an illusion. People "invest" in property and is used as collateral in loans, that is why their prices apparently go up. But this is unnecessary in a healthy economy. Houses like any other goods depreciate with time. Rich people and speculators park money in property and that ruins it for everyday working people. That is why rent is so high and continue to rise. Spending half the working life of a person for rent is a hindrance to the economy, but it creates lots of wealth for owners of real states and banks. And so the accumulation of wealth in a few hands continue.

A house is a basic need, spending 30 to finally own your most basic need is madness. If prices continue to go up, in the future it will take 50 years to pay a house. The real price of houses should be a lot cheaper than what they are now and should go down with time. That is normal, but we live in abnormal times where a few clever ones screwing the rest are idolized.
I am never planning to borrow money for more than 15 years if I ever get around to buying property.
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