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I have been thrown out of work before and I survived because I was prepared. I am even more prepared now.
We have a 14 trillion dollar economy. Its gonna take an attack by the Death Star to make it "crash." Recessions are inevitable. And they always pass.
As for my house and gains, I only bought it last Winter and I bought it for a place to live, not to make a quick buck like all these sorry-ass fools claiming they were cheated.
There it is K-k-k-k-Ken.
The Zimbabwe economy is a quadrillion (or quintillion) dollar economy, and grew much faster than any other country in the world, percentage wise. Therefore, is it a bigger economy than the US?
Of course, it takes hundreds of billions of Zimbabwe dollars to make one USD.
Absolutely. Once again those who are responsible and hard working end up paying for those who are not. When will it ever end?
I don't so much think that a lot of the people who are having housing issues aren't hard working, there are plenty of people who do their 9 to 5er and still just can't do it.
I don't think it's so much a matter of sloth, as it is so many people today are just trying to live outside their means. They get a job that pays the best they have ever had and think they can afford a car payment, house payment, big screen TV payment, computer payment, insurance and so on.
Irresponsible on the other hand, I can agree with. Too many people want free convenience without responsibility, when in reality we can only choose two of those three things. something has to give.
They'll be paying for that help when they eventually sell their home and the government gets part of the profits.
What if they sell it at a loss of 100k to their kid who turns around and sells it for a profit? What happens if the difference was 300k and they only profited 100k... who pays the other 200k and is the government going to get ALL of the 100k? More than likely these same irresponsible people will cheat and lie (yet again) to get what they want. I don't reward liars and cheaters...and punish the honest and responsible...
The Zimbabwe economy is a quadrillion (or quintillion) dollar economy, and grew much faster than any other country in the world, percentage wise. Therefore, is it a bigger economy than the US?
Of course, it takes hundreds of billions of Zimbabwe dollars to make one USD.
Sure I am. The Zimbabwe stock market rose 12,000% last year. Far far more than any other stock market. But the currency it's denominated in is worthless. In 2000, it took 30 Zimbabwe dollars to make 1 USD. Now it takes hundreds of BILLIONS to make one USD.
The poster whoever it was mentioned that we're a 14 trillion dollar economy. The problem with that statement is that we're measuring our economy with a shrinking ruler. The dollar has lost 30% of its value since 2000 and the worst has yet to come.
This is why I sold my dollars long ago and only use them from my foreign investment dividends to live off of.
If YOU have a house, it's likely that YOU'LL benefit because if all those homeowners in trouble dump their houses more or less all at once, then YOUR equilty falls - and may remain down for a very long time.
I didn't buy my house as a financial investment and those that did DESERVE to lose their value when they overpaid for it.. As to my loss of equity... GREAT! I LOVE to pay LESS property taxes...
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Furthermore, if the housing market collapses any more it MAY take the economy down with it, so if YOU have a job, then YOU will probably benefit since it lessens the chance of a major economic drop and the possible loss of jobs that goes with it.
Loss of job from the economic downturn is part of life... There will always be an economic downturn and there will always be a loss of a job.. I don't remember bailing out irresponsible people as something that is also done during economic downturns.. If some Big Business lays off thousands of people, are you suggesting that we all start giving them free money so there isn't a worse economic downturn? How about they go out and get another job instead...
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Finally, if YOU have stocks, a 401K or company pension with funds invested in the Stock Market, then YOU will benefit because as the housing collapse brings down the banking institutions stocks fall and so will YOUR investments.
You are not very smart, my investment may fall in value but guess what.... that is your BEST opportunity to buy stocks that are cheaper than they will ever be in a long, LONG time... You NEED economic downturns to make much more in your 401k, stocks, WHATEVER... the bigger the downturn the more YOU make... so no, the housing bill will only do one thing... like what the Japanese did, it PROLONGS a low level of stock performance instead of letting them fall and everyone build a lot of money from the cheap stocks. So the housing bill is one of the worse things to happen for the stock market... it prevents YOU from getting cheaper stocks and it prolongs the underperformance of the stock market...
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At least that the idea behind the bailout.
The idea was to protect FOREIGN investments in America so that they KEEP on investing in America and provide capital to Americans who are OVERSPENDING AND BEING IRRESPONSIBLE.... They encouraging the behavior of spending on things you don't need.. thats the reason for the bailout... not preventing an economic downturn because that IS going to happen and already has...
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It's a NASTY situation brought on by a whole number of transgressions - some on the part of unthinking homeowners, some on the part of greedy and unscrupulous lenders and some on the part of those in government who's job it was to oversee the industry to see that these kinds of messes don't happen. Unfortunately, the problem has grown so large that it's threatening to take ALL of us down with it.
Not happy with the bailout, but very worried about the massive economic damage the situation could do without it.
Ken
I am worried about the bailout because of the very reason you are afraid without it... massive economic damage... and this time the massive economic damage is on the taxpayers instead of the foreign investors..
I don't so much think that a lot of the people who are having housing issues aren't hard working, there are plenty of people who do their 9 to 5er and still just can't do it.
I don't think it's so much a matter of sloth, as it is so many people today are just trying to live outside their means. They get a job that pays the best they have ever had and think they can afford a car payment, house payment, big screen TV payment, computer payment, insurance and so on.
Irresponsible on the other hand, I can agree with. Too many people want free convenience without responsibility, when in reality we can only choose two of those three things. something has to give.
Well first of all-too many people bought more than they could afford. Just because you qualify for "x" does not mean you have to purchase "x". So many people today have to have a fancy huge house to impress and now they want bailouts all because a small ranch wasn't "good enough" for them? Second of all- I think people-not all but many- would rather cry victim and expect a bailout than get off of their butt and go work a 2nd or 3rd job. Is that fun? No it sucks but it is the responsible thing to do-something we are lacking in way too much in MHO.
Well first of all-too many people bought more than they could afford. Just because you qualify for "x" does not mean you have to purchase "x". So many people today have to have a fancy huge house to impress and now they want bailouts all because a small ranch wasn't "good enough" for them? Second of all- I think people-not all but many- would rather cry victim and expect a bailout than get off of their butt and go work a 2nd or 3rd job. Is that fun? No it sucks but it is the responsible thing to do-something we are lacking in way too much in MHO.
We "qualified" for a much larger mortgage than we thought we could afford. We stuck with running the monthly payment numbers ourselves, and going with the max we thought we could afford, and it was still a bit tight (luckily our incomes increased). What people don't realize, is there are TONS of extra expenses aside from the mortgage once you get into a home!
We "qualified" for a much larger mortgage than we thought we could afford. We stuck with running the monthly payment numbers ourselves, and going with the max we thought we could afford, and it was still a bit tight (luckily our incomes increased). What people don't realize, is there are TONS of extra expenses aside from the mortgage once you get into a home!
I agree-your mortgage while "usually" the largest part of your home expenses is not the only expense. Especially for first time home buyers who may not be used to "unexpected expenses" poping up as well. When we purchased our townhome in October we qualified for over $100,000 more than the purchase price. That was just crazy-to me- just out of control. We applied for our mortgage in July so it was still when a lot of the craziness was going on.
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