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Yes, therein does lie part of the rub.. The appraisal situation, at least IMHO started innocently enough. A squeak of a few hundred dollars here or there.. Next thing you know, people are flipping houses so rapidly and prices would go up so rapidly that one of the three comparables would show up on the next appraisal as having been sold two or three times. Each time it sold... price went up.. so did it's appraisal. It was then used to justify the next and so on and so on. Unfortunately, it is holding true today, only in reverse. Take a look at an appraisal and every comparable is usually a foreclosure or short sale, which drops the appraised value of the subject property. Some to the point that $ amount per square foot is laughable.
This whole real estate discussion does prove the point that education about financial transactions is lacking in this country and that it may be, in part anyway, part of the reason's that some people succeed and some don't.
Stop talking about people as either successes or failures based on their knowledge of finance.
Some of the smartest, most knowledgeable people in finance have made their share of mistakes, even though they should know better.
This isn't about individuals, it's about a systemic failure fueled by unbridled greed and unfettered control of the market. There is a need for government to protect the people, contrary to what you've been led to believe. If you take nothing else from this debate, let it be that the Founding Fathers set up our system of government for the "protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men" and start viewing your understanding of our politics through that lens.
Have you heard that old truism, for every action, there is an equal and opposite reaction? Do you not think that if people in high finance and industry, etc. experience increased costs, they will just pass it on the consumers of there product as a price increase? Thus, it is the little guy, the alleged 99 percent person who will get hurt in the end. Now will one of you brilliant liberals tell me where I am making a mistake in my thinking?
So because the wealthy and powerful are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?
for every action, there is an equal and opposite reaction
Quote:
Originally Posted by RogersParkGuy
So because the wealthy and powerful are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?
It's called free market, and yes if you want to buy their product or service you will pay their price.
You voted for Obama and Obamacare and want higher taxes and they will lay people off and increase prices will be the result of these increases in the cost of doing business. Like it or not, you unknowingly voted for that ... You were warned about the foreseeable resulting reaction from those who understand business before the election but all we saw was a bunch of lefties denied it would happen.
Regardless, you are also "free" NOT to buy their product or service. It is still "your choice".
Stop talking about people as either successes or failures based on their knowledge of finance.
Some of the smartest, most knowledgeable people in finance have made their share of mistakes, even though they should know better.
This isn't about individuals, it's about a systemic failure fueled by unbridled greed and unfettered control of the market. There is a need for government to protect the people, contrary to what you've been led to believe. If you take nothing else from this debate, let it be that the Founding Fathers set up our system of government for the "protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men" and start viewing your understanding of our politics through that lens.
No one rounded those people up and forced them to buy home and use ARM mortgages to finance them.
No one forced people to take out mortgages they couldn't afford.
They all wanted to live like Kings and some wanted to become rich via flipping.
Then the bottom fell out and the ponzi scheme was up.
It takes two to tango and the government played the music while they did.
The only innocent victims here were the ones that lived within their means. They got caught up in the fallout of the greedy.
And now we all have to pay the price of that greed from all sides.
"Government is instituted for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men." ~ John Adams
It's called free market, and yes if you want to buy their product or service you will pay their price."
I know what it's called, and I'll start to believe in it the minute they do.
Let's face facts: while most business people are smart enough to say they believe in the free market, very few are dumb enough to actually behave like they believe in it.
Not a single major industry in this country, from agribusiness to aerospace, survives with some sort of public subsidy, in the form of direct payments, tax breaks, government contracts, or whatever. The "free market" only works when it has ample feeding at the public trough. When we stop feeding them, then maybe they will have the kind of rights you think they should have. But not before.
You have the choice to buy or not to buy. Make yourself happy. Stop being a hypocrite and stop buying from them if you think they are so evil.
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