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Muffet,
There is no “trade-up cash” if you can barely sell your current house for enough to recoup the down payment and mortgage payments you’ve been making since you bought the house five years ago.
I’ve never lived through a depression either, but I’ve read about them and it’s much much worse than you seem to understand. People wait in line for hours to pick up free bread. It’s awful stuff.
You don’t seem to have any idea what “depression” means.
And Dave, I’m in real estate myself . . . I’m not a “bitter renter.”
TinTesticles writes…”I’m just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country.”
You get your investment advice from tea leaves too??? LOL
Your credibility is zero my friend
TinTesticles writes…”I’m just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country.”
You get your investment advice from tea leaves too??? LOL
Your credibility is zero my friend
that dji chart is missing the full 7hun crater. 75 on vix, hopefully this is the worst we see this cycle.
Actually DIBS, it was so beautiful out today, I took the day off. Just came back inside not too long ago. I’m trying to follow your cool, calm, collected approach to going about my life as usual and not focusing too much on the short-term. I even put in a little today into my 403B. How’s that for a sunny outlook?
Once again, could we please stop this food fight!!
Last time I checked, the president of the US is not the leader of Iceland, the UK or Japan, where the markets have also melted down, and more so. To try to pin this on one side or the other is just silly. There are so many ways that this could be spun. Who signed the bank deregulation bill? Bill Clinton. Whose administration allowed this dangerous level of leverage to be built up? George Bush. Who followed an easy money policy, under democratic and republican administrations? Alan Greenspan. There is plenty of blame to go around in this one.
This is a global melt-down. The fact is that the financial industry forged ahead in creating new, highly-leveraged securities that made a mockery of old regulations, and no one in our, and the world’s, political leadership, on both sides of the aisle, made a move while the good times were rolling. No one took the punch bowl away at the party.
The thing to do is to forge ahead, and find a regulatory system that corresponds to the fact that capital now flows globally. So far, neither candidate has made one thoughtful speech on this crisis. Their speeches have been filled with platitudes and political “gotcha’s”. Neither of them could muster the political courage at the last debate to lay out what sacrifices lay ahead.
Once again, please stop with these Cable TV food fights
Muffet,
I’ve already given lots of reasons and am tired of repeating myself.
Both candidates have tons of very smart advisors. Who the hell chooses a candidate based on which of their 500 advisors they like best?
For that matter, it’s news to me that Warren Buffett has ever done anything to help this country other that give money to charity.
He’s been in private business his entire life. Similar to Paulson, he’s all about himself, his shareholders, and his buddies. He may be the greatest investor of our time, but that doesn’t make him the best presidential advisor.
I’m not a big McCain supporter. I was a big Hillary supporter before she lost the primaries. I’m just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country.
Maybe folks who live off handouts and don’t work will be better off, but the majority who do work will be worse off and have to pay much higher taxes to support the laziest among us despite Obama’s lie that he’s going to reduce taxes for 95% of Americans.
MacD stop watching the market and get back to work
IronBalls – see Ringo’s post. And also DIBS is right that lots of people who buy houses do so with trade-up cash (that’s how we’re doing it, and pretty much all the house-owners I know). So they are indeed not sitting on huge mortgages. Maybe a few are, but I’d venture they are a small minority.