Monday, September 22, 2008

Fk the VP, who gone be your Treasury Secretary

Ok back on the grind but first two things I have noticed: 1] I have noticed how Obama is saying all that I wrote in my post called slacking on your macking now. 2] My Titans 3 – 0; 3] Aint no gas in GA – there is a shortage in most places except where I live. LMBAO.

Back to the task at hand. I was trying to stay away from the economy. Seems that folks don’t have worries no more. Well I don’t wanna scare anyone, but I do desire for folks to have a semi objective and non biased opinion of things the way this single distorted, sordid and diabolic mind perceives such. I mean Wall Street over the past three Sundays, that’s right Sundays has gone over a dramatic facial. Now Goldman Sachs (as I said) and Morgan Stanley (as I said) are no longer investment houses but rather regular old banks now thanks to you guessed it, basically unilateral decisions of the Feds. Yep regular banks – which have stiffer regulations when compared to investment houses.

I don’t know about you, but I would hope that I am not the only one kind of leery of having basically one man in control of making financial decisions with my tax loot. Secretary of Treasury Henry Paulson. And add to that Ben Bernanke, it makes me a bit more concerned. If it was like it was back in the day I wouldn’t be so worried. The old fed maintained T-Bills as most of its asset base. The typically matured in increments of 90, 180 or 360 days and sold at a minimum value of 10 stacks.

I know Paulson think he is doing the right thing and maybe he is, but to compare the value of a MBS to a T-Bill from the historical vantage point I maintain is feculent. Add to that, doing all of this decision making in essence to hand over a black check to these folk with out consulting congress before hand borders on treason to me. Shit, today the Dow dropped almost 400 points and Oil prices posted a record one-day gain today, going over $25 per barrel. I aint buy no oil futures, but Gold, just as the aforementioned is a commodity also [note to self last week u could get 68.78 oz of gold for 50K, today 50K gets you 58.8 oz] . Add to that the knowledge that P. Morgan Chase and American Express fell 13 and 8 percent alone today respectively.

I just say, I feel that we are bailing out folks for stupidity or even worse for making poorly thought out investment decisions. And the plan as I have just finished reviewing, I mean the planned bailout, still leaves it wide open for these institutions to load even hedge funds to dump these distressed assets on the tax payer, I mean the government.

I think we need to dig in for the last 7 weeks before the election and ask these folks some serious questions. Dang man, we know who the VP is, but on the really real, fk the VP, I wanna know who they gone pick as the next secretary of the Treasury. We got it all wrong up in this camp.

55 comments:

Jay Midnyte said...

There's a point where the people finally feel fed up and sick and tired and i guess we just gotta wait till that point comes. The problem is then it might be too late.

And the gov is already setting up for that time which explains the surveillance cameras everywhere, new technology for domestic control, and dismantling the laws protecting our privacy.

Torrance I already know u aint gon fall for the gun control campaigns they're gonna start pushin.

msladyDeborah said...

This is certainly a question on my mind. I have spent a few hours reading up on the subject of the bailout. While I do not totally understand everything involved yet~I do realize that we are still in the midst of some deep shyt. Without back up paddles being available.

I honestly believe that the economic picture is like a Picasso abstract. You either really can see what's on the canvas or you cannot. I have no problem admitting that the depth and scope is not that clear to me. I know that I am not the only individual feeling this way.

I cannot help but to question what is going to happen if the institutions fail to handle their business?

The amount of debt that this adminstration has ran up is treason in my opinion. And I really have a problem with the idea that we the people have to come behind the fk boys and scoop up their poop.

no_slappz said...

The US government has been forced to take actions because BORROWERs defaulted on their loans.

Nobody on Wall Street defaulted.

The people who stopped paying their bills were the people who borrowed to buy houses.

no_slappz said...

jay midnyte,

The surveillance cameras you mentioned are to identify criminals. Like the three guys who beat the black DJ in the Bronx a couple of nights ago.

All-Mi-T [Thought Crime] Rawdawgbuffalo said...

Jay Midnyte
yea folk. its real in the field and on ,like pop corn


msladydeborah
me love the use of fk boys - so true

no_slappz
and the mutha fucas who got them severence packages - i bet u say them enro folk werent criminals, laws can be criminal too and the folks who make them


no_slappz
they identify alll, and machines cant tell the diff, or else they should identify these republican hood rats

no_slappz said...

torrance, there is no comparison between Enron and the mortgage problems. No comparison.

A few people at Enron were engaged in criminal acts. But 99.9% of the employees were honest workers.

In the mortgage business, no laws were broken as they were by the handful of culprits at Enron.

Second, Enron still exists. Its divisions were acquired by other companies. Just like Worldcom, which operated the UUNET system, the system that carries most of the country's Internet traffic.

As for laws, well, if people are following the laws then they are operating legally.

In any case, commerce laws are aimed at making it possible for businesses to operate.

The fact that borrowers borrowed too much money is the result of laws aimed at increasing homeownership in the US.

Borrowers signed contracts to repay the borrowed money. The buck started with them.

The money those borrowers refused to repay is now getting billed to taxpayers.

However, the total taxpayer bill will be reduced by the amount or money received from selling the foreclosed homes. It's very likely the amount received from the sales will exceed the amount borrowed from taxpayers.

KELSO'S NUTS said...

$15 trillion debt, fiscal 2009 be $3.5 trillion deficit, two wars likely to run indefinitely.

Basically, you have two bald men fighting over a comb, to quote Borges.

Looks like I'm going to be teeing off on the USD sooner than I thought.

I'm very pleased with my President, Martin Torrijos, and with his likely successor next May, Balbina Herrera. Low tax libertarians with a strong social safety net because we don't "do" "War On Terror" here. We do business. BTW, with a USD-backed Balboa and $4 trillion USD in our banking system, the country's banks took a COLLECTIVE WRITE DOWN on MBS-CDOs of $30 million. That's it.

But I'll leave it to Slappz to tell you how dumb "hispanics" are.

Buh-bye.

Me said...

Amen brother. Your perception on this issue is spot on. VP ain't most important in this election. It's the cabinet.

Curious said...

Somehow, I think you are not the only one who is trying to figure out who the next Treasury Secretary will be. The powers that Paulson is asking for from the Congress will surely make them wonder about who they will be giving them to next year and how much they would want to give.

BTW a side note; I think that if someone lent me a million dollars or even ten dollars to buy a home and then they sold that debt to someone else knowing pretty much that I would not be able to pay it back, then they should take some responsibility for the results that have occurred. There is enough blame to go around without settling on just the poor homeowners who tried to get houses before the price sky rocketed out of his or her price range while lenders made money and bonuses hand over fist.

Kit (Keep It Trill) said...

We're past the point of no return. That point in time was missed when the Bush groupies stole the last election.

All-Mi-T [Thought Crime] Rawdawgbuffalo said...

no_slappz
can u laugh at any thing jones - lol

KELSO'S NUTS
Well said, and as Steve Delong noted "Democrats have outperformed Republicans by almost any measure of economic achievement (GDP growth per capita, unemployment, inflation, budget deficits).... Thanks to the profligacy of the current administration... average Federal spending as a fraction of GDP"

Folk
and paulson finna give out this loot and i dont even know who gone be responsible for it when bush leaves

Curious
ditti. on both accords - dont bail out incompetence or making a bad investment

Kit (Keep It Trill)
as the sang in westside story life is alright in america if u can fight in america

Ann Brock said...

McCain has chosen who will be The Sectary of Treasure if he's elected and that is Gramm. You no the old coot who said that Americans are a bunch of whiners. Now, That's scary!

Anonymous said...

I came to say more or less what Curious said. You can't just lay this at the feet of the borrowers. For years, all you heard was how everyone was able to buy homes and it was so great, anyone with half a brain and a little skepticism realized it was too good to be true. Remember when we all (well, those of you who didn't use Firefox) use to see that annoying pop-up ad all the time w/the dancing little people talking about how you could get $300/400/500k for a mortgage? Remember how a year or so ago you stopped seeing that so often? They gave out loans without verifying income, the order was to sell those houses and they gave mortgages to people who bought too much house. That's not only the fault of the buyer. Greed motivated a lot of people to look the other way when they knew these loans were going to go bad sooner rather than later. Just like in "Wall Street," early in the movie, "Greed works..." but by the end of the movie, everything goes to sh!t.

Anonymous said...

Oh and by the way... Those undefeated Titans will be taking a painful L in Week 5 when they come to Baltimore, regardless of their record. It'll be just like old times when Ray made Eddie George tired of running the rock!

KELSO'S NUTS said...

OBAMA WINS 290-245.

HEAD OF CEA: Alan Blinder

TREASURY SECRETARY: Mike Bloomberg

ATTORNEY GENERAL: Deval Patrick

SECRETARY OF DEFENSE: Wesley Clark

CHIEF OF STAFF: Eric Holder

SECRETARY OF STATE: The return of ZbigBrez

KELSO'S NUTS said...

OR McCAIN WINS 270-265

HEAD OF CEA: Newt Gingrich

TREASURY SECRETARY: Carleton Fiorina

ATTORNEY GENERAL: Rudolph Giuliani

SECRETARY OF DEFENSE: Peter Pace

CHIEF OF STAFF: Steve Schmidt

SECRETARY OF STATE: Joe Lieberman

WHITE HOUSE COUNSEL: Jefferson Sessions

plez... said...

in light of the past few weeks of financial woes on wall street AND the past year of this "jacked up" economy, you are RIGHT ON! about the need to not only know about the treasury secretary, but also the rest of the cabinet!

instead of a VP Debate next week, there should be Secretary of Treasury candidate debates!

once again, i'd be more inclined to trust the deliberate and thoughtful approach of Barack Obama, rather than the seat-of-the-pants approach of john mccain (ref. sarah palin)!

Dee said...

I'm not that worried
I don't have that much to lose

NoRegrets said...

I just read this morning that they seem to be killing the savings bonds... Seems like a bad idea to me.

Anonymous said...

god's child, we all have something to lose. This kind of thing affects each and every one of us. When these jokers screw up the economy like they have been for the past eight years or so, you pay more for your gas, your food, your rent, your clothes, everything you have - even if it's only a little bit - costs more. You take more of a risk walking to and from school or work and so do your kids, if you have any. When money is tight for everyone, crime goes up, gangs get a stronger foothold in more communities. People get laid off, they have to settle for lower paying jobs or no jobs at all. Social services get cut even when more people need them. Believe me, you have something to lose even if you live frugally. The moment you start thinking it doesn't affect you, that's when it'll hit you the hardest, it'll blindside you. What confuses me is how even the rich folk act like they support the right wing types when they've been in power for years now and they're losing big money with the stock market. You'd think they would have learned by now not to trust those fools.

no_slappz said...

kelso,

Panama is a tiny country with a population roughly equal to Connecticut.

Despite your presence, the country is almost as homogeneous as Japan.

Meanwhile, Panama enjoys a geographical advantage that is equivalent, perhaps better, than massive oil fields beneath its few acres.

Panama enjoys a massive inflow of capital from foreign sources that benefits Panamanians like oil revenue benefits Alaskan natives.

But the Panama Canal will never run dry like oil reserves. The movement of ships through the canal will only increase, leading to a rising tide of revenue to the Panamanian state.

Despite the hefty value of Nature's gift and US engineering talent, Panama lures additional money to move in by its compelling financial bait. Seems like sound reasoning to me.

However, I must admit when I read some of your posts I feel as though I am watching an updated version of "Casablanca". In this remake you circulate in a stratum of local society mythologized by writers in every culture since the days of Homer.

Tyhitia Green said...

I agree, Torrance. We're being fenced in everyday. And apparently, eating seeds of destruction is a pastime activity in this country. :-/

OG, The Original Glamazon said...

Man I knew I should have taken out that LOC to buy me some oil futures. Did you know Oil Futures only require 10% of the value as opposed to other futures? (of course you did you are you), so I can take out a loan for just 10% of the futures I want to buy and make a shit load in one day because I get all the money they made ($26) with only paying 10% of their worth. So lets do some simple math lets say each share is $10 and I want to but 100 shares, I can spend $100 on 100 shares, those shares go up $26 a share in one day that means I make $2600 -$100 I spent to buy them there futures…hmmmm just a thought that came to mind. Check my math Ti, but it seems somebody is making a hell of a lot of money in oil futures right now I bet.

See these are the things we need to be know and be investing in, if we trying to make that money. Those who have enough liquidity and credit are doing in these “lean times”. See these are the things no one ever shares with us. All of a sudden the SOARING oil prices make some sense along with it is natural for oil and gold to go up when the dollar is down. Anyway, I’m just trying to take a save and see attitude and then save a little bit more.

For those out there who aren’t struggling or doing ok, now is a good time to do some bargain basement shopping, like the they are trying to convince the Chinese to do (they seem to be the ones with all the disposable income these days). I say stay home from the club or mall or wherever you spending your disposable income and buy you a few oil futures see what it do. I don’t think the dollar will be recovering anytime soon.

-OG

Big Man said...

Good question. Real good question.

We'll see if anybody asks it. And this bailout stuff is getting shadier by the minute.

dejanae said...

if the institutions are too big to fail there too frggin big to exist dammit
welfare, i guess, is alright for the ones at the top
all this money we're in the hole on
shiiiiiiiiiit
privatize profit but socialized debt is how it's gonna be now?

MuscleDaddy said...

Torrence,

I have to start off by saying that, whether I amble on over here on my own or follow you back from Snoop's place expecting to argue with you - that beautiful little girl @ the top of the page usually smooths me out enough that I just don't wanna fight.

That said - I'm mostly not going to fight with you this time...
===============================

"I just say, I feel that we are bailing out folks for stupidity or even worse for making poorly thought out investment decisions."

There it is.

That's where this whole thing started.

We can go back and forth about "predatory"-this and "fat-bonus"-that, we can start talking about how the Clinton administration and groups like ACORN pressured lenders into loosening credit/income guidelines for the "under-serviced" (read: 'people unlikely to make good on mortgage payments')...

But at the end of the day, it comes down to the individuals who committed themselves to debt they couldn't hope to cover, because they lacked the patience & careful attitudes of previous generations.

Yes, of course - there is always someone ready to exploit that kind of short-term thinking (like RAC or Buddy's ever helped the economy of a hood), but it comes down to the decisions of the individual consumers as to whether they're going to step into that pot.

When they make those decisions - and then cry for someone to bail them out of their bad decisions when they (let's face it, 'predictably') go bad...

- That's when you hear references to people being "whiners".

By all means, call out the 'bad' people who capitalized on these careless and risky attitudes - but NEVER lose sight of the fact that none of this would have been possible is people hadn't bought-into the sort-sighted, easy-road, worry-about-it-tomorrow quest for bling.

- MuscleDaddy

MuscleDaddy said...

Oh - BTW...

When was the last time someone announced their cabinet before being elected?

- MD

Anonymous said...

You know, you are absolutely right. Like Paisley said on her post as of late, McCain is dangling a feremone scented Vice President, to take obscure the real issues at hand. The sad part is that it's working; especially for a lot of females, who do not historically have a real interest in economic issues from the jump. Only when the sh.t hits the fan, will some people wake up and realize what is truly happening. When mom and dad can no longer put bacon on the table, perhaps then someone will take an interest in economics. It still hasn't hit home to so many as of yet; but like anything else, it will all trickle down; and the further the rock tumbles down, the more powerful it becomes. When it reaches poor folk like myself, it might be devestating. So, I'm starting to really read, comprehend, and take heed. PLL, CordieB.

KELSO'S NUTS said...

NO_slappz:

Thanks for telling me all about where I live. How you know things that I don't know even about my own life bends me mind.

I don't argue with geniuses anymore. No edge in that.

Suffice it to say that you are not welcome at my apartment in CdP, my nightclub, any of my events, or my card rooms should you ever take a notion to come down.

Ah, the gall of the limp needledick! As my friend Vlad famously quipped "what is to be done?"

Nance said...

How scary is the provision for "no oversight" and that not even the Supreme Court has jurisdiction over the Sec'y of the Treasury? This is ludicrous. The Fed just prints up more money with nothing to back it up and the USA heads closer and closer to being the next banana republic. All brought to you by your Host--The Republicans. I'd be more furious if I weren't so scared.

Christopher said...

The $700 billion dollar bailout of Wall Street and foreign banks doing business on American soil, works out to be roughly $2,400 for every American.

$700 billion is more than Bush's Iraq war and subsequent occupation.

$700 billion is an amount that will be borrowed and when paid back (if our economic system doesn't collapse) will reach $1 trillion with interest.

All told, our indebtedness will be $11 trillion dollars. Or, 3.75 times more than we collected in taxes and dumped in the U.S. treasury for 2008.

This is madness. It can't continue. The U.S. has become a house of cards and if we're going to survive as a nation, we've got to start paying our bills or we're going to go the way of Argentina, circa 1974.

Jay Midnyte said...

"It all falls dowwwwn
And when it falls down
who you gon call now"

Jay Midnyte said...

all this student loan debt is gonna kill me in a couple more years!!!

Air-Cooled Head said...

Christopher said: "The U.S. has become a house of cards and if we're going to survive as a nation, we've got to start paying our bills or we're going to go the way of Argentina, circa 1974."

And he is correct, except for one thing: You cannot build up a house of cards by adding more cards. This "bailout" is effectively adding a whole deck at once.
Only one thing can happen to a house of cards: It MUST fall.

a.eye said...

I have to agree with muscledaddy that most don't announce their cabinet before they are elected, but I also think that the dire condition our nation is entering could/should lead to some different tactics.

I think that divulging who will be in which positions will help people to pick the better candidate. (Though, really, who knows since revealing an unqualified vp candidate has not stirred some voters from the Rep side of the candidacy.) But I think that knowing who would be there and also for the people who might step into that position come 20 January, it would be better for them to get a jump on what they need to do to help the situation and it would leave us with more peace of mind if we knew some of the specific, viable options the candidates were thinking of.

Miz Cheekz said...

this might be left field here, but while the gov't is busy bailing banks out of they messes, they should have been forgiving these regular folks loans so "theoretically" regular folk can start back putting they money into this failing economy. or maybe not, but my point is that i think the gov't is putting energy & money into the wrong things, as usual...

Darius T. Williams said...

Yup - glad you pointed it out. AND maybe Obama's reading ur blog...who knows, could be...right?

rainywalker said...

I'm with you on this one. Answered your question!

Glen Antoine Palmer said...

While there is a lot of blame to go around, we have to be careful not to heap the blame on the homeowner who could not repay a debt. Sure, people are out there living above their means; but there are a vast majority of people who played by the rules and still got stuck. Be it loss of job, wage cuts, or medical crisis; it is just not clear cut as someone in search of bling.

It is not just the poor losing houses. Don't fool yourself into thinking that banks were handing out houses to every Tom, Dick, and Hank in the hood. People losing their homes is stretching into the suburbs where folks think life can't touch them. However, increasing health care or escalating higher education for their children can out a cramp in anyone's style.

Maybe the people behind the desk should have used a little judgment and realized that maybe...just...maybe this person won't be able to pay this stuff back. I mean I doubt folks were handing out houses out of the goodness of their heart because they wanted to fulfill someone's dream of owning a house. They saw money opportunities and they took it.

Sista GP said...

what bothers me are the generalized blame on homeowners who defaulted on loans.
Given there are some who did not have the finances to afford their homes, but what about the ones who were paying their mortgages on time, had substantial savings and investments who lost it all because of job loss. In some cases, new employment can be found, but not at the same income.

Glen Antoine Palmer said...

Also, I shaking my head at this 3 page report that basically calls for a blank check that can't be scrutinized by any court of law. So, the taxpayers are supposed to bail out these mortgage companies with no oversight or regulations in place? Please.

Anonymous said...

Defintelty like the look and feel to your site...you give insight to what you feel goes on in this world to today basicallly keeping me updated lol...but do keep in touch

Diiva

Rich Fitzgerald said...

Now there you go making us think again

All-Mi-T [Thought Crime] Rawdawgbuffalo said...

no_slappz
i bet the FBI dont think so, all them folk was some shady cats - correction - many were, thats all im gone say

KELSO'S NUTS
yawl lucky, the way i see it 700 billion is about 2K per person in america, that would be 6k in my home, but they dont hear me though

Folk
but we on palin like a dick

Curious
i hope not and u right who ever heard of 0 down on a mortgage?

Kit (Keep It Trill)
we gotta do something, just dont feel so sure about paulsons plan

jjbrock
I know in call him dumb but thats extra teresterial dumb

dlynch357
i was taught to never live beyond your means 200K for a house cant see it
and we will see what my titans gon do i will b in touch

KELSO'S NUTS
Mike Bloomberg

& Carleton Fiorina
interesting

GC (God's Child)
well wish i could say the same

NoRegrets
its dead basically

Demon Hunter
no time to be sorrowful now we gotta think

OG, The Original Glamazon
im with u on the recovery and the fact u would have made a killing

Big Man
yep, we willl see


dejanae
u my kind of woman, u and OG. I agree

MuscleDaddy
LOL well im sorry, and i have never seen u fuss or fight over here, besides we seem to have similar dispositions regarding politics - i just think we the people and not we the corporation

And I know they dont, but I feel now, it would be good to let the american folk know who gone be watching our loot - this is unprescedented



cordieb
or a photo op dangler - LOL


KELSO'S NUTS & NO_slappz:
yawl are funny

Nance
u are not by yourself - read the comments

Christopher
madness is right ,

Jay Midnyte
Ghost , i mean Debt creators-lol
and watch out it shole will

Air-Cooled Head
yep just like argentrina, a country we complain about but we doing the same thing

Stuck in my head
thats what i call logic - these are dire times - well said.

Big Cheekz
im with that too

Darius T. Williams
I hope they both are

rainywalker
good

G. A. Palmer
true, but they say dont have loot for education, or health crae but they got loot for wall street. and it aint about blame now - to late

sista gp
i agree, who made the loans, who packaged them into MBSs wo regulation?


G. A. Palmer
now u see qwhat i mean, thats what i read.

Diiva
will do sioster and do return

Rich
my fault folk, u like loot too though - lol

no_slappz said...

kelso, you're making me laugh with your hypersensitivity.

You wrote:

"But I'll leave it to Slappz to tell you how dumb "hispanics" are."

My response to that was my previous post, which included some basic information on Panama and my own commentary on the impressions you have created with your posts about life in a freewheeling world that resembles the activities in Rick's American Cafe in Casablanca.

Anonymous said...

MuscleDaddy, I MUST disagree with this statement.
“But at the end of the day, it comes down to the individuals who committed themselves to debt they couldn't hope to cover, because they lacked the patience & careful attitudes of previous generations.”

You cannot make such a broad generalization. He’s an example;

10 years ago, my brother and his wife bought a modest 3 bedroom house for $115K. (30 year, fixed rate, 5.5%) Well within their means, especially since they had no kids at home. At the time, he was making around $60K/year, and his wife made about $35K/year.
At the height of the boom, his neighbor was asking $240K for his house, of about the same size & construction as my brothers house. My brother DID NOT refi & take the money. Instead, he and his wife continued to make double mortgage payments, with the intent of having the house paid off in 15 years.

3 years ago, his job was outsourced to India. He was able to find another job, but his pay was now only $46K/year. A year later, his wife passed away. So his household income went from nearly $100K/year, to about $81K/year, to currently about $48K/year.
Meanwhile, the cost of food, gasoline, heating fuel, electricity, property taxes, hell, the cost of EVERYTHING, has sky-rocketed. Now, instead of being just a few years away from paying the house off, he’s in a SERIOUS struggle to keep it. And I doubt that he is alone in these circumstances.
Life happens, and “There, but for the grace of God,,,,,”

no_slappz said...

anonymous, based on the scenario you gave, two points emerge.

First, a good chunk of the principal was was repaid if double payments were made for 10 years.

Second, the value of the home is well above the purchase price even if values have declined over the last year or two.

Then there's the wild-card. Was there life insurance? Were there healthcare bills?

Seems as though he's got a house worth $200,000 or more, and owes about $60,000.

Meanwhile, mortgage rates 10 years ago were a lot higher than rates in the last couple of years. A homeowner could have easily refinanced his existing mortgage for less than 6% at any time over the last 3 years.

Refinacing has nothing to do with taking out equity. Moreover, a lot of banks have simply adjusted mortgage rates downward rather than risk problems with the borrower.

Bottom line: having an asset worth a lot more than you paid for it does not qualify as a hardship.

Anonymous said...

No Slapz
My post was an example of what Sista_GP said; to show MuscleDaddy that there are folks struggling to keep their homes who are not "individuals who committed themselves to debt they couldn't hope to cover", as he stated.

I agree, my bro has options, as he's close to having it paid off. And despite the market, his house is worth more today than when he bought it.
Yeah, he could have refi'd when the rates were in the 3-4% range, but he didn't.
He could sell now and pocket over $100K.
But he'd rather keep it, and live pretty much debt free in a few years. Ya gotta admit; NOT having a mortgage sure makes $40-$50K/yr easier to live on.

no_slappz said...

anonymous,

Mortgage rates are less than 6% today. But they were never 3%. For a brief period a couple of years ago, 4.25% rates were available. But that's about as low as rates got.

In any case, your brother has a choice between keeping his place and paying off his mortgage or selling it and buying a less expensive house for which he can pay cash and live mortgage-free.

That's the opposite of hardship.

All-Mi-T [Thought Crime] Rawdawgbuffalo said...

no_slappz
i am always laughing lol

Anonymous
we must always include factors of the individual situation

no_slappz
i thought it was a real life event and not a scenario

Anonymous
U preaching to the chior

no_slappz
the point is that it is not because of the home owner alone - they participate in the economy unfortunately others make it

Katrina said...

Oh in no way was that quote for you.. You are one of the smartest people I know but you care and have a good heart! Some people are smart and use their knowledge in wrong ways, and think they know everything!! A wise man is one who knows they know nothing. Only God knows everything :)

Nice post. I wanted to comment on it earlier when you posted this but I didnt know what to say. I guess I'm a bit scared about our future since our world is so full of those so-called 'intellectuals' who just want to get ahead and don't care about anyone else. Even if there are those who care in politics, there are so many that dont. I dont know much about politics so I wont go into that LOL. I pray that everything will be ok. I hope we are not too far into the pooper.

eda said...

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