Home › Forums › Financial Markets/Economics › Another Bernanke Gem…
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PD.
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May 17, 2007 at 7:33 AM #9105May 17, 2007 at 7:43 AM #53194
Duck
ParticipantSounds like your neighbor needs to use his HELOC to pay his gas bills. I hope for you all those vehicles aren’t sitting in the street.
May 17, 2007 at 7:43 AM #53201ParticipantSounds like your neighbor needs to use his HELOC to pay his gas bills. I hope for you all those vehicles aren’t sitting in the street.
May 17, 2007 at 7:45 AM #53196GoUSC
ParticipantOh half of them are indeed parked on the street. At least all of the vehicles are new and shiny. I guess????
May 17, 2007 at 7:45 AM #53203ParticipantOh half of them are indeed parked on the street. At least all of the vehicles are new and shiny. I guess????
May 17, 2007 at 9:01 AM #53210AK
ParticipantI guess it all depends on the definitions of “vast majority” and “most households” in Fedspeak. Like, if the subprime default rate rises to 15%, that still might fall within a colloquial definition of “vast majority.”
May 17, 2007 at 9:01 AM #53217ParticipantI guess it all depends on the definitions of “vast majority” and “most households” in Fedspeak. Like, if the subprime default rate rises to 15%, that still might fall within a colloquial definition of “vast majority.”
May 17, 2007 at 10:04 AM #532384plexowner
ParticipantSome of the “most households have lots of equity” comments are based on looking at analysis of 1st mortgages only
The more accurate statement would be “if you ignore 2nd mortgages and HELOC, most households have lots of equity”
This might be OK if only a few people had 2nds and HELOCs
When MOST people (speculators and subprime) are using 2nds and HELOCs it is less than truthful to make statements based on analysis of only 1st mortgages
Its almost like the Chairman of the Federal Reserve (a private corporation with its own agenda) was intentionally lying to the people of America …
May 17, 2007 at 10:04 AM #53245ParticipantSome of the “most households have lots of equity” comments are based on looking at analysis of 1st mortgages only
The more accurate statement would be “if you ignore 2nd mortgages and HELOC, most households have lots of equity”
This might be OK if only a few people had 2nds and HELOCs
When MOST people (speculators and subprime) are using 2nds and HELOCs it is less than truthful to make statements based on analysis of only 1st mortgages
Its almost like the Chairman of the Federal Reserve (a private corporation with its own agenda) was intentionally lying to the people of America …
May 17, 2007 at 10:29 AM #53260ParticipantWhen I pull public records of basically every house in my neighborhood that has sold within the past year, they almost ALL have HELOCs. Federal Reserve is criminal organization.
May 17, 2007 at 10:29 AM #53267ParticipantWhen I pull public records of basically every house in my neighborhood that has sold within the past year, they almost ALL have HELOCs. Federal Reserve is criminal organization.
May 17, 2007 at 10:30 AM #53262cr
ParticipantHere is a short clip on reactions to his comments. I like the “Well, you’re probably right…” line.
It sounds like BB’s logic is since sub-primes are so bad, the standard loans must have cleansed themselves of all bad loans and have 0% defaults. Therefore we are past the worst of it. Again. No seriously, for real this time.
I also love the “no spillover” effects BS, and the convenient “blame it on the rain” line. Retail sales are down at Home Depot, Sears, and Wal-mart, and car sales are down. If that’s not spillover I don’t know what is.
Lie to the public so they think everything is okay and keep spending money they don’t have. I guess that’s the only way to fight deflation and inflation at the same time.
May 17, 2007 at 10:30 AM #53269ParticipantHere is a short clip on reactions to his comments. I like the “Well, you’re probably right…” line.
It sounds like BB’s logic is since sub-primes are so bad, the standard loans must have cleansed themselves of all bad loans and have 0% defaults. Therefore we are past the worst of it. Again. No seriously, for real this time.
I also love the “no spillover” effects BS, and the convenient “blame it on the rain” line. Retail sales are down at Home Depot, Sears, and Wal-mart, and car sales are down. If that’s not spillover I don’t know what is.
Lie to the public so they think everything is okay and keep spending money they don’t have. I guess that’s the only way to fight deflation and inflation at the same time.
May 17, 2007 at 10:36 AM #53266taz
ParticipantAnother possibility: if your neighbors have lived in their modest house for 30+ years, it’s quite possible they have paid off their mortgage, and have a VERY low tax rate thanks to Prop. 13. Since he has about the most secure job possible (govt.), maybe they’re just indulging themselves with some new toys using money that previously went to the mortgage company.
May 17, 2007 at 10:36 AM #53273ParticipantAnother possibility: if your neighbors have lived in their modest house for 30+ years, it’s quite possible they have paid off their mortgage, and have a VERY low tax rate thanks to Prop. 13. Since he has about the most secure job possible (govt.), maybe they’re just indulging themselves with some new toys using money that previously went to the mortgage company.
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