60 Minutes: House of Cards

[Mayer]

“Ask any aerospace/defense engineer from the 80ies/90ies, and they’ll have interesting stories to tell you. (like my pops).”

I hear you on that one, from GD to MA/COM to Rohr. Everyone I knew was working in the same industry and we were all screwed at once.

I also agree that while the plunging rates will help out some folks, a lot of people have zilch saved up and won’t be able to hold on once unemployment takes its toll and the economy slows down. They’re currently only able to survive in a best case scenario (nothing breaks down, they’ll have their jobs forever with bi-annual raises, etc).

Also, I can’t see real estate making a crazy run again. Simple attrition will wear out speculators who are hoping for another roller coaster ride up. They’ll eventually realize that their money would be productive elsewhere.

A question I don’t have an answer to is what impact the boomers will have on the housing market? If the stock market cools and their variable annuity isn’t providing adequate income, will they sell their home to live on? Will they do it anyways irregardless of the stock market, and to hell with their heirs? How many of these folks are planning on selling their home to live off the income?

I think it’s too early to call a bottom because of Mr. Bernanke’s trigger finger.

[robson]

Why would all the boomers sell their homes instead of just getting reverse mortgages for income?
Seems like everyday there’s more and more adds for these things.

[robson]

Why would all the boomers sell their homes instead of just getting reverse mortgages for income?
Seems like everyday there’s more and more adds for these things.

[robson]

Why would all the boomers sell their homes instead of just getting reverse mortgages for income?
Seems like everyday there’s more and more adds for these things.

[robson]

Why would all the boomers sell their homes instead of just getting reverse mortgages for income?
Seems like everyday there’s more and more adds for these things.

[robson]

Why would all the boomers sell their homes instead of just getting reverse mortgages for income?
Seems like everyday there’s more and more adds for these things.

[Mayer]

I never said all the boomers would or should sell their homes. It’s just a possibility and a choice that many of them will face and have to make a decision on.

There are plenty of reasons for not getting into a reverse mortgage. They may not want to live there any longer, they don’t want to maintain the place, they don’t want to pay property taxes, they want to have their money free and clear without obligations to a lender, they don’t own it outright and have enough equity in the place, etc…

[Mayer]

I never said all the boomers would or should sell their homes. It’s just a possibility and a choice that many of them will face and have to make a decision on.

There are plenty of reasons for not getting into a reverse mortgage. They may not want to live there any longer, they don’t want to maintain the place, they don’t want to pay property taxes, they want to have their money free and clear without obligations to a lender, they don’t own it outright and have enough equity in the place, etc…

[Mayer]

I never said all the boomers would or should sell their homes. It’s just a possibility and a choice that many of them will face and have to make a decision on.

There are plenty of reasons for not getting into a reverse mortgage. They may not want to live there any longer, they don’t want to maintain the place, they don’t want to pay property taxes, they want to have their money free and clear without obligations to a lender, they don’t own it outright and have enough equity in the place, etc…

[Mayer]

I never said all the boomers would or should sell their homes. It’s just a possibility and a choice that many of them will face and have to make a decision on.

There are plenty of reasons for not getting into a reverse mortgage. They may not want to live there any longer, they don’t want to maintain the place, they don’t want to pay property taxes, they want to have their money free and clear without obligations to a lender, they don’t own it outright and have enough equity in the place, etc…

[Mayer]

I never said all the boomers would or should sell their homes. It’s just a possibility and a choice that many of them will face and have to make a decision on.

There are plenty of reasons for not getting into a reverse mortgage. They may not want to live there any longer, they don’t want to maintain the place, they don’t want to pay property taxes, they want to have their money free and clear without obligations to a lender, they don’t own it outright and have enough equity in the place, etc…

[Borat]

FLU, didn’t defense spending decline a lot under Bush I? I was working in defense around that time and I remember tons of layoffs in the 1990-1991 timeframe. Remember “Falling Down”? That came out in early 93 so the script had probably been written in 90-91, and it’s all about a laid off defense worker in LA. So I’m not sure it had anything to do with democrats being in power because we had a democrat congress under Reagan as well as Bush, right? And there was tons of spending in the 80s. We didn’t get a Republican congress until 94. I guess my only point is that defense spending doesn’t seem to correlate with party as much as is often thought. Both parties like to send pork home to their constituents and defense projects are always popular. So I don’t see it ending even if Hillary gets elected. She votes for all the wars and stuff just like everybody else. If anything she might be like Margaret Thatcher and try to be even tougher because she’s afraid of being seen as weak. The only way I see it ending is when the Chinese quit picking up the tab. Just thinking out loud…

[Borat]

FLU, didn’t defense spending decline a lot under Bush I? I was working in defense around that time and I remember tons of layoffs in the 1990-1991 timeframe. Remember “Falling Down”? That came out in early 93 so the script had probably been written in 90-91, and it’s all about a laid off defense worker in LA. So I’m not sure it had anything to do with democrats being in power because we had a democrat congress under Reagan as well as Bush, right? And there was tons of spending in the 80s. We didn’t get a Republican congress until 94. I guess my only point is that defense spending doesn’t seem to correlate with party as much as is often thought. Both parties like to send pork home to their constituents and defense projects are always popular. So I don’t see it ending even if Hillary gets elected. She votes for all the wars and stuff just like everybody else. If anything she might be like Margaret Thatcher and try to be even tougher because she’s afraid of being seen as weak. The only way I see it ending is when the Chinese quit picking up the tab. Just thinking out loud…

[Borat]

FLU, didn’t defense spending decline a lot under Bush I? I was working in defense around that time and I remember tons of layoffs in the 1990-1991 timeframe. Remember “Falling Down”? That came out in early 93 so the script had probably been written in 90-91, and it’s all about a laid off defense worker in LA. So I’m not sure it had anything to do with democrats being in power because we had a democrat congress under Reagan as well as Bush, right? And there was tons of spending in the 80s. We didn’t get a Republican congress until 94. I guess my only point is that defense spending doesn’t seem to correlate with party as much as is often thought. Both parties like to send pork home to their constituents and defense projects are always popular. So I don’t see it ending even if Hillary gets elected. She votes for all the wars and stuff just like everybody else. If anything she might be like Margaret Thatcher and try to be even tougher because she’s afraid of being seen as weak. The only way I see it ending is when the Chinese quit picking up the tab. Just thinking out loud…

[Borat]

FLU, didn’t defense spending decline a lot under Bush I? I was working in defense around that time and I remember tons of layoffs in the 1990-1991 timeframe. Remember “Falling Down”? That came out in early 93 so the script had probably been written in 90-91, and it’s all about a laid off defense worker in LA. So I’m not sure it had anything to do with democrats being in power because we had a democrat congress under Reagan as well as Bush, right? And there was tons of spending in the 80s. We didn’t get a Republican congress until 94. I guess my only point is that defense spending doesn’t seem to correlate with party as much as is often thought. Both parties like to send pork home to their constituents and defense projects are always popular. So I don’t see it ending even if Hillary gets elected. She votes for all the wars and stuff just like everybody else. If anything she might be like Margaret Thatcher and try to be even tougher because she’s afraid of being seen as weak. The only way I see it ending is when the Chinese quit picking up the tab. Just thinking out loud…

[Author]

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