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barnaby33ParticipantTemeculaguy, if you buy first growths, Costco on Morena has them. They have: 04 Lafite, Mouton, Cheval Blanc and Haut Brion. I got one of the Lafite just because the 05 is going to be 750/bottle. The 04s are a steal comparatively and from a good if not outstanding year.
Mostly I stick to Italian for the good stuff as you get much better deals on Barolo and even Brunello than Bordeaux.
Not sure which goes better with Chef Boyardee.
Josh
barnaby33ParticipantTemeculaguy, if you buy first growths, Costco on Morena has them. They have: 04 Lafite, Mouton, Cheval Blanc and Haut Brion. I got one of the Lafite just because the 05 is going to be 750/bottle. The 04s are a steal comparatively and from a good if not outstanding year.
Mostly I stick to Italian for the good stuff as you get much better deals on Barolo and even Brunello than Bordeaux.
Not sure which goes better with Chef Boyardee.
Josh
barnaby33ParticipantSchadenfreude – satisfaction or pleasure felt at someone else’s misfortune.
If there is a better word out there to capture the “zeitgeist” of the moment, I’d love to know about it. Sure its overused, but indulge me. I’m a JBR (Jealous Bitter Renter.) I’ve lived in shithole apts the navy wouldn’t kennel their sailors in for years to save money for a home.
Ultimately I’m just as offended by the reactionary sky is falling uber-bears as I am the kind hearted people who just want to get along. I own a shotgun and hope to dog I never have to use it, or revert to using salt as currency. Sorry 4plexowner, if it gets that bad, gold will be pretty worthless. Salt and toilet paper are my bets.
We are at the start of some very interesting times. We are going to endure inflation, deflation, and probably a lot of mental masturbation at the same time! Fuck it, if you bought a house that you couldn’t afford on a 30 year fixed, I have no sympathy for you and neither should anybody else. Whats the point of a social hierarchy if the Fed-Ex driver and the manual laborer can just jump to the head of the line.
Lets re-allocate some resources shall we, or at least watch with fascination while it happens. I may live in a shitbox apartment in Northpark, but I’m debt free and waiting.
Josh
barnaby33ParticipantSchadenfreude – satisfaction or pleasure felt at someone else’s misfortune.
If there is a better word out there to capture the “zeitgeist” of the moment, I’d love to know about it. Sure its overused, but indulge me. I’m a JBR (Jealous Bitter Renter.) I’ve lived in shithole apts the navy wouldn’t kennel their sailors in for years to save money for a home.
Ultimately I’m just as offended by the reactionary sky is falling uber-bears as I am the kind hearted people who just want to get along. I own a shotgun and hope to dog I never have to use it, or revert to using salt as currency. Sorry 4plexowner, if it gets that bad, gold will be pretty worthless. Salt and toilet paper are my bets.
We are at the start of some very interesting times. We are going to endure inflation, deflation, and probably a lot of mental masturbation at the same time! Fuck it, if you bought a house that you couldn’t afford on a 30 year fixed, I have no sympathy for you and neither should anybody else. Whats the point of a social hierarchy if the Fed-Ex driver and the manual laborer can just jump to the head of the line.
Lets re-allocate some resources shall we, or at least watch with fascination while it happens. I may live in a shitbox apartment in Northpark, but I’m debt free and waiting.
Josh
barnaby33ParticipantSchadenfreude – satisfaction or pleasure felt at someone else’s misfortune.
If there is a better word out there to capture the “zeitgeist” of the moment, I’d love to know about it. Sure its overused, but indulge me. I’m a JBR (Jealous Bitter Renter.) I’ve lived in shithole apts the navy wouldn’t kennel their sailors in for years to save money for a home.
Ultimately I’m just as offended by the reactionary sky is falling uber-bears as I am the kind hearted people who just want to get along. I own a shotgun and hope to dog I never have to use it, or revert to using salt as currency. Sorry 4plexowner, if it gets that bad, gold will be pretty worthless. Salt and toilet paper are my bets.
We are at the start of some very interesting times. We are going to endure inflation, deflation, and probably a lot of mental masturbation at the same time! Fuck it, if you bought a house that you couldn’t afford on a 30 year fixed, I have no sympathy for you and neither should anybody else. Whats the point of a social hierarchy if the Fed-Ex driver and the manual laborer can just jump to the head of the line.
Lets re-allocate some resources shall we, or at least watch with fascination while it happens. I may live in a shitbox apartment in Northpark, but I’m debt free and waiting.
Josh
barnaby33ParticipantHLS, you are fogetting the pride that sweat equity brings, thats gotta be worth something. 2 bux an hour sounds about right!
Josh
barnaby33ParticipantHLS, you are fogetting the pride that sweat equity brings, thats gotta be worth something. 2 bux an hour sounds about right!
Josh
barnaby33ParticipantBugs, there is a huge disconnect here, but you still arrive at what I feel is the right conclusion. Banks made money by selling loans, in essence they became brokers, hence the moral hazard. Once they sold the loan the only way for them to be held responsible would be re-assignment of those loans based on fraud, usually a FPD or something like it. Will these re-assignments be enough to sink banks is the question, or will the CDO investors who bought them take the lions share of the losses?
At the tail end of the boom when credit quality was at its lowest, the banks began to be unable to pass these mortgages onto the secondary market. Those loans they still hold and will become toxic on their balance sheets.
I think what will end up burning the banks is that they shifted to a broker business model and when that goes away, shifting back to making loans that they actually hold the paper on will be very painful and far less profitable.
After seeing what happened this week to the credit markets, I too feel its far past the point of bumby rides.
Josh
barnaby33ParticipantBugs, there is a huge disconnect here, but you still arrive at what I feel is the right conclusion. Banks made money by selling loans, in essence they became brokers, hence the moral hazard. Once they sold the loan the only way for them to be held responsible would be re-assignment of those loans based on fraud, usually a FPD or something like it. Will these re-assignments be enough to sink banks is the question, or will the CDO investors who bought them take the lions share of the losses?
At the tail end of the boom when credit quality was at its lowest, the banks began to be unable to pass these mortgages onto the secondary market. Those loans they still hold and will become toxic on their balance sheets.
I think what will end up burning the banks is that they shifted to a broker business model and when that goes away, shifting back to making loans that they actually hold the paper on will be very painful and far less profitable.
After seeing what happened this week to the credit markets, I too feel its far past the point of bumby rides.
Josh
barnaby33ParticipantI’d say the two things that are killing all the builders are the falling number of sales, plus land write-downs. Centex just took a several hundred million dollar write-down on land at its last reporting in july. Ouch thats going to kill profitability.
The builders are leveraged, but they owned more land than they will admit to, hence the write-downs.
Josh
barnaby33ParticipantI’d say the two things that are killing all the builders are the falling number of sales, plus land write-downs. Centex just took a several hundred million dollar write-down on land at its last reporting in july. Ouch thats going to kill profitability.
The builders are leveraged, but they owned more land than they will admit to, hence the write-downs.
Josh
barnaby33ParticipantThank you for sharing your story kaycee. While I agree with several of the other posters that you didn’t leave yourself in a great position, it sounds like you did the best you could. Part of negotiating the best deal is often realizing you aren’t in a great position. It sounds like you’ve done that and thats a huge first step.
Josh
barnaby33ParticipantThank you for sharing your story kaycee. While I agree with several of the other posters that you didn’t leave yourself in a great position, it sounds like you did the best you could. Part of negotiating the best deal is often realizing you aren’t in a great position. It sounds like you’ve done that and thats a huge first step.
Josh
barnaby33ParticipantUnfortunately many people misuse the lower cost options for excessive consumption…
Whattaya gonna do?
Short the shit out of LEND and CFC and laugh when the market dictates that lots of these loans are bad.
HLS, you make a very good point, but its too subtle and not contextually sensitive enough. No loan by itself is evil, but when you give J6P the ability to do something stupid that benefits himself in the short term at a huge long term cost, he will.
Its hard to believe a former loan officer doesn’t understand todays products, but hey its possible. What annoys me is like many new posters he just asks a question without having read the bubble primer and some threads first.
Josh
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