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ParticipantJust wait until those HOAs start biting the dust. There are going to be a lot of folks that stop paying their fees, and combined with all the empty units, some HOAs are going to get in big trouble fast. I would be very wary especially of the larger buildings because their costs are high. If the elevator breaks and there’s no money in the HOA account to fix it, you might be hoofing it up 15 flights of stairs with your groceries.
ParticipantDespite what Obamanator wants you to believe, the banks are surely not the *only* guilty party in this economic fiasco.
Middle class americans lied,cheated, and atm’d to hell their homes to support a lifestyle they couldn’t afford.
Yep, both true. Now let me propose an analogy. The government institutes a new program to increase efficient use of our roadways — rather than have stop signs and signals which unnecessarily impede the flow of traffic, the government removes all signals, stop signs, and speed limits from the roads. Drivers will now be in control of their own movement — they will need to look carefully both ways before proceeding, of course, and drive only within their own abilities.
When the bodies start piling up and the roads are full of wrecked cars and bleeding wounded, the radio waves will be full of conservative commentators bloviating about irresponsible drivers! It’s all the fault of those irresponsible drivers. They should know that they need to drive carefully — whatever happens to them is their fault!
Not a perfect analogy, but basically the government has been dismantling all of the regulatory mechanisms that could have prevented this housing bubble for the last 30 years or so, under both Democratic and Republican administrations. Why are we surprised at the result?
ParticipantDespite what Obamanator wants you to believe, the banks are surely not the *only* guilty party in this economic fiasco.
Middle class americans lied,cheated, and atm’d to hell their homes to support a lifestyle they couldn’t afford.
Yep, both true. Now let me propose an analogy. The government institutes a new program to increase efficient use of our roadways — rather than have stop signs and signals which unnecessarily impede the flow of traffic, the government removes all signals, stop signs, and speed limits from the roads. Drivers will now be in control of their own movement — they will need to look carefully both ways before proceeding, of course, and drive only within their own abilities.
When the bodies start piling up and the roads are full of wrecked cars and bleeding wounded, the radio waves will be full of conservative commentators bloviating about irresponsible drivers! It’s all the fault of those irresponsible drivers. They should know that they need to drive carefully — whatever happens to them is their fault!
Not a perfect analogy, but basically the government has been dismantling all of the regulatory mechanisms that could have prevented this housing bubble for the last 30 years or so, under both Democratic and Republican administrations. Why are we surprised at the result?
ParticipantDespite what Obamanator wants you to believe, the banks are surely not the *only* guilty party in this economic fiasco.
Middle class americans lied,cheated, and atm’d to hell their homes to support a lifestyle they couldn’t afford.
Yep, both true. Now let me propose an analogy. The government institutes a new program to increase efficient use of our roadways — rather than have stop signs and signals which unnecessarily impede the flow of traffic, the government removes all signals, stop signs, and speed limits from the roads. Drivers will now be in control of their own movement — they will need to look carefully both ways before proceeding, of course, and drive only within their own abilities.
When the bodies start piling up and the roads are full of wrecked cars and bleeding wounded, the radio waves will be full of conservative commentators bloviating about irresponsible drivers! It’s all the fault of those irresponsible drivers. They should know that they need to drive carefully — whatever happens to them is their fault!
Not a perfect analogy, but basically the government has been dismantling all of the regulatory mechanisms that could have prevented this housing bubble for the last 30 years or so, under both Democratic and Republican administrations. Why are we surprised at the result?
ParticipantDespite what Obamanator wants you to believe, the banks are surely not the *only* guilty party in this economic fiasco.
Middle class americans lied,cheated, and atm’d to hell their homes to support a lifestyle they couldn’t afford.
Yep, both true. Now let me propose an analogy. The government institutes a new program to increase efficient use of our roadways — rather than have stop signs and signals which unnecessarily impede the flow of traffic, the government removes all signals, stop signs, and speed limits from the roads. Drivers will now be in control of their own movement — they will need to look carefully both ways before proceeding, of course, and drive only within their own abilities.
When the bodies start piling up and the roads are full of wrecked cars and bleeding wounded, the radio waves will be full of conservative commentators bloviating about irresponsible drivers! It’s all the fault of those irresponsible drivers. They should know that they need to drive carefully — whatever happens to them is their fault!
Not a perfect analogy, but basically the government has been dismantling all of the regulatory mechanisms that could have prevented this housing bubble for the last 30 years or so, under both Democratic and Republican administrations. Why are we surprised at the result?
ParticipantDespite what Obamanator wants you to believe, the banks are surely not the *only* guilty party in this economic fiasco.
Middle class americans lied,cheated, and atm’d to hell their homes to support a lifestyle they couldn’t afford.
Yep, both true. Now let me propose an analogy. The government institutes a new program to increase efficient use of our roadways — rather than have stop signs and signals which unnecessarily impede the flow of traffic, the government removes all signals, stop signs, and speed limits from the roads. Drivers will now be in control of their own movement — they will need to look carefully both ways before proceeding, of course, and drive only within their own abilities.
When the bodies start piling up and the roads are full of wrecked cars and bleeding wounded, the radio waves will be full of conservative commentators bloviating about irresponsible drivers! It’s all the fault of those irresponsible drivers. They should know that they need to drive carefully — whatever happens to them is their fault!
Not a perfect analogy, but basically the government has been dismantling all of the regulatory mechanisms that could have prevented this housing bubble for the last 30 years or so, under both Democratic and Republican administrations. Why are we surprised at the result?
ParticipantActing like people who make $100K pay a far less percentage of their income to taxes than somebody who makes $200K isn’t that accurate.
Hi Jordan, I think you misunderstood me a little. People here in Southern California pay a lot of taxes regardless of how much money they make. If you go back to my original post, I was just pointing out that there are only a few groups of people with access to a $100K down payment, and high earners are one of those groups. I totally agree that their share of taxes isn’t disproportionately high with respect to those making less, I was just trying to point out that our high taxes make saving difficult for many people, including what I would consider high income individuals. I probably could have been clearer. Combined with the high propensity for consumption here in Southern California, many of these people will have a hard time saving that much money.
ParticipantActing like people who make $100K pay a far less percentage of their income to taxes than somebody who makes $200K isn’t that accurate.
Hi Jordan, I think you misunderstood me a little. People here in Southern California pay a lot of taxes regardless of how much money they make. If you go back to my original post, I was just pointing out that there are only a few groups of people with access to a $100K down payment, and high earners are one of those groups. I totally agree that their share of taxes isn’t disproportionately high with respect to those making less, I was just trying to point out that our high taxes make saving difficult for many people, including what I would consider high income individuals. I probably could have been clearer. Combined with the high propensity for consumption here in Southern California, many of these people will have a hard time saving that much money.
ParticipantActing like people who make $100K pay a far less percentage of their income to taxes than somebody who makes $200K isn’t that accurate.
Hi Jordan, I think you misunderstood me a little. People here in Southern California pay a lot of taxes regardless of how much money they make. If you go back to my original post, I was just pointing out that there are only a few groups of people with access to a $100K down payment, and high earners are one of those groups. I totally agree that their share of taxes isn’t disproportionately high with respect to those making less, I was just trying to point out that our high taxes make saving difficult for many people, including what I would consider high income individuals. I probably could have been clearer. Combined with the high propensity for consumption here in Southern California, many of these people will have a hard time saving that much money.
ParticipantActing like people who make $100K pay a far less percentage of their income to taxes than somebody who makes $200K isn’t that accurate.
Hi Jordan, I think you misunderstood me a little. People here in Southern California pay a lot of taxes regardless of how much money they make. If you go back to my original post, I was just pointing out that there are only a few groups of people with access to a $100K down payment, and high earners are one of those groups. I totally agree that their share of taxes isn’t disproportionately high with respect to those making less, I was just trying to point out that our high taxes make saving difficult for many people, including what I would consider high income individuals. I probably could have been clearer. Combined with the high propensity for consumption here in Southern California, many of these people will have a hard time saving that much money.
ParticipantActing like people who make $100K pay a far less percentage of their income to taxes than somebody who makes $200K isn’t that accurate.
Hi Jordan, I think you misunderstood me a little. People here in Southern California pay a lot of taxes regardless of how much money they make. If you go back to my original post, I was just pointing out that there are only a few groups of people with access to a $100K down payment, and high earners are one of those groups. I totally agree that their share of taxes isn’t disproportionately high with respect to those making less, I was just trying to point out that our high taxes make saving difficult for many people, including what I would consider high income individuals. I probably could have been clearer. Combined with the high propensity for consumption here in Southern California, many of these people will have a hard time saving that much money.
ParticipantThe progressive income tax has only a very slight effect on how “hard” it is to save for those making over $200K.
No argument there, but there is a lot more at play here than just federal income tax. State tax, SS/medicare, AMT, and sales taxes all eat into the income of high earners. I’m not one of those that says that high earners should pay less tax, but I just want to point out that the numbers are quite shocking when they’re added all together. As a business owner I am perhaps more sensitive to this than others since I pay double SS/medicare as well as CA corporation tax, SD city business tax, state disability, and probably several others that I’m unable to think of at the moment.
Also, people in this group usually max out their 401Ks, so that’s another big chunk of money that’s not available for saving as a down payment.
I still stand by my point that saving a $100K down payment will be difficult for many high earners here in SD, especially those with their own businesses. Yes they can easily do it by driving older cars, living in crappy apartments, and eating top ramen. However, how many $200K/yr attorneys or salespeople are going to do that? Very few will give up their fancy apartments and Mercedes cars.
ParticipantThe progressive income tax has only a very slight effect on how “hard” it is to save for those making over $200K.
No argument there, but there is a lot more at play here than just federal income tax. State tax, SS/medicare, AMT, and sales taxes all eat into the income of high earners. I’m not one of those that says that high earners should pay less tax, but I just want to point out that the numbers are quite shocking when they’re added all together. As a business owner I am perhaps more sensitive to this than others since I pay double SS/medicare as well as CA corporation tax, SD city business tax, state disability, and probably several others that I’m unable to think of at the moment.
Also, people in this group usually max out their 401Ks, so that’s another big chunk of money that’s not available for saving as a down payment.
I still stand by my point that saving a $100K down payment will be difficult for many high earners here in SD, especially those with their own businesses. Yes they can easily do it by driving older cars, living in crappy apartments, and eating top ramen. However, how many $200K/yr attorneys or salespeople are going to do that? Very few will give up their fancy apartments and Mercedes cars.
ParticipantThe progressive income tax has only a very slight effect on how “hard” it is to save for those making over $200K.
No argument there, but there is a lot more at play here than just federal income tax. State tax, SS/medicare, AMT, and sales taxes all eat into the income of high earners. I’m not one of those that says that high earners should pay less tax, but I just want to point out that the numbers are quite shocking when they’re added all together. As a business owner I am perhaps more sensitive to this than others since I pay double SS/medicare as well as CA corporation tax, SD city business tax, state disability, and probably several others that I’m unable to think of at the moment.
Also, people in this group usually max out their 401Ks, so that’s another big chunk of money that’s not available for saving as a down payment.
I still stand by my point that saving a $100K down payment will be difficult for many high earners here in SD, especially those with their own businesses. Yes they can easily do it by driving older cars, living in crappy apartments, and eating top ramen. However, how many $200K/yr attorneys or salespeople are going to do that? Very few will give up their fancy apartments and Mercedes cars.
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