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CoronitaParticipantLook in the mirror
I think we're all in for a world of hurt. When I sit with family and friends, we inevitably end up talking about the economy and I have to tiptoe around the subject just so I don't alarm them. Not because I'm on this site which I do lurk, but because my industry was in the front line and part of the problem. You'd be surprised with the disconnect I see day in and day out, the nice older lady that bought up north in Cameron Park for $650K with $300K down and an appraiser tells me that the house is worth $450 max, or the Option Armed couple in their late 50's who have 3.5 years on the loan before it recasts, just a couple of examples.
For anyone to think this won't affect you personally, is what I mean by disconnect. The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they're well insulated. And to state that 'Well, I'm ok.' Unless you have billions and can afford to buy a part of Patagonia, you are part of this network.
Well said….
This is what a lot of you folks wanted though. You wanted a recession. You wanted things to get so hairy that people start losing their jobs left and right, so there would be firesales. Come on, where's that spirit now…You folks aren't flinching now, even though your own steady income is now sort of a starting to shake a bit directlyror indirectly, are you?
Me, I'm terrified of this recession.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
CoronitaParticipantLook in the mirror
I think we're all in for a world of hurt. When I sit with family and friends, we inevitably end up talking about the economy and I have to tiptoe around the subject just so I don't alarm them. Not because I'm on this site which I do lurk, but because my industry was in the front line and part of the problem. You'd be surprised with the disconnect I see day in and day out, the nice older lady that bought up north in Cameron Park for $650K with $300K down and an appraiser tells me that the house is worth $450 max, or the Option Armed couple in their late 50's who have 3.5 years on the loan before it recasts, just a couple of examples.
For anyone to think this won't affect you personally, is what I mean by disconnect. The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they're well insulated. And to state that 'Well, I'm ok.' Unless you have billions and can afford to buy a part of Patagonia, you are part of this network.
Well said….
This is what a lot of you folks wanted though. You wanted a recession. You wanted things to get so hairy that people start losing their jobs left and right, so there would be firesales. Come on, where's that spirit now…You folks aren't flinching now, even though your own steady income is now sort of a starting to shake a bit directlyror indirectly, are you?
Me, I'm terrified of this recession.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
CoronitaParticipantLook in the mirror
I think we're all in for a world of hurt. When I sit with family and friends, we inevitably end up talking about the economy and I have to tiptoe around the subject just so I don't alarm them. Not because I'm on this site which I do lurk, but because my industry was in the front line and part of the problem. You'd be surprised with the disconnect I see day in and day out, the nice older lady that bought up north in Cameron Park for $650K with $300K down and an appraiser tells me that the house is worth $450 max, or the Option Armed couple in their late 50's who have 3.5 years on the loan before it recasts, just a couple of examples.
For anyone to think this won't affect you personally, is what I mean by disconnect. The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they're well insulated. And to state that 'Well, I'm ok.' Unless you have billions and can afford to buy a part of Patagonia, you are part of this network.
Well said….
This is what a lot of you folks wanted though. You wanted a recession. You wanted things to get so hairy that people start losing their jobs left and right, so there would be firesales. Come on, where's that spirit now…You folks aren't flinching now, even though your own steady income is now sort of a starting to shake a bit directlyror indirectly, are you?
Me, I'm terrified of this recession.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
CoronitaParticipantLook in the mirror
I think we're all in for a world of hurt. When I sit with family and friends, we inevitably end up talking about the economy and I have to tiptoe around the subject just so I don't alarm them. Not because I'm on this site which I do lurk, but because my industry was in the front line and part of the problem. You'd be surprised with the disconnect I see day in and day out, the nice older lady that bought up north in Cameron Park for $650K with $300K down and an appraiser tells me that the house is worth $450 max, or the Option Armed couple in their late 50's who have 3.5 years on the loan before it recasts, just a couple of examples.
For anyone to think this won't affect you personally, is what I mean by disconnect. The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they're well insulated. And to state that 'Well, I'm ok.' Unless you have billions and can afford to buy a part of Patagonia, you are part of this network.
Well said….
This is what a lot of you folks wanted though. You wanted a recession. You wanted things to get so hairy that people start losing their jobs left and right, so there would be firesales. Come on, where's that spirit now…You folks aren't flinching now, even though your own steady income is now sort of a starting to shake a bit directlyror indirectly, are you?
Me, I'm terrified of this recession.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
CoronitaParticipantexcept the fallacy in the argument would be that someone that leases and can no longer afford things probably will just walk away from the lease and the car goes back to the dealer.
In fact the entire fallacy in the statement of being able by the BMW cheap is an assumption that the overstretched buyer paid cash for a car. Highly unlikely, as most of these would be leased and or purchased with an upside down car loan, which would mean that the driver wouldn't be able to sell it for cheap to recoup any cost. He/she would be better off just walking from the lease/loaned car.
—– Sour grapes for everyone!
CoronitaParticipantexcept the fallacy in the argument would be that someone that leases and can no longer afford things probably will just walk away from the lease and the car goes back to the dealer.
In fact the entire fallacy in the statement of being able by the BMW cheap is an assumption that the overstretched buyer paid cash for a car. Highly unlikely, as most of these would be leased and or purchased with an upside down car loan, which would mean that the driver wouldn't be able to sell it for cheap to recoup any cost. He/she would be better off just walking from the lease/loaned car.
—– Sour grapes for everyone!
CoronitaParticipantexcept the fallacy in the argument would be that someone that leases and can no longer afford things probably will just walk away from the lease and the car goes back to the dealer.
In fact the entire fallacy in the statement of being able by the BMW cheap is an assumption that the overstretched buyer paid cash for a car. Highly unlikely, as most of these would be leased and or purchased with an upside down car loan, which would mean that the driver wouldn't be able to sell it for cheap to recoup any cost. He/she would be better off just walking from the lease/loaned car.
—– Sour grapes for everyone!
CoronitaParticipantexcept the fallacy in the argument would be that someone that leases and can no longer afford things probably will just walk away from the lease and the car goes back to the dealer.
In fact the entire fallacy in the statement of being able by the BMW cheap is an assumption that the overstretched buyer paid cash for a car. Highly unlikely, as most of these would be leased and or purchased with an upside down car loan, which would mean that the driver wouldn't be able to sell it for cheap to recoup any cost. He/she would be better off just walking from the lease/loaned car.
—– Sour grapes for everyone!
CoronitaParticipantexcept the fallacy in the argument would be that someone that leases and can no longer afford things probably will just walk away from the lease and the car goes back to the dealer.
In fact the entire fallacy in the statement of being able by the BMW cheap is an assumption that the overstretched buyer paid cash for a car. Highly unlikely, as most of these would be leased and or purchased with an upside down car loan, which would mean that the driver wouldn't be able to sell it for cheap to recoup any cost. He/she would be better off just walking from the lease/loaned car.
—– Sour grapes for everyone!
CoronitaParticipantYou seem to make the assumption that everyone who has the extra cash is going to prudently sock it away. The reality is that in a credit card society most people would not be a prudent with the additonal money they have. Therefore homeownership creates a forced saving for many people. Now I know that many will argue that Equity lines and other tools can be tapped into against the home but I would argue there are more who buy homes in the hopes of simply paying them off and being debt free.
Bingo. This “leakage” is always underestimated
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]—– Sour grapes for everyone!
CoronitaParticipantYou seem to make the assumption that everyone who has the extra cash is going to prudently sock it away. The reality is that in a credit card society most people would not be a prudent with the additonal money they have. Therefore homeownership creates a forced saving for many people. Now I know that many will argue that Equity lines and other tools can be tapped into against the home but I would argue there are more who buy homes in the hopes of simply paying them off and being debt free.
Bingo. This “leakage” is always underestimated
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]—– Sour grapes for everyone!
CoronitaParticipantYou seem to make the assumption that everyone who has the extra cash is going to prudently sock it away. The reality is that in a credit card society most people would not be a prudent with the additonal money they have. Therefore homeownership creates a forced saving for many people. Now I know that many will argue that Equity lines and other tools can be tapped into against the home but I would argue there are more who buy homes in the hopes of simply paying them off and being debt free.
Bingo. This “leakage” is always underestimated
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]—– Sour grapes for everyone!
CoronitaParticipantYou seem to make the assumption that everyone who has the extra cash is going to prudently sock it away. The reality is that in a credit card society most people would not be a prudent with the additonal money they have. Therefore homeownership creates a forced saving for many people. Now I know that many will argue that Equity lines and other tools can be tapped into against the home but I would argue there are more who buy homes in the hopes of simply paying them off and being debt free.
Bingo. This “leakage” is always underestimated
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]—– Sour grapes for everyone!
CoronitaParticipantYou seem to make the assumption that everyone who has the extra cash is going to prudently sock it away. The reality is that in a credit card society most people would not be a prudent with the additonal money they have. Therefore homeownership creates a forced saving for many people. Now I know that many will argue that Equity lines and other tools can be tapped into against the home but I would argue there are more who buy homes in the hopes of simply paying them off and being debt free.
Bingo. This “leakage” is always underestimated
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]—– Sour grapes for everyone!
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