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davelj
ParticipantSorry, guys, but I, for one, won’t take the high road here.
Sure, I like to see unbiased, objective reporting of the current housing debacle. And Piggington does a first rate job of that. But, frankly, I’m also here to celebrate – put that in capital letters “CELEBRATE” – the comeuppance of ignoramuses who couldn’t control their greed. Many of these folks were CELEBRATING their own genius and purportedly “superior investment skills” not so long ago. Well, I love me some schadenfreude.
Now, as for those good folks who just slipped up and got caught up in this mess, I do not celebrate their demise. It’s unfortunate and I pity them and wish them well. But, we mustn’t forget that in most investments there are no victims, just willing participants.
But the majority of the folks currently in distress do not fall into the latter group, they fall into the former group. And they deserve to be mocked and ridiculed. Perhaps they’ll learn something that can be applied the next time around.
If that makes me a “bad person,” then so be it. I can live quite happily with that.
ParticipantSorry, guys, but I, for one, won’t take the high road here.
Sure, I like to see unbiased, objective reporting of the current housing debacle. And Piggington does a first rate job of that. But, frankly, I’m also here to celebrate – put that in capital letters “CELEBRATE” – the comeuppance of ignoramuses who couldn’t control their greed. Many of these folks were CELEBRATING their own genius and purportedly “superior investment skills” not so long ago. Well, I love me some schadenfreude.
Now, as for those good folks who just slipped up and got caught up in this mess, I do not celebrate their demise. It’s unfortunate and I pity them and wish them well. But, we mustn’t forget that in most investments there are no victims, just willing participants.
But the majority of the folks currently in distress do not fall into the latter group, they fall into the former group. And they deserve to be mocked and ridiculed. Perhaps they’ll learn something that can be applied the next time around.
If that makes me a “bad person,” then so be it. I can live quite happily with that.
ParticipantSorry, guys, but I, for one, won’t take the high road here.
Sure, I like to see unbiased, objective reporting of the current housing debacle. And Piggington does a first rate job of that. But, frankly, I’m also here to celebrate – put that in capital letters “CELEBRATE” – the comeuppance of ignoramuses who couldn’t control their greed. Many of these folks were CELEBRATING their own genius and purportedly “superior investment skills” not so long ago. Well, I love me some schadenfreude.
Now, as for those good folks who just slipped up and got caught up in this mess, I do not celebrate their demise. It’s unfortunate and I pity them and wish them well. But, we mustn’t forget that in most investments there are no victims, just willing participants.
But the majority of the folks currently in distress do not fall into the latter group, they fall into the former group. And they deserve to be mocked and ridiculed. Perhaps they’ll learn something that can be applied the next time around.
If that makes me a “bad person,” then so be it. I can live quite happily with that.
ParticipantWhat I love is the “Realtor & Economist” bit. Now, I’ll acknowledge that there are some fine (real) economists out there that don’t have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.
And, no, (3) doesn’t include generic residential realtor. At least not in my book.
Too funny.
ParticipantWhat I love is the “Realtor & Economist” bit. Now, I’ll acknowledge that there are some fine (real) economists out there that don’t have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.
And, no, (3) doesn’t include generic residential realtor. At least not in my book.
Too funny.
ParticipantWhat I love is the “Realtor & Economist” bit. Now, I’ll acknowledge that there are some fine (real) economists out there that don’t have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.
And, no, (3) doesn’t include generic residential realtor. At least not in my book.
Too funny.
ParticipantWhat I love is the “Realtor & Economist” bit. Now, I’ll acknowledge that there are some fine (real) economists out there that don’t have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.
And, no, (3) doesn’t include generic residential realtor. At least not in my book.
Too funny.
ParticipantWhat I love is the “Realtor & Economist” bit. Now, I’ll acknowledge that there are some fine (real) economists out there that don’t have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.
And, no, (3) doesn’t include generic residential realtor. At least not in my book.
Too funny.
ParticipantActually, joe, that’s NOT “the kind of thinking that went into this bubble in the first place.” The kind of thinking that produced this bubble was the idea that price appreciation would more than offset any problems with negative cash flow. Had people bought houses purely based on cash economics we wouldn’t be where we are today. I’m NOT suggesting that people use I/O loans. I merely used an I/O loan for the purposes of making a better economic comparison to renting from a tax standpoint. I thought I made that clear in one of my posts. Personally, I have a fully-amortizing 30-year fixed-rate mortgage. I’d say that if you’re buying a home at a price in which your mortgage+tax+HOA payments are roughly equivalent to the rent you’d pay, in the long run you’ll be better off owning than renting, assuming you’re planning to stay awhile. In such a case, insulating yourself from the “rental cost increase” generally more than offsets most of the other issues you raised. But, to say it AGAIN, in most of SD we aren’t there yet. It still makes more sense to rent.
ParticipantActually, joe, that’s NOT “the kind of thinking that went into this bubble in the first place.” The kind of thinking that produced this bubble was the idea that price appreciation would more than offset any problems with negative cash flow. Had people bought houses purely based on cash economics we wouldn’t be where we are today. I’m NOT suggesting that people use I/O loans. I merely used an I/O loan for the purposes of making a better economic comparison to renting from a tax standpoint. I thought I made that clear in one of my posts. Personally, I have a fully-amortizing 30-year fixed-rate mortgage. I’d say that if you’re buying a home at a price in which your mortgage+tax+HOA payments are roughly equivalent to the rent you’d pay, in the long run you’ll be better off owning than renting, assuming you’re planning to stay awhile. In such a case, insulating yourself from the “rental cost increase” generally more than offsets most of the other issues you raised. But, to say it AGAIN, in most of SD we aren’t there yet. It still makes more sense to rent.
ParticipantActually, joe, that’s NOT “the kind of thinking that went into this bubble in the first place.” The kind of thinking that produced this bubble was the idea that price appreciation would more than offset any problems with negative cash flow. Had people bought houses purely based on cash economics we wouldn’t be where we are today. I’m NOT suggesting that people use I/O loans. I merely used an I/O loan for the purposes of making a better economic comparison to renting from a tax standpoint. I thought I made that clear in one of my posts. Personally, I have a fully-amortizing 30-year fixed-rate mortgage. I’d say that if you’re buying a home at a price in which your mortgage+tax+HOA payments are roughly equivalent to the rent you’d pay, in the long run you’ll be better off owning than renting, assuming you’re planning to stay awhile. In such a case, insulating yourself from the “rental cost increase” generally more than offsets most of the other issues you raised. But, to say it AGAIN, in most of SD we aren’t there yet. It still makes more sense to rent.
ParticipantActually, joe, that’s NOT “the kind of thinking that went into this bubble in the first place.” The kind of thinking that produced this bubble was the idea that price appreciation would more than offset any problems with negative cash flow. Had people bought houses purely based on cash economics we wouldn’t be where we are today. I’m NOT suggesting that people use I/O loans. I merely used an I/O loan for the purposes of making a better economic comparison to renting from a tax standpoint. I thought I made that clear in one of my posts. Personally, I have a fully-amortizing 30-year fixed-rate mortgage. I’d say that if you’re buying a home at a price in which your mortgage+tax+HOA payments are roughly equivalent to the rent you’d pay, in the long run you’ll be better off owning than renting, assuming you’re planning to stay awhile. In such a case, insulating yourself from the “rental cost increase” generally more than offsets most of the other issues you raised. But, to say it AGAIN, in most of SD we aren’t there yet. It still makes more sense to rent.
ParticipantActually, joe, that’s NOT “the kind of thinking that went into this bubble in the first place.” The kind of thinking that produced this bubble was the idea that price appreciation would more than offset any problems with negative cash flow. Had people bought houses purely based on cash economics we wouldn’t be where we are today. I’m NOT suggesting that people use I/O loans. I merely used an I/O loan for the purposes of making a better economic comparison to renting from a tax standpoint. I thought I made that clear in one of my posts. Personally, I have a fully-amortizing 30-year fixed-rate mortgage. I’d say that if you’re buying a home at a price in which your mortgage+tax+HOA payments are roughly equivalent to the rent you’d pay, in the long run you’ll be better off owning than renting, assuming you’re planning to stay awhile. In such a case, insulating yourself from the “rental cost increase” generally more than offsets most of the other issues you raised. But, to say it AGAIN, in most of SD we aren’t there yet. It still makes more sense to rent.
Participantpepsi, sorry I wasn’t clear. I included property taxes as part of the mortgage payment since the they’re both tax deductible. So, when I say “mortgage payment” I really mean “mortgage and property taxes combined.” My mistake.
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