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JWM in SD
ParticipantSorry TG, you are not seeing the forest for the trees right now. There are three things you will need in the next several years: Savings in cash or equivalents, No debt and a high paying documentable job to enable the savings.
Remember what happened after Enron and Worldcom??? I’ll give you a hint: Sarbanes and Oxley. That pendulum swung pretty far to opposite direction after that. The credit implosion makes Enron and Worldcom look you are pissing in Lake Michigan relatively speaking. You tell me what you think is going to happen ultimately with credit standards in the next few years???? I suspect they will get really really tight and 100K earners better have a lot more than their salary history in order to buy.
ParticipantSorry TG, you are not seeing the forest for the trees right now. There are three things you will need in the next several years: Savings in cash or equivalents, No debt and a high paying documentable job to enable the savings.
Remember what happened after Enron and Worldcom??? I’ll give you a hint: Sarbanes and Oxley. That pendulum swung pretty far to opposite direction after that. The credit implosion makes Enron and Worldcom look you are pissing in Lake Michigan relatively speaking. You tell me what you think is going to happen ultimately with credit standards in the next few years???? I suspect they will get really really tight and 100K earners better have a lot more than their salary history in order to buy.
ParticipantSorry TG, you are not seeing the forest for the trees right now. There are three things you will need in the next several years: Savings in cash or equivalents, No debt and a high paying documentable job to enable the savings.
Remember what happened after Enron and Worldcom??? I’ll give you a hint: Sarbanes and Oxley. That pendulum swung pretty far to opposite direction after that. The credit implosion makes Enron and Worldcom look you are pissing in Lake Michigan relatively speaking. You tell me what you think is going to happen ultimately with credit standards in the next few years???? I suspect they will get really really tight and 100K earners better have a lot more than their salary history in order to buy.
Participant“I have a large chunk of cash sitting in an offshore bank account drawing relatively high interest. Speaking in a strictly mercenary sense, shouldn’t I want to see an economic melt down in the US so that prices will drop and I can afford more or am I missing something?”
No, you shouldn’t feel bad about that. Might I ask, is it EverBank?? Which currency (s)?
Participant“I have a large chunk of cash sitting in an offshore bank account drawing relatively high interest. Speaking in a strictly mercenary sense, shouldn’t I want to see an economic melt down in the US so that prices will drop and I can afford more or am I missing something?”
No, you shouldn’t feel bad about that. Might I ask, is it EverBank?? Which currency (s)?
Participant“I have a large chunk of cash sitting in an offshore bank account drawing relatively high interest. Speaking in a strictly mercenary sense, shouldn’t I want to see an economic melt down in the US so that prices will drop and I can afford more or am I missing something?”
No, you shouldn’t feel bad about that. Might I ask, is it EverBank?? Which currency (s)?
ParticipantI don’t want financial armageddon either, but I sure as hell will not mourn when WS aholes are no longer getting 6 and 7 figure bonuses and then want the Fed to cut the interest rates. Screw them.
In case there is some confusion about where all this money has come from the past several years, I’d like anyone who read Chris’s post to go find a graph of M3 growth since 2000 and plot that against the rise in home prices in SoCal over the same periods. I suspect that you will find direct correlation.
I’ve lost money on my biotech long holdings in the past several weeks but I’ve made up for it by betting against the likes of CFC, Lend and AHM. Those companies need to be put out of existence because they were nothing but a scam to begin with. If you want to lay blame somewhere, why don’t you ask Angelo Mozillo about the >$500M worth of stock he has sold in the past year or so. Or how about Bob Toll?
Nobody is really cheering on the financial mess that has been made in the past 5 years. I’ve watched the value of not just my savings but my salary go down in the same period meanwhile I’m being called a fool because I could see that there was something seriously wrong with what happening.
Sorry Chris, but save your sanctimony for someone who gives a shit. I do not.
ParticipantI don’t want financial armageddon either, but I sure as hell will not mourn when WS aholes are no longer getting 6 and 7 figure bonuses and then want the Fed to cut the interest rates. Screw them.
In case there is some confusion about where all this money has come from the past several years, I’d like anyone who read Chris’s post to go find a graph of M3 growth since 2000 and plot that against the rise in home prices in SoCal over the same periods. I suspect that you will find direct correlation.
I’ve lost money on my biotech long holdings in the past several weeks but I’ve made up for it by betting against the likes of CFC, Lend and AHM. Those companies need to be put out of existence because they were nothing but a scam to begin with. If you want to lay blame somewhere, why don’t you ask Angelo Mozillo about the >$500M worth of stock he has sold in the past year or so. Or how about Bob Toll?
Nobody is really cheering on the financial mess that has been made in the past 5 years. I’ve watched the value of not just my savings but my salary go down in the same period meanwhile I’m being called a fool because I could see that there was something seriously wrong with what happening.
Sorry Chris, but save your sanctimony for someone who gives a shit. I do not.
ParticipantI don’t want financial armageddon either, but I sure as hell will not mourn when WS aholes are no longer getting 6 and 7 figure bonuses and then want the Fed to cut the interest rates. Screw them.
In case there is some confusion about where all this money has come from the past several years, I’d like anyone who read Chris’s post to go find a graph of M3 growth since 2000 and plot that against the rise in home prices in SoCal over the same periods. I suspect that you will find direct correlation.
I’ve lost money on my biotech long holdings in the past several weeks but I’ve made up for it by betting against the likes of CFC, Lend and AHM. Those companies need to be put out of existence because they were nothing but a scam to begin with. If you want to lay blame somewhere, why don’t you ask Angelo Mozillo about the >$500M worth of stock he has sold in the past year or so. Or how about Bob Toll?
Nobody is really cheering on the financial mess that has been made in the past 5 years. I’ve watched the value of not just my savings but my salary go down in the same period meanwhile I’m being called a fool because I could see that there was something seriously wrong with what happening.
Sorry Chris, but save your sanctimony for someone who gives a shit. I do not.
Participant“it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.”
So 400K is first time buyer territory now??? You see, this is what is wrong with Clownifornia right now. You have a median household income at sub 70K and 400k is a starter home. Do you see what is wrong with that picture???
Participant“it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.”
So 400K is first time buyer territory now??? You see, this is what is wrong with Clownifornia right now. You have a median household income at sub 70K and 400k is a starter home. Do you see what is wrong with that picture???
Participant“it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.”
So 400K is first time buyer territory now??? You see, this is what is wrong with Clownifornia right now. You have a median household income at sub 70K and 400k is a starter home. Do you see what is wrong with that picture???
Participant“it’s often said on this board that real estate is traditionally a horrible investment over the long-term.”
I don’t recal a lot people saying that real estate is always a bad investment. It’s all about timing and how much investment is made in the RE if you expect it to cashflow. If you bought between 2003 and 2006 specifically, then the asset price was too high to get an immediate return as an income property. Basically, you would have essentially speculated on the appreciation as opposed to market rents to generate a return. Big difference between and investing and speculating.
Participant“it’s often said on this board that real estate is traditionally a horrible investment over the long-term.”
I don’t recal a lot people saying that real estate is always a bad investment. It’s all about timing and how much investment is made in the RE if you expect it to cashflow. If you bought between 2003 and 2006 specifically, then the asset price was too high to get an immediate return as an income property. Basically, you would have essentially speculated on the appreciation as opposed to market rents to generate a return. Big difference between and investing and speculating.
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