[patientrenter]

CardiffBaseball,

I have eaten a lot of decent steak (in OC). I echo the comments of others here:

1. Not all steakhouses serve USDA prime steaks. I only order a steak if it’s USDA prime. Ruth’s Chris and Morton’s are chains that serve USDA prime. Other good steakhouses will too. Call ahead and ask if you’re not sure. Morton’s specializes in corn-fed beef. Ruth’s Chris differentiates by adding butter.

Sometimes steakhouses that make a name for themselves by serving high-quality USDA prime beef switch to lesser grades, and just quietly drop the USDA prime description of some items on the menu. It’s almost certainly not USDA prime if it doesn’t say that on the menu.

2. I can get steaks that are as good as the steakhouses, or better, by buying and cooking it myself. Again, look for USDA prime. It’s hard to get. Bristol Farms has it, and some smaller specialty grocery stores. There are big differences between the individual steaks, so look for the steak with the most marbling. A very marbled prime rib-eye from a store with a good selection competes very well with the average offerings from the top-end steakhouses.

Some people prefer dry-aged. It makes a nice change from regular, but it’s very hard to get specific cuts of dry-aged USDA prime grade beef, especially rib-eye (my favorite).

3. You have your favorite cuts, but rib-eye does seem to make the most of the prime grade difference.

4. When I cook prime rib-eye at home, I don’t bother with rubs or any preparation. The meat is very flavorful in its own right. I broil it, 4 minutes per side, and add salt and pepper later to taste. I don’t like the burned taste of grilling.

I broil on aluminum foil, so I have no clean-up. And I add some sweet onions I cook first in the microwave, wrapped in a moist paper towel (no clean-up again). The onions brown in the meat juice under the broiler.

Add a glass of wine, and you’re all set, with no clean-up, in less than 15 minutes. Cost is less than $35 for a meal that’s better than the best steakhouse, and is served quicker too. Gives gout within about 9-12 months if repeated almost daily. I know!

[patientrenter]

CardiffBaseball,

I have eaten a lot of decent steak (in OC). I echo the comments of others here:

1. Not all steakhouses serve USDA prime steaks. I only order a steak if it’s USDA prime. Ruth’s Chris and Morton’s are chains that serve USDA prime. Other good steakhouses will too. Call ahead and ask if you’re not sure. Morton’s specializes in corn-fed beef. Ruth’s Chris differentiates by adding butter.

Sometimes steakhouses that make a name for themselves by serving high-quality USDA prime beef switch to lesser grades, and just quietly drop the USDA prime description of some items on the menu. It’s almost certainly not USDA prime if it doesn’t say that on the menu.

2. I can get steaks that are as good as the steakhouses, or better, by buying and cooking it myself. Again, look for USDA prime. It’s hard to get. Bristol Farms has it, and some smaller specialty grocery stores. There are big differences between the individual steaks, so look for the steak with the most marbling. A very marbled prime rib-eye from a store with a good selection competes very well with the average offerings from the top-end steakhouses.

Some people prefer dry-aged. It makes a nice change from regular, but it’s very hard to get specific cuts of dry-aged USDA prime grade beef, especially rib-eye (my favorite).

3. You have your favorite cuts, but rib-eye does seem to make the most of the prime grade difference.

4. When I cook prime rib-eye at home, I don’t bother with rubs or any preparation. The meat is very flavorful in its own right. I broil it, 4 minutes per side, and add salt and pepper later to taste. I don’t like the burned taste of grilling.

I broil on aluminum foil, so I have no clean-up. And I add some sweet onions I cook first in the microwave, wrapped in a moist paper towel (no clean-up again). The onions brown in the meat juice under the broiler.

Add a glass of wine, and you’re all set, with no clean-up, in less than 15 minutes. Cost is less than $35 for a meal that’s better than the best steakhouse, and is served quicker too. Gives gout within about 9-12 months if repeated almost daily. I know!

[patientrenter]

CardiffBaseball,

I have eaten a lot of decent steak (in OC). I echo the comments of others here:

1. Not all steakhouses serve USDA prime steaks. I only order a steak if it’s USDA prime. Ruth’s Chris and Morton’s are chains that serve USDA prime. Other good steakhouses will too. Call ahead and ask if you’re not sure. Morton’s specializes in corn-fed beef. Ruth’s Chris differentiates by adding butter.

Sometimes steakhouses that make a name for themselves by serving high-quality USDA prime beef switch to lesser grades, and just quietly drop the USDA prime description of some items on the menu. It’s almost certainly not USDA prime if it doesn’t say that on the menu.

2. I can get steaks that are as good as the steakhouses, or better, by buying and cooking it myself. Again, look for USDA prime. It’s hard to get. Bristol Farms has it, and some smaller specialty grocery stores. There are big differences between the individual steaks, so look for the steak with the most marbling. A very marbled prime rib-eye from a store with a good selection competes very well with the average offerings from the top-end steakhouses.

Some people prefer dry-aged. It makes a nice change from regular, but it’s very hard to get specific cuts of dry-aged USDA prime grade beef, especially rib-eye (my favorite).

3. You have your favorite cuts, but rib-eye does seem to make the most of the prime grade difference.

4. When I cook prime rib-eye at home, I don’t bother with rubs or any preparation. The meat is very flavorful in its own right. I broil it, 4 minutes per side, and add salt and pepper later to taste. I don’t like the burned taste of grilling.

I broil on aluminum foil, so I have no clean-up. And I add some sweet onions I cook first in the microwave, wrapped in a moist paper towel (no clean-up again). The onions brown in the meat juice under the broiler.

Add a glass of wine, and you’re all set, with no clean-up, in less than 15 minutes. Cost is less than $35 for a meal that’s better than the best steakhouse, and is served quicker too. Gives gout within about 9-12 months if repeated almost daily. I know!

[patientrenter]

CardiffBaseball,

I have eaten a lot of decent steak (in OC). I echo the comments of others here:

1. Not all steakhouses serve USDA prime steaks. I only order a steak if it’s USDA prime. Ruth’s Chris and Morton’s are chains that serve USDA prime. Other good steakhouses will too. Call ahead and ask if you’re not sure. Morton’s specializes in corn-fed beef. Ruth’s Chris differentiates by adding butter.

Sometimes steakhouses that make a name for themselves by serving high-quality USDA prime beef switch to lesser grades, and just quietly drop the USDA prime description of some items on the menu. It’s almost certainly not USDA prime if it doesn’t say that on the menu.

2. I can get steaks that are as good as the steakhouses, or better, by buying and cooking it myself. Again, look for USDA prime. It’s hard to get. Bristol Farms has it, and some smaller specialty grocery stores. There are big differences between the individual steaks, so look for the steak with the most marbling. A very marbled prime rib-eye from a store with a good selection competes very well with the average offerings from the top-end steakhouses.

Some people prefer dry-aged. It makes a nice change from regular, but it’s very hard to get specific cuts of dry-aged USDA prime grade beef, especially rib-eye (my favorite).

3. You have your favorite cuts, but rib-eye does seem to make the most of the prime grade difference.

4. When I cook prime rib-eye at home, I don’t bother with rubs or any preparation. The meat is very flavorful in its own right. I broil it, 4 minutes per side, and add salt and pepper later to taste. I don’t like the burned taste of grilling.

I broil on aluminum foil, so I have no clean-up. And I add some sweet onions I cook first in the microwave, wrapped in a moist paper towel (no clean-up again). The onions brown in the meat juice under the broiler.

Add a glass of wine, and you’re all set, with no clean-up, in less than 15 minutes. Cost is less than $35 for a meal that’s better than the best steakhouse, and is served quicker too. Gives gout within about 9-12 months if repeated almost daily. I know!

[patientrenter]

jp,

I agree with you. I too saved and refused to pay a ridiculous price for a home. I was completely blind to the possibility that I didn’t really need to buy the house. I could have bought, very cheaply, a call option on the house, by borrowing all of the purchase price.

In retrospect, what I should have done was buy a new house every year of the bubble (without selling the older houses), using none of my own money. As the older houses showed big enough appreciation, I’d sell them off and pocket the gain. If and when house prices start to go down, I sell them all off. The last one or two show a loss, but I just get a short sale, or mail back the keys, or get a bailout on those.

I could have made around a million dollars net, without even trying.

It is offensive to me that this was made possible, and even more offensive that our government is using my taxes to subsidize homeowners, thereby continuing this madness.

I absolutely disagree with the idea that we have to throw money at homeowners to “save our economy”. 90% of what’s going on is just a way to continue shoveling more money at homeowners, under the guise of saving our economy.

I guess, like you, jp, I am a little irritated, and disappointed that I live in a society where people raised to spurn free lunch schemes get shafted.

[patientrenter]

jp,

I agree with you. I too saved and refused to pay a ridiculous price for a home. I was completely blind to the possibility that I didn’t really need to buy the house. I could have bought, very cheaply, a call option on the house, by borrowing all of the purchase price.

In retrospect, what I should have done was buy a new house every year of the bubble (without selling the older houses), using none of my own money. As the older houses showed big enough appreciation, I’d sell them off and pocket the gain. If and when house prices start to go down, I sell them all off. The last one or two show a loss, but I just get a short sale, or mail back the keys, or get a bailout on those.

I could have made around a million dollars net, without even trying.

It is offensive to me that this was made possible, and even more offensive that our government is using my taxes to subsidize homeowners, thereby continuing this madness.

I absolutely disagree with the idea that we have to throw money at homeowners to “save our economy”. 90% of what’s going on is just a way to continue shoveling more money at homeowners, under the guise of saving our economy.

I guess, like you, jp, I am a little irritated, and disappointed that I live in a society where people raised to spurn free lunch schemes get shafted.

[patientrenter]

jp,

I agree with you. I too saved and refused to pay a ridiculous price for a home. I was completely blind to the possibility that I didn’t really need to buy the house. I could have bought, very cheaply, a call option on the house, by borrowing all of the purchase price.

In retrospect, what I should have done was buy a new house every year of the bubble (without selling the older houses), using none of my own money. As the older houses showed big enough appreciation, I’d sell them off and pocket the gain. If and when house prices start to go down, I sell them all off. The last one or two show a loss, but I just get a short sale, or mail back the keys, or get a bailout on those.

I could have made around a million dollars net, without even trying.

It is offensive to me that this was made possible, and even more offensive that our government is using my taxes to subsidize homeowners, thereby continuing this madness.

I absolutely disagree with the idea that we have to throw money at homeowners to “save our economy”. 90% of what’s going on is just a way to continue shoveling more money at homeowners, under the guise of saving our economy.

I guess, like you, jp, I am a little irritated, and disappointed that I live in a society where people raised to spurn free lunch schemes get shafted.

[patientrenter]

jp,

I agree with you. I too saved and refused to pay a ridiculous price for a home. I was completely blind to the possibility that I didn’t really need to buy the house. I could have bought, very cheaply, a call option on the house, by borrowing all of the purchase price.

In retrospect, what I should have done was buy a new house every year of the bubble (without selling the older houses), using none of my own money. As the older houses showed big enough appreciation, I’d sell them off and pocket the gain. If and when house prices start to go down, I sell them all off. The last one or two show a loss, but I just get a short sale, or mail back the keys, or get a bailout on those.

I could have made around a million dollars net, without even trying.

It is offensive to me that this was made possible, and even more offensive that our government is using my taxes to subsidize homeowners, thereby continuing this madness.

I absolutely disagree with the idea that we have to throw money at homeowners to “save our economy”. 90% of what’s going on is just a way to continue shoveling more money at homeowners, under the guise of saving our economy.

I guess, like you, jp, I am a little irritated, and disappointed that I live in a society where people raised to spurn free lunch schemes get shafted.

[patientrenter]

jp,

I agree with you. I too saved and refused to pay a ridiculous price for a home. I was completely blind to the possibility that I didn’t really need to buy the house. I could have bought, very cheaply, a call option on the house, by borrowing all of the purchase price.

In retrospect, what I should have done was buy a new house every year of the bubble (without selling the older houses), using none of my own money. As the older houses showed big enough appreciation, I’d sell them off and pocket the gain. If and when house prices start to go down, I sell them all off. The last one or two show a loss, but I just get a short sale, or mail back the keys, or get a bailout on those.

I could have made around a million dollars net, without even trying.

It is offensive to me that this was made possible, and even more offensive that our government is using my taxes to subsidize homeowners, thereby continuing this madness.

I absolutely disagree with the idea that we have to throw money at homeowners to “save our economy”. 90% of what’s going on is just a way to continue shoveling more money at homeowners, under the guise of saving our economy.

I guess, like you, jp, I am a little irritated, and disappointed that I live in a society where people raised to spurn free lunch schemes get shafted.

[patientrenter]

[quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

[patientrenter]

[quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

[patientrenter]

[quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

[patientrenter]

[quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

[patientrenter]

[quote=sdrealtor]Sorry but most of the CV buyers have 20% down or more. The truth is most of the buyers out there today that I am seeing do. I am sitting on a pile of listings and get offers on a daily basis. It is rare that I get an offer with less than 20% down these days. There is alot more money and folks who sat out the last few years waiting for prices to fall than you all think around here.[/quote]

sdr, you are on the front lines, so I respect your information. But it strikes me that there must be fewer well-off folks now than 12 months ago. Not everyone was 100% in cash or appreciating assets over the last 12 months. The drop in wealth must soon begin to have some effects, even on the top 1%.

[patientrenter]

[quote=EconProf]One would think the financially interested party–the bank–would really like to know about this. Let them have the facts. They have a lot at stake in minimizing their loss, so should have the incentive to act accordingly.
Of course, this assumes they are economically rational…….[/quote]

If we were in a rational market, the lenders would be very actively chasing fraud. Why are they not chasing fraud? Because the government has sent signals to all and sundry that they will pick up the tab if mortgages are not repaid. If you’re a bank, and you make $2 in fees for every $100 of fresh loans, and your losses are paid by the govt, why would you stir the wrath of your paymaster by going after frauds and deadbeats? Barney Frank and Chris Dodd would subpoena you to appear before their committees, and question why you are holding up the free flow of credit.

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