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temeculaguy
Participantcyphire, great volcano analogy, love it!
temeculaguy
Participantcyphire, great volcano analogy, love it!
temeculaguy
ParticipantGood one Muggle, that was funny!
temeculaguy
ParticipantGood one Muggle, that was funny!
temeculaguy
ParticipantGood one Muggle, that was funny!
temeculaguy
ParticipantMGU, see that wasn’t so hard. You made some decent arguments and supported them with a mix of fact and opinion. We do agree on many points with these exeptions: I’ll be paying 300k or sub 300k, I won’t profit from the downturn, I’ll just have a very comfortable and fixed mortgage payment so I may continue my hedonistic lifestyle. Your 401k and my 401k will be fine, well mine will be because I am at least 20 years from drawing on it and since I still make weekly deposits the cost averaging actually benefits me because nothing lasts forever, there are still more ups and downs to come in those 20 years. The only people who will realize losses in their 401k are those who are about to start drawing and most of them transitioned out of risk as they approached retirement. A drop in interest (note the spelling of this word, just a tip because you’ve never spelled it correctly) rates would actually hurt those people who are nearing retirement.
Yes, nothing will happen to the people that committed fraud as far as jail time goes but the invisible hand of economics is quite vengeful. Lenders that knowingly turned a blind eye to a borrower’s ability pay are losing money, losing their jobs or going bankrupt. Borrowers who lied about their ability to pay are finding they can’t pay and are losing their houses, the punishment fits the crime because most of it wasn’t really fraud.
There won’t be a real bail out, just talk.
We agree that these people shouldn’t have gotten these loans but regulations are not the answer. Lenders take the most risk in loaning money, some of them made some bad bets but the market will shake itself out, it always does.
Your final statement that it was all the lenders fault is akin to blaming the tobacco companies for people smoking or putting all the blame on drug dealers, just because they sell it doesn’t mean you are blameless for buying it.
temeculaguy
ParticipantMGU, see that wasn’t so hard. You made some decent arguments and supported them with a mix of fact and opinion. We do agree on many points with these exeptions: I’ll be paying 300k or sub 300k, I won’t profit from the downturn, I’ll just have a very comfortable and fixed mortgage payment so I may continue my hedonistic lifestyle. Your 401k and my 401k will be fine, well mine will be because I am at least 20 years from drawing on it and since I still make weekly deposits the cost averaging actually benefits me because nothing lasts forever, there are still more ups and downs to come in those 20 years. The only people who will realize losses in their 401k are those who are about to start drawing and most of them transitioned out of risk as they approached retirement. A drop in interest (note the spelling of this word, just a tip because you’ve never spelled it correctly) rates would actually hurt those people who are nearing retirement.
Yes, nothing will happen to the people that committed fraud as far as jail time goes but the invisible hand of economics is quite vengeful. Lenders that knowingly turned a blind eye to a borrower’s ability pay are losing money, losing their jobs or going bankrupt. Borrowers who lied about their ability to pay are finding they can’t pay and are losing their houses, the punishment fits the crime because most of it wasn’t really fraud.
There won’t be a real bail out, just talk.
We agree that these people shouldn’t have gotten these loans but regulations are not the answer. Lenders take the most risk in loaning money, some of them made some bad bets but the market will shake itself out, it always does.
Your final statement that it was all the lenders fault is akin to blaming the tobacco companies for people smoking or putting all the blame on drug dealers, just because they sell it doesn’t mean you are blameless for buying it.
temeculaguy
ParticipantMGU, see that wasn’t so hard. You made some decent arguments and supported them with a mix of fact and opinion. We do agree on many points with these exeptions: I’ll be paying 300k or sub 300k, I won’t profit from the downturn, I’ll just have a very comfortable and fixed mortgage payment so I may continue my hedonistic lifestyle. Your 401k and my 401k will be fine, well mine will be because I am at least 20 years from drawing on it and since I still make weekly deposits the cost averaging actually benefits me because nothing lasts forever, there are still more ups and downs to come in those 20 years. The only people who will realize losses in their 401k are those who are about to start drawing and most of them transitioned out of risk as they approached retirement. A drop in interest (note the spelling of this word, just a tip because you’ve never spelled it correctly) rates would actually hurt those people who are nearing retirement.
Yes, nothing will happen to the people that committed fraud as far as jail time goes but the invisible hand of economics is quite vengeful. Lenders that knowingly turned a blind eye to a borrower’s ability pay are losing money, losing their jobs or going bankrupt. Borrowers who lied about their ability to pay are finding they can’t pay and are losing their houses, the punishment fits the crime because most of it wasn’t really fraud.
There won’t be a real bail out, just talk.
We agree that these people shouldn’t have gotten these loans but regulations are not the answer. Lenders take the most risk in loaning money, some of them made some bad bets but the market will shake itself out, it always does.
Your final statement that it was all the lenders fault is akin to blaming the tobacco companies for people smoking or putting all the blame on drug dealers, just because they sell it doesn’t mean you are blameless for buying it.
temeculaguy
ParticipantIt hopefully means the fed won’t be forced to de-value the dollar and holds the interest rate steady to combat inflation.
These were national numbers and read the fine print, sales were up compared to June but down 10% compared to July of 2006 (which was down from July of 2005). Median was up, average price down. What does it all mean? Nothing. To quote the great David Lereah’s book title “all real estate is local.”
July was also pre-credit crunch, pre-jumbo crunch. Things are changing so fast that the rear view mirror isn’t much help.
temeculaguy
ParticipantIt hopefully means the fed won’t be forced to de-value the dollar and holds the interest rate steady to combat inflation.
These were national numbers and read the fine print, sales were up compared to June but down 10% compared to July of 2006 (which was down from July of 2005). Median was up, average price down. What does it all mean? Nothing. To quote the great David Lereah’s book title “all real estate is local.”
July was also pre-credit crunch, pre-jumbo crunch. Things are changing so fast that the rear view mirror isn’t much help.
temeculaguy
ParticipantIt hopefully means the fed won’t be forced to de-value the dollar and holds the interest rate steady to combat inflation.
These were national numbers and read the fine print, sales were up compared to June but down 10% compared to July of 2006 (which was down from July of 2005). Median was up, average price down. What does it all mean? Nothing. To quote the great David Lereah’s book title “all real estate is local.”
July was also pre-credit crunch, pre-jumbo crunch. Things are changing so fast that the rear view mirror isn’t much help.
temeculaguy
ParticipantTo my brethren in the OC (patient and scam) I thank you for the support. I had reservations the instant I clicked on the “post comment” button knowing I was on my third generous glass of cabernet and having already taken the sacred vow to never pick blog fights with the drop ins, prefering delicate mocking to brawls. Your comments inadvertantly may have created a bullying montster, who’s next?
temeculaguy
ParticipantTo my brethren in the OC (patient and scam) I thank you for the support. I had reservations the instant I clicked on the “post comment” button knowing I was on my third generous glass of cabernet and having already taken the sacred vow to never pick blog fights with the drop ins, prefering delicate mocking to brawls. Your comments inadvertantly may have created a bullying montster, who’s next?
temeculaguy
ParticipantTo my brethren in the OC (patient and scam) I thank you for the support. I had reservations the instant I clicked on the “post comment” button knowing I was on my third generous glass of cabernet and having already taken the sacred vow to never pick blog fights with the drop ins, prefering delicate mocking to brawls. Your comments inadvertantly may have created a bullying montster, who’s next?
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