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08-15-2008
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Wandering Aimlessly
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Join Date: Nov 2002
Location: Cruising
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I would expect housing sales to keep falling for awhile. Since the basic purpose of the subprime fiasco was to move people into houses they couldn't afford, and the rush to make houses available was going full bore, you have a vastly over saturated market. What would be surprising is if sales weren't down.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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08-15-2008
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Best Looking Moderator
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Join Date: Jul 2006
Location: SW Florida
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Quote:
Originally Posted by Rickm505
I'm on your ignore list because your batting average on predictions in this thread is so low that if you were a ball player they would have traded you to the Peoria Roosters by now. You're just tired of reading about it.
I don't blame you. Keep me on ignore.
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AHAHAHAHAHHAHAH
Gotta give him one there. I love you Sway, but that was funny.
HEHE!!
- CD
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Sailnet Adminstrator & Moderator
Catalina 400 Technical Editor
Catalina 400, HN#289
Com-Pac 16
Are you trying to talk your spouse or family into cruising or sailing? Want to know what it is like, every day? Click here and enjoy:
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08-15-2008
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moderate?
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Join Date: May 2002
Location: East Coast
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Quote:
Originally Posted by Cruisingdad
I love you Sway
- CD
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I've been telling you guys there is something "funny" about CD! 
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No longer posting. Reach me by PM!
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08-15-2008
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Senior Moment
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Join Date: Nov 2005
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Quote:
Originally Posted by chucklesR
Rick,
I don't have you 'on ignore' I just ignore you. I prefer to be an ostrich to a chicken little. So far my way has proven the better way for me and mine.
I'm making more this year than last year, more last year than the year before, far out pacing 'inflation' by anyone's (even your) scale.
The very real dirty secret - I work for an honest living.
You were hollering about bank failures a year ago. Here's the deal the bank can write me a loan for 500k on my house, which then falls in value by 100k. Now the bank shows a 100k loss of assets - ON PAPER.
The real deal is I'm making my payments on time and the bank hasn't lost a single freaking penny.
Multiply that by the 100's of thousands of guys like me and banks don't fail.
Get over it.
Eventually, chicken littles run out of steam, get a real job and earn some money and start buying houses again. My property goes back up in value and all I really lost was time.
It's called a 'cycle' because it's like a circle, what comes around goes around. Right now you are confused and upset because you are in the 'you had it coming to you' stage of the circle still.
Real investors as opposed to chicken little ex-mortgage brokers understand that.
And now back to threads with a 'sailing' theme, something you never visit on this forum (another thing to make you go hmmmm).
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chuck, do you really work for an honest living given your admitted fancy for billing your hours on Sailnet to the government? sounds like fraud to me.
AS for your example with a $500k mortage and your house goes down $100 K in value since when does a bank show that as a paper loss? AS you later state, as long as you pay your mortage the bank has no loss. THe loss shows up if you default and the bank repossesses your house and tries to sell it. in this housing market the bank will lose out big time and that is one reason so many banks have, or are about to fail. Chuck--that is why banks fail.
Let's not forget the hundreds of mortgage brokerseither already indicted or at least under investigation for fraud in these mortgages--faking earnings for clients, convincing them not to worry about the balloon rate because they will be able to refinance the loan at a lower rate before the balloon rate hits. Except that deception didn't work when the market went bust since their house was now worth lots less than the mortgaged amount.
And lots of big financial institutions have been caught bundling these mortagea and selling them as safe investments--Bear sterns, merrill lynch, et al. EVEN UBS where mr. gramm worked as an officer and lobbyist before giving his sage economic advice to McSame. The write offs for bad loans are in the hundreds of billions.
I find it mystifying that the Bush apologists here are almost giddy over the fact that the economy has yet to meet the classic definition of a recession. I have posited on here before the notion that the classic definition may no longer hold true. CHuck, to pick on you again since you are making so much more money this year than last-- how is your net worth doing considering the drop in home values and the drop in values of 401K's and the like?? You may be the exception, but most people don't have the home equity cushion or other assets they once had to replace the fridge that refuses to cool, or the car that keeps breaking down. in short, the consumer isn't likely to bail the economy out of this mess for quite a while and that has usually been the way out of an economic recession. There, I said the R word.
Face it people, this country has lost trillions of dollars in home values and retirement savings with this economic mess. But, that is only a paper loss unless your house was repossessed. But as a financial wizard told me years ago, that money in my wallet is also "only paper." See the connection, gang? CAll this chicken little if you want, but why else did the repubs of all people have to federalize the financial sector?????
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SailorMitch Sailing winged keels since 1989.
1.20.09 Bush's last day the end of an error !! Hopefully we still have a constitution and economy left by then.
"Compassion and tolerance are not a sign of weakness, but a sign of strength." The Dalai Lama
good planets are hard to find-- a song by steve forbert
I have but one lamp by which my feet are guided, and that is the lamp of experience. I know no way of judging the future but by the past.-- Patrick Henry.
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08-15-2008
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Wandering Aimlessly
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Join Date: Nov 2002
Location: Cruising
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No matter how you slice it, in the end, it is simple greed that brought about the current situation. Individual greed, institutional greed, and governmental greed. And what is most unfortunate, is that those who chose to act responsibly, have to pay the price along with those who didn't. And what is even more unfortunate, is that something like this will happen again, and yet again.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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08-15-2008
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Banned
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Quote:
Originally Posted by PBzeer
And what is even more unfortunate, is that something like this will happen again, and yet again.
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Sure it will. It's built into the system...
Capitalism = Greed
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08-15-2008
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Senior Member
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Quote:
Originally Posted by Rickm505
Sure it will. It's built into the system...
Capitalism = Greed
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Greed, fear, anger, etc, may be the motivators, but it's the human animal's herd mentality that is the real tool of destruction. We'll do just about anything so long as "everyone else is doing it".
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What are you pretending not to know ?
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08-15-2008
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Wandering Aimlessly
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Join Date: Nov 2002
Location: Cruising
Posts: 14,641
Rep Power: 12
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Greed is not the by product of any particular economic system.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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08-15-2008
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Senior Member
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Join Date: Feb 2002
Location: VIrginia Beach
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Quote:
Originally Posted by wind_magic
Greed, fear, anger, etc, may be the motivators, but it's the human animal's herd mentality that is the real tool of destruction. We'll do just about anything so long as "everyone else is doing it".
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Isn't that the truth, just look around and you see it everyday. Look at the election it's a perfect example.
The sad part is when people make a mistake in judgement because "everyone else is doing it" they fail to except responsibility for their own actions and want everyone else to pay for their mistake.
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