Skid Row Joe
Hattiesburg, Mississippi
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Joined: 04/26/2006
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jcapps wrote:Problem with some folks opinions is that one month ago those same posters claimed that the economy was grand. 
Duh.....buy low, sell high........
I have a sweet tender nature, however I enjoy sharing my thoughts and opinions. 
Fulltiming RVer & homeowner.
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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Skid Row Joe wrote:jcapps wrote:Problem with some folks opinions is that one month ago those same posters claimed that the economy was grand.
Duh.....buy low, sell high........ That's backwards. Its buy high, sell low......
 David
Just rolling along enjoying life
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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It's not all those refi's that will be hurting, it will be all those people who have lived on home equity lines of credit. It doesn't matter where you live, CA, FL, NV or wherever, those lines of credit are evaporating because the equity has poofed, just like posts on this forum do.
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PRT
NY~FL
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Joined: 05/25/2001
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It's not a bail out any more - it's a recovery plan. That has to work, doesn't it?
The government has to do something. The credit markets are basically frozen. That goes way beyond personal credit and the housing debacle.
Pat
May the road rise with you, the wind be always at your back.
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PopcornJunkie
Rainy Northwest
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Joined: 10/20/2005
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topflite51 wrote:It's not all those refi's that will be hurting, it will be all those people who have lived on home equity lines of credit. It doesn't matter where you live, CA, FL, NV or wherever, those lines of credit are evaporating because the equity has poofed, just like posts on this forum do.
Whether they refied their mortgage to get cash out or they used their home equity line of credit, they probably won't be able to use the equity in their home to pay for things because it isn't there, or they can't get approved for a loan. Not sure it is a bad thing for people to learn to live without using their home's equity.
My parents and grandparents both had the goal to pay off their mortgages before they retired. They both did it. Now it seems a lot of homeowners either keep borrowing any equity they get, or they buy bigger and bigger homes as soon as they get enough equity to do so. Might be wise to have a small monthly mortgage payment or have your home free and clear to have a place to live if your financial situation goes south.
Jean
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jcapps
Not a senior just a
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Joined: 08/18/2004
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Anyone with any economic sense would have seen this coming.
You can't loan 120 % to someone with 0 down. The minute someone sneezed in the house they would walk away.
* This post was
edited 09/30/08 06:03pm by an administrator/moderator *
"The great challenge of adulthood is holding on to your idealism after you lose your innocence."
– Bruce Springsteen
"This ain't the practice round"
- a friend
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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PRT wrote:It's not a bail out any more - it's a recovery plan. That has to work, doesn't it?
The government has to do something. The credit markets are basically frozen. That goes way beyond personal credit and the housing debacle. That's the new plan change the name of it to protect the guilty. It is rather funny, my father used to say "Horse manure by any other name still is horse manure."
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lwmuddy
Murrells Inlet, SC
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Joined: 04/07/2002
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Deleted.
* This post was
edited 10/05/08 04:46am by lwmuddy *
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donsm60
Florida
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Joined: 09/30/2005
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My little economic tidbit for today.
Re-listed a couple things Friday night on Craigslist at what I thought would be the “magic number” to sell. Only one call yesterday on an item and they wanted to see it tonight but they never followed through.
Also listed a for hire ad at the same time to help us with this little burst of work and as of tonight have 22 replies. I’d guess by reading the resumes and emails 6 are qualified.
Want my opinion on this mess as a whole? People are just lazy and afraid to work hard and expect and ‘think’ they are owed something for doing nothing.
We never needed the “outside help” in construction even when things were kicking if people would have just gotten off their butts and done something. I was so tired of seeing able body people doing nothing because it’s hard work, it’s sad is what it is. How are we supposed to compete with Asia and the rest of this global market that are happy with just having food to eat and a place to sleep?
Sorry, have a pinched nerve in my back, a nasty cold, and not many days off recently and tired of seeing people make excuses why they can’t work and not feeling much sympathy for anything work related right now. In a nutshell, I’m tired of lazy people that think they are owed something.
OK, that felt good…
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catvet
Atlanta
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Joined: 09/22/2007
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Looks like the stock market is already correcting itself despite the lack of a government band-aid. As for the banks, a correction was overdue. WaMu was picked up by Chase and Wachovia by Citibank, both the result of poor lending practices. The market will correct itself without the taxpayers having to fund the CEO's exit strategies (and personal retirement funds). Dumping more taxpayers money into a broken system won't help. I vote for a wait and see approach. On the other hand, consumers buying up real estate and investing real dollars in other stocks/commodities will give us the boost the economy needs.
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