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Thread: Dow 27K

  1. #21
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    Actually, Richard, MN presented certain facts in the form of a video recording and you decided that he was motivated by hate.- Paul
    there's no good reason to fatten up a retriever.

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  3. #22
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    Cary, as usual you make some excellent points, this time about home ownership.

    My first home was purchased 40 years ago. We put down 20% and financed for 25 years. It was paid off in just over 18 years. However, that was accomplished with 2 good incomes. I believe the bar that you would set would be too high and would eliminate many responsible folks from home ownership. -Paul
    there's no good reason to fatten up a retriever.

  4. #23
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    Quote Originally Posted by caryalsobrook View Post
    You all want to talk about the past but have any of you paid ATTENTION to what has been going on for the last 10 years?? It is estimated that the government now finances about 90% of all home loans. Have any of you seen the advertisements of HARP(government) loans?? Houses are CURRENTLY being financed by the government for 100% of its value and it is even getting WORSE!! The cost of the loan(closing etc.) is NOW even rolled into the value of the house and also financed. Mortgage originators are the ones that make money. As soon as the home loan has a $1.00 equity, home owners are ENCOURAGED to REFINANCE and leave little or no equity in their homes. Then when there is a dip in value, the snowball starts. Then the taxpayer has to pick up the loss that comes to trillions of dollars. Everyone wants to own a home when they do not have to have any skin in the game. The ONLY elected official to speak out in the past, that I am aware, was John McCain and nobody paid any attention and NOBODY is paying any attention today.

    The fix is so simple that it is comical. 20% DOWN!!! Home loans for NO MORE THAN 15 years. Above all, those who want to refinance will be EXAMINED closely. I know that some will say THAT IS TOO HARD. Well people need to understand that they cannot have their cake and eat it too, In the long run, those who choose to finance a house will remain solvent and also be better off and the taxpayers will not have to bail out the system.

    Marvin, the problem with holding cash, is the the FED will simply hold the interest rate to ZERO and penalize those who have saved for retirement.
    I believe more than McCain spoke up but was Barney Franked.

    There is a time to hold cash & times to lower those holdings. I find on occasion things beyond your control
    dictate what is done. Right now cash is not bad, just don't commit for any long term.
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    Someday your life will flash before your eyes. It's your responsibility to make sure it's worth watching!

    Skills can be taught. Character is either there or it's not!

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  6. #24
    Senior Member Richard Reese's Avatar
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    Quote Originally Posted by paul young View Post
    Cary, as usual you make some excellent points, this time about home ownership.

    My first home was purchased 40 years ago. We put down 20% and financed for 25 years. It was paid off in just over 18 years. However, that was accomplished with 2 good incomes. I believe the bar that you would set would be too high and would eliminate many responsible folks from home ownership. -Paul
    20% is a hefty amount for first time buyers, however they do need to put down a certain amount. 10% is not asking to much. As for the 15 year loan Cary talked about. I really believe people need to take 15 year loans. Taking out a 30 year loan is a waste of money and padding the pockets of loan companies. You don't really start paying on the principle until you hit the 20 year mark. Most first time buyers sell in less then 12 years. Military folks try to move in, buy and then sell in 5 years. In a 30 year loan you don't accrue enough equity to make anything from your investment. Especially if the housing market is unstable and does not increase or heaven forbid, decreases and leaves you under water.

    https://homeguides.sfgate.com/many-y...ing-98032.html
    Fishing, hunting, golfing, traveling and relaxing is life's reward after meeting your goals and retiring.

  7. #25
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    Quote Originally Posted by paul young View Post
    Cary, as usual you make some excellent points, this time about home ownership.

    My first home was purchased 40 years ago. We put down 20% and financed for 25 years. It was paid off in just over 18 years. However, that was accomplished with 2 good incomes. I believe the bar that you would set would be too high and would eliminate many responsible folks from home ownership. -Paul
    Paul, we always have good discussions. So let me ask a few questions. First, who should set the requirements for home loans? Do you think the government which currently finances about 90% of home loans? Maybe you believe as I do that those who are willing to finance these home loans should make those decisions. What "bar" do you suggest? The bar I set is based on whether I WOULD be willing to invest in a home loan. No way am I willing to invest MY money in a loan with less of an expectation of repayment. Let me say again that I consider it immoral to encourage one to secure a loan that has a high possibility of failure.

    Your personal loan speaks of the very level that should be required of a home loan. While the loan was for 25 years, you did pay it off in 18. You speak of "2 good incomes". But aren't you really saying that the house you chose, had a cost that was well within a value that was reasonable for the incomes? Did not your incomes give a high probability of repayment and did not the 20% initial equity also decrease the risk that illness, accident or even legal acts, would cause failure? Don't you think that these types of events will have less probability of loan default, given adequate equity?

    My path was somewhat different. I graduated from dental school in 1976 at age 33. We also had "2 good jobs" but we were broke. In 2 years we bought land and built the office and another 2 years, we bought a house. I was 37 by then. Our child was born 2 years later. Like you the loans were based "2 good incomes". As you probably know, what a great experience when one is eventually debt free!!!!!

  8. #26
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    Chug chug chug. The Dow is breaking some records this month.

  9. #27
    Senior Member road kill's Avatar
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    Quote Originally Posted by seaandland View Post
    Chug chug chug. The Dow is breaking some records this month.
    So is the fed.

    Why?
    Stan b & Elvis

    So what is big is not always the Trout nor the Deer but the chance, the being there. And what is full is not necessarily the creel nor the freezer, but the memory, the MOMENT." ~ Aldo Leopold

  10. #28
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    Quote Originally Posted by road kill View Post
    So is the fed.

    Why?
    Why are YOU talking about the Fed?
    Just being a smart azz because you have nothing of relevance to add to the conversation, per usual?
    FYI The fed is nowhere near setting records.
    Their rate is currently at 2.4 percent that is still a very low rate historicallly and scarcely 1/10th of apprpaching the record rate of over 23 percent.
    The fed meets 8 times a year to evaluate rates. They would have to raise the rates the same as they did this month every time they meet for 70 consecutive times before your claimed record. would be reached. That unlikely scenario would mean your claimed record wouldn't occur until late 2027. Even if Trump gets reelected and served 2 full terms, That would mean your claimed record Fed rate excuse for Trump wouldn't occur until more than 2 years after Trump had served his maximum of 2 full terms.
    These aren't fake news lies.
    THESE ARE FACTS!!. Check them with your sources.
    This isn't a Conspiracy of the "liberal MSM spending every waking hour" to undermine our POTUS.
    If you want to say it is part of a "mystery deep state" network of secret embedded liberal Democrat opetatives, ask yourself who appointed the new Fed chair?
    Why does the deep state keep consisting of Trump loyalists, Republicans and Trump appointees such as Mueller, Mattis, Flynn, Comey, Sessions, Manafort, Pappodopolis, Cohen, Graham, Roberts etc....?
    Trump assured us that the very best and brightest were lined up dying to work for him. Yet he finally had to settle on a new chief of staff who openly called him a horrible human being.
    Trump is POTUS and promised to drain the swamp. He has the authority to fire anyone. His signature line is "you're fired."
    So much for the idea of a DEEP STATE.
    IF it existed it would be Testament to his incompetence!!
    In order to defend him you for a crashing stock market you blame one of his appointees and spread outrageous lies of a magnitude of 10 times reality.


    Why?

  11. #29
    Senior Member roseberry's Avatar
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    Quote Originally Posted by seaandland View Post
    Chug chug chug. The Dow is breaking some records this month.
    True, the reaction by our economy to a Democrat led house has been impressive.
    john mccallie

    cornbread and ice tea 's took the place of pills and 90 proof

  12. #30
    Senior Member Matt McKenzie's Avatar
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    The new anonymous guy sure has a lot to say, doesn’t he?
    Matt McKenzie

    "Thinking is the hardest work there is, which is probably the reason why so few engage in it." Henry Ford

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