A Ledgie wants to know: Economy Edition

[strandinthewind]

Originally Posted by HejiraNYC

. . . combined with the emerging super-economies in Asia . . . .

Talk about an economy making and generating tons of rev. right now but headed for a mega meltdown

[HejiraNYC]

Originally Posted by strandinthewind

You do realize that the mere though that you are builing a cool new house with a pool is as repugnant to some (arguably the very poor) as the Wall Street excess are respugnant to you So, in the end, I say as long as someone is not breaking the law, I do not begrudge them for making millions, or, in our case, a good salarythat affords some luxuries.

Well, I can see how that could be repugnant to some. But here is the deal... It was no accident or stroke of luck. I am not a trustfunder. I've been a saver all of my life. I have always lived beneath my means. I am a single income person who has had to compete financially in a two-income world. I have not engaged in legally or morally questionable practices to make money, nor have I earned my money at the detriment of others.

I do not begrudge anyone their fortunes as long as they have worked hard and honestly. If Wall Streeters were indeed creating real wealth and revenue. Fine. But in the end, it was all bull*****. A shame. A crock. They made up their own rules, got caught, and now they are expecting to be bailed out. That I truly find "repugnant."

[strandinthewind]

Originally Posted by HejiraNYC

I . . . On an inflation-adjusted basis, it will be decades, if ever, before prices reach this level again . . . .

In 20 years, most mortgages in effect now will be paid off or will have balances at 90% or so of the original loan value. And, if you can, always add $100 or so to each mortgage payment. This will save you thousands of dollars depending on the size of the loan, etc.

[strandinthewind]

Originally Posted by HejiraNYC

Well, I can see how that could be repugnant to some. But here is the deal... It was no accident or stroke of luck. I am not a trustfunder. I've been a saver all of my life. I have always lived beneath my means. I am a single income person who has had to compete financially in a two-income world. I have not engaged in legally or morally questionable practices to make money, nor have I earned my money at the detriment of others.

I do not begrudge anyone their fortunes as long as they have worked hard and honestly. If Wall Streeters were indeed creating real wealth and revenue. Fine. But in the end, it was all bull*****. A shame. A crock. They made up their own rules, got caught, and now they are expecting to be bailed out. That I truly find "repugnant."

Then we agree in the context of the subprime mess being a sham I do also, however, fault consumers who made loans knowing they could never pay them back. They are just as bad as the lenders in my book.

Also - I think your actions last weekend in the meat packing district cast a doubtful light on your statement "I have not engaged in legally or morally questionable practices to make money"

[HejiraNYC]

Originally Posted by strandinthewind

Then we agree in the context of the subprime mess being a sham I do also, however, fault consumers who made loans knowing they could never pay them back. They are just as bad as the lenders in my book.

Also - I think your actions last weekend in the meat packing district cast a doubtful light on your statement "I have not engaged in legally or morally questionable practices to make money"

Ah, I thought that was you getting mummified on the pool table.

FWIW, there is nothing in the Meatpacking District these days except high-end boutiques, high-end hotels, high-end restaurants and yuppie nightspots. The dream of Carrie Bradshaw and her ascerbic, cosmopolitan BFF's is alive and well.

[HejiraNYC]

Originally Posted by strandinthewind

I do also, however, fault consumers who made loans knowing they could never pay them back. They are just as bad as the lenders in my book.

True... to a certain extent. How fast would you drive if there were no speed limits? How much would you borrow if there were no lending limits? How much would you repay if you were in over your head and there really weren't any major consequences if you defaulted? It's human nature to game the system... you give people too much rope and they will hang themselves. The fact is that the banks fudged the numbers, exploited every loophole and did whatever it took to lend money and make "revenue."

[strandinthewind]

Originally Posted by HejiraNYC

Ah, I thought that was you getting mummified on the pool table.

I beg your pardon, THAT incident was in the East Village and it was after midnight!

Originally Posted by HejiraNYC

FWIW, there is nothing in the Meatpacking District these days except high-end boutiques, high-end hotels, high-end restaurants and yuppie nightspots. The dream of Carrie Bradshaw and her ascerbic, cosmopolitan BFF's is alive and well.

Ugh - where are all the tranny hookers looking to make a 5 spot.

[strandinthewind]

Originally Posted by HejiraNYC

True... to a certain extent. How fast would you drive if there were no speed limits? How much would you borrow if there were no lending limits? How much would you repay if you were in over your head and there really weren't any major consequences if you defaulted? It's human nature to game the system... you give people too much rope and they will hang themselves. The fact is that the banks fudged the numbers, exploited every loophole and did whatever it took to lend money and make "revenue."

To a degree - the trick was they (the banks and everyone) did not see the end coming. No one of any relevance uttered a peep when times were good. And - many bought houses thinking they wqould never have to worry about the payment rising because they planned all along to sell them in three years for a profit.

But, each person must take account for themselves - a notion not accepted by many.

[HejiraNYC]

Originally Posted by strandinthewind

I beg your pardon, THAT incident was in the East Village and it was after midnight!



Ugh - where are all the tranny hookers looking to make a 5 spot.

Why do you ask? Job hunting much?

Christopher Street, despite the efforts of the community and police, remains about as skanky as ever, although not as much in the winter. But when the weather warms up, LaShonda and her cronies from East Orange will be back in force. No need to worry, there is job security in your line of work.

[David]

Originally Posted by strandinthewind

I have, however, lost a bundle in my 401(k) and such. But, history demonstrates that a diversified portfolio, over the long run, is fairly safe - and I am not retiring anytime soon, much to my regret.

My 401 hasn't done too poorly, considering ... although because I keep a huge chunk of it in high-growth stock funds, I've seen some ... ahem ... lower numbers the past few months. But I'm not terribly worried, & I'm certainly not going to reapportion to lower risk at this point. The trick is to have your money in the riskier funds BEFORE the market turns up again (which it will inevitably do). The same thing happened back in 2001-2002. Some of the greatest gains I made then (rivalling the early 1990s) were due to leaving the money in my favorite growth funds.

The cost of gas at the pump is high, but I don't have to drive much because I work at home. Groceries are higher & higher, which is very apparent at the checkout.

[strandinthewind]

Originally Posted by HejiraNYC

Why do you ask? Job hunting much?

Christopher Street, despite the efforts of the community and police, remains about as skanky as ever, although not as much in the winter. But when the weather warms up, LaShonda and her cronies from East Orange will be back in force. No need to worry, there is job security in your line of work.

Last I checked - you were crowding my corner which is going to get you cut in the future AND you were in a second hand tube top, which, frankly made you look like a boiled sausage - - OKKAAAAAYYYY!

[strandinthewind]

Originally Posted by David

My 401 hasn't done too poorly, considering ... although because I keep a huge chunk of it in high-growth stock funds, I've seen some ... ahem ... lower numbers the past few months. But I'm not terribly worried, & I'm certainly not going to reapportion to lower risk at this point. The trick is to have your money in the riskier funds BEFORE the market turns up again (which it will inevitably do). The same thing happened back in 2001-2002. Some of the greatest gains I made then (rivalling the early 1990s) were due to leaving the money in my favorite growth funds.

Bingo - though getting out at the right time is key as well. I remember losing something like 23% in the late 90's OUCH!

Originally Posted by David

The cost of gas at the pump is high, but I don't have to drive much because I work at home. Groceries are higher & higher, which is very apparent at the checkout.

Fortunately, I have no car and when I use Zip Car (www.zipcar.com) they pay the gas. Also, I am on a diet - which helps as well

[HejiraNYC]

Originally Posted by strandinthewind

Last I checked - you were crowding my corner which is going to get you cut in the future AND you were in a second hand tube top, which, frankly made you look like a boiled sausage - - OKKAAAAAYYYY!

At least I could fit into my tube top. I'm not the one throwing a hissy-fit at Conway because Big Mama didn't make fishnets in my size. Mmmmkay, Viola Muffintop?

[strandinthewind]

Originally Posted by HejiraNYC

At least I could fit into my tube top . . . .

Shoehorns aside - when they finally got you out it , they could have ended the Iraq war with the force of the "plumage" that popped out - like a the inside of a plane being sucked out of a small hole in a window

[SuzeQuze]

Originally Posted by strandinthewind

All of what you say is illegal Interestingly, so is taking a mortage you know you cannot pay

...

Most people aren't too bright and they'll take a mortgage if someone gives it to them without realizing they can't pay it. Not that they aren't still responsible, they are. The banks are moreso though IMO since they are the experts and know with certainty what can be paid and what cannot. Also, why would they want to give a mortgage someone cannot pay? That's financial suicide.