This is going to get good

[JV II]

Everyone is worried and afraid. I'm only seeing the upside and opportunity.

First, it will be nice to be able to enjoy all the "stuff" I have and worked hard to earn without seeing every six-pack Bubba with all the same stuff because he bought it on his home equity line that I'm going to have to pay.

Second, six-pack Bubba won't be able to get any more cash on credit that I'll have to pay for him.

Third, it will be nice to be courted by the lenders because I have good credit and a low income to debt ratio. Imagine that? What kind of free stuff is in store for me? Interest rates are going down, down, down.

Fourth, it will be fun to go buy a new car with cash next year when my business lease expires. The salespeople, dealers, and manufacturers will be so starved for that sale that I can only expect I'll steal a nicer car than six-pack Bubba has.

Fifth, I'll finally get into some ridiculous stock earnings that I missed during the dot com era. There is money to be made on undervalued stocks.

Sixth, I'm going to need a new house in the next 5 years. Real estate prices in Boston are holding steady. Just outside the city, prices are dropping. Keep on dropping. Interest rates are going down too. I'll be able to get that dream home.

Seventh, have you seen oil prices? We'll be back down below $70 per barrel soon. That should bode well for my new six-pack Bubba car, new diesel boat, and building materials.

Eigth, I'm really looking forward to contractors actually showing up to do work and competing for the job since six-pack Bubba won't be needing them anymore.

 

[midway]

+1 That is a good way to look at things. A lot of truth in what you say also. :grin:

 

[Pseudomind]

Everyone is worried and afraid. I'm only seeing the upside and opportunity.

First, it will be nice to be able to enjoy all the "stuff" I have and worked hard to earn without seeing every six-pack Bubba with all the same stuff because he bought it on his home equity line that I'm going to have to pay.

Second, six-pack Bubba won't be able to get any more cash on credit that I'll have to pay for him.

Third, it will be nice to be courted by the lenders because I have good credit and a low income to debt ratio. Imagine that? What kind of free stuff is in store for me? Interest rates are going down, down, down.

Fourth, it will be fun to go buy a new car with cash next year when my business lease expires. The salespeople, dealers, and manufacturers will be so starved for that sale that I can only expect I'll steal a nicer car than six-pack Bubba has.

Fifth, I'll finally get into some ridiculous stock earnings that I missed during the dot com era. There is money to be made on undervalued stocks.

Sixth, I'm going to need a new house in the next 5 years. Real estate prices in Boston are holding steady. Just outside the city, prices are dropping. Keep on dropping. Interest rates are going down too. I'll be able to get that dream home.

Seventh, have you seen oil prices? We'll be back down below $70 per barrel soon. That should bode well for my new six-pack Bubba car, new diesel boat, and building materials.

Eigth, I'm really looking forward to contractors actually showing up to do work and competing for the job since six-pack Bubba won't be needing them anymore.

Not directed at you, but

Actually I would say six-pack Bubba had little to do with this situation. And then there was also many others, race, creeds, etc, but I suppose we cannot stereotype them. Just how many MBA, PHD and Congressional Bubba's yah talkin' about? Let me guess again who approved all of the credit? Sub-primes loans, etc?

Picking on Bubba is ok:huh:

It's like this when looking for votes poticians pander to the low-income, voters. Promising them anything for their vote, but once elected they go to bed with business, and I mean a partying Saturday night get down with business.

 

[Kurt]

I think I may know six-pack Bubba, it is sad people cannot live within their means. It has taken me a lifetime just to own a 26' Sea Ray and I am proud of it.

 

[Against The Wind]

I think I may know six-pack Bubba, it is sad people cannot live within their means. It has taken me a lifetime just to own a 26' Sea Ray and I am proud of it.

Meeeeeeee Toooooooooo......
even thou ours is 33' it's a 1995 :thumbsup:

 

[mrsrobinson]

":Actually I would say six-pack Bubba had little to do with this situation"

The home buyer had little to do with this? I'll agree to disagree with you. At the end of the day they signed the contract, they took the loan, they got in over their head. We, when buying our current house, had the same lending "opportunities" and made a choice to NOT do this.

"Interest rates are going down too."

I do not know your source, but my guess is they are about a low as they will be for a while.

 

[Pseudomind]

":Actually I would say six-pack Bubba had little to do with this situation"

The home buyer had little to do with this? I'll agree to disagree with you. At the end of the day they signed the contract, they took the loan, they got in over their head. We, when buying our current house, had the same lending "opportunities" and made a choice to NOT do this.

"Interest rates are going down too."

I do not know your source, but my guess is they are about a low as they will be for a while.

OK I will agree to somewhat agree, but for myself when buying my first house if I did not qualify, nothing went anywhere. There was not magic bullet to approve me.

If Joe Fool ignorant comes in and you convince him, he qualifies, he will probably go for it. Business and we as consumers have partially brought this on ourselves. Who do you think pays for this in the long run? The consumer. In my book most people have lost or never had any concept of personal responsibility, and business pushes and endorses this lack of responsibility.. It is the same gambit the politicians use. Also math comes into play. You increase the sheer amount of users and the individual gets where they could care less. At one time many had pride, but not any more. "It is all about me" :huh:If I don't do it someone else will:huh:

 

[billandamy]

Actually I would say six-pack Bubba had little to do with this situation. And then there was also many others, race, creeds, etc, but I suppose we cannot stereotype them. Just how many MBA, PHD and Congressional Bubba's yah talkin' about? Let me guess again who approved all of the credit? Sub-primes loans, etc?

I'll tend to agree. Some of the people who I know of who are in the most trouble financially with homes are the ones who make $150k-$300k a year, and STILL decided they needed to live like they made $500k a year.

I dont think greed knows any specific friend.

 

[STIHLBOLTS]

Well if Obama has his way, those folks making between 150-250k are going to be paying way more taxes in the next couple of years so I guess it will all pan out. The middle class get screwed over again. :smt043

By the way, I am a Bubba, so kissssss mmmmyyyy GRITSSSSSS :smt021

 

[Gunn]

Fifth, I'll finally get into some ridiculous stock earnings that I missed during the dot com era. There is money to be made on undervalued stocks.

Which ones?!! :huh: That's what I've been thinking about lately; another chance to get in at the bottom. But I have no clue where to start. :smt001

 

[tphinney]

(I choose to strongly disagree)

truth be told we are in this because of Greed.

the politician got greedy for campiagn contributioins so they let the accounting rules slide for big business.

big business got greedy and though that if they sent jobs to 3rd world countries that those folks would work for 2 dollars a day forever and not want what we have. look at whats happening in China today.

Banks got greedy wanting big interest payments on loans so they created the Zero principle loan (theres no such thing as Zero interest) and gave these to people with no verafiable income.

Loan officers got greedy cause they where being paid commissions for writting up loans the same way brokers used to.

and finally the average american got greedy. after being fed the BS of "Reality TV" and wanting the Hollywood life style they grabbed for the 3,000 SQFT home, the Cadilac Escalade, the Boat and the Swimming pool without ever wondering how they would pay for it.

then theres the rest of us who live in a 1,500 SQft house with a small mortgage, drive a 7 yr old truck, and have no real credit debt to speak of who could loose everything becuase the credit crunch is going to effect our ability to stay employeed even though we did not buy into the BS block party thats been going on for the last 5 years.

personnally I'd like to take a firing squad down to wall street and start executing CEO's, congreeman and senators who played with the finacial reporting rules because these guys have and will ruine the lives of Americans who had no part and no benifit in this mess.

enough said......

 

[billandamy]

":Actually I would say six-pack Bubba had little to do with this situation"

The home buyer had little to do with this? I'll agree to disagree with you. At the end of the day they signed the contract, they took the loan, they got in over their head. We, when buying our current house, had the same lending "opportunities" and made a choice to NOT do this.

I think you are mixing up, from what I gather, the original poster's idea of lower middle class (hence what I would consider a "bubba") overextending themselves and not so much a home buyer in general.

Or maybe I got it all confused.

Where is blueeyedboater? He could straighten this all out for us.

 

[mrsrobinson]

Which ones?!! :huh: That's what I've been thinking about lately; another chance to get in at the bottom. But I have no clue where to start. :smt001

Ahhh, looking in my magic ball right now....

This is the 1,000,000,000 question for all of us. I personally think the market has hit bottom while house prices in our area have a little further to go.

 

[billandamy]

Home prices will rebound. They always will.

People will always pay a premium to live in certain areas of the country.

 

[Woody]

Everyone is worried and afraid. I'm only seeing the upside and opportunity.

First, it will be nice to be able to enjoy all the "stuff" I have and worked hard to earn without seeing every six-pack Bubba with all the same stuff because he bought it on his home equity line that I'm going to have to pay.

Second, six-pack Bubba won't be able to get any more cash on credit that I'll have to pay for him.

Third, it will be nice to be courted by the lenders because I have good credit and a low income to debt ratio. Imagine that? What kind of free stuff is in store for me? Interest rates are going down, down, down.

Fourth, it will be fun to go buy a new car with cash next year when my business lease expires. The salespeople, dealers, and manufacturers will be so starved for that sale that I can only expect I'll steal a nicer car than six-pack Bubba has.

Fifth, I'll finally get into some ridiculous stock earnings that I missed during the dot com era. There is money to be made on undervalued stocks.

Sixth, I'm going to need a new house in the next 5 years. Real estate prices in Boston are holding steady. Just outside the city, prices are dropping. Keep on dropping. Interest rates are going down too. I'll be able to get that dream home.

Seventh, have you seen oil prices? We'll be back down below $70 per barrel soon. That should bode well for my new six-pack Bubba car, new diesel boat, and building materials.

Eigth, I'm really looking forward to contractors actually showing up to do work and competing for the job since six-pack Bubba won't be needing them anymore.

Your the same guy that posted this several months ago aren't you? Doesn't sound like your financial house is in much better order.

Posted by JuliaV .....but 3 banks would not give a business expansion loan without an asset that could be liquidated immediately to pay off the loan....... However, they gave me the big boat loan without hesitation (one page application) even though I'm maxed out with mortgage and business loans.

 

[GJarrett]

....it will be nice to be courted by the lenders because I have good credit and a low income to debt ratio.

Hmmm. I wonder if you meant "low debt to income ratio."

 

[JV II]

Six pack Bubba and Joe Fool Ignorant are the same person and they can be making $30,000 a year or $300,000 per year. They cross all boundaries of socioeconomic, race, color, and creed. Its the greed and behavior that make them six-pack Bubba. I think we all have a little six-pack in us.

"Your the same guy that posted this several months ago aren't you? Doesn't sound like your financial house is in much better order."

Yes I am. Its all about management and control. My business is recession proof and my business income growth is predictable and substantial compared to the average six-pack. The problem is that the banks no longer consider that or credit rating when you need a business loan for expansion. They will not lend to a corporation without the principal cosigning with their personal collateral. As a result of borrowing and using my home equity I've been able to increase my business by 500% in 5 years. It keeps growing at that rate. We've got a modest home with a 30 yr fixed mortgage, but have you seen the average cost of a family home in the City of Boston? Its all well managed and controlled. Why am I explaining all this?

 

[GJarrett]

Tom, I have to disagree somewhat on your strongly disagreement on the priorly disagreed point. I think (?)

The greed was born of the politicians. Yes, everyone else jumped in too, but it should never have happened in the first place because the government should never have got involved in the mortgage business in the first place. The banks were ordered by the politicians we elected that they had to loan money to people who couldn't afford it so that every American can take advantage of the "right" to own a home.

They started this mess, used Fannie May and Freddie Mac to buy up a whole bunch of notes with absolute crap for collateral, and now they want us to give them another $700 billion to fix the mess they bought? That's kind of like entrusting your uncle Joe with $20,000 of your hard earned money to go find a great deal on a car for you (because he's the family "car expert") and he brings back a Yugo heap from the junkyard. And then has the gall to ask you for more money to fix it up to try to make it worth the $20k of your money that he spent on it.

Yeah, you're probably right that there's all kinds of people responsible for this mess that deserve a firing squad. But if the very same politicians that started this really do get away with using their mistake as an excuse to grab nationwide assets and socialize our real estate and economy, would this finally be enough to actually finally cause a "TTBO" "throw the bums out" movement and get people to vote against every incumbent in office? I could wish, but know better.

 

[mrsrobinson]

Six pack Bubba and Joe Fool Ignorant are the same person and they can be making $30,000 a year or $300,000 per year. They cross all boundaries of socioeconomic, race, color, and creed. Its the greed and behavior that make them six-pack Bubba. I think we all have a little six-pack in us.

"Your the same guy that posted this several months ago aren't you? Doesn't sound like your financial house is in much better order."

Yes I am. Its all about management and control. My business is recession proof and my business income growth is predictable and substantial compared to the average six-pack. The problem is that the banks no longer consider that or credit rating when you need a business loan for expansion. They will not lend to a corporation without the principal cosigning with their personal collateral. As a result of borrowing and using my home equity I've been able to increase my business by 500% in 5 years. It keeps growing at that rate. We've got a modest home with a 30 yr fixed mortgage, but have you seen the average cost of a family home in the City of Boston? Its all well managed and controlled. Why am I explaining all this?

"Why am I explaining all this? "

Cause your boat in under 30 feet... just messing with ya.

 

[JV II]

"Why am I explaining all this? "

Cause your boat in under 30 feet... just messing with ya.

That's what I tell the marinas, but I tell my friends the LOA is 31'1." Isn't there a string going about that?