Impact On Wall Street Bailout Becoming Clearer

[ivanm]

[ivanm]

The Democrats are wanting help for the homeowners who are in a bind because of a mortgage payment they cannot afford.  I understand that, but it appears they goofed when they took on that debt in the first place.  Of course there are exceptions such as one losing his or her job. 

The housing industry reminds me of the auto industry in that it built a lot of upscale houses that folks could not afford so they offered financial incentives to take this inventory off their hands.  Now we are seeing the blowback from it.

[lucy]

Also the derivatives....

[notoc]

Also the derivatives....

The details in the derivatives is where the devil lives.

[lucy]

Yes, and no one seems to be able to figure out the address.

[Michael]

When the "wild and free" hippy days ended...all the yuppies wanted a home.  So the prices went up so high that people couldn't afford them anymore.  Now...it will not be easy balancing things out.

Back in the '70's, I was buying houses for under $15,000...bringing them up to FHA standards for less than a thousand and selling them for over twice what I paid.  Things were certainly a lot different in the '90's.   After 2000, you couldn't buy a cheap fixer-upper for under 100K.

[lucy]

In a neighborhood close by 2 bed/2 bath bungalows are on the market for anywhere from 250 -350K/

There are some really sad houses for less...it's a toney neighborhood, perhaps, but being overbuilt now with condos going in the 300-400K range...not very nice condos for the most part...and congesting the area.....condos on the river in one new complex sold at 500K then they didn't sell for the most part so the rest were auctioned, and a few of those sold at 250K. Sad for the guys who bought theirs when the complex opened...

The average salary around here is 30K and there are not many jobs to be had....most pay around 10/hr.


Who is going to buy an overpriced bungalow or condo at these prices now in this market atmosphere? Better yet, WHY WOULD ANYONE BUY THESE AT THESE PRICES to begin with/

The real estate market has gone bonkers.

[Michael]

Who is going to buy an overpriced bungalow or condo at these prices now in this market atmosphere? Better yet, WHY WOULD ANYONE BUY THESE AT THESE PRICES to begin with/

I always wondered about that myself.  Why anyone would think that they could afford a 2 bdrm. house over 150K on even a 2 income medium salary makes no sense.  A serious gamble that neither will get laid off or lose their jobs in the next 20/30 years of payments?   

The real estate market has gone bonkers.

It's been that way for some time now, in my opinion.  The real-estate market has not been a poor mans game since the '80's.

[ivanm]

I always wondered about that myself.  Why anyone would think that they could afford a 2 bdrm. house over 150K on even a 2 income medium salary makes no sense.  A serious gamble that neither will get laid off or lose their jobs in the next 20/30 years of payments?   

It's been that way for some time now, in my opinion.  The real-estate market has not been a poor mans game since the '80's.

It seems like buyers are gradually pricing themselves out of the market when they continue to flip the houses for a profit.  I did it myself, every 3 to five years I would trade up, but the idea was to have a nicer place to live and not to make big bucks on a home. In Texas they don't have a personal income tax so the property tax on homes is very high, so building up to a more pricey house just raises the taxes too.  I kid my daughter, who lives in a poorly made house in a rather exclusive suburb of Dallas, telling her she needs to finance the interest payments too.

[Hollybaere]

THIS is how they will get part of the money:
 

"The Bleeding Of The Workforce Has Begun.....

Yesterday my son calls me from his semi and tells me that he was just
informed over the qualcom, that there is a new law
in the pipeline that requires all Transportation Workers, i.e. all
commercial- drivers, pilots, skippers etc., to obtain an i.d.
called the TWIC (Transportation Worker Identification Credential),
issued by the FED.
(Both, my son and I, have never heatd of the TWIC, until about 36 hours ago)

All personnel entering Airports, Marine Ports and Government Facilities,
must have this id, to be permitted access.

In the message the emitting person (a company official of one of the
largest Motor Carriers in the US) went on to say, that
it might be a good idea, for all drivers to have the TWIC made in order
to not be locked out from any future load assignments
serving any of these facilities. The id could be made in any one of the
109 issuing offices throughout the nation.
"THE COSTS WOULD ONLY BE $132.50" and it would be good for 5 years. And
furthermore, she went on to say,
that it would only be a matter of time until some of our customers, in
particular Food Distribution Centers and customers
expediting high value loads, would ask for the driver's TWIC.
(Additional protection against "terrorism")

Then, today, (not even 24 hours after the first) a second message
concerning the TWIC hit every truck by Qualcom,
NOW requiring ALL drivers to have the TWIC made before October 15th.
2008, which is in 3 weeks from now.
Drivers who refuse to do so will be left at the curb-side.

This sounds to me like some one is really desperate to get that money
quick and now! The pressure must be tremendous
coming from atop down.

- This on the heal of our government's commitment to bailout the Wall
Street Casino and its bankers with a first round of
$700 billion -

However, if my son refuses to have this done, he may be without a job
soon. The alternative is well calculated by the thieves
at the helm, he WILL go down, have it done and make his $132.50
contribution to help serve up the scam.

Thanks for your time."

As the Zionists always have, right off the backs of the American Worker.

And again I ask you..........Remember the U.S.S.R ??

[lucy]

I don't know about the Zionists' angle, but sounds like a way to get more money from truck drivers....ALL drivers have to have this?

Including the Mexicans?

[Michael]

It seems like buyers are gradually pricing themselves out of the market when they continue to flip the houses for a profit.  I did it myself, every 3 to five years I would trade up, but the idea was to have a nicer place to live and not to make big bucks on a home. In Texas they don't have a personal income tax so the property tax on homes is very high, so building up to a more pricey house just raises the taxes too.  I kid my daughter, who lives in a poorly made house in a rather exclusive suburb of Dallas, telling her she needs to finance the interest payments too.

Which suburb, if I may ask?

I used to live/buy houses in Grand Prarie.

[lucy]

[ivanm]

Which suburb, if I may ask?

I used to live/buy houses in Grand Prarie.

She lives in Coppell, which is on the NW corner of Dallas proper.  Edna's son lives in a modest home in
Grand Prairie.  It is a blue collar town and the little 3 bdrm houses run about 90k.