Post by Classicblast on Sept 25, 2008 1:34:47 GMT -5
No matter who you're supporting there's yet a new issue out there.
The economic trouble at hand was neither caused by the Republicans or the Democrats but mostly bankers and loan companies.
People who gave a short term low rate to people who may otherwise never afford a home of the stature they were buying. Then loans were given to people and after a period of time, a year or two or three the interest soared.
Obviously that made the mortgage payments twice or three times the rate previously being paid. Sure some people prepared their life to pay a higher rate by paying down other bills for the three years or so before this happened.
Most just couldn't pay the rate and the bottom fell out for them.
My brother (Thunderbird around here) is a home builder my father has owned that business since 1963. That makes my brothers second generation.
Some of the houses they built fall under that situation depending who wrote the mortgage.
President Bush and congress have to decide on bailing out the mortgages in hock.
Obviously that can have two different results.
It could lower property value for a time because there would be a surplus of houses on the market. That could also be a shot in the arm to the economy because home buying prices may be fairly inexpensive while supplies last.
In as much as homes being sold for less than the usual market value you can probably have a hard time selling your house because there's so many for sale that unless you were selling yours cheap that it may be hard.
However how much the market your home will bear is only important if you plan on moving. Unless I become a St.Louis Cardinal, a Baltimore Oriole or a San Diego Padre I'm probably not moving. And if I landed that contract I'll take a small hit on my house. Take one for the team.
Right now John McCain and Barack Obama are both elected United States senators. McCain wants to postpone the campaign trail to help address a potential national crisis.
Obama feels as if it should be business as usual and keep plugging away on the campaign.
I guess I can see both sides of this but if a national crisis is a strong possibility we have to address it immediately.
I'm somewhat reluctant to believe how close to disaster we really are. Politicians and media do enjoy promoting that because that's what sells.
But there are surely loose ends to tie down so I think that should be first priority.
The economic trouble at hand was neither caused by the Republicans or the Democrats but mostly bankers and loan companies.
People who gave a short term low rate to people who may otherwise never afford a home of the stature they were buying. Then loans were given to people and after a period of time, a year or two or three the interest soared.
Obviously that made the mortgage payments twice or three times the rate previously being paid. Sure some people prepared their life to pay a higher rate by paying down other bills for the three years or so before this happened.
Most just couldn't pay the rate and the bottom fell out for them.
My brother (Thunderbird around here) is a home builder my father has owned that business since 1963. That makes my brothers second generation.
Some of the houses they built fall under that situation depending who wrote the mortgage.
President Bush and congress have to decide on bailing out the mortgages in hock.
Obviously that can have two different results.
It could lower property value for a time because there would be a surplus of houses on the market. That could also be a shot in the arm to the economy because home buying prices may be fairly inexpensive while supplies last.
In as much as homes being sold for less than the usual market value you can probably have a hard time selling your house because there's so many for sale that unless you were selling yours cheap that it may be hard.
However how much the market your home will bear is only important if you plan on moving. Unless I become a St.Louis Cardinal, a Baltimore Oriole or a San Diego Padre I'm probably not moving. And if I landed that contract I'll take a small hit on my house. Take one for the team.
Right now John McCain and Barack Obama are both elected United States senators. McCain wants to postpone the campaign trail to help address a potential national crisis.
Obama feels as if it should be business as usual and keep plugging away on the campaign.
I guess I can see both sides of this but if a national crisis is a strong possibility we have to address it immediately.
I'm somewhat reluctant to believe how close to disaster we really are. Politicians and media do enjoy promoting that because that's what sells.
But there are surely loose ends to tie down so I think that should be first priority.
