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March 7th, 2008
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| The Final Word
 |  HL....Better than the WSJ Not to say we were right or anything, but a lot of us here have been saying that the real world financial situation is a little bit different than its been portrayed on TV....and now it seems that with more and more negative stories coming out, people are having to acknowledge there are some problems. Free Preview - WSJ.com Free Preview - WSJ.com Free Preview - WSJ.com Free Preview - WSJ.com Housing, Bank Troubles Deepen there were a couple of other stories too....housing sales lowest in a decade, homeowner equity lowest its ever been........if you watch the news every day....its gone from a correction, to a hiccup, to a slight downturn, to what it is now (and they won't say it because they don't want the "I told youi so") a recession. If they aren't careful, they are going to turn it into a depression. Then theres this.... Bush: 'It's clear' economy has slowed Quote:
 INTEL QX9650 ASUS Maximus Extreme 4GB DDR3-1600 Sapphire HD 3870X2 Danger Den Torture Rack (Custom W/C) Seagate 750GB HDD BFG ES 800W PSU | |||||||||||||||
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March 7th, 2008
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| Colonel Calamity
 | Re: HL....Better than the WSJ Its either not as bad as someone says or its way worse than someone says, in reality it is somewhere inbetween.  Thanks HL and Corsair! My opinions are my own and not representative of this site or its members.  | ||||||||||||||
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March 7th, 2008
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| resident headbanger
 | Re: HL....Better than the WSJ Its pretty bad when my equity is worth 1/2 of what it was last year. I think we got some hard times coming. -1 I would rather read a NewEgg review than a [H] review  | ||||||||||||||
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March 7th, 2008
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| Deus Sol Invictus
 | Re: HL....Better than the WSJ Quote:
  If there is a final hour, let's hope for a higher power. One by one, and two by two, I have ammo, what about you? | |||||||||||||||
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March 7th, 2008
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Join Date: Mar 2007 Location: PA
Posts: 290
| Re: HL....Better than the WSJ Yeah it's getting pretty hot, what's the deal with this basket anyways. SIG Under Construction - working on something new. | ||||||||||||||
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March 7th, 2008
| #6 | |||||||||||||||
| Helper Person In General
 Join Date: Jan 2007 Location: Cleveland, Ohio
Posts: 1,262
| Re: HL....Better than the WSJ Quote:
Now here I sit in a modest Cleveland, Ohio suburb called Bedford Heights, Ohio home. Appraised value for taxes about 150K, while the real selling value is maybe 128K on a good day. This house like anything else is worth what someone else is willing to pay for it. No more and no less. The house is worth maybe 100K give or take. I never once considered the house as an asset towards our retirement or for that matter our net worth. That would be stupid. Again, consider all this equity bullshit only applies to people who hold (or the bank holds) a note on their house. This is where things go to shit real quick. Housing prices were greatly inflated and there was no shortage of subprime loans. Banks lent mony to people who never should have qualified for a loan and those same people now can't afford the payments. The banks were stupid and driven by greed. Their bottom falls out and somehow this is my problem? Next is the damn job market. Currently my company is looking to hire. Basic job skills in my department are a HS Graduate, knowledge of basic math functions, familiar with basic hand tools and the ability to read basic instruments like calipers, and a micrometer. Start pay is about 35K a year which is not bad for this area. We can't find qualified applicants for the simple jobs. Go figure, and these are the same people who can't meet their house payment. Yeah, other than snow (or a snow job) when I look out the window I see recession big time. Then too, my name is Ron and not George and my windows look at reality and not fantasy. Ron  | |||||||||||||||
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March 7th, 2008
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| Colonel Calamity
| Re: HL....Better than the WSJ It is the same thing here, fast food places are starting at $9-10 per hours but alot of these people locally have this strange sense of entitlement type of crap where if they do get a job, they expect to be paid to sit on their ass and do nothing. Then when they are fired they get ahold of the local BBB or employment offices claiming they were unfairly fired and get some sort of compensation for a few months to a few years, just to do nothing. Then these same jerk offs were buying these houses at a massively inflated price on a non-existent income, but decent credit. Then when it came time to make payments and the shit hit the fan, they jumped ship back into some trailer house on the other side of town for $200 per month and start the process all over again, the nice clean house trashed by lack of basic maintenance and the house is repo'd only to be sold to some realtor for a quarter to half of what the loan or mortgage was written for. Some are even going for as cheap as $1 through county offices. This "perceived" or "pre-inflated" loss of income send the banks into a "perceived" downward spiral which they shrugged off to insured losses which end up coming out of our taxpayers pockets and screw the economy. It was the banks and lenders faults for giving the line of credits and letting the market get inflated like that... but also the governments fault for bailing them out when many of these banks should have really just shut down and sold off their failed collections and repos to companies that can handle them. Everyone but the taxpayer gets rich off of a failing economy, all because some assholes decided to artificially inflate the housing market. Thanks HL and Corsair! My opinions are my own and not representative of this site or its members. | ||||||||||||||
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