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Do I get a pass? (The Sub-Prime Crisis and the Economy)

Edgy DC Jan 16 2008 10:40 AM Edited 2 time(s), most recently on Jan 21 2008 08:40 AM

I didn't buy property I couldn't afford in a runaway market. I didn't fool myself into thinking that I would be able to handle that balloon payment after five years the bank was offering me. So this whole tanking economy thing is going to pass me by, right?

metirish Jan 16 2008 10:57 AM

Apparently it will take 18 months or more, my wife works in the morgtage field and we have a fixed rate so we have that to be thankful for at least.

metsmarathon Jan 16 2008 05:27 PM

as a reward for your fiduciary responsibility, you will be granted the opportunity to help correct for the errors of others! the fate of our nation's buying power rests in your hands, at least until it can be redistributed to everyone else.

DocTee Jan 21 2008 08:35 AM

My wife and I purchased our first home in 2001, then sold it --at a substantial profit--four years later. It was a great learning experience-- the first time I ever mowed a lawn!--and we became quite handy, even remodeling our kitchen (new marble floor, countertops, cabinets and appliances). Now we are renting and looking to jump back into the market, but I dread spending big bucks on a house only to see it depreciate. We've been window shopping and kicking tires, and the market has come way down, but I think it's a ways from bottoming out. Probably more like late 2008, I think, so we are fixing to buy near the end of the summer. I really hope this works out, and I really hope the current and coming economic downturn is not as bad as some predict.

metsmarathon Jan 21 2008 09:07 AM

i'm so glad i bought a house a year and a half ago instead of waiting... actually, according to zillow.com, my home is still worth what i bought it for (more actually), and while home prices in my town have fluctuated, they're basically in the same place as they were when i bought.

AG/DC Jan 22 2008 09:26 AM

Dow dropped 400 points immediately after the opening bell.

AG/DC Jan 24 2008 10:49 AM

Well, you all aren't as leery as I am, I see. Wall Street has bounced back strong the last day and a half, but Congrees is talking aobut sending us all checks of $300-$1,200 per family.

Benjamin Grimm Jan 24 2008 11:16 AM

I'm thinking that if I do get a $1200 check from Uncle Sam, I'll do with it what the government wants me to do. Ordinarily I'd just deposit it in my bank account (which is why it's silly to try to spur the economy by giving money to people who don't need it) but instead I'd like to go on a government-sponsored spending spree. I wouldn't buy any Chinese imports from Evil-Mart; I'd spend it at local businesses like small shops and restaurants.

Nymr83 Jan 24 2008 01:24 PM

]I'm thinking that if I do get a $1200 check from Uncle Sam, I'll do with it what the government wants me to do. Ordinarily I'd just deposit it in my bank account (which is why it's silly to try to spur the economy by giving money to people who don't need it) yeah they are pretty dumb, its pretty basic that people will use 1-time income jumps (as opposed to a raise or something more permanent) to pay down debt before all else. if i got a check it would go straight to loan payments

sharpie Jan 24 2008 02:06 PM

Last time I got one of those checks (in '01 I think) I bought a rug that cost that amount. I would've bought the rug anyway but it being the same amount as that check made me feel like I was allocating the check toward that rug.

cooby Jan 24 2008 06:42 PM

="Benjamin Grimm":145rmffa]I'm thinking that if I do get a $1200 check from Uncle Sam, I'll do with it what the government wants me to do. Ordinarily I'd just deposit it in my bank account (which is why it's silly to try to spur the economy by giving money to people who don't need it) but instead I'd like to go on a government-sponsored spending spree. I wouldn't buy any Chinese imports from Evil-Mart; I'd spend it at local businesses like small shops and restaurants.[/quote:145rmffa] I think I'll buy a tank of fuel oil. Kong76 Jan 24 2008 06:59 PM I'm sending our $1,200 to the aid the Clinton campaign coffers. Bubba! Can I get some sax ??? Seriously, I hate these stupid check things. Where do the billions come from other than making the budget deficit worse than it is? Voodoo. metirish Jan 24 2008 09:11 PM An economic expert I saw on the news said sending one check per person/family would not do the trick and advocated sending at least the same amount every 3 to 4 months, I'm telling you people that this year will be party time.....oh the dems would prefer that money be sent to people that don't pay taxes because the thinking is that tax paying people for the most part would bank the money. AG/DC Jan 24 2008 09:19 PM Well, presumably paying down debt would help everybody out if part of the debt is them crushing mortagages. Nymr83 Jan 24 2008 10:13 PM ="metirish":j33eaf2l]An economic expert I saw on the news said sending one check per person/family would not do the trick and advocated sending at least the same amount every 3 to 4 months, I'm telling you people that this year will be party time.....oh the dems would prefer that money be sent to people that don't pay taxes because the thinking is that tax paying people for the most part would bank the money.[/quote:j33eaf2l] such an economic analysis isnt new, Milton Friedman himself said that people won't spend temporary income boosts. of course the dems prefer to turn this into a new welfare check, does that suprise you? how bout we send the checks only to people between the ages of 12 and 16? that oughtta make sure the money gets spent at least. Willets Point Jan 25 2008 03:48 AM I'd spend it all on hookers and blow. metirish Jan 25 2008 04:21 AM The report I watched was on "World News Tonight" , my bad because the report I mentioned was day old news, "World News Tonight" for the 24th is saying that a tentative agreement has been reached on a deal, don't expect any checks until May at the earliest. You can watch it on iTunes.ABC News. ] Rebate Lowdown: The rebate check isn't in the mail - not yet - but here's the lowdown on whether you will be getting one, and when: You must earn at least $3,000 to get at least the minimum rebate of $300. Individual taxpayers get rebates of up to $600, depending on income, while couples can expect up to $1,200, plus $300 per child. The rebates will become gradually smaller again for individuals with adjusted gross incomes above $75,000 and couples over $150,000. There are no rebates for individuals above $87,000 and couples without children above $174,000. The cutoff caps will be higher for couples with children. You don't have to do anything to get the rebates, which will come electronically or by mail. The IRS will start sending them in late May. It should take 10 weeks before the IRS finishes. DocTee Jan 25 2008 07:24 AM ]I'd spend it all on hookers and blow. ...and the rest he'd watste. *rimshot* Benjamin Grimm Jan 25 2008 07:35 AM ="Associated Press"]How the Rebate Works By The Associated Press – 5 hours ago How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House. _An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate. _A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate. _A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate. _A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate. _A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by $50 for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by $500 for this family. A $1,300 rebate. _A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate. _An individual with adjusted gross income of $23,000 and no dependents would get a rebate of $600. _A couple with adjusted gross income of $184,000 and two children would get a $100 rebate. If I'm reading this right, I'll be getting $1800. That will be a heck of a spending spree! seawolf17 Jan 25 2008 08:41 AM $1500 for me! Here comes the big-screen TV! DocTee Jan 25 2008 08:53 AM $1800 to Honolulu retailers. metirish Jan 25 2008 08:56 AM ="seawolf17":2svf3uke]$1500 for me! Here comes the big-screen TV![/quote:2svf3uke] I'm thinking the very same thing, the Philips Eco fits the price. Benjamin Grimm Jan 25 2008 09:02 AM ="seawolf17":7jkv6p9f]$1500 for me! Here comes the big-screen TV![/quote:7jkv6p9f] Try not to buy one made overseas - it wouldn't be in the spirit of the rebate. Unless, I suppose, you buy it from a local retailer. seawolf17 Jan 25 2008 09:04 AM Eff that. I'm ordering it from amazon.jp just to be a dick. John Cougar Lunchbucket Jan 25 2008 09:09 AM ="seawolf17":19jwx30o]Eff that. I'm ordering it from amazon.jp just to be a dick.[/quote:19jwx30o] This is the funniest thing I've read for a long time. Our $$ will go directly into the ever-fattening bank account of our nanny. I work for her now. AG/DC Jan 25 2008 09:27 AM My money to the Bridal-Industrial Complex. DocTee Jan 25 2008 09:38 AM This summer I'll be transitting the South Pacific as part of my job. $1800 ought to go far in New Caledonia and Tonga. Thats right, Tonga. Fman99 Jan 25 2008 10:10 AM ="Benjamin Grimm"] ="Associated Press"]How the Rebate Works By The Associated Press – 5 hours ago How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House. _An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate. _A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate. _A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate. _A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate. _A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by $50 for every $1,000 in income above the $150,000 threshold. An $1,800 rebate — $1,200 for the couple plus $300 per child — would go down by $500 for this family. A $1,300 rebate. _A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate. _An individual with adjusted gross income of $23,000 and no dependents would get a rebate of $600. _A couple with adjusted gross income of $184,000 and two children would get a $100 rebate. If I'm reading this right, I'll be getting $1800. That will be a heck of a spending spree! Same here. I can finally buy me that shrimpin boat and fulfill my promise to Bubba. John Cougar Lunchbucket Jan 25 2008 10:23 AM I wonder how much that banker who put $7 billion on "red" will get. soupcan Jan 25 2008 10:28 AM ="John Cougar Lunchbucket":2dat7mq2]I wonder how much that banker who put $7 billion on "red" will get.[/quote:2dat7mq2] That garçon is going to do alright for himself. Do a little prison time, then write a book and hit the lecture circuit. Milken paved the way for these financially felonious fellows. metirish Jan 25 2008 10:34 AM Nick Leeson is doing just that. His Wiki ] Nick Leeson now lives in Barna, County Galway in the west of Ireland. His wife Lisa divorced him while he was in prison and he has now re-married. He is a regular guest on the after-dinner speaking circuit. He was appointed Commercial Manager of Galway United Football Club in April 2005, rising to the position of General Manager in late November 2005. By July 2007 he had become the club's CEO.[2] He still finds time to deal in the stock markets, but only with his own money.[3] In June of 2005, Leeson released a new book Back from the Brink: Coping with Stress. It picks up his story where Rogue Trader left off, including in-depth conversations with psychologist Ivan Tyrrell asserting how the prolonged periods of severe stress that affected Leeson's mental and physical health can be related to most people. cooby Jan 26 2008 07:28 PM If this truly comes to pass, this is what I will do with it: A few years ago on vacation, my husband and son spent a day on a charter boat deep sea fishing. My husband has raved about it ever since and has promised me that next time I'm going. I put on a brave face, but I mentally grimace because the fishing trip cost well over $1000 for the day even then, so now it's probably even more. And anyhow, we haven't even made it back to the beach, let alone extras. But if we get this money, I'm going to make my husband's dream come true. Rockin' Doc Jan 26 2008 08:56 PM cooby, if you do go fishing, take Dramamine with you. There is nothing worse than being sick on a boat that you can't possibly get off for 8-9 hours. AG/DC Jan 31 2008 10:35 AM Internet failures across large swaths of three continents. That can't help. AG/DC Jun 12 2008 10:52 AM President and CFO out at Lehman after losing $3 billion in the second quarter. http://online.wsj.com/article/SB1213275 ... whats_news Farmer Ted Jun 12 2008 11:58 AM Her only job was to convince investors that Lehman wasn't some fuck-up organization like Bear. Lehman goes out and calmly loses a triple Billion and she's on her ass. Meanwhile Lehman would be dead in the water if they weren't pumping all their spare cash into oil/energy stocks right now which the speculators are ginning up to where we can't afford to cut the friggin grass. soapbox exit. AG/DC Jun 12 2008 11:59 AM No, you go. Edgy DC Dec 03 2008 11:34 AM Harvard’s Endowment Falls $8 Billion By GERALDINE FABRIKANT Published: December 4, 2008 The university’s endowment, the largest in the nation, has lost about 22 percent of its value as its U.S. and foreign stock portfolios have taken hits, school officials said. Willets Point Dec 03 2008 12:40 PM ="Edgy DC"]Harvard’s Endowment Falls $8 Billion By GERALDINE FABRIKANT Published: December 4, 2008 The university’s endowment, the largest in the nation, has lost about 22 percent of its value as its U.S. and foreign stock portfolios have taken hits, school officials said. Apparently the amount lost is greater than the total endowment of every other university in the United States exepting four. metirish Dec 03 2008 12:46 PM Harvard is not that well endowed now , does this mean they will be looking to congress for money? Willets Point Dec 03 2008 12:48 PM ="metirish":1942nul7]Harvard is not that well endowed now , does this mean they will be looking to congress for money?[/quote:1942nul7] Hell, they could probably bail out the economy with what's leftover in the endowment (were they legally allowed to spend it). TransMonk Dec 03 2008 01:01 PM Harvard backpack girl doesn't like all this talk about her endowment. Edgy DC Apr 22 2009 07:59 AM WASHINGTON – David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his home Wednesday morning in what police said was an apparent suicide.