Great Depression of 2016

[rufus]

I didn't see it, but I can believe it. The mortgage rate this morning was 2.63 per cent. The treasury is pumping dollars into the system, but they are going to start backing off on that. The Fed has been buying about 85 billion of the treasury's bonds a month. They will reduce that by 10 billion in the next month, and then continue to reduce the amount of purchases. Now what happens then is anyone's guess. Hopefully, nothing bad will happen.

Maybe now is the time to buy some real estate while the rates are low.

Keeping interest rates artificially low really does a job on those that still have savings. They get next to nothing on their money, not even enough to cover the cost of inflation. And yet they still have to pay taxes on it. Better to risk it in a real estate or stock bubble? I don't know.

 

[Bitterroot]

I didn't see it, but I can believe it. The mortgage rate this morning was 2.63 per cent.

Do you have a source for that? Everything I'm finding is above 3.5%.
http://www.bankrate.com/mortgage.aspx

Just wanting to run and refinance if it's true. We bought at 3.4% last year.

 

[rufus]

That is on the Lending Tree Website. Also https://4mortgagequotes.com/lp2.html?cid=GRR&gclid=CKuxmr-fw7sCFe1xQgodHkgA0g

You don't suppose they would do a bait and switch on us do you? After all, they are banks.

Remember when you refinance, they make you pay both seller and buyer fees. Sometimes it isn't worth it.

When we bought our house in 1980, we were paying 13.5 per cent Jimmy Carter rates. We have since refinanced it twice. While it did bring the payment down, each time we were set back to zero, payment one due. So, since we have been in it 33 years, we are still paying for it.

Given our age, I doubt we will ever get it paid off.

Do the math and see if it is worth it. Think it through.

 

[hemet dennis]

That is on the Lending Tree Website. Also https://4mortgagequotes.com/lp2.html?cid=GRR&gclid=CKuxmr-fw7sCFe1xQgodHkgA0g

You don't suppose they would do a bait and switch on us do you? After all, they are banks.

Remember when you refinance, they make you pay both seller and buyer fees. Sometimes it isn't worth it.

When we bought our house in 1980, we were paying 13.5 per cent Jimmy Carter rates. We have since refinanced it twice. While it did bring the payment down, each time we were set back to zero, payment one due. So, since we have been in it 33 years, we are still paying for it.

Given our age, I doubt we will ever get it paid off.

Do the math and see if it is worth it. Think it through.

You should have kept the payment the same and lower the duration of the mortgage when you refinanced.

 

[rufus]

Dennis, you are probably right. But at the time, we had kids in school and we needed the extra income. Law school was incredibly expensive.

A fifteen year mortgage would have been nice.

As it is, we would be paying for the rest of our lives, except that when they re build I-17, the department of transportation will take the house. They will pay off the mortgage. Where we go from there is the question.

Whether that happens in our life time is doubtful. The state has an incredible tendency to dither and waste money and time.

 

[frenchblackcopper]

Watched another documentary the other night about student loans. Seems these are almost as ungoverned as payday or title loans. One lady on the program said her initial loan was $36k,,she had paid $24k on this but because of the amount of time involved she now owed over $56k including her $12k balance.
Another student loan lender openly stated after making public they had 130 million available for student loans, told their investors they expected over 58% to be defaulted on. Advancing huge lines of credit to people that has no job, no work history, or proof they can find a job once they graduate to start repaying in my opinion is knowingly nutts! And tax returns, paychecks, and property can eventually be seized to satisfy these loans, and they cannot be dismissed in bankruptcy.
I often laugh at the Western Sky commercial offering a $10,000 loan to almost anyone that can breathe air but if you notice at the small print at the bottom of the commercial payments are $784? for ten years totaling over $94,000 payback. 14 or so payments they have their initial loan money back,but it just proves desperation and ignorance on the borrowers part.

 

[rufus]

Examine the rates on your credit cards. They are worse.

 

[rufus]

More doom and gloom. But then on the bright side, IRS has already picked me clean. I have little to lose other than the value in my pension and social security. I can live on beans and tortillas.

http://www.moneynews.com/MKTNews/Financial-Pearl-Harbor-Currency/2013/02/06/id/489222

 

[rufus]

More things to think about: http://www.infowars.com/new-bomber-can-nuke-us-military-bases-brags-chinese-state-media/

http://www.washingtontimes.com/news/2013/oct/31/inside-china-nuclear-submarines-capable-of-widespr/

Not one word is printed in China that is not pre approved by the party. Are they trying to intimidate us? We owe them a lot of money, and they hold a lot of our currency.

The bomber is an adaption of a Tupalov design that came out in 1958 which was a knock off of the B-52. This adapted version will carry cruise missiles.

 

[hemet dennis]

More doom and gloom. But then on the bright side, IRS has already picked me clean. I have little to lose other than the value in my pension and social security. I can live on beans and tortillas.

http://www.moneynews.com/MKTNews/Financial-Pearl-Harbor-Currency/2013/02/06/id/489222

Do you not recognize an ad ?

More things to think about: http://www.infowars.com/new-bomber-can-nuke-us-military-bases-brags-chinese-state-media/

http://www.washingtontimes.com/news/2013/oct/31/inside-china-nuclear-submarines-capable-of-widespr/

Not one word is printed in China that is not pre approved by the party. Are they trying to intimidate us? We owe them a lot of money, and they hold a lot of our currency.

The bomber is an adaption of a Tupalov design that came out in 1958 which was a knock off of the B-52. This adapted version will carry cruise missiles.

You need to remember this is published for Chinese domestic consumption.