What is your "Debt Free Date"

[beppington]

Is the person whole sold one of these greatly "overpriced" homes (or many of these homes) and walked with the money somewhat responsible for the problem. Is it possible that regulations were influenced by an industry that was enjoying huge profits?
I suggest that anyone who made more than reasonable profits may not be exempt from some responsibility. Many good, honest people who purchased homes did not for see the job losses and collapse of the market.
Maybe some of the stocks owned by the pure among us were in companies that had a selfish influence in this scheme. It's so easy to blame others - makes us feel better:thumbsup:

Are you saying a person who sold his house for what he feels was a very good profit should give some of it back to the person who bought the house? How much?

 

[Larry Caldwell]

I think the standard liberal mindset of "blame the US first" is showing through in your post.

If you think I'm a liberal, you have another think coming. I'm just not a right wing radical crook like Faux News supporters. There's only one honest conservative politician running for president, and his name is Ron Paul. Faux News has already said that if he wins the Iowa caucus, it "won't count." The right wing radical crooks can't stand the idea that somebody might cut into their profits.

For those who don't think this relates to being "debt free," realize that no matter how personally responsible we are, the small minority who stand first in line for federal money are running the country off a debt cliff. Here's an example of what I'm talking about

 

[ultrarunner]

Is the person whole sold one of these greatly "overpriced" homes (or many of these homes) and walked with the money somewhat responsible for the problem. Is it possible that regulations were influenced by an industry that was enjoying huge profits?
I suggest that anyone who made more than reasonable profits may not be exempt from some responsibility. Many good, honest people who purchased homes did not for see the job losses and collapse of the market.
Maybe some of the stocks owned by the pure among us were in companies that had a selfish influence in this scheme. It's so easy to blame others - makes us feel better:thumbsup:

Loren

Don't have a lot of follow-up on sellers...

I do know the Asian family that sold their home to Jose' for 510k took all the money and bought one of those mini-mansions in the valley for mostly cash (home plus savings) I visited once... very large home on a small lot... I think the home is 4500 square feet with 5' side yard set backs...

They now own a home they paid 650k for and is today worth about $280k... homes in California Central Valley fared far worse then those say in San Francisco or Silicon Valley...

So yes, the sellers did profit, but, they don't have anything to show for it today....

 

[Gale Hawkins]

Ultrarunner I do think policies did encourage first time buyers to step off into the deep end first.

While I know of one first time buyer that it did work out well it but we live in a region that did not any real bump in housing prices over the past 10 years. Even today one can find nice starter homes in the $75K range and very nice homes in the $125K+ range. $250-$350 will buy you a mansion.

I know of one home that was $10K in 1960 recently sold for $75K with a new roof and kitchen but needed another $10K in upgrades.

It was sad many like your example got caught us in the price spirial. Several years ago when we were named the number one retirement location in the USA I know people who came from CA and other areas after selling the $20K home for $500K and bought much larger/newer homes for $225K and banked the difference.

 

[lilranch2001]

Chris Dodd and Barney Frank are out or on their way out. They should be in jail. Now, the thing to do is make sure the rest of the Obama regime is out of office in 2012.

.

for sure!

 

[lilranch2001]

If you think I'm a liberal, you have another think coming. I'm just not a right wing radical crook like Faux News supporters. There's only one honest conservative politician running for president, and his name is Ron Paul. Faux News has already said that if he wins the Iowa caucus, it "won't count." The right wing radical crooks can't stand the idea that somebody might cut into their profits.

For those who don't think this relates to being "debt free," realize that no matter how personally responsible we are, the small minority who stand first in line for federal money are running the country off a debt cliff. Here's an example of what I'm talking about

I trust faux news to give the truth much more that Clinton News Network or all of the Obama networks

OH yeah. by the way so does a high percentage of America based on FOX News ratings

In regards to this, I remember 5-6 years ago how when you would go into a business somewhere and they would have CNN on their tv's, not most everywhere ya go they have FOX News on

 

[ultrarunner]

It was sad many like your example got caught us in the price spiral. Several years ago when we were named the number one retirement location in the USA I know people who came from CA and other areas after selling the $20K home for $500K and bought much larger/newer homes for $225K and banked the difference.

About the only folks I know that made out were those long time home owners cashing out and moving out of State...

Several I know moved to Arkansas, a couple to Oak Ridge Tennessee, Georgia and one co-worker moved back after 45 years to Mississippi.

They did as you mention... sold and had about 500k, bought a nice home... some with a little land and still had a couple of hundred in the bank plus social security/pension.

Nevada, Oregon and Washington also had an influx of folks from CA.

One entire family of 5 households moved from Oakland to Las Vegas... they bought very nice new homes with pools and three car garages... etc... everyone of the 4 kids walked away and now rent... sad situation when a dream turns into a nightmare... in this case it was the parents of the 4 that wanted to leave Oakland and have their grand kids grow up in a new community called Iron Mountain with new schools, roads, etc...

Some would say going through Bankruptcy makes one debt free.

 

[Gizmo2]

Some would say going through Bankruptcy makes one debt free.

I like the way you wrote that. Probably true but in my mind that would be the absolute last option, don't think I could live with myself.

 

[Gale Hawkins]

I like the way you wrote that. Probably true but in my mind that would be the absolute last option, don't think I could live with myself.

There was a time when that option looked like it might be the only way but we stuck with it and held things together until times improved.

I knew a guy $5K in debt that took the option which just blew my mind.

 

[Gizmo2]

There was a time when that option looked like it might be the only way but we stuck with it and held things together until times improved.

I knew a guy $5K in debt that took the option which just blew my mind.

Wow, your post got me thinking. I truly hope that my post was not taken as I would not ever claim bankruptcy or a slight toward some one that has too but just the fact it would be the last resort. Phew! that could have been a close one.

 

[ultrarunner]

Running Credit Checks I was surprised at how many prospective renters had a Bankruptcy on their record... would run into several a month back in the day.

One problem that was really a shock is the number of parents/family members that would use a child's social security number to establish credit... especially for utilities, cable, and consumer credit too.

Not unusual to have a 20 something individual apply to rent and find pages of charge offs and then looking at the details find many of the charges were when the child was a teen or even younger...

Talk about child abuse... you can't choose your parents.

The most common "Legit" Bankruptcy I would see would be either medical bills or judgements...

Sometimes a person's credit score would actually improve after Bankruptcy wiped the slate clean.

A return of traditional lending which required a 20% down payment would do wonders to reduce real estate risk.

Part of the method of allowing no down or little down when home buying was due to the Private Mortgage Insurance requirement when less than 20% was put down...

Funny how all the PMI premiums collected didn't protect lenders when you know what hit the fan.

Not counting the national debt... we all start out debt free. It takes effort to accumulate debt and I do think children, for the most part, learn to be thrifty or not from their up-bringing.

As Hop A Long Cassidy would say... "It sure is a fine pickle we're in"

 

[EddieWalker]

An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could not be any simpler than that.
Remember, there IS a test coming up. The 2012 elections.

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

 

[lilranch2001]

An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could not be any simpler than that.
Remember, there IS a test coming up. The 2012 elections.

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

I think this is one of the clearest indictments on socialism I have ever read
Thanks Eddie!

 

[two_bit_score]

Amen, Eddie.

 

[300UGUY]

An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could not be any simpler than that.
Remember, there IS a test coming up. The 2012 elections.

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

Eddie, this POS has been drifting around the net for years. I read this thing when Bush was in. At least get something real.

 

[Loren49]

Beppington - How about $125,000 returned. :laughing::laughing:

My point was that very few of us, at least in an indirect way did not benefit during the bubble. Most of us did not directly take part in creating it but many profited from the policies - that's why they were popular with many. I had no direct involvement but the interest rates on my savings and investments may have been up a bit and I believe that my NYS Teachers Pension System profited in some way. It would be difficult to draw a line and put the innocent on one side and guilty on the other.

Loren

 

[Larry Caldwell]

An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could not be any simpler than that.

This would actually mean something if you had given the name of the professor and the name of the school he teaches at. In the absence of any real information, I have to conclude you made it up, just like your buddies in the media make stuff up. The world is full of liars.

Remember, there IS a test coming up. The 2012 elections.

So who are you going to vote for? Ron Paul, or are you voting for one of the crooks and liars?

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

The way we should legislate the wealthy out of prosperity is to get their hands out of the public pocket. Dismantle the Federal Reserve system, which loans banks money at 0.25% so they can lend it to the US Treasury at 4%. Cancel all tax credits and tax deductions for everyone, including oil companies. End subsidies, including subsidies for roads, water projects and disaster relief. Close all US military bases in Europe, get our troops out of any combat operations, and reduce the size of the US defense budget by 2/3. Then raise taxes high enough to pay our bills.

You will find that as soon as they face losing their handouts, the wealthy are as socialist as they come. They have been getting a lot of mileage out of, "You can't cut MY handout, because it would cost jobs." Well, the wealthy do not create jobs. Big business does not create jobs. Jobs are created by small and medium sized businesses, who don't benefit from handouts because they don't get any.

 

[Loren49]

EddieW- I think we all know what happens when too few of a given population possess too much of the wealth. Its not good. There is a balance that is healthy and we as a country should strive for that balance.

Loren

 

[lilranch2001]

man, I would never have guessed there were this many communists in in TBN
:ashamed:

 

[ultrarunner]

This would actually mean something if you had given the name of the professor and the name of the school he teaches at. In the absence of any real information, I have to conclude you made it up, just like your buddies in the media make stuff up. The world is full of liars.

So who are you going to vote for? Ron Paul, or are you voting for one of the crooks and liars?

The way we should legislate the wealthy out of prosperity is to get their hands out of the public pocket. Dismantle the Federal Reserve system, which loans banks money at 0.25% so they can lend it to the US Treasury at 4%. Cancel all tax credits and tax deductions for everyone, including oil companies. End subsidies, including subsidies for roads, water projects and disaster relief. Close all US military bases in Europe, get our troops out of any combat operations, and reduce the size of the US defense budget by 2/3. Then raise taxes high enough to pay our bills.

You will find that as soon as they face losing their handouts, the wealthy are as socialist as they come. They have been getting a lot of mileage out of, "You can't cut MY handout, because it would cost jobs." Well, the wealthy do not create jobs. Big business does not create jobs. Jobs are created by small and medium sized businesses, who don't benefit from handouts because they don't get any.

Might work if we survive the transition...

I think 80,000 people benefit from housing subsidies in my city...

Then there's the deduction for children on income tax and the deduction for taxes paid to other agencies.

Where to begin...