Home |
Search |
Today's Posts |
|
Home Repair (alt.home.repair) For all homeowners and DIYers with many experienced tradesmen. Solve your toughest home fix-it problems. |
Reply |
|
LinkBack | Thread Tools | Display Modes |
#1
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
Canadian property bubble, followed by general collapse due to
dependency on exports to the USA. After that Australia. Saw it on Russia Today so it must be right. Kieser report. He's been pretty accurate so far. ? |
#2
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
harry wrote:
Canadian property bubble, House and condo prices have declined during the past 6 months to a year, or have showed zero growth during that time frame. The differences betweed US and Canadian residential real-estate markets a 1) No ARM's, no no-money-down mortgages here in Canada. 2) Anything less than 25% down requires mortgage insurance. 3) Very little speculation done by the average home owner (ie - very few second homes being purchased out of pure speculation) 4) We don't have the equivalent to Nevada, Florida, or other locations where second homes used as vacation homes can be built 5) We can't deduct mortgage payments from income tax, which limits speculative home buying and bubble-forming price increases. 6) Our banks did not re-package mortgages into fancy derivative- based products, and because of that our banks did not and do not cut corners when qualifying potential mortgage borowers. You can't look at the headlines about Vancouver or Toronto's high house prices and extraplolate them to the rest of Canada. followed by general collapse due to dependency on exports to the USA. We've had the loss of the Auto Pact, followed by 3 consecutive years of the Canadian dollar being over-valued by 15% because it's been pegged at 95 - 99% of a US dollar. Still lots of oil, natural gas and electricity being shipped to the US from Canada, but our economy is slowing becoming less export-driven and more domestically driven. After that Australia. Saw it on Russia Today so it must be right. Kieser report. He's been pretty accurate so far. ? Don't count on it. Look for more pain from a handful of Euro-zone countries way before Canada or Australia. Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Conditions in the US will also get worse - "security" budgets will continue to spiral out of control as the US wages it's "War on Terror" (tm) against it's own citizens. The "War on Terror" is a lot like fighting cancer with chemo-therapy: It doesn't seem to matter how many good people you harm (financially, psycologically, morally) in order to detect, apprehend or (rarely) kill a handful of bad people. The end result will be to create a culture of control. What you see now is just the beginning. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. We watch your local TV news, your national 6:30 pm network news (which reported last night that your restaurants and grocery stores are now on the lookout for food poisoning performed by home-grown terrorists). If I believed in a god, I would be thanking him that I'm a Canadian living in Canada. |
#3
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 21, 3:00*pm, Home Guy wrote:
harry wrote: Canadian property bubble, House and condo prices have declined during the past 6 months to a year, or have showed zero growth during that time frame. The differences betweed US and Canadian residential real-estate markets a 1) No ARM's, no no-money-down mortgages here in Canada. 2) Anything less than 25% down requires mortgage insurance. 3) Very little speculation done by the average home owner (ie - very * *few second homes being purchased out of pure speculation) 4) We don't have the equivalent to Nevada, Florida, or other * *locations where second homes used as vacation homes can be * *built 5) We can't deduct mortgage payments from income tax, which limits * *speculative home buying and bubble-forming price increases. 6) Our banks did not re-package mortgages into fancy derivative- * *based products, and because of that our banks did not and do * *not cut corners when qualifying potential mortgage borowers. You can't look at the headlines about Vancouver or Toronto's high house prices and extraplolate them to the rest of Canada. followed by general collapse due to dependency on exports to the USA. We've had the loss of the Auto Pact, followed by 3 consecutive years of the Canadian dollar being over-valued by 15% because it's been pegged at 95 - 99% of a US dollar. *Still lots of oil, natural gas and electricity being shipped to the US from Canada, but our economy is slowing becoming less export-driven and more domestically driven. After that Australia. Saw it on Russia Today so it must be right. Kieser report. He's been pretty accurate so far. *? Don't count on it. *Look for more pain from a handful of Euro-zone countries way before Canada or Australia. Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Conditions in the US will also get worse - "security" budgets will continue to spiral out of control as the US wages it's "War on Terror" (tm) against it's own citizens. *The "War on Terror" is a lot like fighting cancer with chemo-therapy: *It doesn't seem to matter how many good people you harm (financially, psycologically, morally) in order to detect, apprehend or (rarely) kill a handful of bad people. *The end result will be to create a culture of control. *What you see now is just the beginning. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. *We watch your local TV news, your national 6:30 pm network news (which reported last night that your restaurants and grocery stores are now on the lookout for food poisoning performed by home-grown terrorists). *If I believed in a god, I would be thanking him that I'm a Canadian living in Canada. I am from the UK. I love to tease the Yanks. They can't grasp what is wrong with their cult. But good post. Interesting. I think the PIGS (Portugal, Italy, Ireland, Greece and Spain are well down the tube. They will end up cut away from the Euro. |
#4
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"harry" wrote in message ... Canadian property bubble, followed by general collapse due to dependency on exports to the USA. After that Australia. Saw it on Russia Today so it must be right. Kieser report. He's been pretty accurate so far. ? I believe the next bubble to burst will be gold prices. Unlike other commodities, gold has little or no industrial value - about the only use is jewelry. Therefore, gold is not a consumable commodity such as food (corn, beans, beef, etc.), aluminum, silver, oil, etc. Therefore, the amount of gold in the world is relative constant - a small amount is being mined, but very little. Since the supply is constant, and there is little industrial or practical use for gold, the only thing that keeps it going up is emotion, fear, and greed. People are afraid of inflation, so they buy gold (it won't help), but in actuality, inflation is not our (US) problem - It is DEFLATION. Yes, in spite of the fact that you see food and gasoline go up, we are in a deflationary period due to first, home prices dropping (they will drop another 12 to 15 percent), and more recently, commercial real estate bubble breaking. We will probably be in a deflationary position for perhaps the next eight to ten years. Long before then, the gold bubble will break. My name is Bob-tx, and I approve of this message. |
#5
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On 12/21/2010 7:46 AM harry spake thus:
I am from the UK. I love to tease the Yanks. We get it. We get it. We get it. They can't grasp what is wrong with their cult. 'K, true 'nuff. But good post. Interesting. I think the PIGS (Portugal, Italy, Ireland, Greece and Spain are well down the tube. They will end up cut away from the Euro. So tell us, Harry, why do you think you Yurpeens are all that much better than us Merkins? OK, granted, you (UK) have a *huge* advantage with your National Health Service, something that'll probably never happen here. Along with some other *vestigial* remains of, let's call it what it is, socialism. But clearly the *entire world* is now going the way of the U.S., which is to say in a totally neoliberal, market-driven, profits-uber-alles direction, where if things go bad because of speculation and bubble markets, the gov't imposes austerity measures (witness: Ireland), the general public be damned. After all, Harry, you've got those mobs of students in London smashing things up, right? I can certainly understand why they're out there. So no, it's not just the Big Bad U.S. that's to blame. Though arguably we were the *origin* of the problem, what with the "American Century" and all, it's now metastasized to the entire world. Including China, I'd say. -- Comment on quaint Usenet customs, from Usenet: To me, the *plonk...* reminds me of the old man at the public hearing who stands to make his point, then removes his hearing aid as a sign that he is not going to hear any rebuttals. |
#6
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
Home Guy wrote in :
harry wrote: Canadian property bubble, House and condo prices have declined during the past 6 months to a year, or have showed zero growth during that time frame. The differences betweed US and Canadian residential real-estate markets a 1) No ARM's, no no-money-down mortgages here in Canada. 2) Anything less than 25% down requires mortgage insurance. 3) Very little speculation done by the average home owner (ie - very few second homes being purchased out of pure speculation) 4) We don't have the equivalent to Nevada, Florida, or other locations where second homes used as vacation homes can be built 5) We can't deduct mortgage payments from income tax, which limits speculative home buying and bubble-forming price increases. 6) Our banks did not re-package mortgages into fancy derivative- based products, and because of that our banks did not and do not cut corners when qualifying potential mortgage borowers. There are more differences: 7) Canadian homebuyers cannot refinance an existing mortgage at a new, lower rate, without paying a penalty to do so. That penalty is formulated to make it financially unfeasible to break the original contract. 8) Canadian homebuyers cannot escape their legal obligation to fulfill the terms of the contract (i.e.: pay it off) by simply handing in the keys and walking away from the home. 9) Unlike the US, Canada does not use legislative and policy measures to force banks to tease people into real-estate debt. The US housing bubble was created by the shiploads of artificial credit conjured up by the Fed. Canada also creates artificial credit, but not to the same extent, and without accompanying legislative idiocies like the Community Reinvestment Act. -- Tegger |
#7
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
Home Guy wrote: Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Mexico will continue to deteriorate due to it's epidemic level corruption. US made guns have nothing to do with it, the cartels causing trouble there have plenty of other sources of guns, and indeed the media tries to play up US guns being smuggled into Mexico when the reality is they represent a small percentage of the cartel's guns. Conditions in the US will also get worse - "security" budgets will continue to spiral out of control as the US wages it's "War on Terror" (tm) against it's own citizens. The "War on Terror" is a lot like fighting cancer with chemo-therapy: It doesn't seem to matter how many good people you harm (financially, psycologically, morally) in order to detect, apprehend or (rarely) kill a handful of bad people. The end result will be to create a culture of control. What you see now is just the beginning. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. We watch your local TV news, your national 6:30 pm network news (which reported last night that your restaurants and grocery stores are now on the lookout for food poisoning performed by home-grown terrorists). If I believed in a god, I would be thanking him that I'm a Canadian living in Canada. Again, the media you are watching presents a very distorted picture. The majority of people in the US are not in any way worrying about terrorism, they are going about their lives perfectly normally. I certainly have not been concerned with terrorism personally at all and it has no impact on my daily life. I am normally "aware" of my surroundings, but that is common sense, not anything related to terrorism. I wasn't even concerned about terrorism when I spend a couple weeks in Egypt back in 2008, though I was amused by the government (Egypt) provided security escort with the MP5. |
#8
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"Home Guy" wrote in message ... Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Actually two thirds of the weapons seized by Mexican police at crime scenes do not originate in the U.S. However the American appetite for illegal drugs is very much driving the corrosive drug war underway in Mexico. It's almost as if decriminalizing those drugs would be worth looking into for a variety of reasons. The single most destructive drug in the world is alcohol, and yet you can walk into a convenience store and stroll out with all the booze you can carry--maybe that's why Mexican drug cartels are not smuggling booze into America by the truckload and shooting anyone who gets in their way. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. The worst part is both parties claim they're for liberty and the common man, yet somehow a change of government doesn't result in stupid laws being done away with, imagine that. |
#9
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"Tegger" wrote in message ... The US housing bubble was created by the shiploads of artificial credit conjured up by the Fed. Canada also creates artificial credit, but not to the same extent, and without accompanying legislative idiocies like the Community Reinvestment Act. They also didn't take the cop off the beat and allow investment firms to conjure up bizarre securities that were rated triple-A by rating agencies that had no idea of the real value of the instruments. Gee, regulation that works and makes the Canadian banking system the most stable in the world, imagine that. http://www.brookings.edu/papers/2009...da_nivola.aspx "The Canadian banking system has long been regarded by the IMF as a paragon of international best practices. The World Economic Forum recently ranked it the soundest in the world. And it looks better with every passing day. As during the Great Depression, when only a few inconsequential banks failed in Canada, the overall system has remained solvent and solid amid the current global crisis. Indeed, unlike several large U.S. banks these days, the sustained profitability of Canada’s is startling.... All of Canada’s banks are federally chartered and overseen by federal agencies. One government-owned entity—the Canada Mortgage and Housing Corporation (CMHC)—plays a dominant role in shaping mortgage default-insurance policy. It and five other government bureaus in Ottawa—the Department of Finance, the Canada Deposit Insurance Corporation, the Bank of Canada, the Financial Consumer Agency, and importantly, the Office of the Superintendent of Financial Institution—set standards, coordinate the overall regulatory structure, and enforce it with sanctions. The Superintendent, for instance, has the power to remove miscreant bank directors and senior officers." |
#10
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
DGDevin wrote:
Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. However the American appetite for illegal drugs is very much driving the corrosive drug war underway in Mexico. ---------------- Napolitano Says Drug Violence Not Rampant Along Border Gather.com - Gig Veres - 2 days ago Napolitano confirms gang killed border agent in battle USA Today - Daniel Gonzalez - Dan Nowicki - 3 days ago ---------------- I hope I'm not the only one to see the irony of the above 2 google search results showing up on the same page. Actually two thirds of the weapons seized by Mexican police at crime scenes do not originate in the U.S. ---------------- Since President Felipe Calderon took office in 2006, more than 30,000 people have died in drug-related violence in Mexico, the government says. In the same time, Mexico's police and army have seized 93,000 guns from alleged drug traffickers. In partnership with the Mexican authorities, ATF number-crunchers have sought to trace these weapons, matching recovered guns to their initial point of sale. A 2009 report to Congress by the US Government Accountability Office reports that more than 90% of the "firearms seized in Mexico and traced over the past 3 years have come from the United States". Of these, approximately 40% originated in Texas. US gun lobbyists point out that only a quarter of seized weapons are submitted by the Mexican authorities to the ATF for tracing. So there is no way of knowing precisely what proportion of the cartels' guns are American, just as there is no clue to the overall number of US guns still in use by the cartels. http://www.bbc.co.uk/news/world-us-canada-12014794 ---------------- For one thing, I don't know where or how the US gun lobby gets the data that only 1/4 of seized weapons are submitted to the ATF for tracing. It could be that any guns that are seized but not submitted for tracing have had their serial numbers removed. And besides - are there any gun manufacturers in Mexico? If there is a ready retail supply of guns in Mexico (presumably - guns still made in the USA) then why are mexican gangs going to the trouble of obtaining guns in the US via purchases made by straw-customers? It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. The worst part is both parties claim they're for liberty and the common man, ... No, the worst part is that it's so much more of a hassle for Canadians to cross into the US and do some week-end shopping. We could single-handedly bring some of your border cities out of bankruptcy by going on shopping binges if it wasn't for the perception that we're treated like terrorists by your customs agents who don't believe us when we say we're coming over to shop or gamble at your casinos and fill our car's gas tanks on the way back. But noo, it's more important to present a severe and threatening presense at your northern border and do everything you can to discourage trade and commerce. Most americans have no idea that's happening. |
#11
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"Pete C." wrote in message
er.com... Mexico will continue to deteriorate due to it's epidemic level corruption. Which is driven by the huge profits made by drug cartels feeding the American desire to get high. Weren't we supposed to have learned this lesson as a result of trying Prohibition? Make a intoxicant illegal and you guarantee a prosperous criminal underground to supply the demand. How many times do we need to learn this painful lesson? US made guns have nothing to do with it, the cartels causing trouble there have plenty of other sources of guns, and indeed the media tries to play up US guns being smuggled into Mexico when the reality is they represent a small percentage of the cartel's guns. They represent just under a third of the weapons seized by the authorities in Mexico. As you say, there are other sources, although that doesn't argue against trying to reduce the flow of weapons from the U.S. to Mexican drug gangs. 86% of all the gun stores in America have never had a gun used in a crime traced back to them. Yet perhaps 400 gun dealers sold more than 60%. of the crime guns traced by the cops--isn't it reasonable to wonder if they're involved in the flow of guns to Mexico? Is there some good reason why dealers consistently selling guns that end up being owned by criminals shouldn't be the object of some close attention? I recently read an article about a gun shop in Maryland that sells three times as many crime guns as other shops in the area, is it maybe just possible that they aren't being as careful as they should when it comes to preventing straw-buyer sales? Shouldn't any gun dealer be required to have an extremely accurate inventory, and be sanctioned when guns go missing without explanation? Shouldn't there be more than a slap on the wrist for dealers who persistently botch paperwork relating to gun sales? I'm a supporter of the 2nd Amendment, but that doesn't mean I need to be a damn fool when it comes to sloppy or criminal gun dealers. |
#12
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
DGDevin wrote: "Pete C." wrote in message er.com... Mexico will continue to deteriorate due to it's epidemic level corruption. Which is driven by the huge profits made by drug cartels feeding the American desire to get high. Weren't we supposed to have learned this lesson as a result of trying Prohibition? Make a intoxicant illegal and you guarantee a prosperous criminal underground to supply the demand. How many times do we need to learn this painful lesson? The population as a whole *never* learns much of anything. US made guns have nothing to do with it, the cartels causing trouble there have plenty of other sources of guns, and indeed the media tries to play up US guns being smuggled into Mexico when the reality is they represent a small percentage of the cartel's guns. They represent just under a third of the weapons seized by the authorities in Mexico. As you say, there are other sources, although that doesn't argue against trying to reduce the flow of weapons from the U.S. to Mexican drug gangs. Yep, and reducing that flow mates nicely with the goal of reducing the flow of other contraband in the opposite direction. For some reason the US left wing doesn't seem to want either flow stopped. 86% of all the gun stores in America have never had a gun used in a crime traced back to them. Yet perhaps 400 gun dealers sold more than 60%. of the crime guns traced by the cops--isn't it reasonable to wonder if they're involved in the flow of guns to Mexico? Is there some good reason why dealers consistently selling guns that end up being owned by criminals shouldn't be the object of some close attention? I recently read an article about a gun shop in Maryland that sells three times as many crime guns as other shops in the area, is it maybe just possible that they aren't being as careful as they should when it comes to preventing straw-buyer sales? Shouldn't any gun dealer be required to have an extremely accurate inventory, and be sanctioned when guns go missing without explanation? Shouldn't there be more than a slap on the wrist for dealers who persistently botch paperwork relating to gun sales? Yep, and the laws for such exist yet somehow aren't being used to stop those few problem dealers. I'm a supporter of the 2nd Amendment, but that doesn't mean I need to be a damn fool when it comes to sloppy or criminal gun dealers. Yep, but it seems the left doesn't want those few problem dealers dealt with, lest they no longer have any incidents to try to hype in their anti gun lunacy. It's rather like the religious folks being against sex ed. lest they no longer have any appreciable quantity of abortions to use to whip their minions into a psychotic frenzy. |
#13
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"Home Guy" wrote in message ... Actually two thirds of the weapons seized by Mexican police at crime scenes do not originate in the U.S. A 2009 report to Congress by the US Government Accountability Office reports that more than 90% of the "firearms seized in Mexico and traced over the past 3 years have come from the United States". Of these, approximately 40% originated in Texas. That is incorrect, although it was widely reported in that fashion in the U.S. news media. When the Mexican authorities seize a gun *and* attempt to trace it in the U.S., 90% of the time they are successful, it came from an American gun shop. The part missing from most versions of this story is the Mexican authorities make no attempt to trace many of the weapons they seize because they already know they didn't come from the U.S. A handgun made in Brazil and lacking the markings required to be imported into the U.S. didn't come from an American gun shop, neither did a full-auto Chinese AK-47, neither did a military rifle stamped as being the property of the National Guard of Nicaragua, and so on. That's why the Mexican cops don't try to trace a gun that couldn't have been sold in America. Some U.S. media outlets reported the story accurately, but most went with the easy headline about 90% of crime guns in Mexico originating in America. The numbers are hard to nail down, although Factcheck.org roughly agrees with the 1/3--2/3 ratio I mentioned based on the figures they could find, but it could be more. It's a lot, it's a problem that should be addressed, but it's not 90% as widely reported. http://www.factcheck.org/2009/04/counting-mexicos-guns/ "Given the lack of hard data from Mexico, we cant calculate a precise figure for what portion of crime guns have been traced to the U.S. Based on the best evidence we can find so far, we conclude that the 90 percent claim made by the president and others in his administration lacks a basis in solid fact. But we also conclude that the number is at least double what Fox News has reported, based on its reporters mistaken interpretation of ATF testimony. Whether the number is 90 percent, or 36 percent, or something else, theres no dispute that thousands of guns are being illegalIy transported into Mexico by way of the United States each year." |
#14
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"DGDevin" wrote in
m: "Tegger" wrote in message ... The US housing bubble was created by the shiploads of artificial credit conjured up by the Fed. Canada also creates artificial credit, but not to the same extent, and without accompanying legislative idiocies like the Community Reinvestment Act. They also didn't take the cop off the beat and allow investment firms to conjure up bizarre securities that were rated triple-A by rating agencies that had no idea of the real value of the instruments. US law dictated that certain investors be prohibited from determining their own risk ratings for certain securities, but instead had to use risk ratings from "independent" sources to determine risk-rating. These ended up being the three licensed rating agencies. But the feds would /only/ license /those three/ ratings firms to issue such "independent" ratings. And when the feds were hell-bent on forcing real-estate debt on anything that was plausibly human, the ratings firms were loath to downgrade any of the fed's preferred securities for fear of losing their licenses, so they held their noses and approved whatever the feds wanted approved. This has been very abundantly documented. Congress even recently passed a bill that was supposed to remove the requirement to use independent risk-ratings, but I think it ended up not doing what it was supposed to do. Forbes covered it. Gee, regulation that works and makes the Canadian banking system the most stable in the world, imagine that. Yeah, and for a couple of decades the Canadian health-care system was the "best in the world". http://www.brookings.edu/papers/2009...da_nivola.aspx snip Nobody has any idea how good the Canadian banking system really is, since even though the banks have private ownership, they are essentially an arm of the Canadian government. Canadian banks are about as opaque as it's possible to get; weakness is aggressively covered-up. You can tell how weak the banks are by the fact that foreign competition is effectively prohibited. -- Tegger |
#15
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 21, 7:08*pm, "Bob-tx" No Spam no contact wrote:
"harry" wrote in message ... Canadian property bubble, followed by general collapse due to dependency on exports to the USA. After that Australia. Saw it on Russia Today so it must be right. Kieser report. He's been pretty accurate so far. *? I believe the next bubble to burst will be gold prices. *Unlike other commodities, gold has little or no industrial value - about the only use is jewelry. Therefore, gold is not a consumable commodity such as food (corn, beans, beef, etc.), aluminum, silver, oil, etc. * Therefore, the amount of gold in the world is relative constant - a small amount is being mined, but very little. *Since the supply is constant, and there is little industrial or practical use for gold, the only thing that keeps it going up is emotion, fear, and greed. People are afraid of inflation, so they buy gold (it won't help), but in actuality, inflation is not our (US) problem - It is DEFLATION. *Yes, in spite of the fact that you see food and gasoline go up, we are in a deflationary period due to first, home prices dropping (they will drop another 12 to 15 percent), and more recently, commercial real estate bubble breaking. *We will probably be in a deflationary position for perhaps the next eight to ten years. *Long before then, the gold bubble will break. My name is Bob-tx, and I approve of this message. Stagflation is what it's called in Europe. Stagnant economy yet prices of indispensibles continue to rise. |
#16
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 21, 7:28*pm, David Nebenzahl wrote:
On 12/21/2010 7:46 AM harry spake thus: I am from the UK. I love to tease the Yanks. We get it. We get it. We get it. They can't grasp what is wrong with their cult. 'K, true 'nuff. But good post. Interesting. *I think the PIGS (Portugal, Italy, Ireland, Greece and Spain are well down the tube. *They will end up cut away from the Euro. So tell us, Harry, why do you think you Yurpeens are all that much better than us Merkins? OK, granted, you (UK) have a *huge* advantage with your National Health Service, something that'll probably never happen here. Along with some other *vestigial* remains of, let's call it what it is, socialism. But clearly the *entire world* is now going the way of the U.S., which is to say in a totally neoliberal, market-driven, profits-uber-alles direction, where if things go bad because of speculation and bubble markets, the gov't imposes austerity measures (witness: Ireland), the general public be damned. After all, Harry, you've got those mobs of students in London smashing things up, right? I can certainly understand why they're out there. So no, it's not just the Big Bad U.S. that's to blame. Though arguably we were the *origin* of the problem, what with the "American Century" and all, it's now metastasized to the entire world. Including China, I'd say. -- Comment on quaint Usenet customs, from Usenet: * *To me, the *plonk...* reminds me of the old man at the public hearing * *who stands to make his point, then removes his hearing aid as a sign * *that he is not going to hear any rebuttals. The problem in America is simple greed and aquisitiveness. Also, the instant gratification syndrome. We have it here too but not near as bad. Also the turkeys vote for Christmas. ie the blue collar workers vote for republicans, amazing to Europeans. They all believe that one day, some time they might get to be rich. The truth is that to be rich needs a very special mentality. They need to want not just enough money, they want it ALL. They don't care about anyone else. We call it "pulling the bridge up after you." Yearning after this chimera, the poor get themselves into debt for all the material things, houses, cars etc. Their brains are conditioned by TV and Hollywood, a deliberate ploy by the wealthy. We have now got to the stage where not only have the rich taken all the poor's Money they have taken all the taxpayer's money, plus money that doesn't exist but the poor are going to have to pay back anyway. The rich have found a way to steal the future. All done by Bush and Republicans. You should have let all the banks go bust and then the gov. taken them over for nothing. As it is the rich have never had it so good and the poor never so bad. At least not recently. I suspect that we ain't seen nuthin' yet. 2011 will be the crunch year. Personally I have never borrowed money for any purpose, so I am better off than most. We'll see. |
#17
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 21, 7:41*pm, Tegger wrote:
Home Guy wrote : harry wrote: Canadian property bubble, House and condo prices have declined during the past 6 months to a year, or have showed zero growth during that time frame. The differences betweed US and Canadian residential real-estate markets a 1) No ARM's, no no-money-down mortgages here in Canada. 2) Anything less than 25% down requires mortgage insurance. 3) Very little speculation done by the average home owner (ie - very * *few second homes being purchased out of pure speculation) 4) We don't have the equivalent to Nevada, Florida, or other * *locations where second homes used as vacation homes can be * *built 5) We can't deduct mortgage payments from income tax, which limits * *speculative home buying and bubble-forming price increases. 6) Our banks did not re-package mortgages into fancy derivative- * *based products, and because of that our banks did not and do * *not cut corners when qualifying potential mortgage borowers. There are more differences: 7) Canadian homebuyers cannot refinance an existing mortgage at a * *new, lower rate, without paying a penalty to do so. That penalty * *is formulated to make it financially unfeasible to break the * *original contract. 8) Canadian homebuyers cannot escape their legal obligation to * *fulfill the terms of the contract (i.e.: pay it off) by simply * *handing in the keys and walking away from the home. 9) Unlike the US, Canada does not use legislative and policy measures * *to force banks to tease people into real-estate debt. The US housing bubble was created by the shiploads of artificial credit conjured up by the Fed. Canada also creates artificial credit, but not to the same extent, and without accompanying legislative idiocies like the Community Reinvestment Act. -- Tegger- Hide quoted text - - Show quoted text - So, what happens if you can't pay your mortgage? It sounds to me that the borrower is worse off than in the UK or Canada? |
#18
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 21, 10:43*pm, wrote:
On Tue, 21 Dec 2010 13:08:57 -0600, "Bob-tx" No Spam no contact wrote: I believe the next bubble to burst will be gold prices. *Unlike other commodities, gold has little or no industrial value - about the only use is jewelry. I guess you never looked at the pins on the CPU in your computer or the tabs on the cards. There is a lot of gold used in electronics. ... but I agree we are seeing a gold bubble. The only question is which one pops first, The credit bubble or the gold bubble. Harry's people are doing the right thing, trying to get a handle on their debt. The US is still kicking the can down the road. Maybe the difference is, if we have riots in the street the rioters will not be throwing rocks. Maybe we are, it's hard to say. I think there will be a lot more riots over here. The NIMBY syndrome. |
#19
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 12:05*am, "Pete C." wrote:
Home Guy wrote: Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Mexico will continue to deteriorate due to it's epidemic level corruption. US made guns have nothing to do with it, the cartels causing trouble there have plenty of other sources of guns, and indeed the media tries to play up US guns being smuggled into Mexico when the reality is they represent a small percentage of the cartel's guns. Conditions in the US will also get worse - "security" budgets will continue to spiral out of control as the US wages it's "War on Terror" (tm) against it's own citizens. *The "War on Terror" is a lot like fighting cancer with chemo-therapy: *It doesn't seem to matter how many good people you harm (financially, psycologically, morally) in order to detect, apprehend or (rarely) kill a handful of bad people. *The end result will be to create a culture of control. *What you see now is just the beginning. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. *We watch your local TV news, your national 6:30 pm network news (which reported last night that your restaurants and grocery stores are now on the lookout for food poisoning performed by home-grown terrorists). *If I believed in a god, I would be thanking him that I'm a Canadian living in Canada. Again, the media you are watching presents a very distorted picture. The majority of people in the US are not in any way worrying about terrorism, they are going about their lives perfectly normally. I certainly have not been concerned with terrorism personally at all and it has no impact on my daily life. I am normally "aware" of my surroundings, but that is common sense, not anything related to terrorism. I wasn't even concerned about terrorism when I spend a couple weeks in Egypt back in 2008, though I was amused by the government (Egypt) provided security escort with the MP5.- Hide quoted text - - Show quoted text - Well you should have been worried in Egypt at that time. |
#20
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 1:22*am, "DGDevin" wrote:
"Home Guy" *wrote in ... Mexico will continue to deteriorate, their self-destruction fed by US-made guns flooding south across their border. Actually two thirds of the weapons seized by Mexican police at crime scenes do not originate in the U.S. *However the American appetite for illegal drugs is very much driving the corrosive drug war underway in Mexico. *It's almost as if decriminalizing those drugs would be worth looking into for a variety of reasons. *The single most destructive drug in the world is alcohol, and yet you can walk into a convenience store and stroll out with all the booze you can carry--maybe that's why Mexican drug cartels are not smuggling booze into America by the truckload and shooting anyone who gets in their way. It's really sad to sit here in Canada and watch you Americans consume yourselves over this terrorism pretense as you allow your gov't to destroy the very ideas of personal freedom and liberty your country was founded on. The worst part is both parties claim they're for liberty and the common man, yet somehow a change of government doesn't result in stupid laws being done away with, imagine that. Al Qaeda has got Americans sussed out. The 11/9 attack on the centre of power and the subsequent incredible financial cost of anti-terror measures. I believe it may destroy America. Especially now we have not only the muslim bomb but the muslim missile. They tested another (Paki) one the other day. |
#21
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On 12/22/2010 12:44 AM harry spake thus:
On Dec 21, 7:28 pm, David Nebenzahl wrote: On 12/21/2010 7:46 AM harry spake thus: I am from the UK. I love to tease the Yanks. We get it. We get it. We get it. They can't grasp what is wrong with their cult. 'K, true 'nuff. But good post. Interesting. I think the PIGS (Portugal, Italy, Ireland, Greece and Spain are well down the tube. They will end up cut away from the Euro. So tell us, Harry, why do you think you Yurpeens are all that much better than us Merkins? OK, granted, you (UK) have a *huge* advantage with your National Health Service, something that'll probably never happen here. Along with some other *vestigial* remains of, let's call it what it is, socialism. But clearly the *entire world* is now going the way of the U.S., which is to say in a totally neoliberal, market-driven, profits-uber-alles direction, where if things go bad because of speculation and bubble markets, the gov't imposes austerity measures (witness: Ireland), the general public be damned. After all, Harry, you've got those mobs of students in London smashing things up, right? I can certainly understand why they're out there. So no, it's not just the Big Bad U.S. that's to blame. Though arguably we were the *origin* of the problem, what with the "American Century" and all, it's now metastasized to the entire world. Including China, I'd say. The problem in America is simple greed and aquisitiveness. Also, the instant gratification syndrome. We have it here too but not near as bad. I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. Also the turkeys vote for Christmas. ie the blue collar workers vote for republicans, amazing to Europeans. Ah, so that never happens in Yurp, right? Berlusconi? Sarkozy? Chirac? (at least it wasn't Le Pen!). And let's not forget that Aussie, Rupert Murdoch. And how about that thug who just stole the election in Belarus? They all believe that one day, some time they might get to be rich. The truth is that to be rich needs a very special mentality. They need to want not just enough money, they want it ALL. They don't care about anyone else. We call it "pulling the bridge up after you." Well, my friend, it's happening all over the world. Like in Russia. Even India and China are on the beginning cusp of this phenomenon. Yearning after this chimera, the poor get themselves into debt for all the material things, houses, cars etc. Their brains are conditioned by TV and Hollywood, a deliberate ploy by the wealthy. We have now got to the stage where not only have the rich taken all the poor's Money they have taken all the taxpayer's money, plus money that doesn't exist but the poor are going to have to pay back anyway. The rich have found a way to steal the future. All done by Bush and Republicans. That's where you're wrong. Leaving aside the issue that this is not limited to the U.S., it should be clear to any honest observer that the ongoing wrong-headed approach to the economy, specifically the robbing-the-poor-to-further-enrich-the-rich part, is now being carried out by Democrats headed by Barack Obama. Despite their wailings of "the Republicans made us do it!", just look at Obama's appointments: all of them tried and true Wall Streeters to a man. Bush and his party may have started the current round of squeezing the toothpaste of wealth towards the top of the tube, but that work is now being enthusiastically carried out on a bipartisan basis. (And this despite the absurd claims of some here on this NG and elsewhere about what a "socialist" and a "Marxist" Obama is. Puleeze; if only.) -- Comment on quaint Usenet customs, from Usenet: To me, the *plonk...* reminds me of the old man at the public hearing who stands to make his point, then removes his hearing aid as a sign that he is not going to hear any rebuttals. |
#22
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
I suspect that we ain't seen nuthin' yet. 2011 will be the crunch year. Personally I have never borrowed money for any purpose, so I am better off than most. We'll see. -------------- How do you know you are better off than most? There are smart ways to borrow money and there are dumb ways to borrow money. Borrowing money for a luxury car or a new coat or video game system is dumb. Borrowing money for gambling or big screen tvs or alcohol is dumb. Borrowing money to purchase solid dividend paying buy-and-hold stocks in a retirement shelter that refunds a portion of your taxes at year-end is smart when done correctly. Borrowing money for expanding or starting a well-thought of small business plan is smart. Borrowing money for a good useful education is smart. There are ways to better yourself, your family and your financial future by borrowing WISELY. |
#23
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On 12/22/10 04:06 am, David Nebenzahl wrote:
The problem in America is simple greed and aquisitiveness. Also, the instant gratification syndrome. We have it here too but not near as bad. I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. Also the turkeys vote for Christmas. ie the blue collar workers vote for republicans, amazing to Europeans. Ah, so that never happens in Yurp, right? Berlusconi? Sarkozy? Chirac? (at least it wasn't Le Pen!). And let's not forget that Aussie, Rupert Murdoch. And how about that thug who just stole the election in Belarus? They all believe that one day, some time they might get to be rich. The truth is that to be rich needs a very special mentality. They need to want not just enough money, they want it ALL. They don't care about anyone else. We call it "pulling the bridge up after you." Well, my friend, it's happening all over the world. Like in Russia. Even India and China are on the beginning cusp of this phenomenon. Yearning after this chimera, the poor get themselves into debt for all the material things, houses, cars etc. Their brains are conditioned by TV and Hollywood, a deliberate ploy by the wealthy. We have now got to the stage where not only have the rich taken all the poor's Money they have taken all the taxpayer's money, plus money that doesn't exist but the poor are going to have to pay back anyway. The rich have found a way to steal the future. All done by Bush and Republicans. That's where you're wrong. Leaving aside the issue that this is not limited to the U.S., it should be clear to any honest observer that the ongoing wrong-headed approach to the economy, specifically the robbing-the-poor-to-further-enrich-the-rich part, is now being carried out by Democrats headed by Barack Obama. Despite their wailings of "the Republicans made us do it!", just look at Obama's appointments: all of them tried and true Wall Streeters to a man. Yes. Despite the Republican denunciations of Obama and the Democrats as "socialist," they are only slightly less capitalist than the Republicans. The present-day Democrats are the counterpart of Britain's "New Labour": barely distinguishable from "Old Conservative." I wonder how many of the people who stayed home last Election Day were Democrats who couldn't bring themselves to vote for Democrats who behaved like Republicans. Some people who had voted Democrat in the previous election may even have voted Republican this year because at least the Republicans are honest about being Republicans. Obama campaigned on a promise of "Change," but I haven't seen much. Even the health-care bill pours still more money into the health-care industry for somewhat more accessible health care for many people, but not what should have been done: a public alternative, with those who do not show evidence of having private health insurance being enrolled by default in the public scheme -- in addition, of course, to those who chose the public scheme in the first place. Perce |
#24
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
DGDevin wrote:
Actually two thirds of the weapons seized by Mexican police at crime scenes do not originate in the U.S. However the American appetite for illegal drugs is very much driving the corrosive drug war underway in Mexico. Yep. It's almost as if decriminalizing those drugs would be worth looking into for a variety of reasons. The single most destructive drug in the world is alcohol, and yet you can walk into a convenience store and stroll out with all the booze you can carry--maybe that's why Mexican drug cartels are not smuggling booze into America by the truckload and shooting anyone who gets in their way. Fortifying the border - say with land mines or radioactive hot spots - is essentially a one-time expense. Substantial, but only a one-timer. A small on-going expense is a "shoot to kill" free-fire zone. Contrast this with the repetitive expense of dealing with legalized drugs. When someone overdoses on alcohol, they go to sleep. I'd much rather contend with a sound-asleep driver than one who suddenly realizes the cab of his pickup is filled with cloven-hoofed demons, breathing fire and trying to suck his blood! Admittedly, some drugs, when ingested in excess, cause the user to go "on the nod." Others, such as crystal meth or PCP, turn a 4'11', 90-pound female into a Berserker that takes five hefty cops to subdue. As to your assertion of "corrosive drug war in Mexico," I'll admit that the 3,000 murders in just one town (Juarez) seem excessive. But there are a couple of silver linings: 1) In the main, the killings are by drug gangs killing other drug gang members. I don't see where the bad is in that. 2) An attraction to the drug trade keeps a goodly number of Mexicans in Mexico instead of coming to the USA where they could ply their anti-social activities with abandon. |
#25
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
harry used improper usenet form when he unnecessarily full-quoted:
So, what happens if you can't pay your mortgage? It sounds to me that the borrower is worse off than in the UK or Canada? You sell your house. What's what happens. |
#26
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 9:06*am, David Nebenzahl wrote:
On 12/22/2010 12:44 AM harry spake thus: On Dec 21, 7:28 pm, David Nebenzahl wrote: On 12/21/2010 7:46 AM harry spake thus: I am from the UK. I love to tease the Yanks. We get it. We get it. We get it. They can't grasp what is wrong with their cult. 'K, true 'nuff. But good post. Interesting. *I think the PIGS (Portugal, Italy, Ireland, Greece and Spain are well down the tube. *They will end up cut away from the Euro. So tell us, Harry, why do you think you Yurpeens are all that much better than us Merkins? OK, granted, you (UK) have a *huge* advantage with your National Health Service, something that'll probably never happen here. Along with some other *vestigial* remains of, let's call it what it is, socialism. But clearly the *entire world* is now going the way of the U.S., which is to say in a totally neoliberal, market-driven, profits-uber-alles direction, where if things go bad because of speculation and bubble markets, the gov't imposes austerity measures (witness: Ireland), the general public be damned. After all, Harry, you've got those mobs of students in London smashing things up, right? I can certainly understand why they're out there. So no, it's not just the Big Bad U.S. that's to blame. Though arguably we were the *origin* of the problem, what with the "American Century" and all, it's now metastasized to the entire world. Including China, I'd say. The problem in America is simple greed and aquisitiveness. *Also, the instant gratification syndrome. *We have it here too but not near as bad. I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. Also the turkeys vote for Christmas. ie the blue collar workers vote for republicans, amazing to Europeans. Ah, so that never happens in Yurp, right? Berlusconi? Sarkozy? Chirac? (at least it wasn't Le Pen!). And let's not forget that Aussie, Rupert Murdoch. And how about that thug who just stole the election in Belarus? They all believe that one day, some time they might get to be rich. The truth is that to be rich needs a very special mentality. *They need to want not just enough money, they want it ALL. *They don't care about anyone else. We call it "pulling the bridge up after you." Well, my friend, it's happening all over the world. Like in Russia. Even India and China are on the beginning cusp of this phenomenon. Yearning after this chimera, the poor get themselves into debt for all the material things, houses, cars etc. * Their brains are conditioned by TV and Hollywood, a deliberate ploy by the wealthy. We have now got *to the stage where not only have the rich taken all the poor's Money they have taken all the taxpayer's money, plus money that doesn't exist but the poor are going to have to pay back anyway. The rich have found a way to steal the future. All done by Bush and Republicans. That's where you're wrong. Leaving aside the issue that this is not limited to the U.S., it should be clear to any honest observer that the ongoing wrong-headed approach to the economy, specifically the robbing-the-poor-to-further-enrich-the-rich part, is now being carried out by Democrats headed by Barack Obama. Despite their wailings of "the Republicans made us do it!", just look at Obama's appointments: all of them tried and true Wall Streeters to a man. Bush and his party may have started the current round of squeezing the toothpaste of wealth towards the top of the tube, but that work is now being enthusiastically carried out on a bipartisan basis. (And this despite the absurd claims of some here on this NG and elsewhere about what a "socialist" and a "Marxist" Obama is. Puleeze; if only.) -- Comment on quaint Usenet customs, from Usenet: * *To me, the *plonk...* reminds me of the old man at the public hearing * *who stands to make his point, then removes his hearing aid as a sign * *that he is not going to hear any rebuttals.- Hide quoted text - - Show quoted text - Obama is not a Marxist or a socialist. The people that claim this don't know what socialism is.. But your right, he's in the pockets of the wealthy too. That's exactly why there's no hope. There is no party for the ordinary American worker. Time for another revolution. Against your own government. The first one was only so the rich wouldn't have to pay their taxes. Nothing's changed since then. Your bill of rights is only for the wealthy. Exactly as the Magna Carta was only for the wealthy in the UK. Things are getting worse too not better. They keep you down with a fear culture. I wonder how long it will be before they start putting Americans in Gitmo. |
#27
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 12:23*pm, "Percival P. Cassidy"
wrote: On 12/22/10 04:06 am, David Nebenzahl wrote: The problem in America is simple greed and aquisitiveness. Also, the instant gratification syndrome. We have it here too but not near as bad. I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. Also the turkeys vote for Christmas. ie the blue collar workers vote for republicans, amazing to Europeans. Ah, so that never happens in Yurp, right? Berlusconi? Sarkozy? Chirac? (at least it wasn't Le Pen!). And let's not forget that Aussie, Rupert Murdoch. And how about that thug who just stole the election in Belarus? They all believe that one day, some time they might get to be rich. The truth is that to be rich needs a very special mentality. They need to want not just enough money, they want it ALL. They don't care about anyone else. We call it "pulling the bridge up after you." Well, my friend, it's happening all over the world. Like in Russia. Even India and China are on the beginning cusp of this phenomenon. Yearning after this chimera, the poor get themselves into debt for all the material things, houses, cars etc. Their brains are conditioned by TV and Hollywood, a deliberate ploy by the wealthy. We have now got to the stage where not only have the rich taken all the poor's Money they have taken all the taxpayer's money, plus money that doesn't exist but the poor are going to have to pay back anyway. The rich have found a way to steal the future. All done by Bush and Republicans. That's where you're wrong. Leaving aside the issue that this is not limited to the U.S., it should be clear to any honest observer that the ongoing wrong-headed approach to the economy, specifically the robbing-the-poor-to-further-enrich-the-rich part, is now being carried out by Democrats headed by Barack Obama. Despite their wailings of "the Republicans made us do it!", just look at Obama's appointments: all of them tried and true Wall Streeters to a man. Yes. Despite the Republican denunciations of Obama and the Democrats as "socialist," they are only slightly less capitalist than the Republicans. The present-day Democrats are the counterpart of Britain's "New Labour": barely distinguishable from "Old Conservative." I wonder how many of the people who stayed home last Election Day were Democrats who couldn't bring themselves to vote for Democrats who behaved like Republicans. Some people who had voted Democrat in the previous election may even have voted Republican this year because at least the Republicans are honest about being Republicans. Obama campaigned on a promise of "Change," but I haven't seen much. Even the health-care bill pours still more money into the health-care industry for somewhat more accessible health care for many people, but not what should have been done: a public alternative, with those who do not show evidence of having private health insurance being enrolled by default in the public scheme -- in addition, of course, to those who chose the public scheme in the first place. Perce- Hide quoted text - - Show quoted text - Yes, you're right about politics over here. Hard to see the difference between them these days. (All scum too.) I think Obama means well but has/had an insufficient majority/support. Defeated by the system. This thing about not want universal health care is baffling to Europeans. I suppose the rich just use your insurance system to coin yet more money out of the poor. There's nothing lower than profiting out of someone's ill health/misfortune. |
#28
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 2:12*pm, Home Guy wrote:
harry used improper usenet form when he unnecessarily full-quoted: So, what happens if you can't pay your mortgage? It sounds to me that the borrower is worse off than in the UK or Canada? You sell your house. *What's what happens. What happens if your house is worth substantially less than the money you owe? In the UK, you have to pay it back. If you hand over the keys, the bank sells your house, probably for even less than that. You still owe them the difference. People end up bankrupt. Still, they can't go in for any more foolish loans. |
#29
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
BTW, our real crunch is yet to come. Maybe yours too.
When inflation hits, they will put up the interest rates and lots of people won't be able to afford the mortgages they took out. They won't be able to sell their houses except at give away prices. That's when the **** hits the fan. Next year I think or maybe the one after. |
#30
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
harry wrote:
So, what happens if you can't pay your mortgage? It sounds to me that the borrower is worse off than in the UK or Canada? You sell your house. What's what happens. What happens if your house is worth substantially less than the money you owe? That hasn't happened in Canada. House prices here have not declined. At worst, they've remained static over the past 2 or 3 years in most markets. In other markets, they have still increased. Have a look at this document: http://tinyurl.com/2uoxzef Look at the table of numbers on the last page (page 10). You'll see how the year/over/year percentage change in house prices have changed since 2000 for various western countries. The UK has had some major Yo/Y figures (8 to 15%) during 2000 to 2004, followed by a crash of -4 to -10% during the years 2008 to the present. Far larger increase and decrease than even the US has seen, but the US has been in negative territory since 2006. Japan has been in negative territory for this entire decade. Ireland is seeing MAJOR negative Yo/Y numbers in 2008, 2009 and 2010 (-10 and -20%). Spain has been negative since 2008. Australia has been posting erratic numbers this decade, almost all positive, but very high numbers lately (10+ percent this year). France has been posting negative numbers since 2008, and Germany for this entire decade (what's going on there?). |
#31
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
|
#32
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"David Nebenzahl" wrote in message .com... I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. The UK is screwed up in ways most Americans can scarcely comprehend. Armed thugs break into a house and threaten the owners, the husband defends his family and in the process injures the gang's leader--guess who went to jail? The local cops put posters in shop windows advertising a new police non-emergency number, it features a puppy sitting in a police hat--Muslims protest (as they consider dogs "unclean") and the police take down the posters and apologize. Guy goes away for the weekend, comes back to find east-European illegal aliens squatting in his house and when he calls the cops they tell him it's a civil matter and there's nothing they can do, takes him months to get his house back and it's trashed when he does (case repeated over and over). Anyone in the UK who can work up the nerve to point his finger at any other nation is a master of hypocrisy. |
#34
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 22, 11:42*pm, Home Guy wrote:
harry wrote: So, what happens if you can't pay your mortgage? It sounds to me that the borrower is worse off than in the UK or Canada? You sell your house. *What's what happens. What happens if your house is worth substantially less than the money you owe? That hasn't happened in Canada. *House prices here have not declined. At worst, they've remained static over the past 2 or 3 years in most markets. *In other markets, they have still increased. Have a look at this document: http://tinyurl.com/2uoxzef Look at the table of numbers on the last page (page 10). You'll see how the year/over/year percentage change in house prices have changed since 2000 for various western countries. The UK has had some major Yo/Y figures (8 to 15%) during 2000 to 2004, followed by a crash of -4 to -10% during the years 2008 to the present. Far larger increase and decrease than even the US has seen, but the US has been in negative territory since 2006. Japan has been in negative territory for this entire decade. Ireland is seeing MAJOR negative Yo/Y numbers in 2008, 2009 and 2010 (-10 and -20%). Spain has been negative since 2008. *Australia has been posting erratic numbers this decade, almost all positive, but very high numbers lately (10+ percent this year). France has been posting negative numbers since 2008, and Germany for this entire decade (what's going on there?). So, why do you think it won't happen in Canada? |
#35
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 23, 4:04*am, "DGDevin" wrote:
"David Nebenzahl" *wrote in message .com... I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. The UK is screwed up in ways most Americans can scarcely comprehend. *Armed thugs break into a house and threaten the owners, the husband defends his family and in the process injures the gang's leader--guess who went to jail? The local cops put posters in shop windows advertising a new police non-emergency number, it features a puppy sitting in a police hat--Muslims protest (as they consider dogs "unclean") and the police take down the posters and apologize. *Guy goes away for the weekend, comes back to find east-European illegal aliens squatting in his house and when he calls the cops they tell him it's a civil matter and there's nothing they can do, takes him months to get his house back and it's trashed when he does (case repeated over and over). Anyone in the UK who can work up the nerve to point his finger at any other nation is a master of hypocrisy. Crime is so bad in America that everyone needs to sleep with a gun under his pillow. Kids in the USA find these guns and shoot themselves or one another. It's actually paranoia, the American fear culture. The boogy under the bed syndrome. |
#36
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 23, 6:11*am, The Daring Dufas
wrote: On 12/22/2010 11:40 PM, wrote: On Thu, 23 Dec 2010 03:31:27 +0000 (UTC), wrote: In most of the US, you walk away from it and incur no penalty other than forfeiting what little equity you might have. That's a consequence of law. People are starting to find out that is not true. Back in the olden days when a bank could recover all of what it was owed in the foreclosure sale they let people walk away but now that the loan are more than the house is worth they are coming after the owner for the difference. The only out is bankruptcy. I believe they're sending 1099 forms to the IRS for the amount not recovered in the foreclosure. You have no money to pay the mortgage and you give the house back to the bank, the bank sells the house at a loss and you get a 1099 for the amount of the loss. The IRS comes after you for the amount on the 1099 as income. Anyway, you get screwed unless you take precautions with other paperwork maneuvers. http://illinoislawnews.net/?p=367 TDD Well the gov. needs tax money to give to the banks. :-) |
#37
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On Dec 23, 4:04*am, "DGDevin" wrote:
"David Nebenzahl" *wrote in message .com... I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. The UK is screwed up in ways most Americans can scarcely comprehend. *Armed thugs break into a house and threaten the owners, the husband defends his family and in the process injures the gang's leader--guess who went to jail? The local cops put posters in shop windows advertising a new police non-emergency number, it features a puppy sitting in a police hat--Muslims protest (as they consider dogs "unclean") and the police take down the posters and apologize. *Guy goes away for the weekend, comes back to find east-European illegal aliens squatting in his house and when he calls the cops they tell him it's a civil matter and there's nothing they can do, takes him months to get his house back and it's trashed when he does (case repeated over and over). Anyone in the UK who can work up the nerve to point his finger at any other nation is a master of hypocrisy. You can blame B-liar for this stuff. Most of it is an exaggeration but not all. |
#38
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
On 12/23/2010 1:10 AM, Wayne Boatwright wrote:
On Wed 22 Dec 2010 11:11:25p, The Daring Dufas told us... On 12/22/2010 11:40 PM, wrote: On Thu, 23 Dec 2010 03:31:27 +0000 (UTC), wrote: In most of the US, you walk away from it and incur no penalty other than forfeiting what little equity you might have. That's a consequence of law. People are starting to find out that is not true. Back in the olden days when a bank could recover all of what it was owed in the foreclosure sale they let people walk away but now that the loan are more than the house is worth they are coming after the owner for the difference. The only out is bankruptcy. I believe they're sending 1099 forms to the IRS for the amount not recovered in the foreclosure. You have no money to pay the mortgage and you give the house back to the bank, the bank sells the house at a loss and you get a 1099 for the amount of the loss. The IRS comes after you for the amount on the 1099 as income. Anyway, you get screwed unless you take precautions with other paperwork maneuvers. http://illinoislawnews.net/?p=367 TDD But that should not be the case if the house was included in a bankruptcy? I haven't researched it fully but I think there is some legal maneuvering to protect you from the IRS since you lost your home rather than some investment property. "Boys, we won't get any blood out of this turnip. Let's get after the next one." TDD |
#39
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
"DGDevin" wrote in message news "David Nebenzahl" wrote in message .com... I see you basically skirted my questions. Tell us more about how you "have it here too"; that's what I was getting at. It's not as if we (the U.S.) are the source of *all* that's wrong in the world. Snip Remember about 18 months or two years ago, there were 2 or 3 posters here bragging about all the $$$$ they were making or going to make flipping houses? Wonder where they are now. Bob-tx |
#40
Posted to alt.home.repair
|
|||
|
|||
O.T. Next financial bubble to burst.
|
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
frozen/burst pipes | UK diy | |||
Burst / Flood prevention valve | UK diy | |||
Why hasn't my copper pipe burst after feezing? | Home Repair | |||
1/2" poly burst pressure | Metalworking | |||
Don't hold your breath waiting for bubble burst | Home Ownership |