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03-05-2008, 06:52 AM
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#41
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Makes me want to go out and take a 100% cash out refi on this paid-off home. This being Texas, though, that's not allowed.
I'm tired of the responsible always bailing out the irresponsible through Uncle Sam.
Any direct bailouts should be placed as a lien on the property, payable when the property sells, assuming there is equity remaining after paying off the mortgage(s).
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-05-2008, 07:54 AM
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#42
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Quote:
Originally Posted by brewer12345
they are raising prices tremendously
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One of those things I never understood completely. "We're not sure if you're going to be able to make your payments...so we're going to make them bigger"
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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03-05-2008, 08:25 AM
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#43
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by cute fuzzy bunny
One of those things I never understood completely. "We're not sure if you're going to be able to make your payments...so we're going to make them bigger"
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Well, that may be with some subprime/predatory lenders on delinquent clients, but Brewer's referring to the premiums that insurance companies charge on mortgages to insure them for repackaging to investors.
Buffett sure seems to be training a new generation of insurance analysts. The next few years of premiums in this industry are going to be like 2006 was for property-damage premiums or 2002 for junk bonds...
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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03-05-2008, 08:29 AM
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#44
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Nords
Buffett sure seems to be training a new generation of insurance analysts. The next few years of premiums in this industry are going to be like 2006 was for property-damage premiums or 2002 for junk bonds...
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Buffett sure knows how to capitalize on periods where premiums are very high and security is a major concern. A rock-solid AAA rating and a ridiculous mountain of cash can certainly make you the one scared individuals and institutions want to do business with.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-05-2008, 08:38 AM
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#45
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Full time employment: Posting here.
Join Date: Nov 2005
Posts: 655
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I disagree with Bernanke's suggestion that lenders should forgive a portion of homeowners' loans. I also think Ben is having trouble sleeping at night, because he knows full well just how serious the condition of our economy is in right now. Sure, he is very desperate, but his apparent pessimism should be a clue to us all that some very ugly things are about to happen to our economy.
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03-05-2008, 08:42 AM
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#46
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Retire Soon
I disagree with Bernanke's suggestion that lenders should forgive a portion of homeowners' loans. I also think Ben is having trouble sleeping at night, because he knows full well just how serious the condition of our economy is in right now. Sure, he is very desperate, but his apparent pessimism should be a clue to us all that some very ugly things are about to happen to our economy.
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I think Ben needs to shut up for a while. He didn't create this problem -- I think lack of institutional/regulatory control in the banking sector plus Greenspan's easy money are largely to blame for that -- but unlike Easy Al, Helicopter Ben doesn't have the street cred to calm the markets. Even when he made mistakes, the markets were calmed with Greenspan at the helm, but any time Bernanke speaks, the market panics.
I tend to think Bernanke is an underpromise-and-overdeliver kind of guy, someone who doesn't want to give false hope. As a result I think he exudes a pessimism the markets don't want to hear. He seems to fuel the fires of uncertainty which is the worst fuel to throw at financial markets.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-05-2008, 09:42 AM
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#47
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Full time employment: Posting here.
Join Date: Nov 2005
Posts: 655
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I have to agree with the President of the Mortgage Bankers Association in his response to Bernanke's Proposal to cut the principal for homeowners facing foreclosure, "It is not a casual thing to disrupt an existing legal contract, as those contracts are the basis on which our market economy is based. That said, there is an incentive for lenders, borrowers and investors to work together to maximize the value of the relationship."
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