Lee Harker
Well-known member
Yep, the responsible always pay for the careless.
Need a math guy
- Thread starter Lee Harker
- Start date
Lets talk one state, one county....
Benton County, NW Arkansas,
Between 1991 and 1996 I produced 726 home plans. 276 of these home plans were for Walmart middle management employees and supplier employees. Every one of these homes was in the $140,000 to $275,000 range. It was good times. Over half of those homes sit empty today. These were young college educated people where one income was paying the house payment and the other income was paying for the SUV and the Audi sitting in the drive. Walmart required every supplier have a local office and personel that was accountable for the products Walmart handles. The area was a boom town between Bentonville, AR and fayetteville, AR. Then Walmart started cutting staff, store numbers and products counts. It was the beginning of the bad times.
The majority of the home plans I produced were for FHA and FMHA housing. Most of these people were the Walmart Warehouse workers or Tyson Chicken workers or a number of other low income workers in the area that were destined for failure to begin with due to a lack of education. Most did not understand the principles of how an ARM mortgage works as well not knowing what questions to ask. Shame on the lenders that have brought this on. I was just talking to my father-in-law a couple of weeks ago. He was telling me of whole subdivions that are sitting with roads and curbing not finished and sewage lines laying where the trucks dropped them 5 to 8 years ago. There were tons of builders coming into the area from places like Dallas, TX and Sheveport, LA with dollar signs in their eyes now long gone and bankrupt. The little country realestate companies where run out of buisness when the likes of Coldwell Banker and Remax's came in and promised land owners they would be rich beyound their wildest dreams...
Now look who gets to pay for it. I agree with your last statement 100%
Have a good day.
Ed
Benton County, NW Arkansas,
Between 1991 and 1996 I produced 726 home plans. 276 of these home plans were for Walmart middle management employees and supplier employees. Every one of these homes was in the $140,000 to $275,000 range. It was good times. Over half of those homes sit empty today. These were young college educated people where one income was paying the house payment and the other income was paying for the SUV and the Audi sitting in the drive. Walmart required every supplier have a local office and personel that was accountable for the products Walmart handles. The area was a boom town between Bentonville, AR and fayetteville, AR. Then Walmart started cutting staff, store numbers and products counts. It was the beginning of the bad times.
The majority of the home plans I produced were for FHA and FMHA housing. Most of these people were the Walmart Warehouse workers or Tyson Chicken workers or a number of other low income workers in the area that were destined for failure to begin with due to a lack of education. Most did not understand the principles of how an ARM mortgage works as well not knowing what questions to ask. Shame on the lenders that have brought this on. I was just talking to my father-in-law a couple of weeks ago. He was telling me of whole subdivions that are sitting with roads and curbing not finished and sewage lines laying where the trucks dropped them 5 to 8 years ago. There were tons of builders coming into the area from places like Dallas, TX and Sheveport, LA with dollar signs in their eyes now long gone and bankrupt. The little country realestate companies where run out of buisness when the likes of Coldwell Banker and Remax's came in and promised land owners they would be rich beyound their wildest dreams...
Now look who gets to pay for it. I agree with your last statement 100%
Have a good day.
Ed
mike braden
Well-known member
And when the hell did a $250,000.00 house become entry level???????
Depends on where you live. southeast is much cheaper than the northeast. I was looking at home in Marietta Georgia where I used to live. Beautiful brick front colonial 4 bedroom 2 1/2 bath basement and 2 car garage...$200,000. Here in Ocean County NJ that house would be $430,000. Monmouth County NJ it would be $650,000.
It's not the price of the homes that caused the mortgage crisis. It is people getting approved for loans that they couldn't afford. There was such a buying and selling frenzy here a few years ago that there was almost a shortage of houses for sale. People cashed out their equity on their houses and used that as a down payment for a bigger house. Not much of a problem if the mortgage is about the same. Problem is when the owner has a job that is too heavily influenced by the economy.
I'm a Chiropractor. I have seen the differenced that the insurance companies have on me. Copays used to be 5 and 10 dollars. Now there are 25-35. Even had a $50 copay. I can't cut the patients a break because of of fee schedules. I can charge $500 for a visit but if the fee schedule is $50.00 and their copay is $40, I am only getting $10 from the insurance company. The insurance companies are charging higher premiums, increasing your copays and paying me less so they are keeping more money for themselves.
Horizon BLue Cross Blue Shield is currently a not-for-profit company yet they have 3 Billion in the Bank???? They filed a petition to become a for profit company which means that they no longer care about you, it's share holder dividens.
Whole country is going to hell in a hand basket.
Depends on where you live. southeast is much cheaper than the northeast. I was looking at home in Marietta Georgia where I used to live. Beautiful brick front colonial 4 bedroom 2 1/2 bath basement and 2 car garage...$200,000. Here in Ocean County NJ that house would be $430,000. Monmouth County NJ it would be $650,000.
It's not the price of the homes that caused the mortgage crisis. It is people getting approved for loans that they couldn't afford. There was such a buying and selling frenzy here a few years ago that there was almost a shortage of houses for sale. People cashed out their equity on their houses and used that as a down payment for a bigger house. Not much of a problem if the mortgage is about the same. Problem is when the owner has a job that is too heavily influenced by the economy.
I'm a Chiropractor. I have seen the differenced that the insurance companies have on me. Copays used to be 5 and 10 dollars. Now there are 25-35. Even had a $50 copay. I can't cut the patients a break because of of fee schedules. I can charge $500 for a visit but if the fee schedule is $50.00 and their copay is $40, I am only getting $10 from the insurance company. The insurance companies are charging higher premiums, increasing your copays and paying me less so they are keeping more money for themselves.
Horizon BLue Cross Blue Shield is currently a not-for-profit company yet they have 3 Billion in the Bank???? They filed a petition to become a for profit company which means that they no longer care about you, it's share holder dividens.
Whole country is going to hell in a hand basket.
Mike,
Then throw in the Medicare Part D crap for your older patients.....Well there's a whole nother can of worms...My wife is a manager for a major insurance company. They send out a hand book that's over a 1000 pages of explanations of policy and procedure and expect a 70 something with tri-focals not only read but comprehend and make an informed decision on their health care needs.....Thank god I have her around because I'm sure not savy enough to understand it!
Take care,
Ed
Then throw in the Medicare Part D crap for your older patients.....Well there's a whole nother can of worms...My wife is a manager for a major insurance company. They send out a hand book that's over a 1000 pages of explanations of policy and procedure and expect a 70 something with tri-focals not only read but comprehend and make an informed decision on their health care needs.....Thank god I have her around because I'm sure not savy enough to understand it!
Take care,
Ed
Hitch
Well-known member
Democrats had this planned all along. They changed the rules on mortgage lending, saying they wanted more people to be able to afford a house, then while lining their pockets, when Greenspan and Bush tried to fix it, the Dems stopped legislation in commitee. So now the government will be holding the paper for all these mortgages...watch you see, they'll be renting these properties out next, we'll never get the money back, and the cocksucker that runs the financial services commitee will be a landlord for more than a boyfriend or two, and walla - socialism/communism through the back door, bun... I mean pun intended.
Hitch
Hitch
Steve Sutton
Well-known member
Gays, Socalist, Communists, an ever vigilant albeit terrifically ineffective Dubyah, Gays, Conspiracies, Gays, stupid leadership, ever deceptive Democrats, ever vigilant Republicans, Gays.....all of em.....
Good one...
Steve
Good one...
Steve
Lee Harker
Well-known member
So THAT is what they mean by "low income housing". The dems want to do away with any tax loopholes so private investment for low income housing dried up...now they are getting it in the back door....like the rest of us. Damn Barney Frank and the senator that played footsies in the toilet stall.
mike braden
Well-known member
Hitch,
I heard that!!!!
That's what is all over the news. Schumer(jerk) is one of the Dems that felt that we should incourage Fannie and Freddie to do more and with less restrictions, while Greenspan basically said are your guys freaking nuts. Do you realize the economic repercussions of this. Obviously Schumer doesn't b/c he's a politician and not a mathematician.
I heard that!!!!
That's what is all over the news. Schumer(jerk) is one of the Dems that felt that we should incourage Fannie and Freddie to do more and with less restrictions, while Greenspan basically said are your guys freaking nuts. Do you realize the economic repercussions of this. Obviously Schumer doesn't b/c he's a politician and not a mathematician.
Dennis Smith
Active member
I think we all feel helpless with the governments fuzzy math! Who's supply side got dumped on anyway? The ones with big money that can pickup the pieces are the winners. It sounds like Mr. Buffet will make a better return on investment than uncle, print what you need say what you have too, sam.
.
.
Mark W
Well-known member
I heard on the radio last night that the areas that have the most foreclosures are the same areas where the highest elvel of illegals live. There were special rules for lending to illegals and now over 25% of those loans arein default. Don't know if it is true and I haven't had time to look into it but it was an interesting discussion last nighto the radio. Had a former bank exec from one of the largest banks in the Us who told the audience how they were "required/pressured" into making loans to illegals. How the hell can this happen? I know what I had to do to get a loan and background checkls, income, SS# credit rating etc all made a difference in my ability to get a loan. Why not the same rules? I heard the name Michelle Malkin (something like that ) wriote a good article on this a day or two ago. I know she is a Republican and has appeared many times on the O'Reilly Factor and other shows on Fox so the objectivity could be in question.
This whole thing really pisses me off. Like many other, I lived by the rules. House is paid for (couple of months ago last check was written) no credit card debt, cars paid for with cash etc... Now I get to pay for everyone else's mortgage problems. All I know is that I pay 4X more in taxes than I spend every month to support my family. What the hell?
Throw all the bums out. If congress has an 18% approval rating get rid of them. Don't keep voting your guy in because he is good but he rest of them are bad. Vote every last incumbant out. Might not be the best for the country but it would send a message that the coutry is sick and tired of their BS. Neither party cares for us, they only care about their party and their personal power. Period.
I gotta go take a dump.
Mark W
This whole thing really pisses me off. Like many other, I lived by the rules. House is paid for (couple of months ago last check was written) no credit card debt, cars paid for with cash etc... Now I get to pay for everyone else's mortgage problems. All I know is that I pay 4X more in taxes than I spend every month to support my family. What the hell?
Throw all the bums out. If congress has an 18% approval rating get rid of them. Don't keep voting your guy in because he is good but he rest of them are bad. Vote every last incumbant out. Might not be the best for the country but it would send a message that the coutry is sick and tired of their BS. Neither party cares for us, they only care about their party and their personal power. Period.
I gotta go take a dump.
Mark W
Scott Farris
Well-known member
This was forwarded to me today. Sure would be fun finding out if this recovery plan works.
Scott
The Birk Economic Recovery Plan
Hi Pals,
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America as a 'We Deserve It Dividend'.
To make the math simple, let's assume there are 200,000,000 bon-a-fide LEGAL U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ now has $297,500.00 in their pocket. A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every leagle adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in Washington DC.
And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
Birk
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
Scott
The Birk Economic Recovery Plan
Hi Pals,
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America as a 'We Deserve It Dividend'.
To make the math simple, let's assume there are 200,000,000 bon-a-fide LEGAL U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ now has $297,500.00 in their pocket. A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every leagle adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in Washington DC.
And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
Birk
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
Steve Sutton
Well-known member
not thats some funny shit right there....the guy must be one of those gay Democrats that John was talking about who's plan, all along, was to bring down the American Economy and turn us all into Socialist..........and since this guy is trying to float a flawed bailout he must truly be a FLAMER of epic proportion.....
I'll be laughing for the rest of the week....sort of one of those "Nero fiddled as Rome burns" laughs....
Steve
I'll be laughing for the rest of the week....sort of one of those "Nero fiddled as Rome burns" laughs....
Steve
mike braden
Well-known member
hehehehehehehe.
Bubble bursted and here we thought all of our problems were going to be solved with one little brain fart.
You gotta dream big. Who cares if he slid a few zeros to the right. all the guys who work for Aig, Fannie and Freddie probably do it everyday
Bubble bursted and here we thought all of our problems were going to be solved with one little brain fart.
You gotta dream big. Who cares if he slid a few zeros to the right. all the guys who work for Aig, Fannie and Freddie probably do it everyday
Last edited:
Ed
Definitely not an accountant. Probably a mortgage broker.
Definitely not an accountant. Probably a mortgage broker.
Lee Harker
Well-known member
hell, I'd take 425 dollars. That's a lot of money! I'll pick up pennies on the ground too.
Scott Farris
Well-known member
Darn! There goes my fantasy :^(
$425 won't pay my mortgage off, but it does just about cover the month's property tax bill. So I'd take it too.
Thanks for keeping me on my toes!
Scott
$425 won't pay my mortgage off, but it does just about cover the month's property tax bill. So I'd take it too.
Thanks for keeping me on my toes!
Scott
mike braden
Well-known member
I am not a rich person by any means but I'm not cheap either yet some of the boys will crack a joke about me over a few dollars. We hell, I work hard for my money. Put up and deal with a lot of Sh*t from insurance companies. Some from patinets that just want to bitch about life's problems but that's part of my job. But point being, if someone is trying to swipe a couple of bucks and short changes me, I certainly say something. We have a local restaraunt that was trying to rip off my wife. She ordered a particular kid's meal and they charged her for the adult meal and gave my son the kid's meal anyway.
I figure things things in terms of gas and phone bill etc. Stuff like when a patient wants me to waive their copay. sorry ma'am that $30 will put gas in my truck for the week(I have a home office). Every dollar counts and we need to start thinking like that again.
Cheers,
Mike
I figure things things in terms of gas and phone bill etc. Stuff like when a patient wants me to waive their copay. sorry ma'am that $30 will put gas in my truck for the week(I have a home office). Every dollar counts and we need to start thinking like that again.
Cheers,
Mike
Lee Harker
Well-known member
Damn straight Mike. It's terrible when they think nothing of the words Millions and Billions as it applies to give aways. When did a penny become "not cash"? When someone says to me "It's only"...I say "Ok moneybags then give it to me if it's "only".