Homeowner equity reaches lowest point since 1945.
By on Mar 6th, 2008 at 2:44 pm
Homeowner equity reaches lowest point since 1945.
The Federal Reserve announced today that “Americans’ percentage of equity in their homes fell below 50 percent for the first time on record since 1945.” Moody’s Economy.com estimated that “8.8 million homeowners, or about 10.3 percent of homes, will have zero or negative equity by the end of the month.”
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Wow. I guess people just built too many houses, huh? It’s the only possible explanation.
- Hussein Toasterhead
March 6th, 2008 at 2:46 pm.
IMPEACH
CHENEY
FIRST
.
March 6th, 2008 at 2:46 pm0 down baby!
March 6th, 2008 at 2:46 pmBut that top 1% have mansions so big the rest of us can move in with them.
March 6th, 2008 at 2:47 pmHey, give me a break, I just bought my first home, a condo. just wrote my second mortgage payment.
Don’t worry, I got a 30yr fixed, no variable rates for me!
March 6th, 2008 at 2:49 pmThe top 1% of Americans get richer every year while the other 99% get less.
Good job all you loyal Republicans who keep voting against your and my interests.
Frosty Hussein Cupcake
March 6th, 2008 at 2:50 pmLessee, you can’t make the payments, but you can’t sell the house without losing your ass, but you can’t declare bankruptcy under the new law. Hey! Yer Skrewed!
March 6th, 2008 at 2:50 pmNow I don’t feel so alone! Our house is worth 65% of our mortgage balance. The combination of a newly built house, a dramatically falling market, and an idiotic refinance (with the help of a “creative” mortgage broker and appraisor) have us in a world of hurt.
I need to find a legal way to get out of the loan before moving to Panama, and saying GOODBYE to our failing attempt at democracy.
L. Hussein Vet
March 6th, 2008 at 2:50 pmAll I can say, is thank god our prezdent says we’re not heading into a recession, otherwise I’d be worried
raynhusseinman
March 6th, 2008 at 2:51 pmRUC: Didn’t Clinton vote yes on that bankruptcy bill?
March 6th, 2008 at 2:51 pmCongrats Ranting Thomas! My four year old house is on a 15 yr fixed at a decent rate. Eleven more and I own it, even if the payments are nearly half my frikkin take home!
March 6th, 2008 at 2:51 pm#11. Hillary? Vote in favor of corporate interests? NEVER!!!
sarcasm off/
~ L. Hussein Vet
March 6th, 2008 at 2:53 pmThat’s way bad news for way too many people, who need to understand they can give ALL the thanks to Republican’ts.
The GOP: Screwing you out of your American Dream daily.
March 6th, 2008 at 2:53 pmAnd thus unravels the final thread holding together the illusion of the Bush “strong economy”.
The only thing driving any kind of gdp growth in the past six or seven years was consumer spending. Consumer spending was driven not by tax cuts, but by expanding borrowing — mostly against expanded home equity, rooted in demand-driven increases in home values. What drove the demand? Sub-prime loans.
That’s history.
We’re so fu(ked.
March 6th, 2008 at 2:54 pmThe good news is that now is the time to start buying homes for profit.
March 6th, 2008 at 2:54 pm” Hillary? Vote in favor of corporate interests? NEVER!!!”
~ L. Hussein Vet
Comment by Vet — March 6, 2008 @ 2:53 pm
Heh. ;-)
March 6th, 2008 at 2:55 pmGood thing the repukes aren’t nominating someone who knows absolutely nothing about the economy, eh???
Oh wait…
~Abu al-Kelb Hussein (with thanks to Toasterhead)
March 6th, 2008 at 2:56 pmThank you, oh, thank you, Dear Leader!!!!!!
~Hussein Annie
March 6th, 2008 at 2:56 pmMy research indicates Sen Clinton did not vote on the final bill.
March 6th, 2008 at 2:56 pmRHUsseinCerious
I ignored all of the peer pressure (that’s what it was) to buy instead of rent. When everyone and their mother is telling me that I HAVE TO GET IN ON SOMETHING, I check my pants for my wallet. When I heard people talking it smelled just like the late 90’s when everyone and their mother thought the stock market was such a great investment.
Lefty Hussein
March 6th, 2008 at 2:56 pm… and the vultures have arrived…
- K. Hussein Aty
March 6th, 2008 at 2:57 pmHey, give me a break, I just bought my first home, a condo. just wrote my second mortgage payment.
Don’t worry, I got a 30yr fixed, no variable rates for me!
Comment by RantingTommy — March 6, 2008 @ 2:49 pm
That’s smart. Congratulations on becoming a homeowner, and I hope you enjoy your home.
Because you’re smart enough to get a fixed rate, you are probably also smart enough to duck all the shysters who will attempt to separate you from your equity once you build some.
~ Miss Hussein Molly
March 6th, 2008 at 2:57 pmThanks, RUC, I thought she had.
And Double R is crazy, the housing market hasn’t reached bottom yet, so no, now is *not* the time to buy houses “for profit”.
March 6th, 2008 at 2:58 pmThe good news is that now is the time to start buying homes for profit.
Comment by Roger_Roger — March 6, 2008 @ 2:54 pm
————————–
I’d give it some more time. The market hasn’t come close to hitting bottom yet, even with the falling interest rates.
I would have thought you’d have a better handle on such things, being a vulture – er – Republican.
March 6th, 2008 at 2:58 pmFrosty Hussein Cupcake, that is.
March 6th, 2008 at 2:59 pmBecause you’re smart enough to get a fixed rate, you are probably also smart enough to duck all the shysters who will attempt to separate you from your equity once you build some.
~ Miss Hussein Molly
Comment by missmolly — March 6, 2008 @ 2:57 pm
Not to mention the forty or so credit card applications you’ll be getting in the mail since your purchase is public information…
March 6th, 2008 at 2:59 pm“…fell below 50 percent for the first time on record since 1945…”
———————————–
Wow — you mean there’s still that much equity out there to swindle people out of? The bloodsuckers haven’t been thorough enough…
snark/off
~ Miss Hussein Molly
March 6th, 2008 at 2:59 pmer, ~RHUsseinCerious~, ahem.
March 6th, 2008 at 2:59 pmThe good news is that now is the time to start buying homes for profit.
Comment by Roger_Roger — March 6, 2008 @ 2:54 pm
And the time of pitchforks is close too…
March 6th, 2008 at 3:00 pmI would have thought you’d have a better handle on such things, being a vulture – er – Republican.
The notion that Republicans are remotely better inclined to handle financial matters is as out of date as the notion that George Bush is a strong, decisive leader. People just confuse their greed and obsession with money for actual financial talent.
March 6th, 2008 at 3:01 pmThe good news is that now is the time to start buying homes for profit.
Comment by Roger_Roger — March 6, 2008 @ 2:54 pm
Blood sucking maggots = Republicans
People are losing their life savings but that top 1% can get even richer on their backs. Even at that they’re only a good investment if anybody can afford to buy them in your lifetime, jerkoff.
March 6th, 2008 at 3:02 pmWhat people tend to forget is the interest you are GOING to pay in the future. If you owe $200,000 on your loan, you actually are more like $500,000 in the hole.
Have a nice day.
~RHUsseinSidneyCerious~
March 6th, 2008 at 3:02 pmThe good news is that now is the time to start buying homes for profit.
Comment by Roger_Roger — March 6, 2008 @ 2:54 pm
Does anyone else get the feeling that R2’s just going through the motions, that his heart just isn’t in his trolling anymore?
March 6th, 2008 at 3:04 pmWhy GIGI! How positively Anti_Semitic of you!
March 6th, 2008 at 3:04 pmRalphie, at 10 cents a post, trolling is hard work
~RHUsseinSidneyCerious~
March 6th, 2008 at 3:05 pmGood Rebecca Gollyberg
maybe it’s an inside joke, but i’m slow today…
clue me in on this sad attempt at humor, maybe…
- K. Hussein Aty
March 6th, 2008 at 3:06 pmNice effort to stereotype, but I suspect that a large number of that top 1% are in fact Democrats (Soros, Clinton, Kennedy, Kerry, Edwards, Herb Kohl, John “Jay†Rockefeller, etc….).
Good Rebecca Gollyberg
Comment by good_golly — March 6, 2008 @ 3:02 pm
That’s unusually accurate for you gigi. But the point is you neocon losers vote against your own self interests, not who gets wealthier because of your stupidity.
March 6th, 2008 at 3:06 pmThe top 1% of Americans get richer every year while the other 99% get less.
Good job all you loyal Republicans who keep voting against your and my interests.
Frosty Hussein Cupcake
Comment by Frosty Cupcake — March 6, 2008 @ 2:50 pm
_____________________
Nice effort to stereotype, but I suspect that a large number of that top 1% are in fact Democrats (Soros, Clinton, Kennedy, Kerry, Edwards, Herb Kohl, John “Jay†Rockefeller, etc….).
Good Rebecca Gollyberg
Comment by good_golly — March 6, 2008 @ 3:02 pm
Oh Gigi, you poor dear…
Frosty was talking about Republicans who keep voting against (their) and my interests.
That clearly wouldn’t include millionaires like the prominent Democrats you mentioned in supposed refutation of Frosty’s “stereotype”.
We know you try, Gigi, but face it — you just ain’t got what it takes.
Ralph Hussein Wonder Llama
March 6th, 2008 at 3:08 pm“…when everyone and their mother thought the stock market was such a great investment.”
Lefty Hussein
Comment by lefty — March 6, 2008 @ 2:56 pm
The Stock market was and is a great investment. Blindly following others off the cliff of unbridled exuberance is not and never will be a good idea
March 6th, 2008 at 3:08 pm34 – The richest man on earth, who is an American, says that he should be paying a LOT more in taxes than he does.
Doesn’t square with your simplification of things to well, does it?
Like it or not, America will blame its ills on Republican’ts – as it should.
March 6th, 2008 at 3:08 pmComment by Roger_Roger — March 6, 2008 @ 2:54 pm
Does anyone else get the feeling that R2’s just going through the motions, that his heart just isn’t in his trolling anymore?
Comment by ralph the wonder llama — March 6, 2008 @ 3:04 pm
With all due respect ralph, I just can’t believe this blood sucker has a heart.
March 6th, 2008 at 3:08 pmbut you have to reduce that $500,000 to present value to be accurate.
Comment by good_golly — March 6, 2008 @ 3:05 pm
No you don’t, that is actual dollars at the end of term. They are listed on your Truth in Lending page of your mortgage documents. Of course with the subprime loans that ballooned up to interest rates that the borrowers were not apprised of this amount is probably less than will be realized. Jerk.
March 6th, 2008 at 3:11 pmGood Rebecca Gollyberg
maybe it’s an inside joke, but i’m slow today…
clue me in on this sad attempt at humor, maybe…
- K. Hussein Aty
Comment by katy — March 6, 2008 @ 3:06 pm
Reichwingers don’t do funny. They do nasty.
Funny takes intelligence, evil is easier.
Shayne Hussein
March 6th, 2008 at 3:12 pmReichwingers don’t do funny.
Comment by Shayne — March 6, 2008 @ 3:12 pm
As evidence, see Gigi’s explanation at #48.
March 6th, 2008 at 3:15 pmMay I suggest garsh golly just use the chympident’s middle name instead.
You know, dumfu(k.
March 6th, 2008 at 3:17 pmThe “Progressives†posters are adding “Hussein†to their name as a sign of support for Barack H. Obama who refuses to use his middle name. Given the fact that my birth mother was Jewish, I am adding that Jewish touch to my screen name, taking her middle name of “Rebecca.â€
Comment by good_golly — March 6, 2008 @ 3:11 pm
“Refuses” to use his middle name gigi? Then how do you know what it is.
And if your “birth mother” was Jewish that gives you a right to be antisemitic?
You’re like a bad episode of Seinfeld, I mean Seinfeld without the humor.
March 6th, 2008 at 3:17 pmWell, I don’t think the stock market is such a great investment when you can’t trust the numbers coming from any sources – the CEO’s lie, the brokers lie, and now we have a government that refuses to put out an honest assessment of the state of the economy for political reasons.
Lefty Hussein
March 6th, 2008 at 3:18 pmOff topic, but on the subject of abject failures, here’s a nice link
March 6th, 2008 at 3:19 pm5 years on, DHS strains as goals go unmet
…208,000-worker, $38 billion agency fails to deliver on a slew of projects…
Something I was told when a superior was closing one of my investigations with the FTC in ‘86: “The law is designed to protect the reasonably intelligent; the law is not designed to protect the stupid.†With this philosophy in mind, those in mortgage trouble due to their own stupidity should not be looking to the government to bail them out.
Good Rebecca Gollyberg
Comment by good_golly — March 6, 2008 @ 3:16 pm
You are such an idiot. The RESPA act initiated by Senator Byrd was established by none other than Senator Byrd to protect buyers from predatory lending after his secretary was scammed. Unfortunately that act has been gutted during Bushco and predation has gotten us into this mess. Why don’t look something up before you spout so much stupid.
March 6th, 2008 at 3:20 pmShayne, I think Gigi’s more like a bad episode of Married With Children if it were produced by the people who brought us the Faux News “Comedy” show.
March 6th, 2008 at 3:20 pmI hardly think using my birth mother’s name is anti-Semetic. I do, however think that you are anti-Semitic.
Comment by good_golly — March 6, 2008 @ 3:18 pm
Next step:
“I know you are but what am I?”
March 6th, 2008 at 3:20 pmI hardly think using my birth mother’s name is anti-Semetic.
Nor is it a nod to Judaism. It’s a nice name, but it doesn’t imply “Jewishness”.
Goldberg does however.
March 6th, 2008 at 3:21 pmGiven the fact that my birth mother was Jewish, I am adding that Jewish touch to my screen name, taking her middle name of “Rebecca.â€
Comment by good_golly — March 6, 2008 @ 3:11 pm
By an utterly hilarious coincidence, the ra-ba-ka stem from which we get the Semitic name “Rebekah” or “Rebecca” translates in Arabic to “confuse,” “bewilder,” “befuddle,” “disturb,” “distract,” and “confound,” to name a few.
Well done, Good Befuddler Gollyberg!
- Hussen Toasterhead
March 6th, 2008 at 3:22 pmLet’s all send a thank you note to George W. Bush for this disgusting mess!
~Hussein Osiris~
March 6th, 2008 at 3:25 pmYes, “reasonably intelligent†borrowers. RESPA is based on an objective test, not subjective.
Comment by good_golly — March 6, 2008 @ 3:21 pm
I see you ignored Senator Byrd but otherwise I have no clue what you’re talking about.
Are you saying that victims aren’t victims if they’re not reasonbly intelligent? And who decides who is reasonably intelligent, you. I think not.
March 6th, 2008 at 3:25 pmGeorge Bush will have to go into hiding when he leaves office since he will be the most detested human being on the face of the earth by that point.
~Hussein Osiris~
March 6th, 2008 at 3:26 pmComment by good_golly — March 6, 2008 @ 3:24 pm
See # 63 tool.
March 6th, 2008 at 3:26 pmSince Gigi raised the point, why does John McCain refuse to use his middle name?
Is he afraid people will associate him with a bespectacled nerd whose pant legs don’t reach his ankles and who has a penchant for nose-picking?
Why does John McCain hate the nose-picking nerds of America?
March 6th, 2008 at 3:27 pmWhatevah’, Reba Goldberg.
March 6th, 2008 at 3:27 pmNice effort to stereotype, but I suspect that a large number of that top 1% are in fact Democrats (Soros, Clinton, Kennedy, Kerry, Edwards, Herb Kohl, John “Jay†Rockefeller, etc….).
Good Rebecca Gollyberg
Comment by good_golly — March 6, 2008 @ 3:02 pm
Nice effort to lie, but I’m sure that at least 80% of those fluffers are republican thieves.
March 6th, 2008 at 3:29 pmThe Republican Party has worked very hard to make it so that there no longer is any such thing as a victim. They put the responsibility for any problem on the victim themselves. The victims are to blame for whatever has happened to them, not the original perpetrators. This way they can get away with whatever crime they please and continue to avoid any and all responsibility for problems and crimes.
Lefty Hussein
March 6th, 2008 at 3:31 pmThe “Progressives†posters are adding “Hussein†to their name as a sign of support for Barack H. Obama who refuses to use his middle name.
Comment by good_golly — March 6, 2008 @ 3:11 pm
Wrong. First, Obama doesn’t “refuse” to use his middle name any more than McCain “refuses” to use his middle name of Sidney. Obama acknowledges his middle name is Hussein, but generally uses just his first and last names in casual use, as do most of us.
When you’re running for President, you tend to brand yourself with a name that’s simple rather than elaborate. This is why “Bill Clinton” ran — not “William Jefferson Clinton”. And why “Bob Dole” ran — not “Robert Joseph Dole”. And why “Jimmy Carter”…well, you get the idea.
And second, the reason we have incorporated “Hussein” into our names is to counteract the forces that attempt to paint the name as toxic, merely because a dictator had it. The best way to do this is to slap the name onto everything. We are not ashamed of the name itself, which is more common than you might think.
~ Miss Hussein (and not embarrassed) Molly
March 6th, 2008 at 3:31 pmYes, “reasonably intelligent†borrowers. RESPA is based on an objective test, not subjective.
Comment by good_golly — March 6, 2008 @ 3:21 pm
bullshit. you’re reprehensible.
March 6th, 2008 at 3:32 pmWay off topic, but when did the whole ‘Hussein’ thing start / who started it. I love it, it’s brilliant!
New Rule: Trolls must insert the middle name ‘Sidney’. (Thanks RU, amazing addition)
Dee_Hussein_Baser
March 6th, 2008 at 3:33 pmAnd second, the reason we have incorporated “Hussein†into our names is to counteract the forces that attempt to paint the name as toxic, merely because a dictator had it.
~ Miss Hussein (and not embarrassed) Molly
Comment by missmolly — March 6, 2008 @ 3:31 pm
Third, it’s really fun. :)
- Hussein Toasterhead
March 6th, 2008 at 3:34 pmFirst, Obama doesn’t “refuse†to use his middle name any more than McCain “refuses†to use his middle name of Sidney.
EXACTLY! When they say that Obama won’t use his middle name it’s a LIE. Don’t forget the best reason of all to add Hussein to our names – mocking the moronic imbeciles who are trying to subconsciously imply that he is a muslim secret agent.
March 6th, 2008 at 3:35 pmWhen you’re running for President, you tend to brand yourself with a name that’s simple rather than elaborate. This is why “Bill Clinton†ran — not “William Jefferson Clintonâ€. And why “Bob Dole†ran — not “Robert Joseph Doleâ€. And why “Jimmy Carterâ€â€¦well, you get the idea.
~ Miss Hussein (and not embarrassed) Molly
Comment by missmolly — March 6, 2008 @ 3:31 pm
miss Hussein Molly, I think you’re being a tad overgenerous when addressing Gigi with this assumption:
…well, you get the idea.
But then, that’s you — you’re generous to progressive and troll alike.
– Ralph Hussein Wonder Llama
March 6th, 2008 at 3:35 pmYes, “reasonably intelligent†borrowers.
Compassionate conservatism at it’s kindest.
March 6th, 2008 at 3:36 pmDo you want to hear what is going to happen to all those Americans who are losing their homes? The bank repossesses the home. They turn around and sell it to some investor for a $40,000 loss. They declare the $40,000 loss on their income tax. Then the IRS sends the poor homeowner who lost their home a tax bill to offset the bank’s $40,000 loss.
I know this is true, because it happened to me. I had a motor home and could no longer afford the payments. I found I could sell the motor home but that left a $10,000 balance I owed the bank. They agreed to take the loss (how big of them considering the fact that I had already paid them triple what the original loan amount was). I have to say I was rather shocked that the IRS considered that $10,000 to be “income” and taxed me on that $10,000 of “income”.
The subprime meltdown is the main reason why the value of homes in this country are declining. And the sad thing is, the people who created this situation (the banks and mortgage companies) will come out smelling like a rose and the homeowners will be royally fcuked.
March 6th, 2008 at 3:38 pmGigi reminds me of Wiley Coyote in the roadrunner cartoon. No matter how many anvils fall on his head, or how many sticks of dynamite go off in his hand, he just keeps chasing that damn roadrunner, at 10 cents per episode.
~RHUsseinBeepBeepCerious~
March 6th, 2008 at 3:38 pmYes, “reasonably intelligent†borrowers.
Wouldn’t that eliminate most conservatives?
Ralph Hussein Wonder Llama
March 6th, 2008 at 3:38 pm“Well, I don’t think the stock market is such a great investment when you can’t trust the numbers coming from any sources – the CEO’s lie, the brokers lie, and now we have a government that refuses to put out an honest assessment of the state of the economy for political reasons.”
Lefty Hussein
Comment by lefty — March 6, 2008 @ 3:18 pm
Somewhat valid, albeit overly general. You can’t trust the numbers from SOME not “any” and yes some brokers and CEO’s do lie. Not all advisors lie. Most of us have our clients best interest at heart. In fact those that are members of NAIFA are bound to a strict code of ethics.
Some CEO’s lie but not all.
Sounds like you got burned by some bad egg?
March 6th, 2008 at 3:39 pmRUC: Didn’t Clinton vote yes on that bankruptcy bill?
Comment by Frosty Cupcake
Unfortunately so did Obama. That is one vote I really hold against him. But, no candidate is perfect.
March 6th, 2008 at 3:40 pmThe good news is that now is the time to start buying homes for profit.
Comment by Roger_Roger
Only an odious Republican troll would find glee in being able to profit off the backs of people who have been shafted.
I wonder if this wasn’t all by design. I can’t believe that the banks and mortgage companies making these kind of loans didn’t know that some day the whole thing was going to implode. Perhaps this was all part of the Republican’s goal to bankrupt the middle class. Congratulations Repukes, you have done what you set out to do.
March 6th, 2008 at 3:43 pm“the right” to rip people off is sacred to R’s and their camp-followers, and the biggest “Entitlement Program” we’ve ever had to pay for.
“capital queens” are the real problem, not “welfare queens”
any type of “royalty” should be promptly disposed of in the Land of the Free.
real americans do not bow before any crown.
March 6th, 2008 at 3:47 pmNot to mention the forty or so credit card applications you’ll be getting in the mail since your purchase is public information…
Comment by RUCerious
You can stop those credit card applications as well as protect your credit from identity theft by calling one of the three credit companies (Experian, Trans Union and Equifax) every three months and putting a fraud alert on your credit. I have been doing this for years now and I sleep much better at night knowing that if someone tries to steal my identity, they won’t get anywhere. And I don’t miss those credit card solicitations at all.
March 6th, 2008 at 3:47 pmWay off topic, but when did the whole ‘Hussein’ thing start / who started it. I love it, it’s brilliant!
Dee_Hussein_Baser
Comment by deebaser — March 6, 2008 @ 3:33 pm
I can’t say exactly who started it, but the first references I saw were in this thread from yesterday (posts 17 and 18):
http://thinkprogress.org/2008/03/05/allen-katrina-was-best-thing-to-happen-to-new-orleans/
And it could very well have been started by Leftside Annie and Zooey. Whoever it was, it’s brilliant.
~ Miss Hussein Molly
March 6th, 2008 at 3:48 pmSounds like you got burned by some bad egg?
No but I used to work for a big corporation, the CEO of which just cut a deal spilling the beans on cooking the books so he wouldn’t die in prison of terminal cancer. Combining that with all this mutual fund and debt repackaging nonsense plus the fact that these CEOs are often lying says to me that there is nowhere to turn to for an honest picture of the economic landscape. Hell, there even is an economic propaganda channel and the WSJ will be totally unreliable any day now.
There is just no freaking way I trust anyone with regards to potentially investing anything. Not to mention that Republicans have totally destroyed the rule of law and the very concept of the truth.
Lefty Hussein
March 6th, 2008 at 3:52 pmI’m not sure which bankruptcy bill ya’ll are talking about, but I was referring to S 256, from the 109th Congress, passed 03/10/05 wherein Sen Clinton did not vote, and Sen Obama voted Nay.
That was the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005…
March 6th, 2008 at 4:01 pmP.S., not that it prevented much Bankruptcy abuse, and certainly didn’t protect consumers, …
Oh, and here’s what Obama had to say about it prior to its passage
Floor Statement of Senator Barack Obama on S.256, the Bankruptcy Abuse and Prevention Act of 2005
Sincerely,
March 6th, 2008 at 4:04 pm~RHUsseinCerious~
“There is just no freaking way I trust anyone with regards to potentially investing anything. Not to mention that Republicans have totally destroyed the rule of law and the very concept of the truth.”
Lefty Hussein
Comment by lefty — March 6, 2008 @ 3:52 pm
That’s too bad and I really am sorry that you feel that way but please don’t paint all of us with the same brush.
March 6th, 2008 at 4:06 pmOne of the bigger problems I see is that there are way too many Americans who have little or no basic knowledge of economics, money management, and other financial matters.
When I went to school (and I realize that was back in the jurassic age), we were not taught anything about loans, mortgages, investments, the stock market, how taxes work — not even how to balance a checkbook. Things may have changed since then (perhaps some of the younger posters can advise me if these things are taught now).
I think that economic awareness is every bit as important to learn as mathematics, social studies, language arts, and other high school core courses. Why isn’t this mandatory? Why are we allowing kids to graduate into the real world who are totally illiterate when it comes to money?
Because I didn’t learn these things in school, I had to learn how to deal with my personal finances out in the real world — a harsher teacher. But I did. I learned how to balance my own checkbook, set up a budget for myself, file my own taxes, etc. And when my husband and I bought our first home, I was introduced to the world of mortgages — which totally bewildered me at first. And I’m considered an intelligent person.
I can very well believe there are a lot of people out there similarly bewildered — and the ignorant can easily fall victim to the vultures who are only too happy to blame their victims when the truth dawns on them.
Ignorance can be cured with education. We as a society need to work on this.
~ Miss Hussein Molly
March 6th, 2008 at 4:06 pmWell spake, Miss Hussein Molly.
Life education should be a mandatory infusion into high school curriculum.
Balancing a check book = math
Understanding compound interest = math
Understanding APR = math
Learning how to read (fine print) = English + Critical Thinking skills
Shopping for loans (or, how to say no to salesmen/women) = Sociology + common sense + self confidence.
They never taught us any of that stuff, either…
~RHUsseinCerious~
March 6th, 2008 at 4:09 pmOne of the bigger problems I see is that there are way too many Americans who have little or no basic knowledge of economics, money management, and other financial matters.
~ Miss Hussein Molly
Comment by missmolly — March 6, 2008 @ 4:06 pm
I agree completely, miss H molly.
I think consumer education should be a basic part of high school study — not just loans and interest rates, as important as those things are — but even simple stuff like the way grocery stores play games with “specials” and club cards and comparing price per unit.
It’s amazing how often I’ll check and discover that the big “economy” size is actually more per ounce than the smaller size. Supermarkets have us trained to believe that more volume automatically yields a better deal, and they take advantage of that with sneaky pricing.
– Ralph Hussein Wonder Llama
March 6th, 2008 at 4:14 pmThe people didnt build to many homes, the housing industry, with oodles of credit flowing built to man homes.
And who is going to pay for those empty homes?
The taxpayer!
And who will own those homes?
Not the taxpayer!!
March 6th, 2008 at 4:18 pmI’m not sure which bankruptcy bill ya’ll are talking about, but I was referring to S 256, from the 109th Congress, passed 03/10/05 wherein Sen Clinton did not vote, and Sen Obama voted Nay.
That was the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005…
Comment by RUCerious
I’m so glad to hear that. I could have sworn I read someplace that Obama voted for that odious bill. No surprise that Clinton didn’t vote. I think that is her way of getting herself out of a tight spot on a vote. I wonder how many times she has done that?
March 6th, 2008 at 4:19 pmI think “Hussein” started on the Stephanie Miller ShowHere.
March 6th, 2008 at 4:21 pmI think “Hussein†started on the Stephanie Miller Show.
Comment by Shayne — March 6, 2008 @ 4:21 pm
Thanks, Shayne. I’m pleased to jump on a bandwagon started by Stephanie.
March 6th, 2008 at 4:24 pm~ Miss Hussein Molly
When I was in High School, my Mom made me take Consumer Mathematics. She was worried that if something happened to her that I would have to take care of my brother and sister and therefore needed to know how the economy worked, how to file a tax return, how to balance a checkbook etc.
March 6th, 2008 at 4:30 pmI was taught in 6th grade (1952-1953) how to fill out checks and manage a checking account. In my sophomore year(1956-1957) in HS, there was a required one semester course in the dynamics of income, expenses, loans and investments (Primarily a show by example study.). This makes me wonder about the average age of commenters on this thread.
March 6th, 2008 at 4:34 pm“Something I was told when a superior was closing one of my investigations with the FTC in ‘86:…
mcgigi”
A couple of days ago mcgigi had worked converting garbage into energy, now she worked as an investigator at the FTC? Wow, what an amazing life she’s lead. Or, she’s a liar.
To quote her favorite news source: WE REPORT-YOU DECIDE.
BobHusseinwurst
March 6th, 2008 at 4:38 pmComment by Bobwurst — March 6, 2008 @ 4:38 pm
Nice catch, Bob H Wurst.
Personally, I don’t believe a word Gigi says, even though several words may be perfectly true.
March 6th, 2008 at 4:41 pmI am curious how the Dems think they are helping the working middle class stay in their homes when they demand more taxes, want higher priced gas, and want to massively increase the middle class taxes with mandatory government health care? Doesn’t that actually hurt their chances at staying in their homes?
Maybe we need to invest in some class on not being dumb and not buying homes you cannot afford. While I appreciate your idea that we are too dumb to think for ourselves, homeowners signed their name to dumb loans on their own. It isn’t my fault they are losing the home they couldn’t afford. It is their own fault.
I personally bought a home 3 years ago. I will probably take a lose of $15k to $20k soon as I am selling it. While it sucks to lose that money, I can currently upgrade into a much bigger and more expensive home on the cheap (interest rates are going lower and the expensive home took a bigger hit then mine).
You need to look on the upside.
I do not feel badly for the fools who took variable rate loans for homes they couldn’t afford. That was their mistake and they need to live by it.
March 6th, 2008 at 4:41 pmComment by Roger_Roger — March 6, 2008 @ 4:41 pm
Well, at least R2 shows a little more effort this time, even if his straw men keep leaking their stuffing all over the floor.
Was R2 raised in a barn or something? Doesn’t mind hay on the floor?
Sheesh.
– Ralph Hussein Wonder Llama
March 6th, 2008 at 4:58 pmThat was their mistake and they need to live by it.
Comment by Roger_Roger — March 6, 2008 @ 4:41pm
The true cruel mindset of the right wing – screw the poor, the victimized, the scammed – they are just fools.
May karma f@ck you down the road, my friend; you are one screwed up puppy.
March 6th, 2008 at 4:59 pmI do not feel badly for the fools who took variable rate loans for homes they couldn’t afford. That was their mistake and they need to live by it.
Comment by Roger_Roger
gawd RR……your parents must surely feel the same way about you.
March 6th, 2008 at 4:59 pm“I am curious how the Dems think they are helping the working middle class stay in their homes when they demand more taxes, want higher priced gas, and want to massively increase the middle class taxes with mandatory government health care? Doesn’t that actually hurt their chances at staying in their homes
rogermcroger”
nice repbublican propoaganda there rmc2. Dems want to repeal the tax gifts your punkass tap dancer gave to his buddies, not tax the middle class. idiot. Dems want to go after your precious oil companies who are gouging consumers with high gas prices. Dems want to have universal (I’m happy with socialized) healthcare so everybody has decent healthcare, and they want to go after the predatory lenders who lied to people about their loans.
BobHusseinwurst
March 6th, 2008 at 5:02 pmI hope RR gets the receiving end of his perverted “golden rule” someday. Any who advocate “law of the jungle” economics deserve the worst a jungle has to offer.
March 6th, 2008 at 5:05 pmstupid righty sob’s
March 6th, 2008 at 5:06 pmI am curious how the Dems think
Comment by Roger_Roger
This is why we will educate you so that you will understand that what you have been supporting is a failure…….we as democrats can make things work. You know this because we have done it so many times before, against the obstuctionist wind of conservatism.
March 6th, 2008 at 5:08 pmI am curious how the Dems think they are helping the working middle class stay in their homes when they demand more taxes, want higher priced gas, and want to massively increase the middle class taxes with mandatory government health care? Doesn’t that actually hurt their chances at staying in their homes?
Well there it goes again. Perhaps rr can show us where the Democrats are demanding more taxes on the middle class. I’m willing to bet that it will be unable to prove that point. And then it says that the Democrats “want” higher gas prices. Again, I challenge it to prove that point. And finally it says that having mandatory health care will require “massively increasing the middle class taxes”. Don’t suppose it can prove that one either.
Boy, talk about hyperbole, this one has become an expert at it.
March 6th, 2008 at 5:17 pmRR’s not curious about anything, and that’s why he’s a Righty.
Curiosity and creativity are alien to those people, unless it applies to covering their own asses or screwing someone else.
March 6th, 2008 at 5:20 pmThis makes me wonder about the average age of commenters on this thread.
Comment by WaltTheMan
All this says is that you went to a superior school. I went to high school in California, at the time known for their good schools, and I learned NOTHING about economics there in the 60’s. I did learn to cook, though. So that’s a good thing.
On the other hand, my daughter went to high school in the 80’s and by that time they were teaching some minor economics in a “life skills” class. But, my daughter learned her best lesson in economics when she was given a credit card with a $1,000 limit by Macy’s when she graduated from high school. She didn’t even have a job at that time. After she ran the card up to $500 buying clothes and stuff for herself and her friends (the friends never seemed to pay her back), she ended up in ruining her credit. Today she has pristine credit and she never carries a balance on a credit card (something she learned from me). Sometimes life is the best teacher.
March 6th, 2008 at 5:24 pmMaybe we need to invest in some class on not being dumb and not buying homes you cannot afford. While I appreciate your idea that we are too dumb to think for ourselves, homeowners signed their name to dumb loans on their own. It isn’t my fault they are losing the home they couldn’t afford. It is their own fault.
Comment by Roger_Roger — March 6, 2008 @ 4:41 pm
I agree with you that there should be more education in this area — in fact, I made that point back in Post 93.
However, unlike you, I see a difference between ignorance and stupidity. Our educational system is failing to teach people how to cope with money matters in the real world, and there are all too many bloodsuckers out there who want to take advantage of that.
Example: Let’s say I want to buy a house, and I know nothing about mortgages. The financial guy tells me that with a fixed rate mortgage, I will pay $1000 a month. And with an adjustable rate mortgage, I will pay $700 a month. Wow, I say. I’d much rather pay the $700. But I’m at least smart enough to figure out there’s a catch somewhere — what is it? Financial guy tells me that with an adjustable rate, my payments could increase if the interest rate goes up. But that’s no problem — they will “cap” it so it won’t go up more than 2% a year. Then he flings me a bunch of fine print filled with terms like “negative amortization” that I don’t understand. While he’s trying to explain to me what amortization means, I glaze over to the point where I even fail to grasp that the 2% cap refers to the interest rate — not that the payments themselves won’t go up more than 2%.
OR — he tells me that this “low introductory rate” will be good for two years, after which a balloon payment will be due. Um…I don’t think I will be able to make a major payment in two years. No problem, the finance guys says — I can come back and refinance to a fixed rate loan (at which he’s rubbing his hands together because he’s going to be making money off me twice). What he doesn’t say is there’s an excellent chance that fixed rate loan will be a lot more expensive then than it is now, and I may not be able to afford to refinance. Instead, he just waves off any concerns I have as “nothing to worry about — that never happens”, and because I need this mortgage to buy the house, I eventually believe him.
Now, if I went in for a risky loan understanding how the game is played and knowing the risks, that would be “dumb”. But more often it’s a case of financial ignorance on the part of the consumer — particularly if it’s their very first mortgage. That’s “ignorance”, which can be cured by education. And getting educated by somebody trying to make money off you isn’t the best way.
Only you would consider somebody “dumb” merely because they had not been educated properly.
March 6th, 2008 at 5:25 pmThe “Progressives†posters are adding “Hussein†to their name as a sign of support for Barack H. Obama who refuses to use his middle name. Comment by good_golly — March 6, 2008 @ 3:11 pm
As usual, Goon “Sydney” Golly has totally missed the point. Not in the least surprising.
March 6th, 2008 at 5:25 pmComment by IgnoranceIsNotBliss — March 6, 2008 @ 4:30 pm
That’s exactly the kind of class that every kid needs to take before making it on his/her own. Furthermore, the reasoning behind your mother’s insistence that you take it points out another thing that needs to be taught to young people — how life insurance works.
~ Miss Hussein Molly
March 6th, 2008 at 5:28 pmComment by WaltTheMan — March 6, 2008 @ 4:34 pm
I wish I had been able to take such a class in high school. I graduated out of the Seattle Public Schools in 1973, so I came along a bit later.
I wonder why it was required in your day and not in mine? Or maybe just our schools were different?
~ Miss Hussein Molly
March 6th, 2008 at 5:31 pmI remember when the only upside down loan we had to worry about was a car loan – when the vehicle depreciated faster than the loan was paid off.
March 6th, 2008 at 5:52 pmThey should start referring to Home Inequity
~RHUsseinAPRCerious~
March 6th, 2008 at 5:58 pmComment by Bilbo Hussein Baggins — March 6, 2008 @ 5:24 pm
Comment by missmolly — March 6, 2008 @ 5:31 pm
The first school was in Towson (Baltimore, MD) and the second was in North Dallas, TX. Life skill teaching was part of the curricula in each district because the teach-to-test philosophy had yet to take hold.
In addition to that, the Soviet Union launched Sputnik in October 1957. The Dallas school had a cooperative program with MIT and SMU by the following January. I left HS with 16 college credits.
March 6th, 2008 at 6:11 pmIF Republican’ts hadn’t tried to scuttle the public schools by de-funding them, we’d have better-educated people around, who wouldn’t vote for parasitic d*ckheads, and Mr. Golly could enjoy the freedom of homelessness, which I wish on him sincerely.
R’s won’t fund education for the simple reason it would put them out of business. They need a non-stop supply of hapless rubes to run their rackets on.
What kind of misanthrope thinks that it’s just fine to have gypsy bankers running around screwing people on purpose?????
F’ing sicko.
March 6th, 2008 at 6:28 pm#112 Universal Health Care is a great example of a huge tax increase on the middle class. Hillary herself said you have to use it or she iwll garnish your wages. This proves you want to have the highest tax increase in the history of dem tax increases. How can we look at that any different way?
March 7th, 2008 at 12:44 pm