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My wife and I had been talking about looking for a new house about a year ago. Our house is a little under 1000 sq ft, and we wanted to look for something bigger. After much thought, we decided that it really isn’t that small when we looked at home prices in our area. Now we are putting money into our house to spruce it up since we decided to stay here for awhile. Thank the gods we decided that $200.00 worth of paint and $500.00 of laminate flooring was what we really needed, not a bigger house.
@Troy F.: the bone is that you won’t have a section 8 housing complex built in your culdesac.
so the question is, would you rather have deadbeats in homes that they own, or deadbeats in apartments that the government pays for?
@mac-phisto: Not good enough. Give the deadbeats a handout, give me a handout. At least they are still turning a profit on my account. They owe me.
For those who worry that the bad loans will affect all of us, I say it will hurt the borrower more for being irrational and greedy. Practice a little tough love people! (-:
Last Halloween, I flipped past this trainwreck of a show and couldn’t take my eyes off it. He was dressed as a girl scout, and somehow, he managed to cut his hand during his show. So there was a screaming Jim Cramer in a dress and blond wig with blood running down his arm.
I care for his financial advice, but he’s a brilliant entertainer.
Oops, that should have read “don’t care for his advice.”
@Troy F.: fine. you win. ATTENTION ALL DEADBEATS!! NO FREE RIDES!
man, i’m gonna miss the good old days when every house on my block had people in it. the good neighbors that called the cops that one time someone tried to break in. the old lady whose grandson used to mow my lawn for $5.
it’s ok, i guess. when the bottom drops out, the local ecuadorian prospector will buy every house on the block & rent each room in the house out to 10 people at $400 per. oh, except for the one on the end. that one’s gonna be a brothel catering to illegals.
the good news is, i won’t have to travel as far for my drugs. they’ll probably come to me…hell, they’ll probably be dealing it on my front lawn!
how do you say “stay off the grass” in spanish?
@mac-phisto: Are you selectively blind?
I’ll try one more time…maybe bold will help: I’m not against giving the deadbeats a handout, but I also want something in return for doing things the “right way.”
Great suggestion, Cramer! In reaction to a market panic, the Fed should panic too and immediately slash rates notwithstanding the steady-as-she-goes philosophy of the past year. What do you think that would do? Create even more reason to panic! “Even the Fed is worried!!!” A calm, rational response is the best approach. A lot of the dangerous impact will be psychological and it’s best not to feed the fear.
@mac-phisto: I’ve got news for you: “The old lady” successfully completed rehab, got a breast augmentation, and is dating a very nice Russian gentleman with no office but several companies that require him to travel. Her “grandson”, actually a step-step-step-step-grandson whose real parents’ identities are lost in the mists of time, can’t mow your lawn for $5.00. The gas for the mower costs more than that. He wouldn’t do it anyway–you’re not a great tipper and if he cut your lawn twice a day he’d never make his monthly cell/cable/meth nut, especially now that Gran’s not buying anymore. The people who called the cops were actually reporting a violation of a restraining order, one of ten in effect for the various families on your block who are convinced that their their exes are going to rape their own children when they are in their custody. People could start selling drugs on your lawn today and retire in a few short years just on the local trade. Your neighborhood is actually kind of a hellhole typical of this country, and your “local Ecuadorian prospector” is risking his ass getting anywhere near it.
@Huginn: I was going to say the same thing, but wasn’t sure if the anti-Anchorman edict applied to the entire Gawker fiefdom or just Deadspin.
lol i love cramer. he’s so passionate about making sure YOU will make millions in the stock market
…and you have a diverse profile
@Wormfather: This property is not an investment, it’s a home. I don’t know the details yet but I’m getting them soon. Regardless, I know their money situation. They are the living-paycheck-to-paycheck type and their financial situation is not getting any better anytime soon. Sure they can afford $1,300 right now…but down the road there is not way they can afford anything close to $2,000…thanks.
By the looks of things, that table is covered is spit.
I though economics was about no mercy?
Suddenly, I’m feeling much better about renting.
This guy is always screaming. Every time I flip past his show (quickly), I keep thinking that surely any day now he’ll fall dead before everyone from apoplexy.
I don’t have tv, so I never watch this guy. I first heard this on the Alex Jones show the other day. Why are people surprised when the economy is going so badly, and will probably continue to do so? Dave Ramsey is right; a fixed rate 15 year mortgage with a payment that is 25% or less of your take-home is the way to go. If it can’t be done, then keep renting.
luckily, i made all of my money in waffles. oh, by the way, buy waffles!
Man, this guy’s even angrier than The Mogambo Guru.
@Troy F.: yes, i am selectively blind. my brain can’t process impossitudes.
if you don’t think keeping a 10%+ roi on your 401(k) & other investments, having a safe neighborhood full of OWNERS rather than RENTERS, & not having to make up the difference in uncollected property taxes does not equal getting something in return, then i don’t know what does.
all i’m trying to impress is that you’re more interconnected to these peoples’ fates than you prefer to admit. so when your world starts collapsing around you, should we all stand idly by b/c we were more responsible? should we have our hands out too, expecting something in return b/c you are in need?
that’s just silly.
@ohnothimagain: since when do i live in east st. louis?
As a mortgage broker for the past ten years (six of them in the Las Vegas market) I can say with certainty that there is more than enough blame to go around. I witnessed many brokers trying to make two points on the front with another two points paid as a yield spread premium on the back end. Four points on a $300K mortgage (that’s $12K for the mathmatically challenged) for about six hours work? The real estate agents pushed, and the appraisers “found” whatever value was needed to consumate the deal. Of course, I never witnessed a gun being held to any “would-be homeowner” to compel a signature on the note. Now there is talk about a bailout? Give me a break! Many of these deals were cash-out refinances; the money is long gone, and now Joe Taxpayer is supposed to come riding in to save the day? I think not.
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