Unsettled Economy & The Bailout

[joshuatree]

Re: Unsettled Economy & The Bailout

Looks like an ominous second wave to hit. I know a few people who impulsively bought with adjustable rates thinking they will cash out before it resets with the "neverending" upward appreciation of real estate values just a few short years ago. Another scary thought is the commercial real estate bubble. The excess of available retail space puts a tremendous pressure on REITs like GGP.

[tutusue]

Re: Unsettled Economy & The Bailout

I received the following viral email today. I usually don't pass any of them on but this one caught my eye...maybe because I'm over 50! Not so sure I like being referred to as "old folks", tho'.

The solution to the problem.

There are 40 million Americans over 50 in the US , most of whom still work. Why not give each of us old folks $1 million each with the following stipulations:

1. You must quit your job if you have one. Therefore, 40 million new jobs would be created. Unemployment solved!
2. You must buy a new US made car. Therefore, 40 million new cars would be sold. Auto industry problem solved!
3. You must buy a new house or pay off your mortgage. Housing industry problem solved!

Not trillions!! Not even hundreds of billions. For $40 billion we could be out of this mess and on an upward trend again. Much less money than has already been spent with virtually no results, and the effects of this “stimulus” package would be felt almost as soon as the checks went out.

I also like the idea of hiring about five Mexican Generals for $10 Million per year each with the stipulation that for every illegal alien who crosses into the United States from Mexico, ten grand would be deducted from each of their salaries.

Sounds like a plan.

Thoughts?

[Frankie's Market]

Re: Unsettled Economy & The Bailout

There are 40 million Americans over 50 in the US , most of whom still work. Why not give each of us old folks $1 million each with the following stipulations:

1. You must quit your job if you have one. Therefore, 40 million new jobs would be created.

Assuming all 40 million people over 50 still have jobs, which they don't.

2. You must buy a new US made car. Therefore, 40 million new cars would be sold.

Giving a brand new set of wheels to all the 80 and 90 year olds? This should be interesting.

3. You must buy a new house or pay off your mortgage. Housing industry problem solved!

In Hawaii, buying a brand new house will eat up quite a chunk of that million dollar nest egg. Would a 50 year old be able to survive on the remainder for the rest of his/her life with no income? Hmmmm.

[joshuatree]

Re: Unsettled Economy & The Bailout

I received the following viral email today. I usually don't pass any of them on but this one caught my eye...maybe because I'm over 50! Not so sure I like being referred to as "old folks", tho'.


Thoughts?

I also like the idea of hiring about five Mexican Generals for $10 Million per year each with the stipulation that for every illegal alien who crosses into the United States from Mexico, ten grand would be deducted from each of their salaries.

That idea of paying off Mexican Generals is a bad idea. Just more encouragement for those in power in Mexico to abuse their powers. Mexico is not a poor country at all, however, it lacks a strong middle class. You have either filthy rich or filthy poor. And the filthy poor will do whatever it takes to eek out a better life. Also, deducting $10k from the $10 mil will only result in 1000 detained illegals. Five generals makes that a total of only 5000 illegals. Hardly a dent in the millions that are here illegally.

[tutusue]

Re: Unsettled Economy & The Bailout

[...]
In Hawaii, buying a brand new house will eat up quite a chunk of that million dollar nest egg. Would a 50 year old be able to survive on the remainder for the rest of his/her life with no income? Hmmmm.

This was my initial question after reading that email. Even without buying a home or paying off the mortgage, $1M is not enough to retire on, esp. for those under 65. That money would definitely need to be supplemented with an existing, strong IRA or other savings plan. And what about those who have already worked hard to pay off their mortgages? Would they be required to buy another home or would they be exempt from this requirement as a reward for their financial responsibility? Then there are the seniors who live in retirement or nursing home facilities.

Personally, I have no interest in buying another car, much less a new car. But, if the govt. wanted to give me that $1M, I'd be happy to oblige by buying the least expensive, small, green sedan that I could find! If I was no longer driving I would gift that car to a deserving charity or individual.

[Peshkwe]

Re: Unsettled Economy & The Bailout

Not good....

VIENNA, Virginia (CNN) -- The acting chief financial officer of mortgage finance giant Freddie Mac was found dead Wednesday morning at his home, police said.
David Kellermann, acting CFO of Freddie Mac, was found dead on Wednesday, police said.

David Kellermann was found dead of an apparent hanging, a source familiar with the investigation told CNN.

http://www.cnn.com/2009/US/04/22/kel...mac/index.html