That's the real crime. The 1929 crash and subsequent depression was caused, in part, by interest-only loans.
So what is being offered today? Interest-only loans. No one should be a paycheck or two away from disaster. That's irresponsible. If you don't have savings, assets that can be liquidates, and friends or family you can borrow from, then you can't be living on the edge like that. I know people with huge mortgages, 2 car payments, a boat payment, and credit cards up the wazoo. How irresponsible is that? When the housing market drops and the values of the houses drop, and the loans start being called in, then there's going to be trouble. --- Virgil Bierschwale <[EMAIL PROTECTED]> wrote: > Lot of us are out of work Michael... > I proved several years ago that the unemployment > numbers are bogus, but if > you doubt it, contact the dept of labor and ask them > how they determine the > unemployment numbers... > > The majority of the homes are on adjustable rate > mortgages.. > A few pink slips in the wrong areas and you'll see > record foreclosures > because most people are only about two paychecks > away from disaster. > > Virgil Bierschwale > Armstrong and Skipper Real Estate > (830) 329-6774 Cell > (830) 864-4726 Home > (830) 864-4799 Fax > http://www.geocities.com/vbierschwale/ > > > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] On Behalf > Of Michael Madigan > Sent: Monday, October 02, 2006 2:50 PM > To: ProFox Email List > Subject: RE: [OT] tremors > > Fix the economy? Record low unemployment, record > home > ownership, near-record high stock market? What's > there > to fix? > > --- Stephen the Cook <[EMAIL PROTECTED]> > wrote: > > > Jean Laeremans <> wrote: > > > On 10/2/06, Stephen the Cook > > <[EMAIL PROTECTED]> wrote: > > >> Michael Madigan <> wrote: > > >>> Yep. Time to stop giving money to Belgium so > we > > can lower our debt. > > >> > > >> I thought that they were extending credit to > us, > > instead of > > >> receiving. > > > > > > LOL.....in fact we are...but as you > > know...Madagain & > > > Economics...<sigh> > > > > I guess that Rumsfeld doesn't need any more > guidance > > so Michael can move on > > to help fix the economy now. ;-> > > > > Stephen Russell > > DBA / .Net Developer > > > > Memphis TN 38115 > > 901.246-0159 > > > > http://spaces.msn.com/members/srussell/ > > > > -- > > No virus found in this outgoing message. > > Checked by AVG Free Edition. > > Version: 7.1.407 / Virus Database: 268.12.11/460 - > > Release Date: 10/1/2006 > > > > > > > > > > _______________________________________________ > > Post Messages to: [email protected] > > Subscription Maintenance: > > http://leafe.com/mailman/listinfo/profox > > OT-free version of this list: > > http://leafe.com/mailman/listinfo/profoxtech > > ** All postings, unless explicitly stated > otherwise, > > are the opinions of the author, and do not > > constitute legal or medical advice. This statement > > is added to the messages for those lawyers who are > > too stupid to see the obvious. > > > > > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
