Trading Now

Trading Now

Thursday, February 12, 2009


from S. Brennan

For those of you who think, "hey, where's my bailout, or what about my mortgage?" I say, "thank your lucky stars that you have been paying and can continue to pay your mortgage payments without ever having to be inundated with incessant, rude, ignorant, mean spirited, name calling, alleged "helpers," to the poor sots who have lost their third job, been unable to make a mortgage payment for six months, and at any moment may be evicted by the sheriff from their home, where they have only lived for three years, if they were lucky!"

Let me enlighten you.

Those people you think are getting over by being in foreclosure or close to it, and now might get a government, "handout" at your expense, well, guess again. 90% of these "goldbrickers", have bought a house on the road to the american dream for $500,000, which is now worth $300,000 and likely to fall another 20% according to leading economist Bob Shiller, of the Case/Shiller Housing Index. So what about you? They have a house that they can't afford, that they paid too much for, that is now worth far less than they paid for it, leaving them no equity whatsoever, and will hopefully, cause god knows they might make too much income to qualify, be found eligible, to be lucky enough to get a restructured 30 year mortgage, again, that is likely never to be sold for what they paid for it, and are being told that the real estate market will come back next year or in a few years, by a bunch of idiots and living in a dream world. It will never come back. Ever.

So, how are they getting something for nothing exactly? I don't know about you, but I wouldn't want to trade places with them for all the handouts in the world. And pray that I never know what that feels like from the inside.

No comments:

Post a Comment


Wikinvest Wire