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Thread: White House Tax Plan Would Ask More of Millionaires (Continued)

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    Sure you would! LOL what does a 100,000 mortgage cost at 17.5% vs that same mortgage at 4%. You just show how out of touch you are with the average American, you need to get out more.
    You obviously don't understand what being above water and below water means in context to this subject.

    And to think you even claim to have any business experience

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Sheik Yerbuti View Post
    Sure, click on this link and it will take you directly to where you said, "Try paying 17.5% interest and double digit inflation and tell me we weren't in a recession."

    Conservative claiming interest rate + inflation = recession

    As I posted and you ignored personal recession, Sheik, figure it out. Why the diversion from the lack of recovery and leadership by Obama?

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by winston53660 View Post
    You obviously don't understand what being above water and below water means in context to this subject.

    And to think you even claim to have any business experience
    I want to know how being below water hurts a working person more than paying 17.5% interest rates. A 100,000 30 year fixed mortgage at 17.5% is approximately 1500 a month vs a 100,000 30 year fixed rate mortgage at 4% which is approximately $500 a month. that hurts a working person more than being under water on his mortgage.

    This is just another example of you not knowing what you are talking about
    Last edited by Conservative; 10-13-11 at 09:31 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    I want to know how being below water hurts a working person more than paying 17.5% interest rates. A 100,000 30 year fixed mortgage at 17.5% is approximately 1500 a month vs a 100,000 30 year fixed rate mortgage at 4% which is approximately $500 a month. that hurts a working person more than being under water on his mortgage.

    This is just another example of you not knowing what you are talking about
    If you don't understand how losing money on what is most peoples largest investment I don't know what to you.............

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by winston53660 View Post
    If you don't understand how losing money on what is most peoples largest investment I don't know what to you.............
    What money have you lost if you don't sell? Stop making a fool of yourself. If you have a job and live in a house with lower value than your mortgage suck it up and continue living there making payments.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    I want to know how being below water hurts a working person more than paying 17.5% interest rates. A 100,000 30 year fixed mortgage at 17.5% is approximately 1500 a month vs a 100,000 30 year fixed rate mortgage at 4% which is approximately $500 a month. that hurts a working person more than being under water on his mortgage.
    I have not read the entire thread, but I do not believe you can make a valid comparison of the two based on such little info. Let me explain.

    I bought my first house while Carter was President. And my second house, with interest rates on the second house at about 12%. What made such possible to bear then was that inflation was still high enough that the houses were appreciating at a rate consistent with my interest rates. So at least I could anticipate selling down the road, having renegotiated interest rates as they moved with inflation, and get my money back as I went through the next sale-purchase cycle. Yes, it was a smaller house for the money. But without the prospect of losing more when I sold.

    Being underwater poses a whole different scenario. If I have no plan to sell-move anytime soon, then it is not necessarily a dire situation. But if I must move, I am faced with carrying a huge loss forward.

    Both scenarios are bad, high interest rates and being underwater. But in different ways, which will vary based on variable factors.
    Last edited by Eighty Deuce; 10-13-11 at 09:40 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    What money have you lost if you don't sell? Stop making a fool of yourself. If you have a job and live in a house with lower value than your mortgage suck it up and continue living there making payments.
    So you would advise people to throw good money after bad. That just makes so much business sense.

    Again I would rather pay 17 % and be above water vs paying 6 % and being below water.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Eighty Deuce View Post
    I have not read the entire thread, but I do not believe you can make a valid comparison of the two based on such little info. Let me explain.

    I bought my first house while Carter was President. And my second house, with interest rates on the second house at about 12%. What made such possible then was that inflation was still l high enough that the houses were appreciating at a rate consistent with my interest rates. So at least I could anticipate selling down the road, having renegotiated interest rates as they moved with inflation, and get my money back as I went through the next sale-purchase cycle.

    Being underwater poses a whole different scenario. If I have no plan to sell-move anytime soon, then it is not necessarily a dire situation. But if I must move, I am faced with carrying a huge loss forward.

    Both scenarios are bad, high interest rates and being underwater. But in different ways, which will vary based on variable factors.
    I don't disagree, the problem arises if you go to sell the house or lose your income thus have to either sell your house or declare bankruptcy. That wasn't the point which was as you also stated if you have no plan to sell or move and have a job it isn't dire. My point was that no one loses anything if the house is under water and they don't have to sell.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    What money have you lost if you don't sell? Stop making a fool of yourself. If you have a job and live in a house with lower value than your mortgage suck it up and continue living there making payments.
    That's exactly what the mortgage problem is these days. People are paying mortgages that aren't relative to the current value of the house. It's definitely possible to pay more to the bank at the completion of the mortgage (before interest) than its initial value at the time of mortgage signing. That's what's happening to a lot of people. I think that's one of the most important reforms the housing market needs right now to get back on its feet.
    The GOP National Committee should change their emblem from an elephant to a condom. A condom stands up to inflation, halts production, destroys the next generation, protects pricks, and gives one a sense of security and safety while screwing others.

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    Re: White House Tax Plan Would Ask More of Millionaires (Continued)

    Quote Originally Posted by Conservative View Post
    what does a 100,000 mortgage cost at 17.5% vs that same mortgage at 4%. You just show how out of touch you are with the average American, you need to get out more.
    Here's the part you don't get ... in the early 80's when the rates went sky high, that affected peoples' ability to afford taking out a mortgage on the house. It didn't bankrupt them, they just had to wait until the rates came down to make the mortgage more affordable. If someone bought a house at $100,000 with a 17.5% rate, it's because they could afford it. Which also highlight s why Reagan had a better recovery than Obama. In the early e80's, the people who bought houses at 17.% rates were able to refinance their mortgage during the recovery period which provided them extra spending money which helped fuel the recovery.

    Now compare that with the millions of people who did just the opposite in the mid-2000's ... they took out ARMs and deferred interest loans for extremely low interest rates and then couldn't afford to keep up with their mortgage when the fixed rate expired and the interest rates rose. They lost all their money and had nothing to help fuel a recovery. That's a big part of the problem for why the recovery has been so sluggish.

    The big difference that you're incapable of understanding is back then, there was room to produce a recovery. That's a luxury which doesn't exist now.

    Back then, we were able to reign in inflation, thereby promoting growth; now, inflation is already low.

    Back then, we were able to lower interest rates to spark investments, thereby promoting growth; now, the interest rates are already low.

    Back then, income taxes were as high as 70%, plenty of room to reduce them to put more money into the economy; now, income taxes are already near historic lows.

    Back then, national debt was not an issue, there was plenty of room to borrow to invest more money into the economy; now, the national debt is bursting at the seams and there's little more we can tap into.

    All the things that could be done to generate a recovery were at Reagan's disposal back then and none of them are available now. And Obama isn't responsible for any of them except the debt, which Republican presidents contributed some 80% of prior to Obama becoming president.
    Last edited by Sheik Yerbuti; 10-13-11 at 09:46 PM.

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