Volcanologist
Well-known member
Magnets, insurance, grade school level math problems....long list of stuff intellectually beyond the GOP these days
OT: American Politics
- Thread starter MindzEye
- Start date
axlsalinger
Well-known member
LeafOfFaith
Well-known member
My law partner and I have been paying around $10k per year for 15 years on malpractice insurance, and (knock on wood) never have had occasion to even call up the insurance company. Just free $150k to them for 15 years.
Would be nice if there was something where people who don't actually use the insurance for some period get some portion of what they paid back.
PlayerToBeNamedLater
Well-known member
concepts of a plan...since 2015
axlsalinger
Well-known member
congrats on finally paying off that 2010 Ford Focus
View: https://x.com/unusual_whales/status/1987985187918192870?s=20
View: https://x.com/unusual_whales/status/1987985187918192870?s=20
LeafOfFaith
Well-known member
I mean, 30 years or 50 years, does it really matter?
What's the point when rates are so high anyway, like a 6% or 7% mortgage is so damn enticing I want to lock it in for a half century?
What's the point when rates are so high anyway, like a 6% or 7% mortgage is so damn enticing I want to lock it in for a half century?
Cal Gal
Well-known member
'South Park’ Creators Say Show Attacks Trump Because Politics Are ‘Pop Culture’ and ‘There’s No Getting Away’ From MAGA, New Paramount Bosses Are ‘Letting Us Do Whatever We Want’
‘South Park’ Creators Say Show Attacks Trump Because Politics Are ‘Pop Culture’ and ‘There’s No Getting Away’ From MAGA, New Paramount Bosses Are ‘Letting Us Do Whatever We Want’
“South Park” creators Matt Stone and Trey Parker recently spoke to The New York Times about their decision to turn the latest episodes of their Comedy Central series into full blown Donald Trump takedowns. The show has been criticizing MAGA nonstop in Seasons 27 and 28, which started airing in...
lecoqsportif
Well-known member
As long as the oligarchs control it.
They don’t care about economic growth or well being, just oligarchic control. But it’s a fools play when you cede the next dominant source of energy, which they are doing.
MindzEye
Wayward Ditch Pig
Yes, immensely.
500K initial mortgage at 5% for 25 years = 876K fully paid
500K initial mortgage at 5% for 30 years = 966K fully paid
500K initial mortgage at 5% for 50 years = 1.36M fully paid
Instead of providing affordable housing, it's allowing your housing market to become a mechanism of producing debt slaves to the bank.
lecoqsportif
Well-known member
Yes. 20 years is gigantic…. massive, obviously. See: compounding. See: opportunity cost (of not benefiting from compounding on the investment side). See: multigenerational mortgages.
They are putting the middle class in the a debt cycle vice for their entire working lives, which will stretch well into their 70s.
This is truly brutal. Oligarchs, in this case the princelings of finance, are literally leeching more wealth out of the middle class and hindering their capacity to save and invest for themselves.
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lecoqsportif
Well-known member
Um.
This?
lol
The opportunity cost of reducing middle class savings/investment will be devastating.
Also note that those interest payments live on income statements, not balance sheets. All that additional cash flow is going to current expenses, not asset accumulation.
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LeafOfFaith
Well-known member
Yes, I know the longer a mortgage runs, the more you pay.
My point was that pretty much no one stays in the same home for 30 years anyway, and along the way they refi every time the rates improve over what they have, usually resetting the 30 year clock. Nobody is forcing anyone to stay in their home, they can sell at any time, any many times circumstances forces a sale early (death, loss of job, etc.). So it will almost never get to the 30 years, not to mention 50 years.
And I don't see how it's a selling point for anyone in this climate anyway. I don't want a 1 year mortgage at the current rate.
LeafOfFaith
Well-known member
But you don't have to select the longest term. While there are 30 years here, there are also 5, 10, 15 too.
I think what they're offering is a nothingburger that adds zero to what is already there. I don't see how letting someone have a rate for 50 years instead of taking the 30 years if they wanted would make anything worse when it's all optional.
StormChaserBH
Well-known member
The mortgage lenders and seller agents are all also going to start pushing it into the affordability calculations, "you can afford X much house now", "get your dream home for as little as X a month", etc... and pushing even naive buyers who can afford it into buying too much house for their income.
MindzEye
Wayward Ditch Pig
The 08 collapse , at least on the consumer side of the equation, was set off by entirely optional (and bad) mortgage choices. I wouldn't underestimate the ability of bad consumer choices to put the broader economy at structural risk, especially when the wall street guys are amplifying the impact of every dollar lost with their usual financialized fuckery.