RossValoryRocks wrote: Maybe I should have clarified...they are lower than the historical average...would that have been better?
Absolutely! When put that way, it is an absolute fact. As I said in my post, I believe interest rates are indeed low right now (and it's all directly attrtibutable to the fiasco on Wall Street)! The truth when it comes to interest rates is that they are almost guranteed to stay low (relatively speaking). I've heard many people talk about the 14% to 18% mortgage rates of the early 1980's. What they always forget to point out is that the average house cost about $40K back then! With a median home price in the U.S. of $212,400 (and that number is way down), we're NEVER getting close to double digit interest rates again, in my opinion!
RossValoryRocks wrote: I don't think the economy is a good or as bad as some people would have us believe.
I definitely agree with you on those who actually believe our economy is "good". It's not remotely good. Like my buddy SJ (Dan), my economy is just fine. I have always lived within my means, and have never struggled to pay my bills. That said, it doesn't mean I have my head buried in the sand and don't see what's going on around me. Just because everything is great in my world, doesn't mean our country is experiencing prosperous times. The truth of the matter is that unemployment is creeping up to high levels. Whether people want to accept it or not, the housing market in this country is as bad as its ever been. While I do agree with you that there is enough blame to go around for all of this, I'm not sure it even matters whose fault it is, at this point!
RossValoryRocks wrote: I do have a conservative outlook
And that's your right. I tend to have more liberal viewpoints, because I simply don't believe it's my job to tell people what to do with their body (abortion) or who to sleep with (gay marriage). I don't feel like any of it is my business, or anyone else's! But hey, I'm against capital punishment (because I think the criminal justice system in this country is worse than the economy), so go figure!
RossValoryRocks wrote: I am not supporting Obama.
And neither am I. I'm sitting this one out. If the best we can do for politicians is McCain and Obama, I'm not interested. These are two of the worst candidates I've ever seen, and the two VP candidates are easily the worst two I've ever seen in one election!
RossValoryRocks wrote: I also think it is stupid to panic. No good decisions come because of panic.
This we agree on, but it doesn't change the fact that when the media is constantly on the air reporting all of these disasters that people are absolutely going to panic! When you really think about some of these companies that have failed (companies that have been around for more than 100 years), it's probably unrealistic not to expect people to panic. Some of these companies survived "The Great Depression", but couldn't survive this economic downturn.
RossValoryRocks wrote: I am looking at this down turn as a buying opportunity and a way to increase, over the long haul, my economic position.
I think for those who are financially solvent enough, this is a GREAT time to buy, buy, buy. I also think it's a great time to buy a home, with prices WAY down and mortgage rates very affordable. I just think it's prudent to point out that many people who could get a mortgage as recently as a year ago, may not get one today. Two years ago, one out of every 25 mortgage applications that crossed my desk got denied. Now, it seems like just 2 out of 25 get approved, so the pendulum has definitely swung in the other direction.
RossValoryRocks wrote: The stock market, even with down turns, over the last 50 years or so has returned an average of 8% per year, some years up, some down, some way up and some way down.
No argument from me here. The stock market, historically, has done VERY well, even in spite of some historic crashes!
RossValoryRocks wrote:It is myopic to look at the last week and proclaim the end of economic life as we know it. History doesn't bare that position out. In fact after every major correction like this within a year the markets have been up and average of 10%.
It is NOT the end of life as we know it and there is no reason to panic.
See that, we actually don't disagree on everything. I agree with EVERYTHING here! I have said in the past that I don't believe the world is ending. I have ZERO doubt that our economy and country will eventually be just fine. I just don't think it's going to happen next week, or even next year!
John from Boston
Sorry dude, but when come onto a public message board and declare rates are lower than they've been in 10 years, when that is absolutely not true, I am going to call you on it! The difference between your point of view and my point of view is that you're constantly defending moronic politicians, when there isn't one worth defending! I'm not partisan, and never have been. It just pisses me off when I see people post things that are blatant lies, that they try to pass off as the truth...especially coming from someone I know is actually intelligent!
