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Getbig Main Boards => Gossip & Opinions => Topic started by: stormshadow on January 22, 2008, 06:12:18 AM
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Hold onto your seats boys and girls, we all just took a nice pay cut once this flows through.
I love reading the articles talking about inflation as if it is some byproduct of the free market economy and not a direct result of the Central Bank and government creating credit and printing money.
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thanks for this bodybuilding gossip post
keep up the good work
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with turmoil comes oppertunity
housing prices are dropping...interesting rates will be dropping...for some people it might be a good oppertunity to pick up some rental/commerical properties
also some banks like ING are still offering high rates on checking/money market/CDs..you could probably lock in a good rate still
aapl was trading at 200pts 4 weeks ago..now it is trading at 150..the company's fundamentals have not changes yet the stock is cheaper...longer term it is a great buy
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Hold onto your seats boys and girls, we all just took a nice pay cut once this flows through.
I love reading the articles talking about inflation as if it is some byproduct of the free market economy and not a direct result of the Central Bank and government creating credit and printing money.
inflation is caused by printing money but thats definitly not the only reason for inflation.
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Great idea, keep cutting the rate. While they're at it, they should just print lots more currency and pass it out to everybody. Oh wait...
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thanks for this bodybuilding gossip post
keep up the good work
Some of us have lives and provide for others (not me) ...you should be happy mommy and daddy stock the fridge
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Cue in MattC for his knowledgeable school us all on the world of economics.
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Great, I just lost another $60,000. :-\
Good for a lot of you, though.
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Share your ideas... what are good ways to make the most of these opportunities?
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damn, I wonder what the $ amount of govt. securities is that the fed had to buy to cut the rate 3/4 a point :o
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Share your ideas... what are good ways to make the most of these opportunities?
The best thing to do is to make investments that you understand and can control. Gambling in the stock market would not qualify.
I currently have 400k invested into an oil and gas lease through my business. 130k is my own personal funds and the rest is from my investors. I did very well for my first 6 months in business.
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Opportunities
- Property values still incredibly depressed in most areas of the country so it's a great time to buy.
- Low interest rates and a depressed RE market means a $50,000 downpayment could buy you an appraised $500,000 home for $350,000 with a monthly nut of less than $2,000.
- Even if value of your home has decreased, opportunities abound to "trade up" on properties in areas with greater depreciation.
- As mentioned above, several online banks still offering great interest rates on MM and CDs. Check Bankrate.com (http://Bankrate.com) for best deals.
- Stock market still too volatile for the novice to enter unless buying solid no-load Mutuals. Check out Kiplinger's Top 25 Funds and their 1/3/5/10 performance charts at http://www.kiplinger.com/investing/funds/kip25/tables/ (http://www.kiplinger.com/investing/funds/kip25/tables/)
- Better deals on credit card interest rates. Ask current card banks to reduce rates.
- General economic depression and slow brick and mortar store sales means LOTS OF SALES and BLOWOUT EVENTS at BESTBUY and CIRCUIT CITY!
- Bleak economic outlook and poor 2007 US automaker sales, plus low interest rates means plenty of ZERO-FINANCE DEALS on 2008/2009 NEW CARS or loads of CASH-BACK incentives.
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Great, I just lost another $60,000. :-\
Good for a lot of you, though.
The only money I had the market today is a huge short position in C that I opened last Tuesday and covered at 9:32am EST this morning, suckers! ;D
It might be easer if we skip the middleman and you just send me your money.
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Great idea, keep cutting the rate. While they're at it, they should just print lots more currency and pass it out to everybody. Oh wait...
Exactly. And call it a "tax rebate."
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Hold onto your seats boys and girls, we all just took a nice pay cut once this flows through.
I love reading the articles talking about inflation as if it is some byproduct of the free market economy and not a direct result of the Central Bank and government creating credit and printing money.
So does that mean back when the Fed was raising rates in 2004, 05, and 06 we were getting a raise? ::)
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The only money I had the market today is a huge short position in C that I opened last Tuesday and covered at 9:32am EST this morning, suckers! ;D
It might be easer if we skip the middleman and you just send me your money.
okay, you seem to know your stuff.
is there going to be a dollar 'collapse'? or is that just doomsdayers crying like they have been forever?
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okay, you seem to know your stuff.
is there going to be a dollar 'collapse'? or is that just doomsdayers crying like they have been forever?
Yes, it is a fiat currency and will collapse at some point in time.
Our current money system is debt based, which means credit is created out of thin air and then interest is earned on it. The system has the inherent flaw that continued borrowing is necessary for the system to sustain itself.
This system as only been in effect since 1913 with the creation of the Federal Reserve, and the time period is much shorter since we were on the domestic gold standard up to 1933, and on an international gold standard since the early 70's. Since that time we have managed to erode the dollar by 95% and take on 9 trillion in debt.
printing money and continued borrowing to pay for interest payments and other spending can only continue for so long.
If you told your bank that your income was fixed and tapped out, and that you were making your mortgage payments and living expenses from a cash advance on your credit card, do you think they would loan you more money?
That is the situation we are in. Collapse is inevitable.
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So does that mean back when the Fed was raising rates in 2004, 05, and 06 we were getting a raise? ::)
Sort of.
It would be like cutting your paycheck by 50% initially, and then later giving you back 25%
Do you consider that a raise?
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Opportunities
- Property values still incredibly depressed in most areas of the country so it's a great time to buy.
- Low interest rates and a depressed RE market means a $50,000 downpayment could buy you an appraised $500,000 home for $350,000 with a monthly nut of less than $2,000.
- Even if value of your home has decreased, opportunities abound to "trade up" on properties in areas with greater depreciation.
- As mentioned above, several online banks still offering great interest rates on MM and CDs. Check Bankrate.com (http://Bankrate.com) for best deals.
- Stock market still too volatile for the novice to enter unless buying solid no-load Mutuals. Check out Kiplinger's Top 25 Funds and their 1/3/5/10 performance charts at http://www.kiplinger.com/investing/funds/kip25/tables/ (http://www.kiplinger.com/investing/funds/kip25/tables/)
- Better deals on credit card interest rates. Ask current card banks to reduce rates.
- General economic depression and slow brick and mortar store sales means LOTS OF SALES and BLOWOUT EVENTS at BESTBUY and CIRCUIT CITY!
- Bleak economic outlook and poor 2007 US automaker sales, plus low interest rates means plenty of ZERO-FINANCE DEALS on 2008/2009 NEW CARS or loads of CASH-BACK incentives.
as I stated above:turmoil creates oppertunities..thanks for listing these out ED
in NY city because of population density a multi-family home is a great investment.
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Quick question: Are we heading for a recession?
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Sort of.
It would be like cutting your paycheck by 50% initially, and then later giving you back 25%
Do you consider that a raise?
Well, let's see.... in late 2003 the FFO rate stood at 1%. Over the next three years, it went up to 5.25%. With this latest cut, I believe it stands at 3.5%.
If you do the math, your analogy doesn't hold.
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Quick question: Are we heading for a recession?
Quick Answer - Yes.
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Quick question: Are we heading for a recession?
that depends on what definition of a recession that you want to use
http://www.google.com/search?hl=en&defl=en&q=define:recession&sa=X&oi=glossary_definition&ct=title
Michigan unemployment is about 8%..that is mostly due to the automotive industry but still
and the fucking govenment thinks that a $250 check is the answer...fucking genius.. ::)
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Hold onto your seats boys and girls, we all just took a nice pay cut once this flows through.
I love reading the articles talking about inflation as if it is some byproduct of the free market economy and not a direct result of the Central Bank and government creating credit and printing money.
Exactly!
Growing up, I thought that inflation was somehow caused by the increasing rarity of particular goods being sold. What a load. It is a direct result of the Federal Reserve (which is neither federal, nor has any reserves) which is owned by Zionists according to Woten, although I can't confirm that, lol.
Anyway, this sums up this scam pretty well:
http://forum.bodybuildingpro.com/showthread.php?t=4682
Cue in MattC for his knowledgeable school us all on the world of economics.
Word. ;D
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I think we may be in one already. Media isn't going to report is until it's plainly obvious, because it'd be bad for their own bottom line and those of their partners. Your brokerage house won't tell you, as they're really focused on their own assets at the moment and certainly don't need all their working capital taken from them at once by nervous people.
While there were a very silly people who said everything was healthy, the reality is that we've borrowed 4.5 trillion dollars in the last 7 years to fund a war. A billion dolalrs every 10 hours, I think is the exact number.
Bush has been irresponsible. He gave the rich breaks during good times, when he should have been taxing them. You always tax high when things are good so you have a stash for when things aren't so good.
It was fundamentally flawed, and now we're reaping what we sow.
It's cyclical. Many of you neocons will be praying for hilary to come in and hike taxes on the rich and cut corporate tax shelters so thigns will fix. We've neglected the homefront economy too long. You know, cause we have to set up camp in iraq, and that's expensive.
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exactly right 240.
This is truly the worst administration in history. I am a republican, but at this point i either wont be voting or i will vote dem just to get these corrupt people out of office.
The media enabling and lying is disgusting.
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that depends on what definition of a recession that you want to use
http://www.google.com/search?hl=en&defl=en&q=define:recession&sa=X&oi=glossary_definition&ct=title
Michigan unemployment is about 8%..that is mostly due to the automotive industry but still
and the fucking govenment thinks that a $250 check is the answer...fucking genius.. ::)
I like this one: The decline in sea level before a tsunami. Recession is a natural warning sign that a tsunami is approaching.
I don't mind getting wet, I just don't want to be homeless and unemployed.
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exactly right 240.
This is truly the worst administration in history. I am a republican, but at this point i either wont be voting or i will vote dem just to get these corrupt people out of office.
The media enabling and lying is disgusting.
Well, the media has always 'played ball'.
And in the longer run, this period isn't all that bad.
We spent 4.5 tril, and we gained contorl of 80% worth of iraq's 50 to 75 tril worth of oil.
In the biggest scheme, we did damn good. It's just tough to see it happening. In 3 years, Prez Hilary will have taxed the shit outta the rich (well, a little bit). The war will be scaled down maye 75%. And we'll start to turn it around.
China is lending us all this $, but they know that those trillions mean naught if the dollar fails. Nobody wants that. All the drama we're seeing today will solve itself in a few years. Everyone got rich and fat for the last 7 years. Nobody really thought it would last forever, didja?
The victims here are those who thought it would last forever. Those who are barely making rent now on a house they can't afford. They're about to see taxes jump as their wages decrease, and they're going to sell their house at a fraction about the same time they realize they'll be working an add'l ten years to make up for what their 401k will lose in 08.
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That is the situation we are in. Collapse is inevitable.
It's like a game of musical chairs - as long as we keep playing, no one loses. :-\
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you keep repeating we have 80% of Iraqs oil as if that is a permanent thing ::) Study some history.
Its a waste of money, down the rat hole and it has made us and the world less secure.
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Economies are cyclical... we've walked this road many times before. Nothing new under the sun here. All you have to do is study your history and take note of where the opportunities were last time we were here.
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It's like a game of musical chairs - as long as we keep playing, no one loses. :-\
Yes, we have 9 trillion in the debt column.
But what do we have in the asset column?
We have good relationships with most nations on earth.
we have control over tens of tril worth of iraqi oil.
we have control over ten tril in afghan oil.
we may have control over Iran's vast stores.
Don't get me wrong - bankruptcy does happen - mex and rus in 95 and 98 - but I don't think it'll happen here - too much of the world - including iraqi oil 0 is based in dollars. This is cycliacal, just the first time many of us are sitting thru it.
I'm all about CTs and the sky is falling, etc. I just don't think it'll happen here. yes, we need a recession to stop the war profiteers and those milking our treasury dry. Otherwise, they'd do it forever.... 12 tril debt... 15 tril... 18 tril... etc. This is the system's way of saying "slow down mister". And it'll trail off right when bush leaves office. Thise lets the repubs, in 2012, blame Hilary for the 4 years of high taxes she'll have to do to save the economy.
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we have control over tens of tril worth of iraqi oil.
SirTraps says otherwise.
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you keep repeating we have 80% of Iraqs oil as if that is a permanent thing ::) Study some history.
Its a waste of money, down the rat hole and it has made us and the world less secure.
It is a permanent thing. Law is written so that neither al-Maliki's successors, nor Bush's, can change it. It's a permanent agreement, supported by permanent bases in the region. Not that any prez would walk away from that much oil lol... aside from Ron Paul... but google it.. the deal is permanent and won't be 'undone' by future admins. And we have the bases there to ensure Iraq never gets froggy and decides to ask us to leave.
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SirTraps says otherwise.
He can do what he pleases. It's all out there, and no one in washington denies it, although it's not a popular topic. It's necessary at this point.
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Economies are cyclical... we've walked this road many times before. Nothing new under the sun here. All you have to do is study your history and take note of where the opportunities were last time we were here.
100% correct. This is cyclical. It will not be a pleasant year going forward, but if your time horizon is 5 plus years, I wouldn't freak out just yet.
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no puppet govt has ever been overthrown, no administration has ever changed foreign policy, we have never suffered a depression
ok, gotcha ::) nice crystal ball.........
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no puppet govt has ever been overthrown, no administration has ever changed foreign policy, we have never suffered a depression
ok, gotcha ::) nice crystal ball.........
1. If they overthrow their govt, we're there to crush any resistance and force any new parties to abide by the agreement, or meet Saddam.
2. Why would any US admin walk away from all that oil? Be realistic here. It just doesn't happen.
3. We might suffer a depression. But that won't change the fact that 4/5 of wha'ts under their sand belongs to us.
Bottom line is that the contract is in place, the bases are in place, the drilling is happening, and we'll be there forever. Politicians on both sides admit this now. You have lots of ideas of what 'could' happen. but this is what IS happening.
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There once was a guy named The Shah, there once was a Batista, there once was a friendly govt in Venezuela, there once was a puppet govt in South Vietnam.........who knows what will happen in 20 years ? especially the most unstable region in the world.
Study some history before you claim "its a lock, there is a written contract in place" ;D That really doesnt mean shit.
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There once was a guy named The Shah, there once was a Batista, there once was a friendly govt in Venezuela, there once was a puppet govt in South Vietnam.........who knows what will happen in 20 years ? especially the most unstable region in the world.
Study some history before you claim "its a lock, there is a written contract in place" ;D That really doesnt mean shit.
1. In 20 years, we'll have pumped them dry and the bases will only remain for strategic reasons.
2. We have a base that's 4 square miles, in the middle of their capital city, and 2 dozen bases throughout the country. We run their police and military. We have soldiers roving their streets 24/7.
They probably have 'coups' all the time- groups who would love to kick us and al-maliki out. We kill them quickly. The chance of them building any real resistance, nah, I dno't see that happeneing for a while. We'd see it, label it a bad guy, and carpet bomb it.
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OK Eisenhower, looks like youve got this thing all figured out. Ill be moving along now. ;D
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Well, let's see.... in late 2003 the FFO rate stood at 1%. Over the next three years, it went up to 5.25%. With this latest cut, I believe it stands at 3.5%.
If you do the math, your analogy doesn't hold.
My math was not tied to interest rates in 2003 vs rates today. I was just illustrating that we were first stolen from via inflation and any gain is only a fraction of our original purchasing power being returned. The overall result is always negative since leaving the gold standard.
As soon as it was illegal for private citizens to own gold in 1933, the value of the dollar was pegged at 35 dollars per troy ounce, from a free market rate of around 25.
That was the start of theft by inflation.
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1. In 20 years, we'll have pumped them dry and the bases will only remain for strategic reasons.
2. We have a base that's 4 square miles, in the middle of their capital city, and 2 dozen bases throughout the country. We run their police and military. We have soldiers roving their streets 24/7.
They probably have 'coups' all the time- groups who would love to kick us and al-maliki out. We kill them quickly. The chance of them building any real resistance, nah, I dno't see that happeneing for a while. We'd see it, label it a bad guy, and carpet bomb it.
Although you have some valid points, how about leaving this thread on the topic of monetary policy and start your own thread to dicuss the reasons for our involvement in Iraq
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Although you have some valid points, how about leaving this thread on the topic of monetary policy and start your own thread to dicuss the reasons for our involvement in Iraq
good idea!
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So...whey protein will be cheaper or higher?
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Opportunities
- Property values still incredibly depressed in most areas of the country so it's a great time to buy.
- Low interest rates and a depressed RE market means a $50,000 downpayment could buy you an appraised $500,000 home for $350,000 with a monthly nut of less than $2,000.
It is a great time to buy definitely. Problem is that most people can't sell, at least here in Michigan. I am running into more and more people who are choosing a deed in lieu(basically a sped up foreclosure, where you give the house back and don't get phone calls for a year bothering you about late payments). Due to 100% financing and the real estate market taking a huge dive, MANY people owe much more on their home than it is worth. In some cases, it can be a disaster, such as people with adjusting ARMS that can not be re-fied and it makes their payment skyrocket. But even for people in fixed mortgages, why hold on to their homes? Here is an example of a loan I just wrote: A guy owed 240 on a house that was maybe worth 180. The home was in his name only, his wife was on title, but that doesn't make her responsible for payments, it just means if something happened to him, it would go to her etc. So he did what a lot of people have been doing. Found a house for about 210 that was much nicer than the home he was living in and his wife got the mortgage in her name. His new house is worth at least 250, even in this shitty market, so he has 40 grand in equity(who knows what that will be like in years to come), rather than negative 60k. His payments are much cheaper and the house is much nicer. His credit took a shit, or it will when the old bank accepts the deed in lieu(if they don't accept it, he will just let them foreclose, either way he is not making any more payments). But they will live in the new house for several years if not forever, so it won't hurt them financially at all. The wife gets a company car and can put his cars in her name so imo it was a great decision to do this, and many people around here have done it or are in the process of doing it. Not sure what this will do to the housing market in the long term, if anything at all, but for some people it makes sense. And for people like my boss, who refied the shit out of his house during the boom a few years ago and now owes 800+ on a 400k house, I really don't see any other alternatives. Of course if both spouses are on the mortgage you are better off to buy the new house first and then renege on the old loan before your credit takes the hit, but either way with this market it's the only way to turn a huge negative into a positive. Have any of you guys heard of anything like this?
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So...whey protein will be cheaper or higher?
due to supplement companies try to maximize profits and the increased consumption from countries like China whey prices are going up
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So he did what a lot of people have been doing. Found a house for about 210 that was much nicer than the home he was living in and his wife got the mortgage in her name. His new house is worth at least 250, even in this shitty market, so he has 40 grand in equity(who knows what that will be like in years to come), rather than negative 60k. His payments are much cheaper and the house is much nicer. His credit took a shit, or it will when the old bank accepts the deed in lieu
Here's where I'm confused on this... if he can easily buy the new house for 210, how exactly is it worth 250? If something sells for 210, that's how much it's worth. So where does this magic $40k in equity come from? I agree he's ending up with a better house for lower payments and less outstanding debt, but it seems to me he would have to come up with 20% of that $210k, especially in today's enviornment?
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Here's where I'm confused on this... if he can easily buy the new house for 210, how exactly is it worth 250? If something sells for 210, that's how much it's worth. So where does this magic $40k in equity come from? I agree he's ending up with a better house for lower payments and less outstanding debt, but it seems to me he would have to come up with 20% of that $210k, especially in today's enviornment?
You are absolutely right, the purchase price of the house is technically what the home is worth. What I meant to say is that comparable houses are selling for 250. Now in 6 months he could get a new appraisal and pull out 40k and refinance because we could definitely use other comps to back up the 250 value, but that is neither here nor there. Also, 100% financing is still available, most of the major lenders still offer 80/20's, for now anyway. It IS much harder to qualify for 100% though and appraisal review is a son of a bitch on re-fies now.
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You are absolutely right, the purchase price of the house is technically what the home is worth. What I meant to say is that comparable houses are selling for 250.
So what really happened is he found a deal where a home was selling below current market for whatever reason. Good for him, but not something that happens every day, obviously.
Also, 100% financing is still available, most of the major lenders still offer 80/20's, for now anyway
THAT truly shocks me. It's interesting to say the least. I would have thought lenders would have learned their lesson after the past year. The real problem was never people with "bad credit histories", but people who were in houses they couldn't afford, with no equity, in a falling housing market.
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So what really happened is he found a deal where a home was selling below current market for whatever reason. Good for him, but not something that happens every day, obviously.
THAT truly shocks me. It's interesting to say the least. I would have thought lenders would have learned their lesson after the past year. The real problem was never people with "bad credit histories", but people who were in houses they couldn't afford, with no equity, in a falling housing market.
Yes, but deals like that are actually quite common. Look at it like this, someone buys house number 1 in 2003 for x amount of dollars. There was no way they could have afforded house number 2 back then. They find themselves ass backwards on house number 1 five years later and house number 2 is actually priced lower than what they payed for number 1. You got to remember, I am talking about Michigan where the market is beyond horrible right now. For your second point, I agree. Lenders are definitely not pushing 100% financing, and many that did offer it no longer do, but it is still available.
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So what really happened is he found a deal where a home was selling below current market for whatever reason. Good for him, but not something that happens every day, obviously.
THAT truly shocks me. It's interesting to say the least. I would have thought lenders would have learned their lesson after the past year. The real problem was never people with "bad credit histories", but people who were in houses they couldn't afford, with no equity, in a falling housing market.
Finding a home below market value is something that Real Estate Investors do all the time. 70% of Appraised Value is standard for most RE investors, and the big boys purchase properties at 20-50% of Appraised Value. Paying Fair Market for a home is really for the suckers that are more concerned with the color of the carpet and the size of the master bathroom.
The Problem was that TOO much emphasis was placed on the credit score. It is not the end all be all of an individuals ability to repay a loan, hold a job, etc. They were putting emphasis on score and being very lax on debt to income ratios.
For Home loans you don't even need much of a credit history, since it is a secured loan, a score will do just fine most of the time. Now if you are looking at lines of credit and unsecured debt, they examine the depth of your history.
for example, I have over 80,000 in unsecured debt/lines of credit. Nothing but a signature to obtain it, and not very easy to get. On the reverse side, I could get a home loan for 400,000 with no problems.
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The Problem was that TOO much emphasis was placed on the credit score. It is not the end all be all of an individuals ability to repay a loan, hold a job, etc. They were putting emphasis on score and being very lax on debt to income ratios.
Absolutely true. Some 21 year olds have 700 plus credit scores, just by paying their car payments and credit cards and living with their parents. Stated loans allowed us to inflate(lie) their income and then they were able to purchase homes that there was no way they could afford. 100% financing on stated loans was a joke. I personally wrote loans for people who worked at Hungry Howies or whatever and just said they worked for a contractor friend of mine, making 3 times what they were making to make the DTI work. Since the lenders only called once and asked if so and so worked there, it was a breeze. Never did quite figure out why they didn't look at the credit reports and realize that there was no info at all about the jobs we made up for them.
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Finding a home below market value is something that Real Estate Investors do all the time. 70% of Appraised Value is standard for most RE investors, and the big boys purchase properties at 20-50% of Appraised Value. Paying Fair Market for a home is really for the suckers that are more concerned with the color of the carpet and the size of the master bathroom.
I understand that, but when it becomes "common", is the assumed "Market Value" really the market value then? The market value of anything is only what someone is willing to pay for it at any given point in time, and it changes frequently. "Appraised value" is a meaningless construct, since what people paid for homes "similar" to mine six months ago might have little to do with what the market may offer for my home today or tomorrow.
The Problem was that TOO much emphasis was placed on the credit score. It is not the end all be all of an individuals ability to repay a loan, hold a job, etc. They were putting emphasis on score and being very lax on debt to income ratios.
I agree completely. Along with not requiring down payments, which traditionally have protected banks from housing market corrections in the event of early foreclosures.
The question is, have they learned their lesson?
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The real problem was never people with "bad credit histories", but people who were in houses they couldn't afford, with no equity, in a falling housing market.
that combined with lenders giving out "No Doc." loans with ARM'S.
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that combined with lenders giving out "No Doc." loans with ARM'S.
The biggest joke were the SISA loans. Stated income, stated assets. I would sit and run desktop underwriter trying to get loans approved and just keep adding assets until I got an approval. 10k didn't work, how about 20? Then when approved they didn't any verification that these people actually had the assets or that they had a job even, they just called whoever we told them to and asked if they were employed there, and wanted a yes or no answer. Dumbest idea I have ever seen.
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i can see us having a war with korea after 'they send' nukes to the superbowl!!!!
as long as we keep killin we keep liven . we kill animals time to kill people many many to die for sacrifice . are you ready to be sacrificed knowing you will be in a better place when you die?
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Quick Answer - Yes.
What makes you think so?
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i can see us having a war with korea after 'they send' nukes to the superbowl!!!!
as long as we keep killin we keep liven . we kill animals time to kill people many many to die for sacrifice . are you ready to be sacrificed knowing you will be in a better place when you die?
Well said DW. I had a feeling those gooks were going to nuke the big game.
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The biggest joke were the SISA loans. Stated income, stated assets. I would sit and run desktop underwriter trying to get loans approved and just keep adding assets until I got an approval. 10k didn't work, how about 20? Then when approved they didn't any verification that these people actually had the assets or that they had a job even, they just called whoever we told them to and asked if they were employed there, and wanted a yes or no answer. Dumbest idea I have ever seen.
Wow.
Lemme guess.... they had salespeople doing their own underwriting, and bonused them solely on the amount of loans they sold, not on how those loans actually performed after the fact? ::)
And they didn't see this coming? ::) ::)
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Wow.
Lemme guess.... they had salespeople doing their own underwriting, and bonused them solely on the amount of loans they sold, not on how those loans actually performed after the fact? ::)
And they didn't see this coming? ::) ::)
Absolutely (Well, the underwriters aren't the salespeople, the reps are.) All while hammering home the point that if we had a problem with THEIR COMPANIES underwriters, that they would help us get around them so we could get the loan written. Plus, they gave us some unbelievable perks, suite tickets to the games, stripclubs, great lunches brought in daily. The reps have been reigned in a bit in the last year or so though and the honest ones are pretty much the ones left standing. Which is cool, I hated reps who were afraid to say no to loans off the bat, it was just a waste of time usually.
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Just shuffling the house of cards, playing games with paper-they did it for 8 years of Clinton with the stock market, now 8 years with Bush and the housing market...........short term gimmicks.
They are trying to stave off the crash that is coming because we dont manufacture anything in this country at all, its a hollow shell of an economy brought to you by free trade. The bill is coming due.
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DO NOT BUY ANY PROPERTY!!!!
The market is going to take in 2008/9 like at no other time in US history....hold on to your butts
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Just shuffling the house of cards, playing games with paper-they did it for 8 years of Clinton with the stock market, now 8 years with Bush and the housing market...........short term gimmicks.
Any kind of that attracts speculators will develop bubbles and corrections, whether if be real estate, equities, commodities, whatever. Nothing new here... been this way forever.
They are trying to stave off the crash that is coming because we dont manufacture anything in this country at all, its a hollow shell of an economy brought to you by free trade. The bill is coming due.
You don't necessarily need manufacturing, as long as you have something of value (services, raw materials, capital) to trade for manufactured goods. I think balance-of-trade is the real issue here... the whole "manufacturing base" argument is just the window dressing.
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always has been speculation and bubbles in the market and real estate/housing.but we never propped up a huge chunk of our economy on it like we do now. Stock market made Clintons time in ofice seem prosperous and the housing market is the only thing that kept Bush's economy afloat.
You cant sustain a large middle class and a healthy economy if we dont manufacture anything in this country, free trade is a real sham.
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Do not fall for the scam of debt! Debt = slavery! The people who control all of the real productivity own none of the real wealth!
Canada follows suit:
http://www.reuters.com/article/bondsNews/idUSN2252036320080122
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I don't think we will have a "textbook" recession but I do believe that there will be one hell of a slowdown though. The bad thing is that the government wants to intervene with a "Stimulus" plan. So, to fix this whole mess the govt. wants to print money (borrowed from China or Saudi Arabia) and give it to us along with tax credits and rebates to businesses to stimulate hiring etc. All short term fixes, we may make it through w/o a Big R, but we will have to live with inflation from oil and heavily subsidized grain that is being sucked up by giant agro companies for Ethanol.
This is an election year so each side has to seem like they are doing SOMETHING all the while ignoring the fact that what they propose didn't work in the 1970's and may help stave off a Big R that would actually force us to make actual changes to policy. Lower corporate tax rates, strengthen the dollar, stop printing money, kill agro subsidies, cut govt. spending, keep taxes reasonably low, and balance the fucking budget. I get a tick when thinking about the 900 billion (soon to be a solid trillion) we owe the Chinese.... :-\
EDIT: Also, keep this on the G and O Board because I can feel an actual solid and informed discussion coming from this. Hell, it beats arguing about Dorian and Ronnie.....
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I don't think we will have a "textbook" recession but I do believe that there will be one hell of a slowdown though. The bad thing is that the government wants to intervene with a "Stimulus" plan. So, to fix this whole mess the govt. wants to print money (borrowed from China or Saudi Arabia) and give it to us along with tax credits and rebates to businesses to stimulate hiring etc. All short term fixes, we may make it through w/o a Big R, but we will have to live with inflation from oil and heavily subsidized grain that is being sucked up by giant agro companies for Ethanol.
This is an election year so each side has to seem like they are doing SOMETHING all the while ignoring the fact that what they propose didn't work in the 1970's and may help stave off a Big R that would actually force us to make actual changes to policy. Lower corporate tax rates, strengthen the dollar, stop printing money, kill agro subsidies, cut govt. spending, keep taxes reasonably low, and balance the fucking budget. I get a tick when thinking about the 900 billion (soon to be a solid trillion) we owe the Chinese.... :-\
chinese 'bomb us' chinese terrorists will be the next big thing but we try to take over korea first . antichrist in 2011
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chinese 'bomb us' chinese terrorists will be the next big thing but we try to take over korea first . antichrist in 2011
Please, don't post in this thread again...
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Please, don't post in this thread again...
sorry i have seniority here at getbig
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Please, don't post in this thread again...
Diamonds are a girl's best friend...
That having been said, daddywaddy's DICK is a real close second!!!
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Diamonds are a girl's best friend...
That having been said, daddywaddy's DICK is a real close second!!!
that being said fine assed hoes and attaining them is what we should be worried about not money because there will be no need for it our natural rescources are about spent
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Diamonds are a girl's best friend...
That having been said, daddywaddy's DICK is a real close second!!!
Christ Matt, stop encouraging him!
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I don't think we will have a "textbook" recession but I do believe that there will be one hell of a slowdown though. The bad thing is that the government wants to intervene with a "Stimulus" plan. So, to fix this whole mess the govt. wants to print money (borrowed from China or Saudi Arabia) and give it to us along with tax credits and rebates to businesses to stimulate hiring etc. All short term fixes, we may make it through w/o a Big R, but we will have to live with inflation from oil and heavily subsidized grain that is being sucked up by giant agro companies for Ethanol.
This is an election year so each side has to seem like they are doing SOMETHING all the while ignoring the fact that what they propose didn't work in the 1970's and may help stave off a Big R that would actually force us to make actual changes to policy. Lower corporate tax rates, strengthen the dollar, stop printing money, kill agro subsidies, cut govt. spending, keep taxes reasonably low, and balance the fucking budget. I get a tick when thinking about the 900 billion (soon to be a solid trillion) we owe the Chinese.... :-\
EDIT: Also, keep this on the G and O Board because I can feel an actual solid and informed discussion coming from this. Hell, it beats arguing about Dorian and Ronnie.....
Does anyone feel that the price of gold is being held down on purpose?
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Does anyone feel that the price of gold is being held down on purpose?
reptilians needed gold in ancient times maybe they still need it, for they have cities of gold with satan
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Does anyone feel that the price of gold is being held down on purpose?
Explain. I mean, gold has more than doubled in price, as well as oil as a hedge against a weak dollar. Are you saying there may be some collusion between traders? Or possibly something more nefarious at play.
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Explain. I mean, gold has more than doubled in price, as well as oil as a hedge against a weak dollar. Are you saying there may be some collusion between traders? Or possibly something more nefarious at play.
When adjusting for inflation the current price is not even close to the last high of 800 per ounce many years ago.
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When adjusting for inflation the current price is not even close to the last high of 800 per ounce many years ago.
And that was in the 1980's, correct?
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And that was in the 1980's, correct?
Correct. I have read that the current matching price adjusted for inflation would be around 1,800 per ounce.
Our dollar has already collapsed, the only thing holding it all together is constant deception by the media and refusal to accept the truth.
I don't think they are even threatened by Ron Paul, because Americans are so brainwashed that they refuse to accept a viewpoint that conflicts with that of the mainstream media. (Matrix)
How can a government that is 9 Trillion in debt with 17 Trillion in unfunded liabilities have any backing for a currency?
It cannot, the guarantee is the income tax on its citizens. The slaves to a debt they did not incur.
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Quick question: Are we heading for a recession?
we've been in a recession for sometime now, shhh don't tell the gov that
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we've been in a recession for sometime now, shhh don't tell the gov that
Actually we haven't. A housing recession yes, but the overall economy, no.
A recession is 2 back to back quarters of zero or negative growth. And we won't know when that will happen until it does. Also, we as tax paying citizens are "collateral" to foreign banks. Period. We have had 15 years of cheap money and irresponsible and inflationary monetary policy by the Fed (mostly Greenspan) and now these chickens have come home to roost. We keep trying to avoid a natural end to a business cycle (recession) by opening up the taps and further digging our own graves. Brilliant! :'(
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anyone who buys a house now is an idiot. Wait a year and the prices will tank for sure. The only way to save the economy is for a HUGE price correction to take place on Homes, Fuel, Food......
The current wages paid in america do not buy 250k homes etc. The dollar bought twice as much in 1970 as it does now..(inflation)
These last holidays were the last HooRah for spending, most americans have no more credit left........fasten your seatbelts. 8)
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EDIT: Also, keep this on the G and O Board because I can feel an actual solid and informed discussion coming from this. Hell, it beats arguing about Dorian and Ronnie.....
I feel Ronnie was better. That being said, Dorian was an excellent bodybuilder! Discuss.
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I feel Ronnie was better. That being said, Dorian was an excellent bodybuilder! Discuss.
Damn you!!!!!!!!!!
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Damn you!!!!!!!!!!
Are you saying Dorian was better? ;D
Canadian Prime @ 5.75%
!!
That's great if you already have debt because now you will enjoy lower interest payments, but please don't fall into this trap of debt if you aren't already in it! I know this is meant to encourage more borrowing and I really hope people avoid that.
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I'm almost done paying off my student loans, should be another year. My credit cards are cool and my car is paid off. BOOM@!!!!!!
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I'm almost done paying off my student loans, should be another year. My credit cards are cool and my car is paid off. BOOM@!!!!!!
Word!
I bought a new car last February so it should be a while yet before I need to get another one, and other than that I am doing alright.
Thunder Bay is #1 in affordable housing in the world.
According to the 2008 4th Edition Demographia International Housing affordability survey, Thunder Bay is the most affordable out of the 227 urban markets they surveyed around the world.
Link:
http://www.demographia.com/dhi.pdf
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Actually we haven't. A housing recession yes, but the overall economy, no.
A recession is 2 back to back quarters of zero or negative growth. And we won't know when that will happen until it does.
Talk to anyone that owns a business that relies on the service economy we live in and they will tell you we've been in a recession for awhile. Once the Fed said in October that a recession wasnot likely, that was the red flag that we were and had entered the danger zone.
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GUYS, isn't it obvious that lending out more money that you don't have to banks is really good for this country in the long run? LOL ::) I mean more debt to the Chinese and private european banks is fantastic! The average joe's paycheck not keeping up with inflation is great! What a great economic plan! Awesome! Citigroup and Morgan Stanley getting bailed out will really help us all!
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Again, when we have 2 back to back quarters of TOTAL GDP contraction, then we will be in a recession. There can be recessions in certain sectors of the economy, that is true, but until we have that half year contraction, we wont be in a total economic recession.
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Fed cuts the Funds Rate 3/4 of a Point
Temporarily, is this a good thing?
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Temporarily, is this a good thing?
As long as it is temporary to give the economy a little juice, than fine. But, if the Fed keeps rates too low, like Greenspan did at the beginning of the decade (both in the 90's and 2000's) than no. All it will do is devalue the dollar even more and create another bubble which in the end creates no real wealth for the majority because that bubble will eventually burst, explode, meltdown or if we are lucky just deflate.
I like Dorian better, he was white.
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As long as it is temporary to give the economy a little juice, than fine. But, if the Fed keeps rates too low, like Greenspan did at the beginning of the decade (both in the 90's and 2000's) than no. All it will do is devalue the dollar even more and create another bubble which in the end creates no real wealth for the majority because that bubble will eventually burst, explode, meltdown or if we are lucky just deflate.
What is your advice to everyone? My advice is to enjoy lower interest rates, but not take on any additional debt! That said, with the basic principles of this system being what they are, it is not possible for everyone to get out of debt. But on an individual level, some can get out of debt. For the economy as a whole, debt literally sustains it!
I like Dorian better, he was white.
Hi NarcissisticDeity.
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What is your advice to everyone? My advice is to enjoy lower interest rates, but not take on any additional debt! That said, with the basic principles of this system being what they are, it is not possible for everyone to get out of debt. But on an individual level, some can get out of debt. For the economy as a whole, debt literally sustains it!
Hi NarcissisticDeity.
i'm going to treat myself to a big beautiful new BMW. i deserve it.
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What is your advice to everyone? My advice is to enjoy lower interest rates, but not take on any additional debt! That said, with the basic principles of this system being what they are, it is not possible for everyone to get out of debt. But on an individual level, some can get out of debt. For the economy as a whole, debt literally sustains it!
Hi NarcissisticDeity.
My advice is to not be fucking dumb with your money. Don't over-extend on debt and invest wisely for the future. It is a good idea to take adv. of the low rates, but to act like a total buffoon and spend yourself into an untenable position is insanity. Which is what brought us to this point.
You can have a good life and enjoy yourself but if you are walking on the the tight-rope of fiscal oblivion because you bought a car or a house (or both)with a pea sized down-payment and now you're squeezed, well, you are fucking to blame and no one else.
Here is a good example of dumb people, especially young people. In a growing young area by me the banks offered some sort of ARM loan on a new house. The sweet ::) thing was that you did not have to put much down or even make a payment on the loan itself for 3 years, you just paid the interest. So, in three years you spent the money you would have saved by paying on the interest only (because god knows no-one would have saved it) and now you are fucked b/c you have to actually pay the interest AND the loan, which you probably couldn't afford in the 1st place. But gee, you got to live in a nice house for those three years....until you default.
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haha i have no debt...all i pay is big taxes
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Again, when we have 2 back to back quarters of TOTAL GDP contraction, then we will be in a recession. There can be recessions in certain sectors of the economy, that is true, but until we have that half year contraction, we wont be in a total economic recession.
No economist is going to go with that shorthand explanation. Point in case 2001 3 consecutive negative quarters then it was a "official recession" Recessions are not made on GDP or negative quarters.
i'm going to treat myself to a big beautiful new BMW. i deserve it.
Don't do that. When Bush went to speak to OPEC, they said they would supply oil as they saw fit not based on supply and demand. Then the next 2 days oil prices slipped and we say a supply of oil....hmmm but where was that from? Yes it was our reserves.
Oil will be $5 a gallon, when? Next year or so. India just signed a huge oil deal with Malaysia (25years), were out of the loop right now.
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No economist is going to go with that shorthand explanation. Point in case 2001 3 consecutive negative quarters then it was a "official recession" Recessions are not made on GDP or negative quarters.
Don't do that. When Bush went to speak to OPEC, they said they would supply oil as they saw fit not based on supply and demand. Then the next 2 days oil prices slipped and we say a supply of oil....hmmm but where was that from? Yes it was our reserves.
Oil will be $5 a gallon, when? Next year or so. India just signed a huge oil deal with Malaysia (25years), were out of the loop right now.
it's ok i can afford 5 dollars a gal :)
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it's ok i can afford 5 dollars a gal :)
haha damn man. What did you get a police repo ;)
Hey you know what, if your buying a expensive car, then the last thing you should be worried about is the price of gas, if so then means you probably should not be buying it in the first place. hehe
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haha damn man. What did you get a police repo ;)
Hey you know what, if your buying a expensive car, then the last thing you should be worried about is the price of gas, if so then means you probably should not be buying it in the first place. hehe
i've been looking at some for a few months and now seems like a good time bmw sedan i'm a liberal republican lol