So banks can borrow from the FED at 1.5% and are now lending it out at 6.5%. This is just going to depress the economy more.
we need to reach a bottom, the fastest we do, the faster we'll recover. Homes have still 20 % to lose before the market stabilizes, not every schmuck will be able to score a mortgage now. Good, so our banks will be in the money and no longer subsidizing loans to losers and then asking the US taxpayer for a bailout. Tighter credit will definitely help with that. I welcome these sober times.
Mortgage rates are going to be higher. Loans more difficult to qualify for. That means less RE activity and slowing economy. History is RIFE with examples of when a country plays fast and loose with the money and credit, SEVERE consequences are virtually inevitable. Too bad we can't elect leaders with even a smidge of common sense...
Every country gets the leaders they DESERVE. remember how people were making fun of Al Gore and his "lockbox" as it relates to social security. people were mocking him as negative and pessimistic. Imagine what would have happened if social security funds were invested in the markets. They wanted a president you'd want to have a beer with, They got him. A friendly intellectually inept retard Lots of people 401Ks have been decimated, We're going to see lots of Grandpas working at Walmart next year. Are you following Joe the Plumbe story who's at most making 40k complain to Obama about "taxing" him and destroying "the American dream" when the dumbfuck isn't a licensed plumber and very far from making 250k, late on his taxes and got a hospital fee collection. The US populace DESERVES GW Bush and his administration (The wars, Katrina and now this.)
That's TOTAL BS! Nobody deserves to be abused just because they are naive and trusting. Elected leaders are supposed to act in the best interest of the country and its citizens. Ours do not, regardless of whom we elect.
Democracy is about CHOOSING your leader after doing your homework. When your main "issue" is a flag pin, then you're STUPID not trusting. you're just plain fucking stupid. you make a stupid choice, and that's how idiots get elected. in this country. Idiots REPRESENTING idiots.
LOL... Good one! Politicians intentionally deceive. We don't get to "choose" an appropriate candidate. For one, we don't even know who IS appropriate. We only get the choice of candidates which each party provides. When ALL of the choices are CRAP.. we get crap... doesn't mean we DESERVE crap. We WISH all of our presidents had the integrity of Andrew Jackson. Instead we always get someone who's more like a mob boss.
I just hope someone who doesn't spend more than we get in revenue. Republicans have turned from fiscal hawks to chicken little drunk spenders. The Deficits are huge.
what determines the 30yr fixed mortgage rate? I thought it was the 10yr treasury note. can the banks arbitrarily set the rate?
Though Bush was the MOST profligate violator, we've had deficits* virtually every year for decades. And in spite of tax increases, don't be surprised if Hussein NObama's deficits are even bigger than Bush's. Yeah I know about the Clinton surplus... Big deal. He raised taxes and caught a boon of capital gains at the peak of the .com bubble. He deserves no credit at all for this. *And why not? One Legislator make a famous quip, "Reagan proved deficits don't matter". That's' high on the list of "MOST STUPID STATEMENTS EVER MADE BY ANYBODY AT ANY TIME"..