Hey - did you know if you click on the title of a thread it will take you to the first unread post since you last visited that thread?
but were afraid to ask: 
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Pretty Please - add it to our Events forum(s) and add to the calendar! >> 
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Right, but how many actually do read it(other than me that is, and that's because I'm an anal retentive).
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mortgage mess
- Thread starter NutmegCT
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Dave Richards
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alana said:
This is the hidden paydirt for the government and something most people don't know about. You and I are funding America, my friend. If more people had to write checks to the IRS every month, instead of lamenting their "deductions" the income tax would be eliminated. The problem is the really big taxpayers are the silent minority.
It's counter-productive and very discouraging, e.g. show some initiative, make more money, the IRS introduces to the AMT.
Ok, I'm in for a penny, I might as well get a pound...
Please don't get me wrong, America is the best country ever, love it, or leave it (and speak English, please, while you're at it) and if it wasn't as great as it is, I would never be able to rant like this and thanks to all the Vets and especially to those who paid the ultimate price for me being able to say this...
If you add up the State sales tax, the IRS taxes, medicare, SS, unemployment, excise tax on fuel, school tax, county tax, all the other municipal taxes, and a few others I'm too frustrated to think about, and look at them as a percentage of your income, you are way over 50%, some years closer to 70%...now consider this: Serfs in Medieval times had to give 1/2 of their produce to the Land Lord.
And by the way, the Founding Fathers never conceived of, or condoned, an income tax for the Republic, I know, I know, times are different now, but enough is enough. How about some self responsibility, so we don't need to "cradle to grave" every single person...
Have I crossed the line on politics for the Forum yet??? Well, it is the Pub, you know! Thanks for listening (reading)
OP
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A more interesting aspect of this might be, would a mortgage be desirable if the interest weren't deductible?
Taxes are always a pain. The AMT formula desperately needs fixing - but then so do our highways and bridges. And there's been open discussion about the "marriage tax" and AMT for decades. Nothing new there.
Amazing to me that lenders were pushing their products to people with little supervision. More sales, more commissions, more mortgages, more CMOs.
The bubble can't expand forever. Sounds like a Ponzi pyramid to me. But even more amazing is how little people actually "work" to understand where their money actually goes. Big house, big car, big boat. It ain't the lender that bought those things. The lender made it possible for the ill-informed to become ill-invested.
Tom
Taxes are always a pain. The AMT formula desperately needs fixing - but then so do our highways and bridges. And there's been open discussion about the "marriage tax" and AMT for decades. Nothing new there.
Amazing to me that lenders were pushing their products to people with little supervision. More sales, more commissions, more mortgages, more CMOs.
The bubble can't expand forever. Sounds like a Ponzi pyramid to me. But even more amazing is how little people actually "work" to understand where their money actually goes. Big house, big car, big boat. It ain't the lender that bought those things. The lender made it possible for the ill-informed to become ill-invested.
Tom
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I'm laughing Tom at your comment <span style="color: #FF0000">BIG BOAT</span>.
It is no great secret that I'm an avid sport fisherman.
You have no idea how many <span style="color: #009900">BIG BOATS </span>
have been offered to me at great deal prices over the past 6 months !!
I'm awful I know BUT we get a bit of a grin cruising thru
the marinas and seeing "for sale" signs on at least 50%
of the MacYachts the owners can't even afford to fill with
fuel.
Color me- no debts and loving life in my Red Mako and
Red Six. Yup, I can afford fuel for both.
It is no great secret that I'm an avid sport fisherman.
You have no idea how many <span style="color: #009900">BIG BOATS </span>
have been offered to me at great deal prices over the past 6 months !!
I'm awful I know BUT we get a bit of a grin cruising thru
the marinas and seeing "for sale" signs on at least 50%
of the MacYachts the owners can't even afford to fill with
fuel.
Color me- no debts and loving life in my Red Mako and
Red Six. Yup, I can afford fuel for both.
OP
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Dale - I think we're some of the lucky few. No debt here either. Paid off mortgage, paid off car loan, etc. And at 37mpg in my Mazda I can afford gas no problem (tho' I've cut back on driving).
I keep thinking of that tv commercial last year - Smiling guy shows us his new house, new car, country club membership, etc. Says "How did I do it? I'm in debt up to my eyeballs. Somebody help me!"
Really sad that so many people couldn't "wait" and save up the funds to buy responsibly. Remember that line from West Side Story? "Everything's free in America!".
'til the bills arrive, anyway.
tom
I keep thinking of that tv commercial last year - Smiling guy shows us his new house, new car, country club membership, etc. Says "How did I do it? I'm in debt up to my eyeballs. Somebody help me!"
Really sad that so many people couldn't "wait" and save up the funds to buy responsibly. Remember that line from West Side Story? "Everything's free in America!".
'til the bills arrive, anyway.
tom
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<div class="ubbcode-block"><div class="ubbcode-header">Quote:]A more interesting aspect of this might be, would a mortgage be desirable if the interest weren't deductible?
[/QUOTE]
I wouldn't even mind that if they'd let me at least deduct State and property taxes again. As it is...
That said we bought a foreclosed property, so I at least did ok out of this debacle.
[/QUOTE]
I wouldn't even mind that if they'd let me at least deduct State and property taxes again. As it is...
That said we bought a foreclosed property, so I at least did ok out of this debacle.
OP
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alana said:
Alan - are there many foreclosed properties in your area? Were you looking specifically for a property under foreclosure? Last night there was a segment on the news about a "foreclosure bus" that was taking potential buyers around neighborhoods with lists of foreclosed houses. Thought it was strange - as not all properties for sale are under foreclosure.
Tom
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I have no idea what's going on...
We just pass em off...
For example...My Great-Great-Grandfather bought the one I'm living in now...
What's up with all you transients?
We just pass em off...
For example...My Great-Great-Grandfather bought the one I'm living in now...
What's up with all you transients?
tony barnhill
Great Pumpkin - R.I.P
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They AREN'T!!NutmegCT said:
terriphill
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AAAH! Good question....My husband and I learned about these things through the school of hard knocks.
I am presently pushing for our Middle School to offer a mandatory economics class to all 8th graders. It should also be a part of the High School curriculum and again at least 1 economics class as part of a college degree. My generation missed this for some reason...not a part of the "curriculum" in any of my educational background.
I am presently pushing for our Middle School to offer a mandatory economics class to all 8th graders. It should also be a part of the High School curriculum and again at least 1 economics class as part of a college degree. My generation missed this for some reason...not a part of the "curriculum" in any of my educational background.
tony barnhill
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<div class="ubbcode-block"><div class="ubbcode-header">Quote:]mandatory economics class to all 8th graders. It should also be a part of the High School curriculum[/QUOTE]
Depends on what one means by 'economics classes'...I've got a double major in my undergraduate degree in economics & nowhere in that curriculum did I ever take classes on reading mortgages, balancing checkbooks, investing & saving - all those things that a person needs to understand before even thinking about supply & demand & their effects on GNP!
Depends on what one means by 'economics classes'...I've got a double major in my undergraduate degree in economics & nowhere in that curriculum did I ever take classes on reading mortgages, balancing checkbooks, investing & saving - all those things that a person needs to understand before even thinking about supply & demand & their effects on GNP!
OP
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Tony: "they aren't"
bingo
Terri: it's a positive step to put it in the curriculum, definitely. But perhaps a more important step would be that kids only get money when they do work. No "free" $50/week allowance (!), no pre-paid or daddy-paid cell phone, no "teen credit card", etc. Earn it, don't borrow it (or freely get it).
Yep - believe it or not, those "freebies" are commonplace now. Many parents apparently just give stuff/money to kids instead of sharing time with them. What did my neighbor get his son for his 16th birthday? An Alfa-Romeo. Good lord, I turned 16 in 1964. I got a firm and hearty handshake, and a day at Six Flags Over Texas (lived in Fort Worth).
T.
Edit: PS, that's the same 16 year old who "doesn't like to do yard work or work outside" . Yeesh ....
bingo
Terri: it's a positive step to put it in the curriculum, definitely. But perhaps a more important step would be that kids only get money when they do work. No "free" $50/week allowance (!), no pre-paid or daddy-paid cell phone, no "teen credit card", etc. Earn it, don't borrow it (or freely get it).
Yep - believe it or not, those "freebies" are commonplace now. Many parents apparently just give stuff/money to kids instead of sharing time with them. What did my neighbor get his son for his 16th birthday? An Alfa-Romeo. Good lord, I turned 16 in 1964. I got a firm and hearty handshake, and a day at Six Flags Over Texas (lived in Fort Worth).
T.
Edit: PS, that's the same 16 year old who "doesn't like to do yard work or work outside" . Yeesh ....
terriphill
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Oh I agree with this spoiled generation..believe me. The cell phones, IPODs, game systems they bring to school while eating thier "free and reduced lunch" But, they can't add and subtract without a calculator and balancing a checkbook is not even in their realm of possiblities. My boys don't have these things (and we could afford them) unless they buy them.
I know its not PC to say, but if parents are not going to do thier job, it falls to the one area of these kids lives where there is some measure of inluence...the schools. We already teach ethics, morals, "Just say no" to drugs and sex, driver's ed,and on and on...(and you wonder why they can't name the planets in our solar system, read and write, or add simple strings of numbers)
Instead of "No Child Left Behind" for schools....it would be the responsiblility of the home to teach the "other stuff" Its too bad you can't legislate parenting......Maybe before a new parent leaves the hospital they could be given a "curriculum" that outlines what they should teach their children and at what age. We could even have tests periodically to ensure that the parents are doing their jobs! /bcforum/images/%%GRAEMLIN_URL%%/smile.gif
I know its not PC to say, but if parents are not going to do thier job, it falls to the one area of these kids lives where there is some measure of inluence...the schools. We already teach ethics, morals, "Just say no" to drugs and sex, driver's ed,and on and on...(and you wonder why they can't name the planets in our solar system, read and write, or add simple strings of numbers)
Instead of "No Child Left Behind" for schools....it would be the responsiblility of the home to teach the "other stuff" Its too bad you can't legislate parenting......Maybe before a new parent leaves the hospital they could be given a "curriculum" that outlines what they should teach their children and at what age. We could even have tests periodically to ensure that the parents are doing their jobs! /bcforum/images/%%GRAEMLIN_URL%%/smile.gif
OP
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Well, there's one way (at least) to solve the "cheap and easy" problem. It happened in the 1930s. Not pretty. But the people I know who were young adults in the 1940s sure knew how to budget their time and money.
I read a sign outside a bomb shelter store (yep - that's what it was - the year was 1962). Sign said "affluence will break our nation".
There's still time to fix this. But if we don't actually see what our kids are required to learn in school, and if we don't make sure it's really worthwhile, then we'll see more and more of the "bling" mentality. And that's not pretty either.
Today I was buying groceries. So many of the young parents (mostly women) had carts with a couple of kids. At least half of the mothers I saw (around 100) were slowly moving their carts through the aisles, talking on their cell phones about ... generally nothing. Ignoring the kids.
Anybody see the segment on Good Morning America today about the young family with a four year old weighing over 100 pounds? Only way the parents keep the kid from screaming and throwing tantrums is by giving her whatever food she wants. Argh.
T.
I read a sign outside a bomb shelter store (yep - that's what it was - the year was 1962). Sign said "affluence will break our nation".
There's still time to fix this. But if we don't actually see what our kids are required to learn in school, and if we don't make sure it's really worthwhile, then we'll see more and more of the "bling" mentality. And that's not pretty either.
Today I was buying groceries. So many of the young parents (mostly women) had carts with a couple of kids. At least half of the mothers I saw (around 100) were slowly moving their carts through the aisles, talking on their cell phones about ... generally nothing. Ignoring the kids.
Anybody see the segment on Good Morning America today about the young family with a four year old weighing over 100 pounds? Only way the parents keep the kid from screaming and throwing tantrums is by giving her whatever food she wants. Argh.
T.
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"Tests periodically to ensure that the parents are doing their jobs"
not as insane as it seems ... how 'bout this: parents' income tax (or welfare payment) is "adjusted" based on how the kids are doing in school.
hmmmm .... not as insane as it seems ...
T.
not as insane as it seems ... how 'bout this: parents' income tax (or welfare payment) is "adjusted" based on how the kids are doing in school.
hmmmm .... not as insane as it seems ...
T.