EppsNet Archive: Mortgages

Thomas Jefferson: MAGA Republicans

 

My fellow Americans – I have to confess I have not figured out the difference between a “MAGA Republican” and a plain old Republican. A “Make America Great Again” Republican. It doesn’t sound so bad. And with that still unresolved, we are now confronted with “extreme MAGA Republicans,” who apparently want to make America extremely great again. .@RepJeffries on midterms: "Extreme MAGA Republicans apparently do not believe in democracy anymore. […] We'll have an opportunity to make our case to the American people […] and the consequences of what might happen if extreme MAGA Republicans are allowed to seize power." pic.twitter.com/T4LAMCxuyx — The Hill (@thehill) September 29, 2022 Midterm elections are not far away and if I were a Democrat, I wouldn’t be looking forward to them with great optimism. Every Democratic policy has failed. They are under water with the economy, we are in a recession based on the… Read more →

A Couple of Thoughts on Student Loan Debt

 

I’ve taken out mortgage loans, auto loans, acquired some credit card debt . . . am I forgetting anything? But I’ve never acquired debt and not paid it back. It never occurred to me to do that.   Transferring student loan debt seems like subsidizing irresponsibility. What happens when you subsidize something? You get more of it.   I saw the Secretary of Education being interviewed and although I don’t remember his exact words, he seemed to blame the whole thing on the COVID pandemic. He said it was his job (or the government’s job) to make sure that people can bounce back from that and not be crushed by their student loan payments. I’d like to ask him where he got the idea that it’s the job of the federal government to make sure that citizens don’t suffer financial hardships. In the early days of our country, many people… Read more →

EppsNet Book Reviews: The Big Short by Michael Lewis

 

I worked in the information technology department of a mortgage bank in the run-up to the 2007 implosion of the subprime mortgage market . . . Given that it was fairly evident at the time that complicated financial instruments were being dreamed up for the sole purpose of lending money to people who could never repay it, it’s remarkable that very few people foresaw the catastrophe and that even fewer actually had the nerve to bet on it to happen. Long story short, the major rating agencies — Standard and Poor’s and Moody’s — were incompetent in their rating of subprime mortgage bonds, giving investment-grade and, in some cases, triple-A ratings to high-risk instruments. A lot of people took the ratings — which implied that subprime mortgage derivatives were no riskier than U.S. Treasury bonds — at face value and acted accordingly. But there were also some interesting psychological factors in play, not… Read more →

Herman Cain’s 9-9-9

 

By slashing the income tax rate, effectively, in half, he makes it that much more worthwhile to get up in the morning, take risks, work hard, take chances, and invest in progress. By eliminating the capital gains tax, he rewards investment and ownership and makes it possible for people to move up the economic ladder, not through phony teaser Fannie Mae mortgages, but by smart purchases and skillful investment. . . . Herman Cain would establish America as a beacon for investors, entrepreneurs, inventors, creative business people, and all manner of upwardly mobile, ambitious men and women. He would give the U.S. the lowest personal and corporate tax rates in the world, and the only place where investment earnings are tax free. In the process, he and his plan would kindle decades of robust economic growth. He would make the next few decades a continuation of the American Century. —… Read more →

The Chicago Tea Party

 

This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening? How about we all stop paying our mortgage! — Rick Santelli (video), CNBC Chicago I’m rolling over in my grave, as the gentleman from Chicago has already noted. Count me in for the Chicago Tea Party! A little revolution now and then is a good thing; the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. I’ll bring Samuel Adams along. Not the beer, you yahoos, the patriot! He has experience with this sort of thing. P.S. Medary.com has provided a Chicago Tea Party broadside, or whatever you call them nowadays. Read more →