Reply With QuoteThe minimum wage affects how much all of us are paid.
Destin < Razor in MvC3
Yeah, the economist in me says don't fuck with it, because it will crash if it needs to. Also, I think the statistic was something like 90% of minimum wage laws only affect teenages, since they take by far most of those jobs. Illegal immigrants tend to work under it, and most adults work above it.
Check out Mr. Businessman
He bought some wild, wild life
On the way to the stock exchange
He got some wild, wild life
Pontius is my Co-Pilate
The minimum wage affects how much all of us are paid.
Boo, Hiss.
i drink it up!
As much as it sucks, crashes are there for a reason. Plus it isn't really "crashing" per se. People are just being forced to eat their own shit. It's the same with the fat arguement. People blame themselves being fat on glands and gene's. There is no fat gene. You eat too much and don't excercise enough. Case closed I'm a fucking hero.
Originally Posted by rezo
I'm going to use this sentence in a conversation soon.
13th Monkey
great read, maybe a little exaggerated on the impact, but definitely gets the point and the possibilities across
A comparison (we make about the same amount of $):
My younger brother: has worked for the last 7 years for the biggest home loan lender in the US
2 years ago he bought a house more than a normal person with his wages should own by doing an 80/20 full interest and getting qualified on a special program with variable rates, he also got auto loans for 2 cars.
he has empty rooms because he doesnt have $ to furnish the place
he doesnt run the AC (in TX)
he eats ramen noodles
he pays his real estate taxes on a credit card.
he traded his cars up to refinance the loans and now he is upside down.
not to mention the 10s of thousands of dollars in CC debt
the real estate market is so bust now he cant even afford the monthly payments on his home working the same position he has been in for years.
(even the mortgage is now going on credit cards.)
you figure he would be the smart one on the subject since he is in the industry, but he is in the same situation as the average sub-prime buyer
Me: have a single 30 yr fixed mortgage that will have payed off in 15 if we stay here. my house is half the price and half the size of my brothers. also have 2 cars fully paid and own the titles.
started 3 years ago with major CC debt, now have it all payed off and now have more than amount i owed saved up in the bank.
run my AC all day long, have tons of furniture, have extra money to spend on frivolous things and good food and investments (mainly mutual funds, 401k, and stocks, some of which are sufferring due to market conditions, but what the hey) . i could have more saved but i buy too much shit i dont need.
probably will look to buy a bigger place in the next year or 2 since the 2nd rugrat came along. with the equity built up in my home (which is retaining in my area),the money I saved up , and a couple of good investments, i will be able to have a house like my brothers, with none of the worries he has.
also P.S. Texas still has cheap real estate, blv dat
Last edited by D_N_G; 24 Aug 2007 at 01:37 AM.
No handle, no identity.
Working harder is for idiots, suckers and the desperately poor. The only way to get ahead in america is to get a degree in a useful major, a graduate degree in a hard science or law or have a brilliant idea/skill (Google/investing), and make a business of it. That means taking on a massive amount of debt or getting a job and working while you achieve that fortune. I'm on the law route.
That or commit a great crime a la Bush family, Kennedys or the Rockefellers. Y
Otherwise be like every other single mother, immigrant or other lifetime failure and work 3 shitty, demeaning jobs to pay for your lifetime of mistakes.
Yes, I rent out properties. one in Brooklyn, one in Boston. I admit that I got lucky and bought our first place "cheap" back in 2003. It was cheap considering the insane prices now, but back then, it was probably the most we can afford. But guess what, 4 years later, I wouldn't be able to rent a place like mine with the mortgage I pay. It is great. I build equity and profitting from it by buying another place. So yah, it was luck but it wasn't like a bargain back then and who knows how the RE market would swing right?
Yah, working harder is for people who have no other avenue. Work smart, save your money and invest. You think I just buy games and Transformers, HDTV, speakers, etc etc etc all the time? No way, we didn't buy much before our first house purchase. Only after that did we start to buy more "luxury" items (stuff that isn't crucial to our everyday lives).
I don't care if the RE market crash. There should be a correction in the next 5 years. But you know, it isn't going to be like the stock market bubble burst back in early 2000. Because unless you are one of those idiots who took a sub-prime loan, you can just stay put and live in your property. It will always have intrinsic value (assuming it is your primarily residence). As long as you don't have to sell in bad market, you aren't "losing" anything. You only lose if you sell it lower than you buy it. Basically, even if the market crash, you won't see houses drop 50% of the value, because people will just hold and move later.
Having the government step in to regulate the RE market is a scary proposition to me. Let the market dictates the prices, it will cool down some.
MK is so romantic.
"Question the world man... I know the meaning of everything right now... it's like I can touch god." - bbobb the ggreatt
Destin < Razor in MvC3
I'm going to get a suger momma.
Check out Mr. Businessman
He bought some wild, wild life
On the way to the stock exchange
He got some wild, wild life
STC imo
"Question the world man... I know the meaning of everything right now... it's like I can touch god." - bbobb the ggreatt
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