OT: Jets Writer Connor Hughes can’t find a home with $600K budget

[Jetsfan80]

1 hour ago, batman10023 said:

from memory the recent wars of the last 20 years have been very costly.

the ss/medicare was set up by the older folks but the benefits have increased under the boomers (prescriptions for example).

the federal debt is over $100k per person now.   thanks Boomers.

We have a voting minimum age.  Now we need to add a voting maximum age of 80 years old.

You shouldn't get to order for the table when you're about to leave the restaurant.  

[Biggs]

1 minute ago, batman10023 said:

from memory the recent wars of the last 20 years have been very costly.

the ss/medicare was set up by the older folks but the benefits have increased under the boomers (prescriptions for example).

the federal debt is over $100k per person now.   thanks Boomers.

I'm happy to pay down my share when I die.  When you get into Congress reinstate taxes on estates.  

[Rangers9]

I thought Hughes tried to be a hatchet man against Zach on SNY last year it's easy to be an attack dog when a guy is going down. It's ok to comment on it and it's an opinion show but I thought he was unfair on purpose just trying to make a name for himself. As for the house in some areas in metropolitan area 600k won't do it. 

[batman10023]

3 minutes ago, LIJetsFan said:

I don't know if all of this is true but I like the tone.  

of course it sounds good.   not true though.

real wages haven't increased in 30 years.  not sure where he's getting his info.

perhaps he's saying wages for the rest of the world.  in that case he's correct.  we have raised wages for many parts of the world

[batman10023]

1 minute ago, Biggs said:

I'm happy to pay down my share when I die.  When you get into Congress reinstate taxes on estates.  

so this seems to be an acknowledgement of the horrible debt burden the boomers are leaving the country.

i will point out that a segment of boomers will leave their kids with lots of money.  my sense is you are part of that crew.  

however, my guess is also that many boomers will make sure to drain their savings prior to passing on.

[batman10023]

4 minutes ago, Jetsfan80 said:

We have a voting minimum age.  Now we need to add a voting maximum age of 80 years old.

You shouldn't get to order for the table when you're about to leave the restaurant.  

let's give them half votes!  lol.

boomers are the dine and dash generation

 

[Matt39]

9 minutes ago, batman10023 said:

so this seems to be an acknowledgement of the horrible debt burden the boomers are leaving the country.

i will point out that a segment of boomers will leave their kids with lots of money.  my sense is you are part of that crew.  

however, my guess is also that many boomers will make sure to drain their savings prior to passing on.

A lot of them are giving while alive. Boomers and their adult kids are way more involved with each other than past generations imo. Vacationing together etc.

[Biggs]

2 minutes ago, batman10023 said:

of course it sounds good.   not true though.

real wages haven't increased in 30 years.  not sure where he's getting his info.

perhaps he's saying wages for the rest of the world.  in that case he's correct.  we have raised wages for many parts of the world

Much of the wealth created by workers in the rest of the world comes back to US citizens in the form of profits which are investable.  In fact much of the pension benifits going to American workers including public workers like Police, fire and sanitation workers are invested in stocks.   This in turn creates spending in the USA that goes back into the US economy.

Since we have a fiat currency and can deficit spend we are able to live abover our means.  Other people are actually paying our debt service.  If they didn't we would be materially poorer. 

[Biggs]

10 minutes ago, batman10023 said:

so this seems to be an acknowledgement of the horrible debt burden the boomers are leaving the country.

i will point out that a segment of boomers will leave their kids with lots of money.  my sense is you are part of that crew.  

however, my guess is also that many boomers will make sure to drain their savings prior to passing on.

It's an acknowledgement that current demographics aren't being dealt with by Congress.  I'm pretty sure the boomers are going to die and the demographics will change and their wealth will be inherited or taxed. 

[batman10023]

10 minutes ago, Matt39 said:

A lot of them are giving while alive. Boomers and their adult kids are way more involved with each other than past generations imo. Vacationing together etc.

some would say because the kids can't afford vacations

 

[TuscanyTile2]

56 minutes ago, bitonti said:

The Free market cannot be trusted to set interest rates

Currencies need to managed, period

Imo, you couldn't be more wrong.

Quote

The real crime was keeping money free for 12+ years. Lending shouldn't be free, it's artificial like eating snickers bars for dinner. 

Agreed

Quote

Those who disagree essentially don't believe in Keynesian economics -  The Austrian "School" might as well be called "we have no ideas" 

You really are confused.  People from the Austrian school wouldn't have kept interest rates at 0% in recent years.   It's only the "The Free market cannot be trusted to set interest rates" crowd who would've even considered that idea.   And saying the Austrian school has no ideas is laughable.  Their idea is to allow the free market to function.  That's a perfectly legitimate viewpoint.  

 

Quote

Not believing in Keynes is like being a physicist who doesn't believe in Einsteinian relativity 

Keynesian economists are the ones who set interest rates to near 0, which you complained about above. 

You are completely lost.  

[TuscanyTile2]

1 hour ago, southparkcpa said:

MY interest rate back then, 1987, was 10 percent.

Was that just a comment or were you trying to make a point?  If the latter, then what was that point?

[Matt39]

9 minutes ago, batman10023 said:

some would say because the kids can't afford vacations

 

Lotta people be traveling on my IG feed. 
 

https://www.instagram.com/reel/Cs9bkcTgpfS/?igshid=Y2IzZGU1MTFhOQ==

[Sperm Edwards]

1 minute ago, batman10023 said:

what's shocking is that he was able to save $100k on their salary.   that's impressive and good dedication.

They've presumably been saving up for several years by now. Don't know about her, but he graduated college 8 years ago. Plus I'm sure they were saving up still more while house hunting these past two years. Also don't know if they saved up all that themselves or if that's counting any help - if there was any - they may be getting from their folks. But yeah, setting a weekly/monthly budget & staying within it, instead of just spending whatever on their card whenever they're out or on amazon. It requires a discipline; keep an eye on the prize.

When you can't afford everything you want, you pick where you sacrifice. May also mean taking 2nd p/t jobs before the kids eat up all the extra time, too, while they were young & didn't need sleep like they soon will come to value lol. Less expensive car(s) - 1 car plus public transportation may not be doable for him, and will be more difficult for a young mom in the suburbs; cheaper vacations when they take them; cook more & order in less; no prime steakhouses & such when they do go out; less-pricy anything from clothes to cosmetics. The internet makes shopping cheap much easier than it used to be when I was young, since their buying circle isn't limited by proximity anymore. It adds up probably more than I realize. 

[bitonti]

10 minutes ago, TuscanyTile2 said:

Imo, you couldn't be more wrong.

Agreed

You really are confused.  People from the Austrian school wouldn't have kept interest rates at 0% in recent years.   It's only the "The Free market cannot be trusted to set interest rates" crowd who would've even considered that idea.   And saying the Austrian school has no ideas is laughable.  Their idea is to allow the free market to function.  That's a perfectly legitimate viewpoint.  

 

Keynesian economists are the ones who set interest rates to near 0, which you complained about above. 

You are completely lost.  

Economics is a toolbox, Keynes is a hammer. It's also the only tool in the box 

The free market seems like this wonderful equalizing fair force but really it's just weather. It can be very bad or very good. 
Are you against Stop losses on the major stock markets? The free market can destroy everything on a whim.  

Reminder we as a country tried free market economics without a central bank there were major booms and busts every 5-10 years - Depressions were very common in the period 1800-1921 i.e. pre Keynes, pre social net. Despite what people often believe, tying the value of money to an element people extracted from the ground (Gold) wasn't super good for stability. 

To bring this back to housing, there's been a shortage for 10+ years on the supply side. That's a problem above the Fed's pay grade. 

all the US fed can do is manage the currency, the housing market has become global 

 

 

 

 

 

[bitonti]

1 hour ago, Fantasy Island said:

The economy is upside down.  There will be a correction.  

there's people betting on this very outcome all year

buying put options on all sorts of companies 

they've been losing their shirts

14 out of 15 years the stock market goes up 

it's that 1 year that gets all the press coverage 

[kevinc855]

This thread....

lol

[TuscanyTile2]

Just now, bitonti said:

Economics is a toolbox, Keynes is a hammer. It's also the only tool in the box 

The free market seems like this wonderful equalizing fair force but really it's just weather. It can be very bad or very good. 
Are you against Stop losses on the major stock markets? The free market can destroy everything on a whim.  

Reminder we as a country tried free market economics without a central bank there were major booms and busts every 5-10 years - Depressions were very common in the period 1800-1921 i.e. pre Keynes, pre social net. Despite what people often believe, tying the value of money to an element people extracted from the ground (Gold) wasn't super good for stability. 

To bring this back to housing, there's been a shortage for 10+ years on the supply side. That's a problem above the Fed's pay grade. 

all the US fed can do is manage the currency, the housing market has become global 

Economics is not a toolbox.  

Tying the value of money to something that has a limited supply makes a lot of sense.  Allowing central bankers to print trillions of dollars, thus devaluing the currency that everyone was previously holding, is a horrific idea that is going to lead to disaster.

The shortage of housing was caused by (among other things) artificially low interest rates, which were set by the Keynesian economists at the Fed.  Money printing causes prices to rise (prices get bid up by all that new money).  Printing money, while lowering interest rates compounds the problem because you can't keep up with inflation by keeping your money in a bank.  Therefore, people seek yield elsewhere.  That's why there are bubbles everywhere in this economy.  Housing, the stock market, bitcoin, sports memorabilia, etc.

Central banks all over the world have been acting in concert with the Fed as far as "easing".  And I don't think there are any countries that are on a gold standard anymore.  (They're all on a fiat standard).  As a result the same stuff going on here is going on around the world.  THAT is why the housing market has become global.  People around the world are searching for yield to keep up with the inflation that was caused by central banks.  This is all going to come crashing down in horrible fashion at some point.  The social safety net you speak of is a complete illusion.  All that's happening right now is an ever-larger bubble being inflated.  When it pops, it's going to be very ugly.  

[Biggs]

26 minutes ago, batman10023 said:

some would say because the kids can't afford vacations

 

Just want to say I appreciate your POV.  I had a lot of the same feelings about my parents generation.  I was worried about being drafted and nuclear war.

Your generation has a lot of information at your fingertips.   There will be amazingly smart, talented people who will drag us forward and it may actually work out.   TBD…

[KRL]

2 minutes ago, TuscanyTile2 said:

Economics is not a toolbox.  

Tying the value of money to something that has a limited supply makes a lot of sense.  Allowing central bankers to print trillions of dollars, thus devaluing the currency that everyone was previously holding, is a horrific idea that is going to lead to disaster.

The shortage of housing was caused by (among other things) artificially low interest rates, which were set by the Keynesian economists at the Fed.  Money printing causes prices to rise (prices get bid up by all that new money).  Printing money, while lowering interest rates compounds the problem because you can't keep up with inflation by keeping your money in a bank.  Therefore, people seek yield elsewhere.  That's why there are bubbles everywhere in this economy.  Housing, the stock market, bitcoin, sports memorabilia, etc.

Central banks all over the world have been acting in concert with the Fed as far as "easing".  And I don't think there are any countries that are on a gold standard anymore.  (They're all on a fiat standard).  As a result the same stuff going on here is going on around the world.  THAT is why the housing market has become global.  People around the world are searching for yield to keep up with the inflation that was caused by central banks.  This is all going to come crashing down in horrible fashion at some point.  The social safety net you speak of is a complete illusion.  All that's happening right now is an ever-larger bubble being inflated.  When it pops, it's going to be very ugly.  

Stop researching stuff!!!  The media will let you know what's going on

[jeremy2020]

2 hours ago, southparkcpa said:

a house selling for 600K that later falls to 520K or so is not a bubble, it's a temporary decline. A bubble is 2008.  But we can disagree on semantics, it's fine. I'm only a CFP that manages over 100 million of client money.

Your poor clients. They must be thrilled when you tell them a 15% loss is nothing. 

[Biggs]

25 minutes ago, TuscanyTile2 said:

Economics is not a toolbox.  

Tying the value of money to something that has a limited supply makes a lot of sense.  Allowing central bankers to print trillions of dollars, thus devaluing the currency that everyone was previously holding, is a horrific idea that is going to lead to disaster.

The shortage of housing was caused by (among other things) artificially low interest rates, which were set by the Keynesian economists at the Fed.  Money printing causes prices to rise (prices get bid up by all that new money).  Printing money, while lowering interest rates compounds the problem because you can't keep up with inflation by keeping your money in a bank.  Therefore, people seek yield elsewhere.  That's why there are bubbles everywhere in this economy.  Housing, the stock market, bitcoin, sports memorabilia, etc.

Central banks all over the world have been acting in concert with the Fed as far as "easing".  And I don't think there are any countries that are on a gold standard anymore.  (They're all on a fiat standard).  As a result the same stuff going on here is going on around the world.  THAT is why the housing market has become global.  People around the world are searching for yield to keep up with the inflation that was caused by central banks.  This is all going to come crashing down in horrible fashion at some point.  The social safety net you speak of is a complete illusion.  All that's happening right now is an ever-larger bubble being inflated.  When it pops, it's going to be very ugly.  

We had two WW when we were on the gold standard.   It all comes crashing down over and over.  Blaming what might happen because of fiat money.  Look at what did happend.  

[batman10023]

30 minutes ago, Biggs said:

Just want to say I appreciate your POV.  I had a lot of the same feelings about my parents generation.  I was worried about being drafted and nuclear war.

Your generation has a lot of information at your fingertips.   There will be amazingly smart, talented people who will drag us forward and it may actually work out.   TBD…

my generation (gen x) doesn't really care about much.  too young to get those cushy benefits you have but too old to whine and protest about them.

 

[southparkcpa]

14 minutes ago, jeremy2020 said:

Your poor clients. They must be thrilled when you tell them a 15% loss is nothing. 

 

6 minutes ago, batman10023 said:

my generation (gen x) doesn't really care about much.  too young to get those cushy benefits you have but too old to whine and protest about them.

 

In the long run, anyone who panics on a 15 percent drop, will lose big.  The market was down 20 percent last year....  we held firm. In general,  we are up big.  The only clients I have who lost money demanded I sell when the market dropped 15-20 percent. The rest? Up big.  15 percent is not a lot as it happens so infrequently and has always recovered.

[Lupz27]

14 hours ago, fusionCA said:

is this a joke?

3 bedrooms in a 1000 sqf house?

are the rooms closet size?

 

I grew up in a 3 bedroom house 974 sq ft.

[Lupz27]

5 hours ago, TuscanyTile2 said:

Agree it has to crash.  And interest rates have been rising, which should hasten the crash.  But I can't believe the housing bubble is still going on.  Crazy!

I wonder this as well

It may crash, but when interest rates drop (no clue when that happens 2 years 5, 10) housing prices may double again.

[TuscanyTile2]

20 minutes ago, Biggs said:

We had two WW when we were on the gold standard.   It all comes crashing down over and over.  Blaming what might happen because of fiat money.  Look at what did happend.  

Are you under the impression that the gold standard started the wars or something?

And we abandoned it during WW I.  Not sure about WW II yet.  Check out the article below (scroll down to section "World War I and Its Aftermath").

https://mises.org/wire/brief-history-gold-standard-focus-united-states

 

[TuscanyTile2]

2 minutes ago, Lupz27 said:

It may crash, but when interest rates drop (no clue when that happens 2 years 5, 10) housing prices may double again.

If the Fed keeps printing money, we'll all be millionaires but our money won't buy anything.  

[Lupz27]

5 hours ago, Matt39 said:

Bought in 2019 at under 3%. Then life and work and all that happens so we sold and moved in August. Made good money on the move but it was tough to give up that rate. 

I did the same last August.  Had to move to get kids in better schools.

Was in same boat as Conner same budget.

Prices kept going up as did interest rates.

Long store short my kids future most important thing to me so I found more money for my budget by sacrificing personal stuff.

[Lupz27]

3 minutes ago, TuscanyTile2 said:

If the Fed keeps printing money, we'll all be millionaires but our money won't buy anything.  

I think they have printed enough money to keep the monthly nut people are told they can afford for a home around for a long time.

I just bought a home last month, I’d say I over paid by 100k because of the zip code I wanted.  But I’m not worried 10-15 years from now if the interest rate is in the 4’s I will get that back X2.

[Biggs]

17 minutes ago, TuscanyTile2 said:

If the Fed keeps printing money, we'll all be millionaires but our money won't buy anything.  

The fed has been reducing it's balance sheet and raising rates.  They are reducing the money supply during this cycle.  

[Matt39]

35 minutes ago, Lupz27 said:

I did the same last August.  Had to move to get kids in better schools.

Was in same boat as Conner same budget.

Prices kept going up as did interest rates.

Long store short my kids future most important thing to me so I found more money for my budget by sacrificing personal stuff.

Yeah kids obviously make things harder. But if you have the ability to move into a lower COL area early in your career and get settled, save, earn more…you can always move back. 10 years ago we made that move and it’s worked out luckily. If we wanted to head back north we probably could swing it now. If we had stayed no way. 

[jeremy2020]

1 hour ago, southparkcpa said:

 

In the long run, anyone who panics on a 15 percent drop, will lose big.  The market was down 20 percent last year....  we held firm. In general,  we are up big.  The only clients I have who lost money demanded I sell when the market dropped 15-20 percent. The rest? Up big.  15 percent is not a lot as it happens so infrequently and has always recovered.

So.. a bubble..

[southparkcpa]

1 hour ago, Lupz27 said:

I grew up in a 3 bedroom house 974 sq ft.

1 bathroom, 4-5 people.  THAT was my childhood. 1,100 sq ft.

[southparkcpa]

3 hours ago, batman10023 said:

so this seems to be an acknowledgement of the horrible debt burden the boomers are leaving the country.

i will point out that a segment of boomers will leave their kids with lots of money.  my sense is you are part of that crew.  

however, my guess is also that many boomers will make sure to drain their savings prior to passing on.

Please find me just 1 young congress person that voted against raising the debt ceiling. There are a small number who did. 2 percent of all congressman voted against the debt ceiling increase. It's not boomers.