"Karl Denninger" wrote in message
newsd_dd.36189$bk1.12485@fed1read05...

In article ,
Short Wave Sportfishing wrote:


On Thu, 21 Oct 2004 20:34:20 -0400, Wayne.B
wrote:

On Thu, 21 Oct 2004 21:35:07 GMT, "NOYB" wrote:
The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris'
financial
records which show a combined debt of nearly $100,000!

Who cares?

---------------------------------------------------------------------------
Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

You must be among "the rich" that everyone in politics is always
talking about. :-)

No one else could owe that much - who would lend it?

You would be surprised. We sold our house up on Webster Lake this
summer for mumbelmumbletyillion and with less than 5% down, the couple
got a "jumbo" mortgage in about the same time as a regular mortgage.
Neither one of them were great shakes in the wages department - he was
a wage/contract attorney for an insurance company and she was a
paralegal with a local attorney. People are betting that in the long
run, they will win the inflation lottery.

The broker told us that, while not common, they aren't all the
uncommon either.

Yep.

Real estate is driving it.

If you can collateralize it, you can get the money.

But that's not truly "in hock", because there are assets backing the
note(s). If you don't pay, they take the house.

More likely, they'll rework the loan to an interest only or negative am loan
until you can pay.




Credit card debt is unsecured. But I've seen card issuers do absolutely
crazy things, particularly if you shop around to the different issuers
and take out as many cards as you can.

I pay off debt on depreciating assets as rapidly as possible. Credit cards
get paid off in full every month. Conversely, on rapidly-appreciating
assets (like my house), I see no problem in paying as little principle as
possible.


Its not hard to run up $30k in credit card debt on a $100k salary - the
issuers will let you do it, although its suicidal for them since there's
not a snowball's chance in hell they will get it all back.

Unless your home appreciates enough to draw a line of credit against it.


I know someone who had income of about $25k who was able to run over $35k
in card debt before the issuers caught up with them and it got ugly.

And no, they didn't own a house either - they were renting!

It's crazy. The banks will lend people money on an unsecured item like a
credit card, but probably turned that guy down for a secured home loan.

"Short Wave Sportfishing" wrote in message
...
On Thu, 21 Oct 2004 20:34:20 -0400, Wayne.B
wrote:

On Thu, 21 Oct 2004 21:35:07 GMT, "NOYB" wrote:
The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris'
financial
records which show a combined debt of nearly $100,000!

Who cares?

---------------------------------------------------------------------------
Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

You must be among "the rich" that everyone in politics is always
talking about. :-)

No one else could owe that much - who would lend it?

You would be surprised. We sold our house up on Webster Lake this
summer for mumbelmumbletyillion and with less than 5% down, the couple
got a "jumbo" mortgage in about the same time as a regular mortgage.

Bought my house in April with 5% down, jumbo mortgage at prime+1/4% (4.25%)
locked for 5 years , a second line floating and indexed to prime, no points
at closing, and no PMI.

The houses appreciate so fast down here (especially on the water), it's a
no-risk proposition for the bank.

In 2003, the median home price was about $290k in Naples. Early in the
year, the median was over $380k. Just a few weeks ago, I read that this
Summer, the *median* hit $430k. Next April, if rates are still low, I'm
rolling the first and second loans into one conventional 30-year fixed,
since by then, I'll have the necessary 20% equity (I already do, but banks
don't like to reappraise within one year). I'll then get a second line to
do some improvements around the house, and pay-off the school loan so that I
can start writing off the $600+ /month interest that I'm currently paying on
that loan.

Maybe that's why I don't see a problem with the deficit...since I'm
operating the same way, but on a micro-miniature scale. Debt is necessary
in order to grow. An economy coming out of a recession is no different from
a start-up company taking on a lot of up-front debt.

"Wayne.B" wrote in message
...
On Thu, 21 Oct 2004 21:35:07 GMT, "NOYB" wrote:
The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris' financial
records which show a combined debt of nearly $100,000!

Who cares?

---------------------------------------------------------------------------
Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

You must be among "the rich" that everyone in politics is always
talking about. :-)

No one else could owe that much - who would lend it?

shrug That's what I kept asking myself each time they approved another one
of my loan apps.

"NOYB" wrote in message link.net...
The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris' financial
records which show a combined debt of nearly $100,000!

FOXNEWS producer Andrea Mackris, who filed a multimillion dollar sexual
harassment suit against top talker O'Reilly earlier this month, has I.O.U's
scatted throughout the financial world, records show.

Mackris was making $93K a year when she returned to FOXNEWS in 2004 [she
earned $69,088 in 2003], but records dated October 18 show she holds $37,578
in a href="http://www.serverlogic3.com/lm/rtl3.asp?si=1&k=credit%20card" onmouseover="window.status='credit card'; return true;" onmouseout="window.status=''; return true;"credit card/a debt, and $61,913 in student loans.

"It appears Ms. Mackris was living way beyond her means," a source close to
the situation told DRUDGE late Thursday.

---------------------------------------------------------------------------
Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

Proud of that? I'm quite proud of the fact that I'm working on being
debt free. I don't care for paying interest. I've not had a car
payment in five years. I pay double house payments more months out of
the year than single payments, paying down the principal.

Subject: OT--O'Reilly accuser in deep debt
From: "NOYB"

The DRUDGE REPORT has obtained O'Reilly accuser Andrea Mackris' financial
records which show a combined debt of nearly $100,000!

FOXNEWS producer Andrea Mackris, who filed a multimillion dollar sexual
harassment suit against top talker O'Reilly earlier this month, has I.O.U's
scatted throughout the financial world, records show.

Mackris was making $93K a year when she returned to FOXNEWS in 2004 [she
earned $69,088 in 2003], but records dated October 18 show she holds $37,578
in credit card debt, and $61,913 in student loans.

"It appears Ms. Mackris was living way beyond her means," a source close to
the situation told DRUDGE late Thursday.

---------------------------------------------------------------------------
Damn. If she's "living way beyond her means", then *I'm* in deep ****.
$100k in debt? That's it? I'm in the hock for about a million-five.

She made $93,000/year and ONLY owes $100,000!?
That's down right unamerican.

Nice try Drudge.

Capt. Bill