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#1
posted to rec.boats
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Boater benefit from the subprime mess
There is a bright side, less conversions of marinas to condos.
Basically, the subprime mortgages were intended to get poor people who otherwise couldnt get a mortgage buy a house with low or no collateral (a really bad idea). What happed was that everybody realized "What, no collateral, I can now finance any bizarre thing I want as long as its real estate". So, a lot of it went into what people expected to appreciate, coastal property bought with almost nothing and often actually nothing down. They couldnt lose. In Florida the state forces everybody else to subsidize insurance on homes built in bad locations. Not only could they afford a loan with nothing down, they could afford the insurance. Older Marinas that are always of marginal business worth saw their property values and hence their taxes skyrocket, they HAD to sell out. |
#2
posted to rec.boats
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Boater benefit from the subprime mess
wrote in message ... There is a bright side, less conversions of marinas to condos. Basically, the subprime mortgages were intended to get poor people who otherwise couldnt get a mortgage buy a house with low or no collateral (a really bad idea). What happed was that everybody realized "What, no collateral, I can now finance any bizarre thing I want as long as its real estate". So, a lot of it went into what people expected to appreciate, coastal property bought with almost nothing and often actually nothing down. They couldnt lose. In Florida the state forces everybody else to subsidize insurance on homes built in bad locations. Not only could they afford a loan with nothing down, they could afford the insurance. Older Marinas that are always of marginal business worth saw their property values and hence their taxes skyrocket, they HAD to sell out. You still crying about the insurance? If you don't like it...move elsewhere. |
#3
posted to rec.boats
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Boater benefit from the subprime mess
Don White wrote:
wrote in message ... There is a bright side, less conversions of marinas to condos. Basically, the subprime mortgages were intended to get poor people who otherwise couldnt get a mortgage buy a house with low or no collateral (a really bad idea). What happed was that everybody realized "What, no collateral, I can now finance any bizarre thing I want as long as its real estate". So, a lot of it went into what people expected to appreciate, coastal property bought with almost nothing and often actually nothing down. They couldnt lose. In Florida the state forces everybody else to subsidize insurance on homes built in bad locations. Not only could they afford a loan with nothing down, they could afford the insurance. Older Marinas that are always of marginal business worth saw their property values and hence their taxes skyrocket, they HAD to sell out. You still crying about the insurance? If you don't like it...move elsewhere. I don't believe he understands how insurance works. One of the "fundamental" concepts of insurance is the mechanism insurance companies provide for sharing the risks. The rates we pay for homeowners' insurance here are partially determined by the losses our insurance company incurs on the real properties of others, no matter where those properties are. Same with boat insurance, of course. When we lived in Florida, I was appalled at the rates insurance companies charged for all sorts of coverage. At that time, it was revealed in many news articles how the GOP-dominated state insurance commission basically bent over for the insurance companies and allowed them to charge whatever they wanted, sans any serious regulation by the state. That's the GOP dream world: no government regulation. It's behind the mess we have on Wall Street and until he flip-flopped earlier this week, it was part of the McCain Doctrine. |
#4
posted to rec.boats
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Boater benefit from the subprime mess
"Harry the K" wrote in message news That's the GOP dream world: no government regulation. It's behind the mess we have on Wall Street and until he flip-flopped earlier this week, it was part of the McCain Doctrine. Also behind Bill Clinton in 1999. There's enough blame to spread around to virtually everybody. |
#5
posted to rec.boats
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Boater benefit from the subprime mess
Eisboch wrote:
"Harry the K" wrote in message news That's the GOP dream world: no government regulation. It's behind the mess we have on Wall Street and until he flip-flopped earlier this week, it was part of the McCain Doctrine. Also behind Bill Clinton in 1999. There's enough blame to spread around to virtually everybody. While there is plenty of blame, most of it should be layed off against the Republicans, and a lot of that blame should be heaped upon Phil Gramm and his economic acolyte John McCain. It is the Republicans who abhor government regulation, although it has been interesting this week to watch the gang that works so hard to privatize profit work at least as hard to socialize loss. It's kind of funny to be blaming Bill Clinton. Bush has been president for almost eight years, and for six of those years his party controlled congress. During Bush's presidency, there have been plenty of signs the deregulated financial sector was in deep doo-doo and heading for a hard fall. Bush is the head of state. He did nothing. I suspect as the thinking part of the electorate realizes this, the tight polls that at the moment favor McCain will shift. As an aside, I find it fascinating that neither McCain nor Palin will "meet the press" at an open press conference. I suspect it is because McCain doesn't know enough about the economy and how it works to say anything unprompted that won't bite him in the ass. As for Palin, she really is turning out to be a cipher. |
#6
posted to rec.boats
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Boater benefit from the subprime mess
"Harry the K" wrote in message ... Eisboch wrote: "Harry the K" wrote in message news That's the GOP dream world: no government regulation. It's behind the mess we have on Wall Street and until he flip-flopped earlier this week, it was part of the McCain Doctrine. Also behind Bill Clinton in 1999. There's enough blame to spread around to virtually everybody. While there is plenty of blame, most of it should be layed off against the Republicans, and a lot of that blame should be heaped upon Phil Gramm and his economic acolyte John McCain. It is the Republicans who abhor government regulation, although it has been interesting this week to watch the gang that works so hard to privatize profit work at least as hard to socialize loss. It's kind of funny to be blaming Bill Clinton. Bush has been president for almost eight years, and for six of those years his party controlled congress. During Bush's presidency, there have been plenty of signs the deregulated financial sector was in deep doo-doo and heading for a hard fall. Bush is the head of state. He did nothing. I suspect as the thinking part of the electorate realizes this, the tight polls that at the moment favor McCain will shift. As an aside, I find it fascinating that neither McCain nor Palin will "meet the press" at an open press conference. I suspect it is because McCain doesn't know enough about the economy and how it works to say anything unprompted that won't bite him in the ass. As for Palin, she really is turning out to be a cipher. Holy crap. You sure run a long time on a nickel. Eisboch |
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