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The Round Table
Economic pondering of the littleman
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<blockquote data-quote="Carlos" data-source="post: 3752" data-attributes="member: 7"><p>What is screwed up, in addition to everything else, it's easier for the average working Joe to buy new than to buy old.</p><p></p><p>When banks started lending money for pleasure boats, bass boats, out to 15 years, they destroyed my ability to sell my used boat. It became cheaper, per month, for a guy to buy new and pay 15 years on it. </p><p></p><p>My mom bought a house near Snellville, GA. Build in the middle 1980's and sitting on an acre. Roughly $150g. Developers are building huge numbers of homes down there. Everywhere around her. Not hundreds by the looks of it, but thousands. All starting at $600g and up. How can families afford to buy those? Just make interest payments all their lives and hope insurance pays it off when they kick the bucket? Or they go back to the banks. The banks just became long-term landlords renting, with the illusion of selling.</p><p></p><p>Definitely screwed up.</p></blockquote><p></p>
[QUOTE="Carlos, post: 3752, member: 7"] What is screwed up, in addition to everything else, it's easier for the average working Joe to buy new than to buy old. When banks started lending money for pleasure boats, bass boats, out to 15 years, they destroyed my ability to sell my used boat. It became cheaper, per month, for a guy to buy new and pay 15 years on it. My mom bought a house near Snellville, GA. Build in the middle 1980's and sitting on an acre. Roughly $150g. Developers are building huge numbers of homes down there. Everywhere around her. Not hundreds by the looks of it, but thousands. All starting at $600g and up. How can families afford to buy those? Just make interest payments all their lives and hope insurance pays it off when they kick the bucket? Or they go back to the banks. The banks just became long-term landlords renting, with the illusion of selling. Definitely screwed up. [/QUOTE]
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Economic pondering of the littleman
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