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OohPooPahDoo
| Favorite team: | |
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| Number of Posts: | 734 |
| Registered on: | 4/1/2011 |
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Forum
Message
re: Alter Alert!!!! Alter Alert!!!! Alter Alert!!!!
Posted by OohPooPahDoo on 4/20/11 at 8:26 pm to I Love Bama
quote:
BenchSims is a textbook alter. You're welcome.
Alert!!!
ilovebama is a textbook tattletale!
2
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/19/11 at 11:20 am to KnoxvilleBerryTiger
quote:
Sure, we will all pay a price to do this,
I thought the government was broke?
quote:
Why should you be legally responsible for my welfare?
quote:
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
You are one of the People, right?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/19/11 at 10:41 am to lynxcat
quote:
Yes, it is an issue that the majority of Americans with absolutely little money-sense runs into, but I have faith that the regular MTBs' are intelligent enough to invest intelligently and within their means.
OK. last time I checked being smart didn't exclude you from investment risk. If you're "smart" you'd move all your risky investments mostly into treasuries by the time you retire - which means the taxpayer has to foot the bill anyway!
quote:
If you believe SS is absolutely necessary for the existence of the country, then we are going to disagree so much philosophically that we will never come to terms.
What does philosophy have to do with anything? In 1929 the stock market crashed and by 1934 millions of folks too old to work were left destitute. So in 1935 social security was passed. The seniors of that day got a freebie since they didn't have to pay into the system. That's OK since when they were in their working years SS hadn't even been though of - but no more freebies anymore.
If we eliminated social security - the same damn thing is bound to happen somewhere along the line (unless you think maybe you and your MTB friends can get together and figure out someway to prevent stock market crashes from ever happening).
Not to mention the obvious practical problem with ending it - you'd have to either
1) dick over the folks who have been paying into it all their lives
2) make current workers pay for it even though they wouldn't be getting it
I'm assuming we wouldn't do 1 - and really we couldn't, since a lot of the folks who write are laws fall into that group and might take offense to the idea that they should have to give up something they've paid for all their lives - in which case by doing 2, you'd be asking the current generation to fund not only the last generations retirement insurance but their retirement plan as well. Sorry but I just don't have the income to fund two retirements!
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/19/11 at 10:34 am to KnoxvilleBerryTiger
quote:
But should they? That's the bigger question.
In a civilized society should government act as a last resort for ensuring its citizens do not die of starvation or exposure?
Seriously?
quote:
The whole you rights end where mine begin thing.
Do right wingers ever consider actual reality or do their heads only contain ideological slogans?
quote:
Some people need safety nets to be sure, but it can't continue as is, whether one thinks it should or not.
Uhh, yeah, it can. As long as there are taxpayers social security can continue.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 8:41 pm to lynxcat
quote:
Let me have access to my own damn money to invest, save, or spend as I choose.
When you lose it on bad investments and are left destitute and too old to work the government will step in anyway.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 7:37 pm to lynxcat
quote:
The entire argument that "they paid in their entire life and deserve it" is true for the elderly, but what about all of the youth that are paying into a system now that they will never benefit from without drastic adjustments?
The needed adjustments aren't really that drastic
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 7:37 pm to kfizzle85
quote:
So you're saying the Treasury has zero dollars?
No.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 1:14 pm to kfizzle85
quote:
, I think you're predictably jumping to doom and gloom conclusions suggesting they would crash, which obviously feeds into your following point.
The value of any debt obligations plummets when the debtor stops making interest payments or when the market has reason to believe it may stop making those payments soon.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 1:10 pm to kfizzle85
quote:
That's very much a chicken/egg question. If they print money and thus prevent treasuries from "crashing," then its irrelevant.
That won't keep treasuries from crashing. If anything it will do the opposite. No one wants to tie $1 up in debt for a year if they think $1 will be worth ten times less in a year.
And, like I said, the Treasury is only entitled to the PROFITS of the Fed. Absent Congressional intervention, it would take years for the fed to make up its losses and turn profit again.
re: Question for landlords and homeowners
Posted by OohPooPahDoo on 4/18/11 at 1:07 pm to Camp Randall
quote:
The 2% rule is a joke. Good luck getting that within the first 5 years of owning a property.
I can believe that based on the prices I've seen at places we've looked at and the rents they are getting. Its more like the 1% rule.
I'm fine with that at first, we mainly want a duplex to get help paying the note, not to make profit. But I wanna make sure we aren't going to wind up having more net monthly housing expenses than we do now.
Figuring in all the tax considerations is a royal pain.
re: Question for landlords and homeowners
Posted by OohPooPahDoo on 4/18/11 at 12:56 pm to Alabama Slim
quote:
if you are thinking of getting into IRE I would learn the 2% and 50% rule. It is a good evaluation system for a beginning investor.
Cool, thanks
quote:LINK
The 50-2 rule is very basic. First, the 50% part of the rule says that 50% of your rental revenue from the property will be eaten up by maintenance, repairs, property management (property management is 10% of gross rent) and vacancies. The 2% rule requires that the property generate 2% of the cost of the property per month in rental income. For example, a $100,000 investment should provide $2,000 a month in gross rents.
Can I use this conversely to see if a home is overpriced? If a duplex rents for $1000 a side - then by the 2% rule it should cost $100,000. Well the one we're looking at now is double that!
re: Question for landlords and homeowners
Posted by OohPooPahDoo on 4/18/11 at 12:54 pm to Alabama Slim
quote:
40-50% of rents is a good conservative estimate. 40% if you manage yourself, closer to 50 if you go with property management.
And that doesn't include things like property taxes, the mortgage interest - things that can be determined beforehand - that's just the cost to do repairs, etc., right?
Is that about the same for a homeowner's expenses? Should I figure on about 40% of what a place rents out for in monthly house repair and maintenance, or does that wind up being less since people generally treat property they own better?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 12:50 pm to kfizzle85
quote:
You fail. If they don't raise the debt ceiling, the Fed will just create more dollars to pay off any debt payments.
Sorry that's not how it works. The U.S. Treasury is only entitled to the Fed's profits - and after U.S. Treasuries tank, the Fed will take massive losses. quote:
ETA: All this junk and not even a single mention about S&P issuing a negative outlook?
I'd issue a negative outlook on U.S. Treasury obligations, too, with all these goons talking about not raising the debt ceiling. See what even a mention of it does?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 12:13 pm to SlowFlowPro
quote:
that will make me really pissed at my congressman
if enough people got pissed, maybe they would start to pay attention to what their elected representatives are doing
It won't matter dude, we'll all be broke! The government won't be able to do dick about anything then because a) it won't be able to borrow and b) it will have no tax revenues because no one will have any income!
is that what you want?
Question for landlords and homeowners
Posted by OohPooPahDoo on 4/18/11 at 12:12 pm
Is there some sort of rule of thumb I can use to gauge an upper limit to what the cost is to maintain a rental unit? Or can you tell me what you've paid in the past on average?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 12:06 pm to SlowFlowPro
quote:
the problem is that congressmen weren't discussing these issues the past 3-4 years or so
That doesn't really mean they are going to be able to come to an agreement before May - in fact, it would seem to suggest the opposite.
quote:
then why do we need to raise the debt ceiling?
Because if we don't the U.S. won't be able to make its interest payments in the short term.
quote:
that's short-sighted thinking that got us into this do or die situation
THAT'S PRETTY MUCH WHAT IT IS
Do you understand that if the U.S. Treasury's obligations lose substantial value that you might not be able to get money out of your checking account? Has that sunk in?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 11:15 am to SlowFlowPro
quote:Wow, now that's some feigned outrage! You can't dehumanize something that isn't a human.
i like how you dehumanize the problem with a term like "long term solvency issues"
quote:
we have 6 things that need to be cut dramatically, across all government
1. medicare
2. welfare
3. social security
4. defense
5. medicaid
6. national health care
OK, then I guess we'll just get everyone to agree on that before MAY.
quote:
we have not even really begun to feel the brunt of the boomers on SS/Medicare, and we can't pay our debts as is
Yes we can. The U.S. has never missed a debt payment.
quote:
would you rather wait until the US has far lesser international economic impact to make the cuts?
The issue here is whether or not the U.S. should send the market into a tail spin by refusing to up its debt ceiling.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 11:06 am to SlowFlowPro
quote:
we're going to have to bite this bullet some time
I see no logic behind destroying the finances of most everyone on the planet because we are facing some long term solvency issues.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 11:04 am to Quidam65
quote:
Debt default; however, means that you are unable (or have no intention) to make payments that are currently or past due.
There's no reason to believe that if the ceiling is raised in May it won't result in default. It will certainly make the market believe that default could be imminent - and the market will respond accordingly by blasting treasuries to smitherines. In fact the cause and effect could get reversed - if the market thinks default is imminent, it will raise the price of borrowing for the treasury to absurd levels, which means it won't be able to replace old debt with new debt - inevitable default.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 9:51 am to ScoopAndScore
quote:
Why the hell are Medicare and SS grouped in as the same "entitlements" as Medicaid or other gov't handouts?
Its mostly done by younger people who have zero respect for their elders. They don't really value the fact that the people receiving Social Security Retirement and Medicare paid into these programs their whole lives and held up their end of the bargain.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 8:44 am to Cosmo
quote:
World markets plunged as a Greek debt default loomed and China took another step to curb its runaway inflation.
LINK
World markets plunge when the GREEKS come close to defaulting - what do you think will happen if the biggest economy on the Earth defaults?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 8:35 am to Shankopotomus
quote:
One of my favorite quotes of the past several weeks....it is amazing how the people who voted for him cannot see that is he is just another two-faced pandering politician with no clue what he is doing
What's more amazing is you're willing to destroy the entire economy and your bank account just to make the Democrats say "uncle"
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 7:45 am to Tigris
quote:
Because we are spending our way to prosperity and can't successfully do this without a shite-ton more borrowing.
Even the budget Clinton and the Republicans passed in the 90's wasn't entirely deficit free - a failure to raise the debt ceiling when needed then would have also resulted in worldwide economic catastrophe.
It seems as if some on the right are willing to bankrupt the U.S. in May because we dont' have a solution to prevent bankruptcy 10 or 20 years down the line.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/18/11 at 7:21 am to GumboPot
quote:
But he also said this as senator Obama, "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
So which Obama is right?
I think we should destroy the world's economy over it myself.
re: Say you didn't want cash wires to be known by the gov....
Posted by OohPooPahDoo on 4/18/11 at 7:19 am to LSURussian
quote:
When has that ever stopped an attorney from offering advice???
Most attorneys I know don't distribute their services for free.
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/17/11 at 10:40 pm to JPLSU1981
quote:
Give me a red pen, put me in charge, and I'll cut the budget in half overnight.
Why only 50% ? Why not 64.5% ?
re: I'm a simple man, explain to me why we "have to" raise the debt ceiling
Posted by OohPooPahDoo on 4/17/11 at 10:38 pm to Cosmo
quote:
Explain this in terms PJ or Kige could understand.
Its pretty simple.
If we don't, the U.S. Treasury will no longer be able to issue new debt. When it stops paying on its debt obligations, treasuries will crash, and since massive amounts of treasuries are owned by the banks - and since the FDIC which backs the banks has its funds in treasuries - your money will go bye bye.In fact the federal reserve itself has massive treasury holdings - not really sure what happens if the fed loses most of its assets but it can't be good.
re: Say you didn't want cash wires to be known by the gov....
Posted by OohPooPahDoo on 4/17/11 at 10:33 pm to Tiger Attorney
quote:
I avoided tax classes like the plague...now I have someone coming to me for what I consider tax advice, but really I know there is some legal aspect to it.
He's an attorney - probably has to do with a case he has. He put "hypothetical" because it absolves him of any attorney client privacy breach.
re: Computer virus fixing threads
Posted by OohPooPahDoo on 4/17/11 at 2:20 am to ADLSUNSU
Here's the only virus removal you'll every need:
Install Linux
Don't use Windows.
no virus - ever
Install Linux
Don't use Windows.
no virus - ever
re: Home Loan Pre-Approval Question
Posted by OohPooPahDoo on 4/17/11 at 2:04 am to SG_Geaux
quote:
If I get a pre-approval done for a home loan and then decide not to buy anything and wait awhile...
How, if at all, does that affect my credit ?
I wouldn't think it would. Unless you repeatedly sought absurd numbers of pre-approvals.
Certainly anyone who would change the terms of your loan based on that would be someone you don't wanna do business with anyway.
re: Do you think they will take away the Mortgage interest deduction?
Posted by OohPooPahDoo on 4/14/11 at 4:13 pm to tirebiter
quote:
You might want to consult with a tax professional first. Even if tax code changed a phasing out or grandfathering exemption might be put in place.
Tax reform is extremely difficult to effect due to special interests. The state govt here in GA tried to implement a flat tax this session after having multiple consultants/iterations of the plan/bill discussed and they shelved it this week as the final impact can't be determined yet and residents were raising hell. YMMV.
We were leaning toward the duplex anyway.
Basically, you're allowed to deduct
1) 1/2 of the mortgage interest (the other 1/2 might wind up deducted on your itemizations anyway though, but the 1/2 on the rental side is in addition to the standard deduction)
2) all expenses related to maintaining the other side
3) half of expenses related to maintaining the entire building
4) depreciation of half of the value of the house over several decades - with depreciation recapture on sale
5) So basically you subtract all that from the rent and that's the income from the other side - which will be lower in the early years of the loan due to most of the payments being interest.
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