I think yesterday’s Dilbert is front-page worthy. At least for a Saturday.
Dilbert: “I Can’t Afford My Mortgage…”
By The Tim on June 27th, 2009 at 4:21 PM · 15 Comments
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→ 15 CommentsCategories: Humor
Tags: comics, Dilbert
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Kary L. Krismer » Jun 27, 2009 at 4:25 pm
He forgot to mention the 8k tax credit! ;-)
Ben » Jun 27, 2009 at 10:28 pm
Not to pick on you Kary, but I am so sick of hearing about that tax credit.
Considering that houses in decent shape start at $500k or so in Redmond, $8k is < 2% of the total. It makes barely any difference to affordability.
When I hear people in the RE industry mention it, it comes across as desperate to me. Like when they say that rainy weather is the reason for prices going down like a rock.
I can't wait for the CS numbers for the month.
shawn » Jun 27, 2009 at 11:57 pm
It has begun, the housing bubble is seeping into the culture as well understood mistake, just like with the dot com mania. Soon only a few fools will be talking about how all this mania is going to restart. It will not restart till it has gone past most folks lifetimes. Then, after everyone who could remember has passed on, then maybe the mania will return.
alphadominance » Jun 28, 2009 at 12:01 am
Ha ha, I love it. I am brimming with schadenfreude. I was saying for years that it was a bubble and didn’t buy while everyone derided me as a fool. He who buys on other’s desperation laughs last.
Kary L. Krismer » Jun 28, 2009 at 7:48 am
RE: Ben @ 2 – Well it was meant as something that would be a further jab at the character in the comic. Sort of alternative punch line–instead of “too soon” it could have said: “Oh, did I forget to mention the 8k tax credit?”
As to the credit, it’s the one first time buyer program I actually like, because it helps them replenish their savings and/or fix of the house—AFTER–the sale has closed. It doesn’t allow people to qualify to buy a house, but helps them after they buy a house. The state has tried to mess that up and make it available at closing, but so far the IRS is saving the day.
At least it’s not like the car tax credit. The government isn’t going to come in and destroy the prior housing. ;-)
Racket » Jun 28, 2009 at 10:02 am
By Ben @ 2:
This is a nation of 49 other states, that tax credit could be 10% of the purchase price, in many other markets.
Scotsman » Jun 28, 2009 at 10:25 am
RE: Kary L. Krismer @ 5 –
Kary, explain to me why I, through my taxes, should help a marginally qualified home buyer fix up their new house or replenish their diminished savings.
I have some stuff that needs work. Why don’t you just send $1,000 directly to me instead of through the bureaucracy of the government. That way it will be even more effective at whatever it’s supposed to do.
Kary L. Krismer » Jun 28, 2009 at 11:17 am
RE: Scotsman @ 7 – Because propping up the housing market might help keep the banking system from collapsing, thus benefiting many everyone with a job and not in financial distress.
At least it’s not a permanent program, like some other things that pass through Congress designed to help the economy in bad times.
Scotsman » Jun 28, 2009 at 11:41 am
RE: Kary L. Krismer @ 8 –
I’m not clear on how having another marginal buyer purchase a declining asset is going to do anything but make the situation worse in the very near term. And despite the hand-wringing, etc. the majority of banks in this country are doing just fine. A few larger ones, with undue political influence and a history of stupid, greedy decisions that went against all the well established rules of banking, are hurting… and looking for a sucker to take the hit for them. That sucker would be the taxpayer, i.e. YOU.
Kary, if you were smart enough to get through law school and pass the bar, you’re smart enough to figure this out, but you’ve got to do the work, just like the old days, not just glance at the headline and then fire off some response. One of the greatest dangers of being over 40 and having some success is that we tend to think we know it all. Not true. The world changes at an ever increasing pace, and it takes real work on new frontiers to keep up.
Do the work, or stand aside.
Softwarengineer » Jun 28, 2009 at 11:58 am
RE: Scotsman @ 9 –
EXACTLY SCOTSMAN
If the new spendthrift progressive voters [believe me, the Democrat Party is split in half on this issue] get all their Nanny State wishes/bills and add like $3 Trillion to the current horrifying debt; the risk of uninterested treasury buyers and higher interest rates to attract them goes sky-rocketing up in probability. Dr. Roubini’s bloggers totally agree with me too and most of them are Democrats. Adding another taxpayer backed Nanny State mortgage plan to reinvent the past toxic bubble is not only fiscal suicide; its brainless too.
Scotsman » Jun 28, 2009 at 12:13 pm
Hey, here’s a novel idea- let’s have the government force the banks to forgive the excess debt, then have the tax payers make the lenders whole!
http://www.latimes.com/business/la-fi-petruno27-2009jun27,0,2308676.column
Where are the f”n adults?! Just shoot me.
Softwarengineer » Jun 28, 2009 at 1:05 pm
RE: Scotsman @ 11 –
THAT YOUR NANNY STATE OPINION ARTICLE COMES FROM OVERPOPULATED UNEMPLOYED LA, DOESN’T SURPRISE ME AT ALL
“When they scream for help, we will come.”
Softwarengineer » Jun 28, 2009 at 1:11 pm
RE: Scotsman @ 11 –
EVEN INDEPENDENT LOU DOBBS WANTS MORTGAGE FORGIVENESS
I imagine his personal efforts to stop his $2-3 million dollar mansion’s deflation have nothing to do with his support of Nanny State mortgage forgiveness…..LOL
McCain wanted Nanny State mortgage forgiveness too and he’s highly invested in RE too.
When the “wolf in sheep’s clothing is preaching to the lambs”, protect your backside and your pocketbook.
MarkM » Jun 28, 2009 at 5:36 pm
That is a good comic. Came across a CNBC article that discusses why housing is not recovering as quickly as folks hoped. Much of it has already been discussed on the board before but it’s a nice summary:
http://www.cnbc.com/id/31567082/page/1/
Scott Weitz » Jun 29, 2009 at 1:12 pm
Kary@8-
We don’t need to prop up the housing market to keep the banks afloat! We’ll just print more money and hand it to them when they become insolvent…its worked thus far. Plus, don’t forget about the repeal of ‘mark to market’…fantasy land accouting will help the banks through this mess.
By the way, said repeal is exactly why banks are so hesitant to foreclose. They can price these garbage loans at whatever they wish until they foreclose. This whole debacle is a total mess, and will only be prolonged by these stupid govt programs. If the market was allowed to correct itself, capital would flow in, and jobs would be created. Until then, we are just wasting time as an unproductive society.