About Underdark

Underdark's most recent comments:

On 25 Feb 2013 in How many bears could actually afford a house in their market.., Underdark said:
Fair Question.

I am a housing bear. Yes, currently the housing market is seeing a rebound nationwide. But I see how the cost of housing is still expensive relative to incomes. I see how there has been unprecedented market distortion due to the federal government and federal reserve in proping up housing values.

I already own a house (almost paid off). I could easily buy a second large house with a sizeable down payment. I will not do so until there are interest rates and home values are near historical norms. I just hate groupthink and economic cheerleading. That's my motivation.
On 18 Feb 2013 in Wal-Mart says payroll tax hike crashed sales, Underdark said:
Well. I don't know if you are being sarcastic when blaming Obama. So many people do that on reflex on this forum. The payroll tax cut was his idea anyway. And it was a bad one. Isn't Social Security projected to go bankrupt? So cut the revenue stream into it?
On 6 Feb 2013 in Will the reflating housing bubble also burst?, Underdark said:
iwog says

All things being equal yes, however in this case mortgage interest rates are a fraction of what they were in 2006 meaning 75% of peak is actually 100%+ of peak measured by monthly mortgage payments.

Aha. You finally admit the truth. This is a bubble created by record low interest rates. And it will actually be a greater bubble (and eventual collapse) than the last.

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