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Debt ceiling

By StoutFiles   Follow   Thu, 30 Jun 2011, 11:31am   6,181 views   79 comments
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I'm wondering how the upcoming debt ceiling decision will change the housing market, for good or for worse. Anyone with knowledge?

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1. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

   1   11:50am Thu 30 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike   It likely has not much effect, because housing is going to continue to fall for a while, regardless of what happens in Washington. There are millions of houses that are 90+ days delinquent on their mortgage. For the 12th week in a row, 400,000+ Americans filed for unemployment insurance. What do you think these facts mean house prices?

2. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

   2   6:40pm Thu 30 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike   Protected   Go here: http://www.economist.com/node/18866851

3. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,211 comments Premium

   3   9:30pm Thu 30 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike   Protected   hahahahahahaha To the GOP, Obama is just another Ho Chi Mihn and the states just another Vietnam that has to be nuked to talcum and rubble in order to save it. iwog says It’s an extraordinarily stupid move by Republicans.

4. FortWayne Follow Befriend (13) 103 threads 3,764 comments

   4   12:48pm Fri 1 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   Troy says StoutFiles says If everyone would stop picking sides they’d realize that both parties are awful, and we shouldn’t even have them. the parties represent the emotional and intellectual make-up of their mainstream supporters. It is not the parties that are fucked, it is us. “Nessuna soluzione . . . nessun problema!„ noone supports fraud and stealing. That is pure influence of special interest money to buy legislative graces.

5. marcus Follow Befriend (5) 168 threads 5,093 comments

   5   4:55pm Sat 2 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   Maybe the path back to greatness for America is having more poor and less middle class. How are we supposed to compete with Asia and India when our workers are paid too well? I can see how becoming basically third world country would be good for global corporations. Except for the problem of "demand." Oh, and also that nasty little "government by the people and for the people." Where is the center? Would publicly financed elections be dangerous? If so, for whom? Are publicly financed elections a radical left wing idea? Where is the center?

6. ¥ Follow Befriend 35 threads 5,700 comments Bellingham, WA

   6   5:27pm Sun 3 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   Ok but let’s think legally here. All rights have to be within the Constitution. Agreed! So just for theoretical discussion if it was an amendment and added how would it work? "The enumeration in the Constitution of certain rights shall not be construed to deny or disparage others retained by the people." Would you still allow for private practices to occur? They are legal in the UK but illegal in Canada (although the Quebec case opens it in that area). Private practice is not totally outlawed in Canada. One approach is to allow service providers to choose whether they wish to be in the single-payer system or out of it -- if they take any insurance patients they can not bill anyone but the state. I think this is the right approach to preserve freedom and boutique providers in the system. BTW I have to ask is that single tax referring to Geoism? Related, yes. I'd like to think taxing land and its natural resources would be enough to establish a geolibertarian regime superior to eg. Sweden or Norway. But I doubt it would work so well in practice.

7. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   7   12:13pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   No effect.

8. corntrollio Follow Befriend (5) 27 threads 2,073 comments

   8   2:34pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   StoutFiles says Well, more specifically, I’m wondering how detrimental it would be if we decided not to raise the debt ceiling. Housing prices would be the least of your worries.

9. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   9   4:54pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   StoutFiles says I’m wondering how the upcoming debt ceiling decision will change the housing market, for good or for worse. Anyone with knowledge? none but the lowering of Jumbos will..lowering prices to purchase. http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/06/10/prweb8560737.DTL

10. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    10   5:00pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   thomas.wong1986 says lowering of Jumbos Assuming Congress lets it happen. Even dropping to $625K is an abomination. It should be dropped back to $417K or lower.

11. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

    11   6:31pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   Protected   StoutFiles says Well, more specifically, I’m wondering how detrimental it would be if we decided not to raise the debt ceiling. If we don't raise the debt ceiling, the United States will default on debt tied to nearly every single financial transaction made across the globe. No one knows for sure what will happen because this has never happened before. At the very least, it will mean individuals and pension funds invested in U.S. debt instruments will not get their payments until it is resolved. This might force people into foreclosure, or make the decision to strategically default easier. It's an extraordinarily stupid move by Republicans.

12. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

    12   9:04pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   The sky is not yet falling. Interest payments on the debt can be met without raising the debt ceiling. Asking whether this has an effect on housing is like asking whether or not putting your convertible top up or down matters when you are flying down the road and lose your brakes. Either way, you're going to have a bad experience. I think the debt ceiling will be raised but the nonsense of railing about miniscule issues like 5 v 7 year depreciation of jets shows that a little more chicken playing is in order. Obama forgets that the election last November changed things in Washington. The new people are unafraid of nonsense. Geithner said back in March that doom was imminent and he was lying, so now no one cares, he cried wolf.

13. LarryPatrickMaloney Follow Befriend (13) 57 threads 166 comments Mountain View, CA LarryPatrickMaloney's website

    13   9:55pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   iwog says StoutFiles says Well, more specifically, I’m wondering how detrimental it would be if we decided not to raise the debt ceiling. If we don’t raise the debt ceiling, the United States will default on debt tied to nearly every single financial transaction made across the globe. No one knows for sure what will happen because this has never happened before. At the very least, it will mean individuals and pension funds invested in U.S. debt instruments will not get their payments until it is resolved. This might force people into foreclosure, or make the decision to strategically default easier. It’s an extraordinarily stupid move by Republicans. Of course IWOG will blame Republicans for everything, and conviently omit that it's been the DEMOCRAT party that has incured all the debt the US has. Other than that, iwog is correct. No govt. payments, or at the very least, reduced payments to bond holders, SS recipients, and ... FHA, Fannie Mae, Freddie Mac loans. SO no more govt. backed loans. That means 90% of the mortgage market is GONE! So good by to house prices. IF that happened, you'd see a 90% fall in prices from here. :) GOD I HOPE WE DEFAULT! WOOT!

14. Fisk Follow Befriend (1) 8 threads 242 comments

    14   10:01pm Thu 30 Jun 2011   Share   Quote   Permalink   Like   Dislike   iwog says StoutFiles says Well, more specifically, I’m wondering how detrimental it would be if we decided not to raise the debt ceiling. No one knows for sure what will happen because this has never happened before. Your own link says it did: "America’s only known instance of outright default (other than refusing to repay debts in gold in 1933) occurred in 1979 when the Treasury failed to redeem $122m of Treasury bills on time." Nothing much has happened, in fact I'd bet >90% of investors (leave alone all Americans) have never heard of this.

15. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

    15   12:01am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   larrypatrickmaloney says Of course IWOG will blame Republicans for everything, and conviently omit that it’s been the DEMOCRAT party that has incured all the debt the US has. Unbelievable ignorance. Sometimes you just gotta wonder WTF is wrong with people.

16. mdovell Follow Befriend (4) 28 threads 776 comments

    16   5:54am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   "No one knows for sure what will happen because this has never happened before." So we didn't default when Bretton Woods ended? When Nixon got us off the gold standard it's because we ran out of it. But that also caused OPEC to be angered that what was gold was now power..which came to no surprise that the embargo occured We also defaulted during the civil war and don't forget nearly every treaty we made with native amerians and of course the bonus march for ww 1 vets. We have defaulted a number of times

17. wtfcapinv Follow Befriend 2 threads 210 comments

    17   6:15am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   If we don’t raise the debt ceiling, the United States will default on debt tied to nearly every single financial transaction made across the globe. Nope. The Treasury will just have to make choices. Pay interest on the debt or pay for small business loans that small businesses aren't even applying for.

18. ASDFLYLE Follow Befriend 1 comments

    18   7:28am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   If we default, we will get downgraded by the rating agencies, borrowing costs will go up as a result. Mortgage rates will follow suit, further depressing housing sales, and house valuations. Increasing repos and banks sales as more people tire of making payments on houses whose mortgages are under water. A default would push us back to another 2008 type crisis, but this time the government couldn't step in to bail out the entire BREIM (banking real estate insurance mortgage) industry. Add to that Geitners statement that we would need to cut government spending by 40% immediately, and we can see that the troubles of 2008 would pale. We would be looking at something more akin to the great depression. Which, given stock market and unemployment curves of that crisis, over 10-15 years, may just be history repeating itself. 1929 to 1932 saw a small recovery before the real crash occurred, which took the massive deficit spending of WWII to resolve. We have seen a lot of improvement since the depths of the 2008 crash, but I don't think that pig has worked its way through the snake yet. If we attempt to solve our problems by going cold turkey on debt, the current unemployment numbers and housing values will look like the good old days.

19. darrellsimon Follow Befriend 14 comments

    19   8:37am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   yup, last time around we needed a war to bail us out... and in a srange coincidence Europe having similar problems has, along with the good ole us ofa, decided to destabilize the middle east by attacking (with propoganda and with actual force) sovergn nations in that area. Lets just bomb Libya while the Saudi's stone women, lets just decry the oppressive regimes of Egypt and other countries in favor of revolution & democracy. I would definitely say a war is next

20. StoutFiles Follow Befriend (1) 24 threads 557 comments

    20   9:37am Fri 1 Jul 2011   Share   Quote   Permalink   Like   Dislike   darrellsimon says I would definitely say a war is next It's not like that would help. A war wouldn't send many people overseas and give many people a job to fund the war effort like it did in the 40's. It'd just be really expensive and make things worse.