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Thread: Awash in cash

  1. #1
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    Default Awash in cash

    One in four American homeowners refinanced their mortgages in 2021, at phenomenally low rates.

    How much cash did you get?

    I wonder how many refinanced in order to pay off their kids' student loans...that were in forbearance.

    The recreational vehicle industry had a good year.

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    Default Re: Awash in cash

    already own the houses
    my kid had no loans,i think paying for my kids education is sort of my JOB !!!

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    Default Re: Awash in cash

    Quote Originally Posted by wizbang 13 View Post
    already own the houses
    my kid had no loans,i think paying for my kids education is sort of my JOB !!!
    Quite an expression of American values of fiscal independence and responsibility. Huh.

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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    Quite an expression of American values of fiscal independence and responsibility. Huh.
    for an original generation hippie
    Last edited by Paul Pless; 09-14-2022 at 10:41 AM.
    Simpler is better, except when complicated looks really cool.

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    Default Re: Awash in cash

    Exactly. From somebody very identifiably of liberal inclinations.

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    Default Re: Awash in cash

    How out of touch is the liberal political, academic, and media elite with mainstream American values, shared across the political spectrum?

  7. #7
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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    mainstream American values
    i gots mines
    Simpler is better, except when complicated looks really cool.

  8. #8
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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    i gots mines
    Sure, that's right in there. All across the political spectrum as well.

    How well do American values mesh with Scandinavian-style democratic socialism? Not one-in-ten American voters would go for it.

    Of course, less than one-in-ten can form a cogent thought about why that is. We'll ignore it instead. We'll insist that the will of the people is not reflected by their votes. Somehow that feels better.

  9. #9
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    Default Re: Awash in cash

    Why so grumpy ?
    This post is temporary and my disappear at the discretion of the managment

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    Default

    Pre-pandemic, we refinanced with a 15-year fixed rate of 2.35%, down something like 1+ percent from what we had.
    You would not enjoy Nietzsche, sir. He is fundamentally unsound. ó P.G. Wodehouse (Carry On, Jeeves)

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    Default Re: Awash in cash

    The three out of four homeowners who didn’t refinance were fools. We refinanced but didn’t take out any cash. Probably saved $40k-ish over the life of the loan. Our roof and windows are fine, otherwise I’d probably have plugged the money into that. We don’t have kids or an SUV. (Is a 2015 Forrester an SUV?) What did I win?
    Quote Originally Posted by James McMullen View Post
    Yeadon is right, of course.

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    Default Re: Awash in cash

    House rich. Cash poor.

  13. #13
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    Default Re: Awash in cash

    Quote Originally Posted by Yeadon View Post
    The three out of four homeowners who didnít refinance were fools. We refinanced but didnít take out any cash. Probably saved $40k-ish over the life of the loan. Our roof and windows are fine, otherwise Iíd probably have plugged the money into that. We donít have kids or an SUV. What did I win?
    you could've bought a stack of bs1088 sapele so as to build another boat
    Simpler is better, except when complicated looks really cool.

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    Default Re: Awash in cash

    F the whole mortgage industry. It’s a racket. I’d rather work to pay it off.

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    Default Re: Awash in cash

    Awash in cash is certainly true.

    Today's paper had a piece on the low number of poor going to college. Certainly not enough.

    Yesterday's paper told us how much difficulty the rich were having - investments down 25% in the 3rd quarter. Failed to mention that they were still up 30-40% above any reasonable expectations.
    Life is complex.

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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    you could've bought a stack of bs1088 sapele so as to build another boat
    Looks like I'm the fool yet again.
    Quote Originally Posted by James McMullen View Post
    Yeadon is right, of course.

  17. #17
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    Default Re: Awash in cash

    Quote Originally Posted by Yeadon View Post
    The three out of four homeowners who didn’t refinance were fools. We refinanced but didn’t take out any cash. Probably saved $40k-ish over the life of the loan. Our roof and windows are fine, otherwise I’d probably have plugged the money into that. We don’t have kids or an SUV. (Is a 2015 Forrester an SUV?) What did I win?
    I feel this burn.

    Didn't get my '21 taxes done, told myself I wouldn't qualify anyway because I let my income slip, yadda yadda. I tell people I am the laziest man alive and they don't believe me. But the stories I could tell on myself.

    But, I'm not bitter. "It is what it is".

  18. #18
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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    you could've bought a stack of bs1088 sapele so as to build another boat
    I bought fence posts

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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    I feel this burn.

    Didn't get my '21 taxes done, told myself I wouldn't qualify anyway because I let my income slip, yadda yadda. I tell people I am the laziest man alive and they don't believe me. But the stories I could tell on myself.

    But, I'm not bitter. "It is what it is".
    you have a long way to go to be as lazy as i am
    Simpler is better, except when complicated looks really cool.

  20. #20
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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    you have a long way to go to be as lazy as i am
    Sad thing is, I probably could have cashed enough to stay out of the work force for another year, maybe two. Could have farmed until it was all gone. Well, farmed and posted on the internet.

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    Default Re: Awash in cash

    I do still struggle with whether or not I should have pulled at least half or two-thirds of those refi dollars and put it in a savings account for easier access once it was time for a roof. But that'll be 10 years from now and we'll be SIXTY. And by then President Mayor Pete will have surely canceled the remainder of my mortgage.
    Quote Originally Posted by James McMullen View Post
    Yeadon is right, of course.

  22. #22
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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    Sad thing is, I probably could have cashed enough to stay out of the work force for another year, maybe two. Could have farmed until it was all gone. Well, farmed and posted on the internet.
    you know you could get farm subsidy dollars from the govt
    Simpler is better, except when complicated looks really cool.

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    Default Re: Awash in cash

    Quote Originally Posted by Yeadon View Post
    I do still struggle with whether or not I should have pulled at least half or two-thirds of those refi dollars and put it in a savings account for easier access once it was time for a roof. But that'll be 10 years from now and we'll be SIXTY. And by then President Mayor Pete will have surely canceled the remainder of my mortgage.
    Love you, man

  24. #24
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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    you know you could get farm subsidy dollars from the govt
    If I wasn't so lazy

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    Default Re: Awash in cash

    Quote Originally Posted by Paul Pless View Post
    for an original general hippie
    Where were you during the summer '67?

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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    How well do American values mesh with Scandinavian-style democratic socialism? Not one-in-ten American voters would go for it.
    Apparently you believe what you want to believe about these kinds of things.

    Among the public overall, 63% of U.S. adults say the government has the responsibility to provide health care coverage for all, up slightly from 59% last year. Roughly a third (37%) say this is not the responsibility of the federal government, according to a Pew Research Center survey conducted July 27 to Aug. 2 among 11,001 adults.
    Source

    It's hard to argue (rationally) that either party is representing the will of the voters, I'd say.

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  27. #27
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    Default Re: Awash in cash

    Quote Originally Posted by WI-Tom View Post
    Apparently you believe what you want to believe about these kinds of things.



    Source

    It's hard to argue (rationally) that either party is representing the will of the voters, I'd say.

    Tom
    Mmmhmm. Time for your "temporary left wing authoritarian" to set things right.

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    Default Re: Awash in cash

    Actually - it was 2020 that saw the bit spike in refi. Almost a trillion $$. 2021 saw a sharp fall... back close to a more normal $500 billion.

    But the fact remains... it was a huge recent infusion of cash.

    So... what's your point, Lee?
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  29. #29
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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    Mmmhmm. Time for your "temporary left wing authoritarian" to set things right.
    So, no actual rebuttal to the evidence I presented, then? The evidence that suggests your beliefs about the (lack of) popularity of socialist programs in the U.S. is completely incompatible with actual reality?

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  30. #30
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    Default Re: Awash in cash

    Quote Originally Posted by WI-Tom View Post
    So, no actual rebuttal to the evidence I presented, then? The evidence that suggests your beliefs about the (lack of) popularity of socialist programs in the U.S. is completely incompatible with actual reality?

    Tom
    I've given my rebuttal of that numerous times previously.

    It is the authoritarian impulse--the insistence on it--of yourself and others on the progressive left (hello aoc) that prompted a $300Billion executive order. The executive order that you say is dumb. The allegedly "socialist" measure that isn't even liberal.

    I don't trust you to accurately comprehend the nature of even yourself, let alone the American body politic as a whole.

  31. #31
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    Default Re: Awash in cash

    Quote Originally Posted by David G View Post
    Actually - it was 2020 that saw the bit spike in refi. Almost a trillion $$. 2021 saw a sharp fall... back close to a more normal $500 billion.

    But the fact remains... it was a huge recent infusion of cash.

    So... what's your point, Lee?
    Well, on the $300billion thread, a rationale given was "rebuilding the middle class".

    Not to pick on our friend JohnW, but that phrase struck me as out of date...or at least, out of the moment.

    Not that all of us haven't had times of struggle. The "great recession", the early 80's, the Depression. And our economy is regional, there are areas stuck in real poverty, even as the nation wildly prospers, with circumstances that frankly have eff all to do with student loan debt, right? Better illustrated by kids not even finishing high school, right?

    To suggest, in 2022, that giving a household with $250k annual earnings a student loan cancellation is about "rebuillding the middle class"...man, I don't think so.

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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    I've given my rebuttal of that numerous times previously.
    More accurately, you have said numerous times that you don't believe polls reflect reality when the popularity of progressive policies is brought up. I could say numerous times that Newton's laws of motion don't accurately reflect reality, too. It wouldn't be much of a rebuttal, though.

    Quote Originally Posted by L.W. Baxter View Post
    It is the authoritarian impulse--the insistence on it--of yourself and others on the progressive left (hello aoc) that prompted a $300Billion executive order. The executive order that you say is dumb. The allegedly "socialist" measure that isn't even liberal.
    It must be nice to live in a universe in which you can blame me and AOC for everything you disapprove of. I'm particularly impressed that you can manage the cognitive dissonance of blaming me for policies to which I have expressed complete opposition (placing me in complete agreement with you).

    It's funny that centrists b!tch and moan about needing a "big tent" but do everything they can to vilify the people they've invited in (just for their votes, of course--no need to give them an actual voice in shaping party policy).

    Meanwhile, I'd wager a fair amount that you and I (and virtually all non-Boatbum posters on this thread) vote in exactly the same way, and have the same concerns about democracy, authoritarianism, and hyper-partisanship. Perhaps it would be worth keeping that in mind before you start scolding your allies again.

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    Default Re: Awash in cash

    I would have refinanced, but no bank could beat my current 0.0% rate. I also like not owing money to anyone.

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    Default Re: Awash in cash

    Quote Originally Posted by WI-Tom View Post
    scolding
    You can’t see yourself.

    What chance that you would understand me.

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    Default Re: Awash in cash

    Quote Originally Posted by L.W. Baxter View Post
    ... suggest, in 2022, that giving a household with $250k annual earnings a student loan cancellation is about "rebuillding the middle class"...man, I don't think so.
    I'm a stickler for fairness (remember, I said the extra attention Brittney Griner got was unfair to the other more pedestrian U.S. detainees in Russia). So, in assuaging my feelings about the unfairness of that $250K top end, I tried to look at the overall picture.

    The Penn Wharton Budget Model helped:

    "President Bidenís new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less."

    Maybe it's not quite as bad as it feels.

    https://budgetmodel.wharton.upenn.ed...an-forgiveness

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