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Janet_IHB

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<p>Well, let me start by saying I've learned more about economics in the last month (thanks in part to many of you), than in all the time I've been alive so far!</p>

<p>I've always struggled with the Rubik's Cube-iness and moving-parts quality of the topic.</p>

<p>I do a lot of reading, and have had CNBC on non-stop for the past two days, and have casually observed that the (pretty vast) majority of the professionals sharing their opinions are in favor of the fed taking action.</p>

<p>(I've also noticed that they all look the same, but that's another thread!)</p>

<p>Many are concerned about runaway inflation, but my humble little mind senses that inflation will be offset by the drag on the economy of the remaining trouble in housing.</p>

<p>Am I a captive audience to my news sources, since places like CNBC are too cozy with the Street?</p>

<p>In my very humble opinion, the recent chaos was just so over-the-top that if left alone, would kill every part of our economy.</p>

<p> </p>

<p> </p>
 
<p>Janet, add <a href="http://calculatedrisk.blogspot.com/">this</a> to your favorites list or RSS feeder.</p>

<p>The housing bubble has turned some of us into armchair economists. Personally, I never knew or cared anything about yield spreads, yield curves, moral hazards, agency vs non-agency paper, carry trades, M3, GDP deflators, hedonic adjustments, or purchasing power parity until I rolled up my sleeves and decided that I was going to get to the bottom of why I, as a white collar professional with an above median salary, cannot afford to buy a home without using a loan that will blow up in my face in two years. Now I'm reading <a href="http://post.economics.harvard.edu/faculty/mankiw/books.html">economics textbooks</a> in my spare time.</p>

<p>You've probably noticed that the IHB forum has taken quite a turn in the past two weeks. We're watching the economy and not Irvine housing quite so much. The reason being that all of these economic events, twists, and turns have an impact on home prices. Likewise, home prices have an impact on the broad economy. It's an asset class which shares a seat at the center of the world economic dinner-table.</p>

<p>It is events external to the housing market which eventually filter through to the housing market that will kick greedy home sellers in the ass and let them know that their so-very-special $800k house isn't really worth $800k. We're watching those events with simultaneous shock, horror, disgust, contempt, and yes, jubiliance and maybe even greed.</p>

<p>Watching CNBC is part and parcel of the housing bear side of the fence.</p>

<p>Welcome, Janet.</p>

<p><img alt="" src="http://www.noisebot.com/images/darkside2-black.gif" /></p>
 
<p>Newsflash:</p>

<p>An hour ago I received the proceeds from a second home that I sold in Arizona. </p>

<p>My loss on this property is equal to an entry-level engineer's annual income. </p>

<p>I got the other half back. </p>

<p>I am happy. </p>

<p>And smarter.</p>

<p>Let's just say I had a fitful day yesterday! </p>
 
<p>OUCH ! Thanks for having the courage to share. Congrats for being able to sell at all..... </p>

<p>I, too, have been watching CNBC non stop as I believe this is a historical event we are witnessing. From yesterdays cheering from the floor as the DOW passed into positive territory, to the bickering about the Fed injections/discount rate cut, to the guy today who kept calling himself "A nibbler,,,,,a nibbler of commodities"....it's been entertaining as well as educational. Makes me want to go take some business classes.</p>

<p>And to all of you out there that help us rookies understand the economy in layman terms....thank you. </p>

<p> </p>
 
<p>I've been thinking about taking evening econ101 at IVC. Trouble is, I've read the textbook already and wouldn't expect to learn much. The math would be a useless pain in the ass, too.</p>

<p>I'd much rather take a welding class. They don't teach that in Irvine. Imagine that. </p>
 
<p><em>I'd much rather take a welding class. They don't teach that in Irvine. Imagine that.</em> </p>

<p>Yeah, you might want to do something other than just <strong>park </strong>your cars in your garage. Mayhem would surely ensue.</p>

<p>SCHB</p>
 
<p>Hey, I keep saying... I need a 3 bay garage with a fridge, a hot plate, and a sleeping loft. Why won't Richmond build this for me?</p>

<p>OMG, what would bkshopr say? </p>
 
LOL ! Forget the house ! Just gimme a garage ! Perhaps you can work out a fractional ownership with one of the FB's...you can talk to these people about an OC arrangement <a href="http://www.dreamslice.com/">Dreamslice Shared Ownership Real Estate in Lake Tahoe</a>
 
<p>Ownership? Too expensive. You're supposta rent that which depreciates.</p>

<p><img alt="" src="http://www.smugmug.com/photos/184953043-O.jpg" /></p>

<p> </p>
 
<p>oc_fliptrack,</p>

<p>LOL I am taking the <a href="http://faculty.ivc.edu/mstuffler/ONLINEMACROSYL16WF07.htm">econ 102</a> macro online class this semester at IVC. I think I will gain something from it but I agree the math will suck. IRCC Santiago College has a welding class and I think OCC might too. I have always wanted to take it but it is always during the day. So instead I will be going to my uncle's house to learn from him. I know he has plenty of projects if you want to join in.</p>
 
If you want to learn a ton about our economy and money in just one book, try:<p>


<i>"The Creature from Jekyll Island"</i> by G. Edward Griffin.<p>


It is specifically about the Federal Reserve, but you can't help but learn an incredible amount about our monetary system. What makes it more interesting than a textbook or some such dry material is that this book is about the people behind the institutions and all the skullduggery and conflicts involved.
 
<p>Janet...ouchies on the sale of your second home </p>

<p>I just sold my place in Tustin Ranch and took a de facto loss after expenses and upgrades and seller incentives that is equivalent to 2/3 of an entry level engineer's salary...and we closed in July 30, 2007. </p>

<p>In light of the current events, you can say that my wife and I are sleeping much even though we took a financial bath on our first home purchase. It's only money, and we'll make more in order to buy the hope to be much lower prices on a bigger home in Irvine in the next 12-18 months. </p>

<p>I too have learned much on this board...keep up the good works y'all!</p>
 
I have a question hoping you intelligent American can answer -- Why do you American men like to hang out in the garage?


Some of my neighbours, nice guys, always eat, drink and watch TV in the garage. I wonder if the reception is better in the garage? Or they just want to get away from the wife and kids?


Also, why do you not mind spending a fortune and getting yourself in debt for the next 15 to 30 years or so, just to end up in the garage with an old TV and a broken chair?

 
<p>I shouldn't answer. No wife and kids to get away from.</p>

<p>I'll speculate that the garage is the one part of the home which is the "man cave". Every other part of the home is decorated, arranged, and cleaned to suit the woman of the house. Nesting instinct, if you will. The garage has no sea-shells on the commode, nobody yelling at you for spilling buffalo wings on the carpet, and nobody fighting over the TV channel.</p>

<p>I'll go out on a limb and state that in FOB households, the man of the house has a more dominant role and is the king of the castle. More or less. He doesn't feel the need to retreat to a carpetless, concrete box. Blame feminism.</p>
 
oc, I'm gonna smack you....but I got a good laugh out of the "man cave" comment. I would have to agree that the garage is the man's domain...his space.
 
<p>One more quibble. In my case, it wouldn't be prudent to change the motorcycle's oil in the living room. Hence the wireless Internet and Yahoo! Music Engine in the garage.</p>

<p>Did that answer your question, Mendel?</p>
 
Not quite, oc.


I do understand the "man cave" thing, but isn't it just sad? Paying all that money and end up hanging out in the garage?


As for feminism, not sure about that because the neighbours I've seen, two of them are single and they live alone.
 
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