Capitalism, The Fed and Economic Policy

mickeyrat · October 28

wtf?

Image: https://us.v-cdn.net/5021252/uploads/editor/ha/7i2sbckoc7or.jpg

mickeyrat · November 7

The IRS is reportedly not offering its Direct File program next year. Here’s a look back at how TurboTax owner Intuit spent two decades fighting to prevent Americans from filing their taxes online for free: https://propub.li/47J9Uy4

(Published 2019)

mickeyrat · November 10

Two Tennessee farmers tell 60 Minutes they expect to lose nearly $800,000 this year combined. Major row crops, including corn, soybeans, cotton, and wheat, have not been profitable since at least 2022. https://cbsn.ws/4opIpR4

Lerxst1992 · November 10

mickeyrat said:

wtf?

This is one of the most beautiful graphs I’ve ever seen.

Halifax2TheMax · November 11

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

Yo, Millennials! Great news! You can keep your daily Starbucks and streaming and subscription services! 50 year mortgages are here! Houses for everyone!

tempo_n_groove · November 11

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.
Yo, Millennials! Great news! You can keep your daily Starbucks and streaming and subscription services! 50 year mortgages are here! Houses for everyone!

Thats a joke right?

I can only assume the house would be paid off 5 times by the time its actually done in 50 years cycle.

Gern Blansten · November 11

mickeyrat said:

The IRS is reportedly not offering its Direct File program next year. Here’s a look back at how TurboTax owner Intuit spent two decades fighting to prevent Americans from filing their taxes online for free: https://propub.li/47J9Uy4

(Published 2019)

yeah this is bullshit...there is no reason why free file should have been taken away. Total favor to Intuit for donating to maga I'm sure

nicknyr15 · November 11

tempo_n_groove said:

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.
Yo, Millennials! Great news! You can keep your daily Starbucks and streaming and subscription services! 50 year mortgages are here! Houses for everyone!

Thats a joke right?

I can only assume the house would be paid off 5 times by the time it’s actually done in 50 years cycle.

Dumbest thing ever

mrussel1 · November 11

tempo_n_groove said:

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.
Yo, Millennials! Great news! You can keep your daily Starbucks and streaming and subscription services! 50 year mortgages are here! Houses for everyone!

Thats a joke right?

I can only assume the house would be paid off 5 times by the time its actually done in 50 years cycle.

No it isn’t a joke. FHA is exploring 50 year mortgages. And no it wouldn’t be paid off by definition. The amortization schedule is 50 years. That’s how long it takes.

Gern Blansten · November 11

This admin will do anything to make it look like they know what they are doing.

mrussel1 · November 11

Gern Blansten said:

This admin will do anything to make it look like they know what they are doing.

It's lipstick on a pig. The answer to housing prices that are too high is NOT to extend the mortgage life. That will only increase prices (since inventory isn't moving up) and mean that people are literally paying until they die. You will end up paying around 5x the principal in that scenario. And btw, the word "mortgage" is literally Latin and Gaelic (or something) for "death pledge".

Halifax2TheMax · November 11

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

mrussel1 · November 11

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

Genius! Who wants equity anyways? Maybe when you die, you’ll have enough to pay for a small service. That’s the American dream.

Gern Blansten · November 11

To me the obvious answer is a mortgage interest tax credit.

mrussel1 · November 11

Gern Blansten said:

To me the obvious answer is a mortgage interest tax credit.

Don't most people you see fall into the standard deduction since the 2017 law, rather than itemizing the mortgage interest out?

I don't know that a tax credit increases the affordability materially, especially if rates fall (which they should). There appears to be a more fundamental supply issue going on.

Gern Blansten · November 11

mrussel1 said:

Gern Blansten said:

To me the obvious answer is a mortgage interest tax credit.

Don't most people you see fall into the standard deduction since the 2017 law, rather than itemizing the mortgage interest out?

I don't know that a tax credit increases the affordability materially, especially if rates fall (which they should). There appears to be a more fundamental supply issue going on.

yes, most take the standard deduction but a credit helps you whether you itemize or not which is its benefit

A 7% mortgage can be reduced to 4.9% with a 30% interest credit. Banks then look at the credit as income for qualifying purposes. So a $172K mortgage at 7% is $12K in interest. 30% being $3600 or $300/month

Lerxst1992 · November 12

mrussel1 said:

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

Genius! Who wants equity anyways? Maybe when you die, you’ll have enough to pay for a small service. That’s the American dream.

Hal doesn’t. He(they) comments that it’s impossible for a young full time worker to find $4k a year in a personal budget, put it in a 401k, combine that with employer contributions and favorable tax breaks to save and invest even more, to build up equity. You might find a Starbucks or Netflix joke on this page. That’s them joking about this theory. Better to make a joke than teach the younger generations to be a smart budgeters and investors.

mrussel1 · November 12

Lerxst1992 said:

mrussel1 said:

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

Genius! Who wants equity anyways? Maybe when you die, you’ll have enough to pay for a small service. That’s the American dream.

Hal doesn’t. He(they) comments that it’s impossible for a young full time worker to find $4k a year in a personal budget, put it in a 401k, combine that with employer contributions and favorable tax breaks to save and invest even more, to build up equity. You might find a Starbucks or Netflix joke on this page. That’s them joking about this theory. Better to make a joke than teach the younger generations to be a smart budgeters and investors.

Who is Hal? I have no idea what this paragraph means in context to my statement. I'm talking about home equity, which would be much more difficult to build on a 50 year note.

Tim Simmons · November 12

Halifax2TheMax

Lerxst1992 · November 12

mrussel1 said:

Lerxst1992 said:

mrussel1 said:

Halifax2TheMax said:

* The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

Genius! Who wants equity anyways? Maybe when you die, you’ll have enough to pay for a small service. That’s the American dream.

Hal doesn’t. He(they) comments that it’s impossible for a young full time worker to find $4k a year in a personal budget, put it in a 401k, combine that with employer contributions and favorable tax breaks to save and invest even more, to build up equity. You might find a Starbucks or Netflix joke on this page. That’s them joking about this theory. Better to make a joke than teach the younger generations to be a smart budgeters and investors.

Who is Hal? I have no idea what this paragraph means in context to my statement. I'm talking about home equity, which would be much more difficult to build on a 50 year note.

“ who wants equity anyway” has been an attempt here lately by one of the only capitalists on the forum as an alternative to the socialist wave sweeping the hearts of democrats and nyc. One of the primary goals is to generate enough wealth to afford a home, as opposed to a partial govt takeover of housing.

Capitalism, The Fed and Economic Policy

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