What the Fed is doing to people like my parents who save save save is just plain cruel.Other signs of apocolypse - my bank is giving me a rate modification on my already low-ish 30 year fixed down to 4.0% in exchange for a small fee which will pay for itself in a few months. Whiskey, tango, foxtrot...but I'm not going to look a gift horse in the mouth.I'm glad you finally fully came around to the dark side here about how the markets can keep heading higher. I am on the side of new multi-year highs on S&P and DOW and NASDAQ before the fan gets suddenly clogged with poo.The insiders are selling furiously to retail and mutual fund weak hands who are taking the bait and leaving bonds for equities. Earnings are good but clearly unsustainable.My lesson is learned - I'm 100% in cash, and avoiding any temptations long or short until the first of november, when I'll make a move (we'll let the market dictate what that should be) in anticipation of the elections.It would seem, again, JMO, if in this year we're basically flat and had a rally during the historically worst time of the year when the economy is deeper in poo, the roulette wheel of black swans is slowing down and getting ready to land on something, we have a collapse instead of a santa claus rally after thanksgiving.I would like the bear to come out again, but we'll see. Too early to know for certain yet.
FLipI have been going long the markets via gold versus stocks.They have been moving perfectly in synch and I have more faith in the gold stuff right now.I also think gold will hold up better than stocks if the market corrects. I also have hedged this out with some shorts in case this rally rolls over.Regarding your mortgage all I can say is wow. Desperation at it's finest.This inflation eventually destroy the rally but the Ponzi is in full gear now.Fine with me. Making money which is all that matters:)
I just had an experience that was the opposite of flipdippy. I had a bit of an emergency. My water well started plugging up and I had to have another well drilled. So I applied to my mortgage company, BoA, for a home equity loan. According to the paperwork BoA sent back to me I have an 820 FICO and $80k in equity. No debt other than my mortgage. The lowest amount they would let me take out was $25K. The best rate they would give me: 5.4% adjustable rateI'll parrot flipdippy: Whiskey Tango Foxtrot!!Luckily, geology was on my side. They only had to drill 80ft and my well ended up being a lot less expensive than I thought it would be.
AnonWowYeah they love to rape you on those home equity loans.I took one out a few years ago to have some dental work done and I was hit with a similiar rate.Surprised about the 25k minimum. I would think the banks would be reigning things in.Maybe because of your high scores they decided to try and put you through the ringer and place you in much debt as they could.GLad things worked out with the well.
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