Thursday, June 29, 2006

"...i ain't trippin', lots of cats have been on it like that, and when we listen we move the world in the right direction, when we don't, we don't..."

yo man,

i know we all have dreams... but, we also have to face reality.

so, take your fat-stack of cash and use it but don't abuse it, 'cause i know you guys have a history of living on credit. it's not worth it to buy the biggest house you possibly can only to lose it in 5 years - as is the plan being put forward by the banks.

you can see it happening if you watch carefully, you don't, but i do, and i can put the random "oh - things are just so screwed up!" way we look at the news in more context.

here's an example from Yahoo! News that i'm copying below, i always take a look at the "mainstream news" headlines just before i check my Yahoo! Mail, and i understand that even when "they" don't make a big deal out of it, it doesn't matter: it's still a big deal.

i've barely read the whole thing because it's full of economic mumbo-jumbo that's there on purpose so we can't understand it - it takes economics (or "our society's use of our money!") and puts it exclusively in the domain of "experts" who can justify why their bosses are screwing us - and why gas prices are high - and why entire countries can't "eat" - and why we have to pay more and more and more for everything...

but, the central idea is clear: they're raising mortgage interest rates, and if you think they can't find a way around "contracts", then you're crazy. there's example after example of "laws" that protect people being changed today - e.g. "eminent domain" in the U.S. is allowing the government to take away people's homes and sell the land to private businesses (Google it - even mainstream news is hella worried), so really, raising interest rates is a relatively small assault on our individual and collective privacy and property rights...

good luck meng, you know i'm on it like that, but hey - i ain't trippin', lots of cats have been on it like that, and when we listen we move the world in the right direction, when we don't, we don't...


Yahoo! News

Mortgage rates climb on inflation fears

By MARTIN CRUTSINGER, AP Economics Writer 15 minutes ago

WASHINGTON - Interest rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than four years as investors continued to express worries about inflation.

Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.78 percent this week, up from 6.71 percent last week.

It was the highest level for 30-year mortgages since they averaged 6.81 percent the week of May 24, 2002.

While the housing sector has enjoyed five boom years powered by the lowest mortgage rates in four decades, housing sales are expected to decline by 7 percent or more this year as higher mortgage rates make home ownership more costly.

"Financial markets continue to expect more rate hikes by the Fed over the next six months, which has added upward pressure on mortgage rates," said Frank Nothaft, Freddie Mac's chief economist.

"With higher interest rates, the housing market has begun a gradual and orderly reversion towards historical norms," Nothaft said. "New construction, home sales and house price appreciation have all been slowing over the past few months."

Rates have been climbing since Federal Reserve Chairman Ben Bernanke expressed concerns earlier this month that inflation was rising at "unwelcome" levels, raising worries about how many more rate hikes there will be before the Fed decides it has done enough to combat inflation.

A variety of mortgages experienced rate increases this week, according to the Freddie Mac survey.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, increased to 6.43 percent, up from 6.36 percent last week.

Rates on one-year adjustable rate mortgages rose to 5.82 percent, up from 5.75 percent last week and the highest level in more than five years.

Rates on five-year adjustable-rate mortgages climbed to 6.39 percent, up from 6.32 percent last week.

The mortgage rates do not include add-on fees known as points. The one-year ARM carried a nationwide average fee of 0.8 point. The other three mortgage categories carried average fees of 0.5 point.

A year ago, 30-year mortgages averaged 5.62 percent, 15-year mortgages stood at 5.20 percent, one-year ARMs were at 4.33 percent and five-year ARMs averaged 5.19 percent.


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