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  1. #2131
    Joined
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    Re: Economic News/Discussion

    Quote Originally Posted by AeroSim View Post
    Looks like refis are taking off. The rates are cruising around 5%

    http://www.marketwatch.com/news/stor...C%7D&dist=news
    There was talk a few weeks back of the Fed lowering the rate on their 30 year fixed mortgages to 4.5%. Now it looks as if the free market might get there pretty soon without the Fed.. a good thing.

    IMHO one of the best ways to get the money flowing again is to get those with good credit to refi. It puts money back into the financial markets and a lil more disposable/discretionary income into the pockets of many homeowners that would most probably find it's way back into the economy through purchases & investments.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  2. #2132
    Joined
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    Re: Economic News/Discussion

    I've been thinking about refinancing myself, but I don't really think it would be worth it because of the points and other fees. It would save me over $100.00 a month if I could get a 4.5% 30 year fixed or lower. Maybe I'll wait and see if they hit 4%. I'd have to jump on one of those.

  3. #2133
    Joined
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    Re: Economic News/Discussion

    Quote Originally Posted by kbohip View Post
    I've been thinking about refinancing myself, but I don't really think it would be worth it because of the points and other fees. It would save me over $100.00 a month if I could get a 4.5% 30 year fixed or lower. Maybe I'll wait and see if they hit 4%. I'd have to jump on one of those.
    Rule of thumb is if you cannot better your current rate by at least a full point it's probably not worth it.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  4. #2134
    Joined
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    Re: Economic News/Discussion

    Quote Originally Posted by AMDScooter View Post
    Rule of thumb is if you cannot better your current rate by at least a full point it's probably not worth it.
    Yea, I'm at 5.75% right now. I think I'll wait awhile longer and see if the rates drop more.

  5. #2135
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  6. #2136
    Joined
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    Re: Economic News/Discussion

    GM's UK subsidiary, Vauxhall is doing something similar:

    Vauxhall offers staff sabbaticals

    Car manufacturer Vauxhall has offered its workforce at one plant the chance to take a sabbatical on 30% pay.

    General Motors approached unions at the plant in Ellesmere Port, Cheshire, with the plan last Thursday.

    Under the scheme, staff would stay away from work for up to nine months between January and September 2009 on less than a third of their basic salaries.

    A spokesman said the company wanted to avoid making any compulsory redundancies.

    He said it was "working with unions to cut structural costs and get us through 2009 without losing staff".

    He added: "We want to avoid any forced redundancies."

    Sabbatical offer

    If successful, the sabbatical plan could be rolled out at Saab, Opel in Europe and other Vauxhall plants in the UK.
    http://news.bbc.co.uk/1/hi/england/m...de/7781345.stm

  7. #2137
    Joined
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    Re: Economic News/Discussion

    General Motors and Chrysler are so short of money to fund day-to-day operations that both have said they would struggle to make it through the month without a cash injection. The companies have engaged bankruptcy specialists to prepare for collapse, but both have stressed they want to avoid Chapter 11, the US equivalent of going into administration.

    Bankruptcies under America's Chapter 11 laws are notoriously long and complex. Steve Miller, the chairman of Delphi, the bankrupt former GM parts division, believes the Chapter 11 process would ensnare a company of GM's size for between five and 10 years.

    'Every supplier and claimant from all over the world would have to have their day in court,' said Miller, who served as vice-chairman of Chrysler when it went through bankruptcy three decades ago. He also ran Federal Mogul when it went bust in 2001. 'When I did the Federal Mogul bankruptcy it took six years and it was a much smaller company than GM,' he added.
    http://www.guardian.co.uk/business/2...-generalmotors

  8. #2138
    Joined
    Sep 2008
    Location
    Crazy AZ USA
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    3,516

    Re: Economic News/Discussion

    Quote Originally Posted by AMDScooter View Post
    There was talk a few weeks back of the Fed lowering the rate on their 30 year fixed mortgages to 4.5%. Now it looks as if the free market might get there pretty soon without the Fed.. a good thing.

    IMHO one of the best ways to get the money flowing again is to get those with good credit to refi. It puts money back into the financial markets and a lil more disposable/discretionary income into the pockets of many homeowners that would most probably find it's way back into the economy through purchases & investments.
    I agree with a lot of that. I think we could be in for "the mother of all refis" soon.

    I called a friend in the business and he said we haven't seen the worst yet with the mortgage crisis. As Dutch pointed out earlier, there are going to be Option ARMs hitting their 3 year and many may have to walk away. He pulled up one of many square mile segments here in Arizona and showed me that in that area alone, 55 homes were for sale. 28 of them were repos and 20 were shorts. He also said that almost none of it was moving because he thinks the banks were basically leveraging for bailout money, the people doing shorts were not dropping the price like everyone keeps saying and, basically, there aren't a lot of people in the market.

    And that's with houses that are at about 1985 prices.

    However, he is getting excited about the refis (sales suk) and is starting to twist me to dump my 6.25. He thinks it should also be getting optimal in 60 days.

    I think that if you're living from check to check, this will be a great move if they don't sink the deals with BS fees.

    4.5 on a 30 does reduce my payments by a tidy sum, though the interest doesn't hurt me as bad as I'm advance paying principle.
    Last edited by AeroSim; 12-17-2008 at 07:28 PM.
    "We say in our platform that we believe that the right to coin money and issue money is a function of government....

    Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business."

    William Jennings Bryan.

  9. #2139
    Joined
    Mar 2002
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    California
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    26,280

    Re: Economic News/Discussion

    ^^^ I'm already at 5.5%... when it hits 4.5% it simply makes good financial sense to jump again at that point. It is a tidy savings for both long and short haul.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  10. #2140
    Joined
    May 2002
    Location
    Twain Harte, CA
    Posts
    20,453

    Re: Economic News/Discussion

    ^^^ C'mon banks... drop that puppy to 4% flat on 15 year stuff... I'll promise to hug my banker.

    Toyota: Scaling back Prius production, cutting big wig bonuses to zilch, slowing down in India, Brazil and China... amongst other stuff.

    http://www.businessweek.com/autos/au...n_id=rss_daily

  11. #2141
    Joined
    Mar 2002
    Location
    California
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    26,280

    Re: Economic News/Discussion

    Quote Originally Posted by Dutchcedar View Post
    ^^^ C'mon banks... drop that puppy to 4% flat on 15 year stuff... I'll promise to hug my banker.

    Toyota: Scaling back Prius production, cutting big wig bonuses to zilch, slowing down in India, Brazil and China... amongst other stuff.

    http://www.businessweek.com/autos/au...n_id=rss_daily
    With Toyota scaling back the Prius.. what sense does it make for Pelosi and Co. to be mandating the big 3 invest in the same product lines that will still cost more to manufacture and look shabby vs. the best selling hybrid in the land? Sorry.. rhetorical question.

    On a related note... looks like Chrystler will be shutting down for a long holiday. Their employees will only get 95% of their normal pay to stay home and do nothing....

    Chrysler to shut down plants for a full month

    Chrysler plant workers will have a really, really long Christmas break at 95% pay, which can't be too horrible.
    A lil factoid that I'm sure will get little to no play from our watchdoggie media.

    Be sure to thank a union for the state our auto industry is in. I'm sure you won't be getting one in return for the billions of your tax dollars these thieves will be receiving shortly.

    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  12. #2142
    Joined
    Jun 2003
    Location
    Arizona's White Mountains
    Age
    73
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    3,629

    Re: Economic News/Discussion

    Chrysler to shut down production for a month! The shutdown by Chrysler will idle plants in the United States, Canada and Mexico producing vehicles for its Chrysler, Jeep and Dodge brands.

    http://news.yahoo.com/s/nm/20081217/...ysler_shutdown
    FRH
    If more sane people were armed the crazy ones would get off fewer shots.

    Win 7 Premium SP1 / MX 15 KDE / MEPIS 11

  13. #2143
    Joined
    Sep 2008
    Location
    Crazy AZ USA
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    3,516

    Re: Economic News/Discussion

    Quote Originally Posted by Frank1946 View Post
    Chrysler to shut down production for a month! The shutdown by Chrysler will idle plants in the United States, Canada and Mexico producing vehicles for its Chrysler, Jeep and Dodge brands.

    http://news.yahoo.com/s/nm/20081217/...ysler_shutdown
    Yeah. And I also noted with emphasis that they may reopen Jan 19, 2009.

    (per scooter's post: http://www.autoblog.com/2008/12/17/c...-a-full-month/ )
    Last edited by AeroSim; 12-17-2008 at 08:57 PM. Reason: Drat forgetting links!
    "We say in our platform that we believe that the right to coin money and issue money is a function of government....

    Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business."

    William Jennings Bryan.

  14. #2144
    Joined
    Nov 2001
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    E n g l a n d
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    10,978

    Re: Economic News/Discussion

    The Japanese car companies are dumping some ballast overboard:

    Subaru joins the exodus amid credit crunch

    Subaru, an icon of the World Rally Championship (WRC) for almost two decades, has walked out of the sport to join the sudden exodus of Japanese companies from motor racing. The team who helped Richard Burns and Colin McRae, the British drivers, to win World Championships appear to have been panicked into withdrawing only hours after sending their entry for next year’s championship to the FIA, motor sport’s world governing body, for approval.

    The effects of the credit crunch are reaching fever pitch in Japan and the lead taken by Honda, in putting its Formula One team on the market, and Suzuki, which withdrew from the WRC at the weekend a year after joining, is being followed throughout Japanese industry. Experts believe it is only a matter of time before Toyota succumbs to the pressure and pulls the plug on its Formula One programme. That would have drastic consequences for Formula One, with opinion growing that there is little chance of finding a buyer with deep enough pockets to fund the extravagant operation that Honda leaves behind in Brackley, Northamptonshire.

    The departure of Subaru will also have huge consequences for world rallying, which was once one of the most popular sports in Britain. Tens of thousands flocked to the British rounds of the WRC in Cheltenham and Wales to see McRae, in 1995, and Burns, in 2001, win their titles.
    No more Scooby Doos for a while.

    http://www.timesonline.co.uk/tol/spo...cle5355648.ece

  15. #2145
    Joined
    Aug 2007
    Location
    Huntsville, Alabama
    Posts
    132

    Re: Economic News/Discussion

    Quote Originally Posted by AMDScooter View Post

    On a related note... looks like Chrysler will be shutting down for a long holiday. Their employees will only get 95% of their normal pay to stay home and do nothing....

    Chrysler to shut down plants for a full month

    A lil factoid that I'm sure will get little to no play from our watchdoggie media.

    Be sure to thank a union for the state our auto industry is in. I'm sure you won't be getting one in return for the billions of your tax dollars these thieves will be receiving shortly.

    And THAT is exactly the reason the Big 3 are in trouble and need to be bailed out. Why bother even shutting down at all if they are only going to save 5% in wages plus utilities and such?

    If the company I worked for shut down for a month, I would have TWO options and getting 95% of my pay to sit on my ass WOULDN'T be one of them. I would either have to use personal or vacation time OR draw state unemployment in order to get income.
    Last edited by jevans64; 12-18-2008 at 10:49 AM.
    Liquid Ninja's DCS is gone...

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