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  #1  
Old 10-15-2013, 04:50 PM
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What happens after October 17th.

Here's a good explanation of "default day" and subsequent events from a non-US media source. The scary thing is that nothing will happen at first, and people aren't good at dealing with fluid deadlines.

US contingency plans that dare not be uttered - FT.com

If you hit the paywall, try going in from Google News:
https://www.google.com/search?hl=en&gl=us&tbm=nws&authuser=0&q=contingency+plans+that+dare+not+be+uttered&oq=contingency+plans+that+dare+not+be+uttered&gs_l=news-cc.3..43j43i53.2072.7187.0.7402.33.2.0.26.0.0.239.401.0j1j1.2.0...0.0...1ac.1.mW-2RHF-0EA

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  #2  
Old 10-15-2013, 05:58 PM
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I doubt we will see much change around Soperton.
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  #3  
Old 10-15-2013, 06:14 PM
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Originally Posted by engatwork View Post
I doubt we will see much change around Soperton.
Except that commodity prices (food, oil, etc) fluctuate with the value of the dollar. If they manage to wreck the value of the currency, there will be effects, maybe in the space of months, not immediately.

I don't know what Soperton produces, but there also probably needs to be a market for it outside of town. Think of it as an "Alas, Babylon!" type of scenario -- that the effects are first seen and heard in the third person before they really have time to be felt.

Going much past the Oct 17th deadline would be stupid on the gov's part, but there's been a whole lot of stupid flying around DC recently. Work on the damn debt ceiling first, then deal with the shutdown when it's convenient.

Last edited by spdrun; 10-15-2013 at 06:24 PM.
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  #4  
Old 10-15-2013, 06:31 PM
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Quote:
Originally Posted by spdrun View Post
Here's a good explanation of "default day" and subsequent events from a non-US media source. The scary thing is that nothing will happen at first, and people aren't good at dealing with fluid deadlines.

US contingency plans that dare not be uttered - FT.com

If you hit the paywall, try going in from Google News:
https://www.google.com/search?hl=en&gl=us&tbm=nws&authuser=0&q=contingency+plans+that+dare+not+be+uttered&oq=contingency+plans+that+dare+not+be+uttered&gs_l=news-cc.3..43j43i53.2072.7187.0.7402.33.2.0.26.0.0.239.401.0j1j1.2.0...0.0...1ac.1.mW-2RHF-0EA
any other non pay sites?
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  #5  
Old 10-15-2013, 06:52 PM
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Get out of bed , go to work, and send some more money to the slobs in D.C.
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  #6  
Old 10-15-2013, 09:41 PM
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Well no one is buying houses right now, the markets are dead.

The interesting question is what will the military do if the checks stop coming? In other countries like when the Soviet Union broke up they just walked away, that was it. In the Revolution the same thing happened.

I wonder if a general will take a walk over from the Pentagon with a division to secure his soldiers pay?

Lets hope the idiots in DC get past their utter stupidity.
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  #7  
Old 10-15-2013, 09:55 PM
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Originally Posted by Hatterasguy View Post
Well no one is buying houses right now, the markets are dead.
That at least is a good thing, better than the mini-bubble we had this Spring. The markets needed some cold water thrown on them, and the slowdown started in August, way before the shutdown and debt ceiling were a thing.
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  #8  
Old 10-15-2013, 09:57 PM
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Anybody who believes the bull shlt that we will default tomorrow night is showing their gullibility. If you will learn that the medias main job is to perpetuate the lefts lies, you will then be able to understand things much better.
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  #9  
Old 10-15-2013, 10:00 PM
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Originally Posted by Air&Road View Post
Anybody who believes the bull shlt that we will default tomorrow night is showing their gullibility. If you will learn that the medias main job is to perpetuate the lefts lies, you will then be able to understand things much better.
If you read the article, it actually states that we will NOT default tomorrow night
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  #10  
Old 10-15-2013, 10:19 PM
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Quote:
Originally Posted by spdrun View Post
If you read the article, it actually states that we will NOT default tomorrow night
He doesn't read links. It's like a rule for him.
Or something.
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  #11  
Old 10-15-2013, 10:21 PM
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Originally Posted by Hatterasguy View Post
Well no one is buying houses right now, the markets are dead.
No shlt. Fully HALF of credit unions' mortgages are FHA. No approvals happening during the shutdown so potential buyers; esp. first timers and veterans are sitting still. I still have lookers on the property I've listed, had a good prospect today. If you're buying what I'm selling there's a good chance you don't need a mortgage.
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  #12  
Old 10-15-2013, 10:29 PM
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Originally Posted by elchivito View Post
No shlt. Fully HALF of credit unions' mortgages are FHA.
That's actually a pretty high fraction -- is that local to you or in general?

Sorry to sound harsh, but...
Honestly, if you're a vet planning to put 0% down or an FHA buyer putting down 3%, not sure if you should be buying. It may be a good thing that future home-renters with no skin in the game are being locked out of the market. No skin in the game means that they're more of a risk for strategic default down the line.
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  #13  
Old 10-15-2013, 10:43 PM
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Quote:
Originally Posted by spdrun View Post
That's actually a pretty high fraction -- is that local to you or in general?

Sorry to sound harsh, but...
Honestly, if you're a vet planning to put 0% down or an FHA buyer putting down 3%, not sure if you should be buying. It may be a good thing that future home-renters with no skin in the game are being locked out of the market. No skin in the game means that they're more of a risk for strategic default down the line.
No argument there. Is FHA still accepting 3% down?
As far as the 50% goes, my RE agent mentioned it today. He didn't specify whether that was a local figure or not but it might be. Our market here is good. Fewer homes listed now than in a very long time and almost none in default. My immediate area is not particularly prosperous. 75% of the kids at my school qualify for free lunches, a good indicator IMO.
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  #14  
Old 10-15-2013, 10:54 PM
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Originally Posted by elchivito View Post
No argument there. Is FHA still accepting 3% down?
As far as the 50% goes, my RE agent mentioned it today. He didn't specify whether that was a local figure or not but it might be. Our market here is good. Fewer homes listed now than in a very long time and almost none in default. My immediate area is not particularly prosperous. 75% of the kids at my school qualify for free lunches, a good indicator IMO.
You're in rural Texas, right? Two things going for you all:
(1) the old Texan homestead law which strongly discouraged some of the crazier lending practices
(2) the bubble being largely an urban and suburban phenomenon (Vegas, LA, San Diego and Phoenix were probably the worst hit)

Have to say that Texas reining in the banks in the 1890s was a truly smart and forward-thinking decision.
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  #15  
Old 10-15-2013, 11:12 PM
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Originally Posted by sloride View Post
Get out of bed , go to work, and send some more money to the slobs in D.C.
what was that response in reference to?

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