Crazy!
I have a wile imagination sometimes. For example, I can’t wait for the day that interest rates go up.These people will all be screwed when they can’t afford their mortgages. They are betting that interest rates won’t go up. Imagine rates of 16% to 18% as per the late 80′s.
Heh heh. This group of people are even crazier! (flames away!) Okay, I think it’s great that people post their photos, but the hubris o’ hubris, to make a website that “Glorifies Christ Through Photography”. I wonder if I can take a picture of myself speaking in tongues…or perhaps we should rename the bar project to “Glorifying Christ Through Drinking”. Now there’s a worthwhile cause. Drink Beer, Don’t Make War!
31 comments Sunday 29 Feb 2004 | SlantyBard | SlantyNet - General
To take a phrase from Alan Greenspan… We’re seeing some “irrational exuberance”. Great for somebody you’re dating or casually seeing. Not so good in the real estate market.
When I first followed the link, I thought the title was “Glorifying Christ Through Pornography”, and I just couldn’t figure out the bird… =)
Naw, that would be “Glorifying Christ Through Bestiality”.
Wow, I guess those condo’s will be worth more than people pay for them… eventually!
Bard – why would that make you happy if people cannot afford their mortgages – would that not be a sad day rather than something to be anticipating? Call me crazy…
The place I live in (Kits area) was shown and sold on Saturday. The first people that showed up agreed to the $700,000+ asking price. They are going to plow the place and make a duplex.
1)Each duplex will have to sell for $600,000 for the people to make any money ($700,000 for the house, $300,000 to build a new duplex, $200,000 – (intrest + taxes)== profit )
2)The zone I am in, I don’t think, allows for that kind of building (single residential).
So why are these people so eager to buy? It seems like a very large risk.
I think people have just gone land greedy and don’t realize what a 9% mortgage looks like. And 9% would be the low side of interest rates by 2010 for the Olympics. Craziness.
my 2 cents
Ciao
Wolf
Not sure what’s crazy about the glorification website, unless your think that someone believing in God is by definition crazy. You’re certainly entitled to think so if that’s the case.
But if you don’t think that’s crazy, then believing in God means believing that God created the world and all that’s in it (except things that are bad, like chocolate chips, as a 6 year old me once told my mother). So this person in their mind is just giving credit where credit is due for some beautiful aspects of nature.
Seems pretty sane to me.
And why, oh Wolf, are you predicting 9% mortgage rates for the year 2010?
I am not predicting 9% interest rates by 2010. Other much more informed people are. Not that they say 9% for sure by 2010, but most of what I have read or talked to people about have suggested around there (or more).
Interest rates were just about to go rocketing up a little while ago, but were stopped by Sept 11th. So unless things keep hammering our economy, interest rates are going up.
Then again, our chickens, swine and cows can all take turns getting ill, drought could continue to hammer the praries , and Bush could could get re-elected.
I am just saying, we COULD possibly stay at record low interest rates for six more years, but smart money has interest rates going up.
Mr. Sodomy- they claim to be trying to glorify Christ, not God. Christ was supposed to be another of God’s children like the rest of us. I just think that ideas, when taken to the extreme as above, leads to closed mindedness and fanaticism as evident through out our history where the vast majority of wars were and are rooted in rigid religion.
I also don’t believe that what I said about the craziness of that website and the individuals that made it up means that I don’t believe in God. There are lots of crazy individuals in every religion and just because I think one crazy person is crazy doesn’t mean I don’t subscribe to some of the same subsets of their belief system.
SlantyG it would not make me happy to see those people suffer, I just think that they are absolutely nuts if they haven’t thought very carefully about what happens to their mortgage payments when interest rates change. It’s pretty much common knowledge in the banking world that people are usually poor about handling their money and planning for the future. If you can’t afford a 8 to 9 percent rate, then you really need to figure out how you are going to pay if rates go to a moderate height. Currently interest rates are so low because our economy is really in the crapper and we are closely tied with the US whose economy is even worse. What makes it really crazy to me is the prices that people are willing to pay for real estate right now. That being said, I doubt the prices will drop until the rates come up because their is so little supply. Good news is that there are lots of rental properties now and people are negotiating their rental rates lower.
To be fair, a lot of christians believe in the holy trinity of the Father, the Son and the Holy Ghost whereby all 3 are one and the same, a sort of Devastator of religion if you will.
Hehe, beautifully put, OD.
Bard, I agree wholeheartedly with your take on religious fanaticism, regardless of the religion. Being a Christian, I find myself more than a little disturbed by a lot of the things that have taken place in the name of Christianity over the years.
I think we differ in what we consider fanatical though. The website you found just seems to me that it was created by someone willing to openly declare their faith. They may certainly be fanatical, but the website itself doesn’t say that to me.
But I could easily be in the minority here. No worries, either way
Yes, that’s true. There’s so many angles playing in religious belief.
I guess that being raised a Christian, I think that the concept is hubris to me. But, then that’s just my 0.02. As always, this is extremely subjective stuff we’re talking about. Perhaps I shouldn’t have added my humour noire into my original post.
In my opinion, people do not try to predict interest rates in advance, and certainly not ‘informed people’, and certainly not six years in advance. Interest rates _are_ at historic lows, true, so the only way for them to go is up. But giving actual mortgage rates and timeframes is like predicting which way the stock market will go. Its a crap shoot.
Except that over any given 10 year period the stock market has pretty much always ended up higher than when it started. The same can’t be said for interest rates. So I’d say you have a much better chance of predicting which way the stock market was going to go =).
Point.
Our economy is booming at the moment and rates are also low (A mate has his loan fixed for 10 years at 7%- this gives you an indication of what the banks think interest rates are going to be like for the next 10 years) Also our dollar is at a high against the greenback, having peaked at 80c recently. However, we know it is only a matter of time before the reserve bank chucks another half a percent on interest rates to slow things down a little. Some also suggest that given the recent signing of the free trade agreement with the US will ensure our dollar stays strong. I do’nt agree, but you won’t really know until about 2010… when i might want to buy a house in Vancouver…
Darn, I thought we were all moving to Melbourne….
Hmm, everyone predicts how interest rates are going to go 24601. That’s a major part in the study of economics. Most of the time, they are shiting themselves, but they still predict away.
I predict I’m going to be pretty drunk on Friday.. now if only my interest rate predicitons were as solid…
I think everybody does try to predict which way the rates will go, but that’s typically a shorter term thing (ie: if you predict a year or two into the future, that’s going out on a limb).
I try and predict my Friday drinking a year or two in advance as well, but I don’t think that’s as sketchy.
It would only be sketchy if you were predicting your nights of soberness.
I agree 24601, I was not arguing that rates will go up in such and such a time, I just think that people don’t think these things through very carefully and don’t evaluate the potential that you have to have a plan for when rates do go up (they will at some point). Most people just ignore or purposely don’t think about those issues because of fear. Sort of the “If I don’t think about it, then it won’t happen” mentality.
Two words “realisation auction”
It’s what happens down ‘ere when ppl get sold out of their house so the bank can get some $ back. Usually an excellent auction to pick up a place cheap- no reserve.
Why don’t you guys have “auctions”? I never understood that… especially with the whole “negotiation” thing, it’s as good as a closed auction
Bard, my only point is that anybody who is predicting 9% mortgage rates in 2010 is shitting themselves. Yeah, there are tons of people that are maxing out their mortgages assuming that all will be well. I may very well become one of them.
“Shitting themselves”???
People paying so much for housing is a good indication that interest rates are about to go up. It is what the banks do to try and slow down inflation. For the love of god, I would hope that interest rates stay low. Hell, if interest rates start to jump up I might head to a clinic and tell them that I have SARS while carrying a chicken with a cold. But at the same time I have investments that hedge against interest rates going up. As Lonnie said “realisation auciton”, they happen.
i thought that mortgage rates were closely tied to the bank of canada rate, which the bank of canada adjusts according to domestic economic policy. certainly the rising price of a condo in vancouver isn’t going to have national impact.
I can’t believe we’re talking about interest rates. we should be talking about beer. me, i’m going to have a beer when i go home.
I’m convinced that my prolific purchasing of beer will eventually lead to a raising in the Bank of Canada Prime Rate, as they try to slow the booming economy that’s driven by my rampant drinking.