10-06-08

oh goodness gracious

Get a hold of yourself for crying out loud.

and Obama will raise America up on 1/20/09????

Everything in the country will collapse except for 3 square blocks on the Lower East Side.

Perfitz, care to amend your "this is the best time to invest in Manhattan RE" comment from January?

eddie - are you going to be able to pay your rent? if not who is going to help you?

i would rather be an owner of a property now than having nothing to your name. who is going to get helped first renters or owners?

Based on the OP, I just couldn't help myself....

A long, long time ago...
I can still remember
How that music used to make me smile.
And I knew if I had my chance
That I could make those people dance
And, maybe, they’d be happy for a while.

But february made me shiver
With every paper I’d deliver.
Bad news on the doorstep;
I couldn’t take one more step.

I can’t remember if I cried
When I read about his widowed bride,
But something touched me deep inside
The day the music died.

So bye-bye, miss american pie.
Drove my chevy to the levee,
But the levee was dry.
And them good old boys were drinkin’ whiskey and rye
Singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

Did you write the book of love,
And do you have faith in God above,
If the Bible tells you so?
Do you believe in rock ’n roll,
Can music save your mortal soul,
And can you teach me how to dance real slow?

Well, I know that you’re in love with him
`cause I saw you dancin’ in the gym.
You both kicked off your shoes.
Man, I dig those rhythm and blues.

I was a lonely teenage broncin’ buck
With a pink carnation and a pickup truck,
But I knew I was out of luck
The day the music died.

I started singin’,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
Them good old boys were drinkin’ whiskey and rye
And singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

Now for ten years we’ve been on our own
And moss grows fat on a rollin’ stone,
But that’s not how it used to be.
When the jester sang for the king and queen,
In a coat he borrowed from james dean
And a voice that came from you and me,

Oh, and while the king was looking down,
The jester stole his thorny crown.
The courtroom was adjourned;
No verdict was returned.
And while lennon read a book of marx,
The quartet practiced in the park,
And we sang dirges in the dark
The day the music died.

We were singing,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
Them good old boys were drinkin’ whiskey and rye
And singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

Helter skelter in a summer swelter.
The birds flew off with a fallout shelter,
Eight miles high and falling fast.
It landed foul on the grass.
The players tried for a forward pass,
With the jester on the sidelines in a cast.

Now the half-time air was sweet perfume
While the sergeants played a marching tune.
We all got up to dance,
Oh, but we never got the chance!
`cause the players tried to take the field;
The marching band refused to yield.
Do you recall what was revealed
The day the music died?

We started singing,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
Them good old boys were drinkin’ whiskey and rye
And singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

Oh, and there we were all in one place,
A generation lost in space
With no time left to start again.
So come on: jack be nimble, jack be quick!
Jack flash sat on a candlestick
Cause fire is the devil’s only friend.

Oh, and as I watched him on the stage
My hands were clenched in fists of rage.
No angel born in hell
Could break that satan’s spell.
And as the flames climbed high into the night
To light the sacrificial rite,
I saw satan laughing with delight
The day the music died

He was singing,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
Them good old boys were drinkin’ whiskey and rye
And singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

I met a girl who sang the blues
And I asked her for some happy news,
But she just smiled and turned away.
I went down to the sacred store
Where I’d heard the music years before,
But the man there said the music wouldn’t play.

And in the streets: the children screamed,
The lovers cried, and the poets dreamed.
But not a word was spoken;
The church bells all were broken.
And the three men I admire most:
The father, son, and the holy ghost,
They caught the last train for the coast
The day the music died.

And they were singing,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
And them good old boys were drinkin’ whiskey and rye
Singin’, "this’ll be the day that I die.
"this’ll be the day that I die."

They were singing,
"bye-bye, miss american pie."
Drove my chevy to the levee,
But the levee was dry.
Them good old boys were drinkin’ whiskey and rye
Singin’, "this’ll be the day that I die."

petrfitz,
under obama renters will get the help first. Owners will get hit with more taxes after taxes including capital gain

ba provide proof of your lies

> i would rather be an owner of a property now than having nothing to your name.

Hmmm.... lets see.... underwater leveraged into a declining asset.
I would take 0 over that any day....

Anyone who took perfitz's advice has LESS than nothing now.

Nice job perfitz!

lies?
Obama has already made clear of increasing captial gain taxes along with property, etc.

So, perfitz, sounds like you are still sticking with your "this is the best time to invest in Manhattan RE" comment from January.... correct?

ba, are you claiming that renters don't make capital investments? also, are you saying the federal govt is going to increase property taxes?

ccdevi,
what I am trying to say is that under Democratic control, renters have more leverage than landlords/owners. There are no more tax incentives for developments, captial gain taxes limit # of investors, etc. State property tax is also influenced by the federal govt

nyc10022 - you're oversimplifying. There are very many happy owners and a few bitter owners. You cannot group buyers who over leveraged themselves recently with those of us who purchased properties within our means over the course of our adult lives.

"There are very many happy owners and a few bitter owners". Sure, y'know why? Because mortgage loans are non-recourse - if you don't pay the bank will take your house away and that's it. You still have your bank account, other assets. So you end up renting.

But, unfortunately, if you put down 20%....

Eddie/ NYC10022 I would rather be broke with nothing, than an idiot who changes his name on this site every other day and says see everyone Fast Eddie Wilson is right about everything, What a loser, get a life Eddie.

"Anyone who took perfitz's advice has LESS than nothing now."

Well played, sir.

Some bought real estate and lost money, so you can blame those who suggested buying
Some bought stocks and lost money, so you can blame those who suggested renting and putting your down payment in the S&P.

We have a universal problem. Why do we need invective against fellow Americans? Why do we need to hate America?

> Some bought stocks and lost money, so you can blame those who suggested renting and putting your
> down payment in the S&P.

Admittedly, that was stupid advice if anyone gave it... though, consider which is worse... losing 25% of a down payment in stocks... or losing 200% of it when you put 10% down and the apartment goes down 20%...

>Some bought real estate and lost money, so you can blame those who suggested buying
Some bought stocks and lost money, so you can blame those who suggested renting and putting your down payment in the S&P.<

That would be horrible advise, indeed. I invested 100& of the sales proceeds from my co-op in 5 year US Treasury notes back in 2006 when rates were 5%. It seemed way too conservative & perhaps foolish at the time but it doesn't appear that way now. Playing with a house budget is never a good idea.

serge07....Mayor Bloomberg said he is invested in treasury notes also

The majority of his wealth is in his company, which will likely move with the market, so balancing that with treasuries is not a bad idea. As a complete investment idea, I don't think its brilliant.

But, related to what serge said, if it is your house money, then it is NOT investment money. So not only should it not be put in stocks, it should not treat apartment/house buying as "investing" either. That is the biggest mistake this country made...

>serge07....Mayor Bloomberg said he is invested in treasury notes also<

and there stops our similarities specially, the balance sheet. :)

While I was only speculating at the time, I think the timing will work out nicely. By the time the T-notes mature in 2011, I think one will have a much better grasp on the impacts of this financial mess on the Manhattan RE market.

I was also patient during the 90's and that worked out okay. Unfortunately with RE, there are no 30 day returns or your money back guarantees so it pays to be careful.