Happy Days are Here Agulp - Mercedes-Benz Forum

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post #1 of 3 (permalink) Old 10-15-2004, 08:36 AM Thread Starter
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Happy Days are Here Agulp

Hate to bring up any gloom, but I’m wondering how many folks have floating rate mortgages? We’re at the beginning of a huge move in energy – the Merc will raise margins Monday that should break the market some, and wash out a lot of specs, but there is really no top to this thing until consumption declines dramatically – and that will more than slow business. Connect the dots below and what happens?

1--Nearly three-quarters of stockholders hold less than $5,000 worth, including stock in retirement plans and mutual funds.

2--Financial assets like stocks and bonds remain concentrated in relatively few hands, with the richest 10% of the population owning 88% of stocks and 90% of bonds. Even among the top 10%, wealth is highly concentrated. A mere 1% of households, each with at least $2.4 million in net worth (assets minus debts), now own 40% of the nation's wealth, twice the share they claimed two decades ago. The personal wealth of Bill Gates alone exceeds the combined holdings of 40% of the U.S. population.

3--Households are borrowing heavily to make up for stagnant wages. The U.S. savings rate - the percentage of personal income not spent each year - is less than zero, meaning that the typical U.S. household spends more than it earns. Debt service now eats up 17% of consumer income, a heavy and potentially insupportable burden. As a result, nearly one in five households has negative net worth,

** Resources: Chuck Collins, Holly Sklar and Betsy Leondar-Wright, Shifting Fortunes: The Perils of the American Wealth Gap. From 1999 – dated, but essentially correct

So - how much will I have to pay for that old WVO?

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post #2 of 3 (permalink) Old 10-15-2004, 08:51 AM
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RE: Happy Days are Here Agulp

I'm on a 5/1 arm, having bought earlier this year.

I'm considering re-financing to get a fixed rate, as I don't see the rates going down anytime soon.

"Nearly three-quarters of stockholders hold less than $5,000 worth, including stock in retirement plans and mutual funds."

That's not a good situation! But it doesn't surprise me, given the society we live in.

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post #3 of 3 (permalink) Old 10-15-2004, 09:18 AM
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RE: Happy Days are Here Agulp

I refinanced earlier this year with a ARM. But the rate is not based on the prime, rather it's based on the COFI (cost of funds index), or what banks pay on savings accounts. This rate has historically moved much slower than the prime, and it's quite low right now - 4.25%.

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