Post Your Stupid Coronavirus Takes Here

Discussion in 'Non Sports' started by bmradio99, Mar 10, 2020.

  1. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    How the **** can you disagree with 2????

    We literally have zero days in the history of the universe of data on Joe Biden as President and Kamala Harris as VP. By the very definition everything you think is pure speculation.

    We have like 1400 days worth of data on Trump as President.
     
  2. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    1. you don’t make 400k per year - you’ll be fine

    2. the only one packing courts is Mitch McConnell. If you can’t understand the lies, changing the game, and the media spin to find a “both sides” issue since they have very little on which to criticize Biden, you simply don’t want to try.

    3. If you want interest rates to rise, it isn’t going to happen until the virus is gone. This is the point you are incapable of understanding. The virus doesn’t disappear and the world doesn’t open up simply bc you want it to. Even if Kemp declares GA open. People don’t go out to eat or attend events, etc. Eradicating this is the only way. Then ppl spend which leads to rising pricing which leads to rising interest rates to quell inflation.
     
  3. dawgs2014

    dawgs2014 Well-Known Member

    Money:
    $5,078
    I think a sell off is very possible if Biden is elected because corporate earnings will be expected to go down. It will reverse pretty quickly imo, however, if we are able to get Covid under control. Corporations can afford good lawyers. Also, large corporations paying more in taxes is almost certainly a net positive for both the economy and overall way of life. Also, tax increases on individuals shouldn’t affect you.

    Somehow, some way, we need to generate more tax revenue because the spending now, and for the past x years is out of control and we need to balance out our finances.

    Speaking of balancing our finances, doing so could help you continue to offer low rates to clients. If our National debt keeps rising, it could affect the governments creditworthiness, which would mean your rates would reflect that. Do I think that’s likely? No. Is it plausible? Absolutely.

    Additionally, interest rates are a reasonable proxy for overall economic health, albeit on a lagging basis. The fact that we have such low rates right now indicates that our economic fundamentals are struggling. If your concern is economic health, supporting the administration that oversaw our journey to this position likely assures us more of the same. It is possible the market stays terrible under Biden, but it is very safe to have confidence that the market won’t be terrible *because* of Biden. In fact, Goldman Sachs has published that they think Biden’s economic plan is much better than Trump’s. Additionally, the market has done very well under every democratic president for nearly 100 years. While one will fail at some point, there’s nothing about Biden’s plans that worry me from a systematic standpoint.

    Finally, I just don’t get the bending to AOC talk. Biden won the democratic nomination because he’s not that. If that’s what the Democratic Party wanted, they could have nominated Bernie. Furthermore he doesn’t have to win the left’s support, he has to win the center and right. Given that his own politics don’t align with AOC and that there is no obvious political benefit to moving that way, but there is a political disadvantage, I can’t really see where you’re finding footing to make such speculation.

    You’re allowed to not like Biden and Harris. You’re allowed to lean right. But if you want to be honest with yourself, it’s important for you to recognize that you’re worrying about hypothetical scenarios that have little to no basis in reality and then catastrophizing the results.


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  4. estar20dawg

    estar20dawg Well-Known Member

    Money:
    $5,273
    As an accountant, what the hell are you talking about worrying about taxes??? Can you show me in the history of America a dramatic and sweeping tax policy that would cut the legs out of a large percentage of Americans and bring them to the poverty line or even out of upper to middle?? Like legitimately what the hell are you on?? Letting states handle COVID??? That would only work if no one travels. but news flash people travel, people work for example live in Indiana and work in Chicago... Hence it becomes a Federal and worldwide problem, not a state issue...You are seriously just trying to rationalize for your own purposes or legitimately that inept at doing research and studying and just listening and agreeing to things you absolutely know nothing about...Biden/Harris, the Senate, the House, the courts will not all of a sudden come out and say now if you make more than let's call it 100k you owe 75% taxes...Even say a 30-35% increase you won't even notice it, I surmise you lose more than that a week on gambling...
     
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  5. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Uh... the “good old days of segregation”.

     
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  6. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    I know Willis listens to made up thoughts in his own head instead of facts, but I’ll post them anyway.

    D5E6E9C5-CCC0-4EEE-9A35-BA052F24A239.jpeg
     
  7. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    Maybe mostly in the US but, around here there are all kinds of events and people are living life as it should be (or as it was I should say). But you're damn right and I just got off a call with my boss about this...no matter who wins we won't see rate changes for awhile yet which is a nice comfort for our buyers to know. And it will only help our business more and more. If Biden wins though, I am interested in the sell off that will happen on Wall St.

    And I'll say this, refinancing your house (whoever on here is an owner) is a good play right now because you can get under 3% with even halfway decent credit. If Biden wins, that will probably dip a little further so I'll be interested in our refinance numbers next month. We do about 75% or so purchases...I got a feeling people are going jump all over refis come early November.
     
  8. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    Let me ask you as an accountant...we've kind of hit on this before...but why is it inheritance tax is what so many older people are fearing? Are they just being blind or are they going to take a real hit? Or, are they just steering themselves away from voting for Biden/Harris and using that as their main measure to vote for Trump?

    I am not richie rich yet in my life but I am curious as to every conversation I have with someone 70+...this is their main concern. I have to assume there are ways around the hits which they fear...or is it even something they should fear. You have to understand I am not an accountant/tax professional. But when it is barked into my ears constantly as a true fear. Are they justified or is this something like I said they are just steering to justify their vote? It's just the same convo over and over with various rich types so I am curious as to your opinion on it.

    Oh and when I said states handling corona...I'm simply saying will the states have the final say in what stays open and running, or will the federal reach with new leadership look to do a major straight up nationwide shut down? For instance here-Kemp has pulled the trigger on 100% opening up. You'd have no idea there was corona unless you went to Kroger/Publix/Target etc. Will Governors like he be overruled on that by the federal powers? It's not about traveling, just day to day what to expect.
     
  9. dawgs2014

    dawgs2014 Well-Known Member

    Money:
    $5,078
    First of all, it’s estate taxes that old people worry about, not inheritance taxes. Inheritance taxes are paid by the beneficiary and are only levied in like 5 or 6 states. Estate taxes are deducted from the assets over the exemption level, which is $11.58 million federally and can be less at state levels.

    I’ve written in this exact thread different mechanisms and wealth transfer vehicles that can be used to bypass estate tax increases. A simple irrevocable trust will do, but there are other mechanisms as well that are more complex.

    Old people fear them because the Republican Party’s entire campaign is steeped in fear mongering. Basically what is being proposed is a return to 2016 tax levels.

    The change to those inheriting the assets is that currently when you inherit an asset upon someone’s death, your cost basis is the price at the time of their death, and the original cost basis is wiped out. That means if my cost basis is $5 per share, I die and pass on a stock when it’s at $100 per share, the cost basis for the recipient is $100 per share. Biden is proposing *potentially* eliminating the step up in basis, though alternatives are being proposed.

    If you have something to lose you have the means to hire a lawyer to help you get around the issues, but more likely you already have people on that for you.




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  10. estar20dawg

    estar20dawg Well-Known Member

    Money:
    $5,273
    dawgs is correct, and like he said a very, very simple irrev tr that you can probably google on how to write it up will mostly skirt any issues your rich buddies have. It is almost always the case of ignorance and listening to their rich golfing buddies who aren't tax guys and/or looking for systemic ways to justify their beliefs. I recommend the next time you hear the people talking about that you politely suggest that they talk to a REAL tax professional and not their buddies or people they know, who know someone who is a CPA and has never had a tax form in their life.
     
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  11. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    I’ll take a moment to break up this discussion...

    My credit score is 827. I am looking to buy my first house. Preferably Denver or SLC to get the **** out of NJ. What type of rate can I get?
     
  12. godogs91

    godogs91 Well-Known Member

    Money:
    $3,976
    You should be able to get around 2.5-2.7%, I would think. We are in the process of a refi now and got 2.625% paying less than a point, and our scores are just lower than yours.

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  13. firedupkaren

    firedupkaren Well-Known Member

    Money:
    $5,610
    There's no conceivable way the interest rate environment changes meaningfully under either regime. We're waaaaaaaaay too far down the monetary manipulation rabbit hole to get back out.
     
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  14. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    Just a baseline loan you sould be able to get south of 3% easy. If you have money to put down the lower that rate will go. And of course if you have 20% to put down, you'd have zero mtg insurance with the loan...which is simply throwing money in the garbage as it benefits the borrower nada. With that credit though definitely look conventional vs anything else. You'll be in the top tier of conventional pricing. And, depending on your budget...with how low rates are right now, I'd look at a lower term vs the standard 30 year fixed. You'd build so much more equity in a very little amount of time. Either way though, if you're sniffing buying, do it. I can't imagine we see these rates more than the next few months.

    PS-insider tip-do yourself a favor and lock in for 45 days when you find something. I say this because mostly processors and underwriters are working remotely and things are taking a little longer than normal...last thing anyone wants is a contract to expire and the seller to jump up your ass like a bad strap on. That's the first convo I have with everyone. Protect the lock/contract.

    Oh and unless you have just a turtling good relationship with a bank out there...use a lender, not a bank. Banks are afraid of their own shadow right now when it comes to mortgages and lenders (private lenders like us) are rolling loans through mostly like normal...just takes a few extra days because of our friend corona.
     
  15. Ignatius J. Reilly

    Ignatius J. Reilly Well-Known Member

    Money:
    $5,881
    One weird thing about this forum that I've come to respect is that at the end of the day people can always rally around sick loved ones and thoughtful financial guidance.
     
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  16. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Thanks. South of 3% is crazy.

    Together my GF and I could put down about 500k. Could go a bit higher but really don’t want to if Capital is that cheap and I can earn 5-8% annually in the markets. So price range for the house would be 400k-1M. I’d like to keep it sub 850k and she is adamant at sub-600k, so who knows.

    The problem is 850k buys you a 6,000+ sq ft beauty in a nice suburb of SLC. 850k in NJ (anywhere that allows me to easily get into NYC) buys you a 2200 sq ft dump that was built in 1948. Sigh.
     
  17. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    I'd put down enough if possible to avoid jumbo loan territory. The rates are a little higher on those and depending on where one is buying (ask your lender or agent) jumbo amounts differ. Down here it's around 500K. For ease of doing busiess I'd try and stay conventional if you have that much to play with a down payment. A jumbo right now the rates are going to be probably a point or so higher than your run of the mill conventional. Maybe a touch less, but they are def higher.
     
  18. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Prices aren’t quite the same, but you get the point:

    79D34F62-EB74-4562-B171-B57C13DF5F79.png

    3CFF0A22-6F3F-47B0-81DB-96DCF5F54468.png
     
  19. Hinkle

    Hinkle Well-Known Member

    Money:
    $10,465
    Just FYI, my credit score is roughly 10 points lower than yours and I just refinanced my place for 2.2% fixed (15 years though).
     
  20. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    If I put down more money and therefore need a small loan and less to pay off, I get charged a higher rate?
     

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