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Everybody’s An Expert

Happy New Year, JETS fans!

I had some downtime during the long New Years’ weekend, and got to watch more TV, read further into the paper, and listen longer to the radio.  I’m telling you, there are some crazypants “experts” out there getting credibility.

There was the real estate broker saying how this was “just the best” time ever to buy a house. Why? The “historically low interest rates”, of course.  Does being a part of history really make a buyer sign up for a 30 year mortgage?  When interest rates rise to, say, 18% (been there, closed that), will there be a Wall of Fame for borrowers who got a rate lower than 6%, and a medal for those that closed under 5%?  I didn’t get to President Obama’s inauguration, but according to the infomercial selling those painted Obama dollars, I can “be a part of history” just by spending $19.95 on a $1.00 coin.  So can’t those without 20% down and a steady job just buy a tee shirt that says “I was alive when interest rates fell” and be part of history?

There was the consumer director of an economic website stating that he thinks the changes in spending behavior that people are making nowadays in relation to their depressed circumstances will be “less transformative” than those made by our ancestors who survived the Great Depression, yet sees the “end of a spendthrift era.”  So the cessation of our collective buy now, pay later mentality won’t be as seismic as my Grandma’s making a parcel of potatoes last all week or reusing her tea bags until the resulting liquid was paler than an Alaskan in January?  

My favorite expert might be the economic analyst who proclaimed “consumer spending has nowhere to go but up in 2010.”  Who’s doing that spending, dude?  The soon to be homeless will be scrounging for cardboard boxes, not buying them.  The soon to see their unemployment benefits cease won’t be throwing any big parties.  And as soon as I pay my real estate taxes (up by 8%), health insurance (31% increase) and my NYS Attorney registration ($350.00, which includes funding the coffers of the protection fund to reimburse clients of dishonest lawyers) by liquidating the only retirement savings account I had left, I am going to be dining on stretched out starches washed down with hint-of-tea-water myself.  I can’t even afford the tee shirt that says “I was alive when the middle class fell.”


( 2 comments — Leave a comment )
Jan. 5th, 2010 01:38 am (UTC)
nice blog.
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Jan. 6th, 2010 02:24 pm (UTC)
Re: nice blog.
( 2 comments — Leave a comment )



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