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Jim Gurd
Premium
join:2000-07-08
Plymouth, MI

reply to Lumberjack

Re: Fools With Money

said by Lumberjack:

ARM loans crash the economy?

If you really want to put the economy into high gear then support the FairTax. It's not perfect but it's damn sure better than the IRS system.
Yes. People are buying homes that they can't actually afford. When interest rates rise on the ARM they are screwed. This hurts not only themselves but the entire housing market by driving up supply and driving down prices for those who want to sell. This has been happening big time here in Michigan.

Regarding the fair tax you are right, however it will never happen (especially with a Democrat controlled Congress) because too many people are dependent on the current system. Think of all the IRS agents, tax accountants and H&R Block employees who would lose their jobs if the tax system was simplified.
--
We don't care. We don't have to. We're the phone company.

-- Ernestine
to forum · permalink · 2007-05-15 07:58:22 ·
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