Friday, January 20, 2017

Dave Ramsey Should Kick William Dudley's Ass

New York Federal Reserve president says people should withdraw equity from their homes.

Because, well, you know, it's more important to get those GDP figures up than people pay off their debts and have healthy personal finances.

11 comments:

A Texan said...

I'm sure he has a few million more than the rest of us combined, so him first. Notice that these educated morons never do this themselves, they just 'hoard' money and keep it out of the economy and berate the rest of us.

Kristophr said...

Two Keynesians were walking down an alley. They see a pile of dog turds. Keynesian #1 offers #2 $10,000 to eat it.

He does so, and is handed a check for $10,000.

They continue walking, and spot another pile. Keynesian #2 offers #1 $10,000 to eat it. He does so, and is handed back his check.

Then one of them says "We both at dog turds, but neither of us is any richer."

"But the GDP was raised by $20,000!" replied the other.

JK Brown said...

I plan on withdrawing the equity from my home when I'm old and on a fixed income. I intend to do this by consumption via living in it and deferring non-essential maintenance. That is how you extract your equity from a home.

Faithless Cynic said...

Great idea Billy! I worked my balls off to pay off a 30 and 15 year mortgage in 10 years apiece. Why make extra mortgage payments rather than buy a new truck or bass boat?

Because you NEED food, water and shelter to survive, the Fucking bass boat is optional.

Billy wants you to use your shelter as an ATM to prop up HIS policies. Your long tem survival is not a factor.

Anonymous said...

What could possibly go wrong? For us, not him I mean.

He needs more debt slaves.

F him.

Anonymous said...

White people are gradually sterilizing themselves out of existence with extreme housing values, bid up with credit money, and this has horrifying negative consequences on affordable family formation. Using housing as a store of value is even more evil than speculating in the bread market, because at least starving people know that they're being exploited and can take action.

I understand that using housing as a credit card perversely made the cost of housing go up even higher back in the Bush years, in a kind of twisted cycle. But the idea that housing should be kept realistically near its commodity production value is what matters because people need to have housing to live! There is plenty of room for capitalism and innovation and entrepreneurship in all kinds of other places!

flighter said...

I have a small loan. As soon as it's payed off, I'm going galt. No more loans, no more bullshit.

minuteman said...

I just paid off my house. I have no debt at all. I can self finance pretty much anything likely to come down the pike. Why the hell would I borrow money now?

Bike Bubba said...

Huh. Seems like the Fed is saying that for them to control the impacts of the money supply, people need to borrow all that money the Fed is conjuring out of government debt and pay their money in interest instead of buying goods and services they need and desire. Who wouldn't want to take a 3-10% or more pay cut because they're paying money in interest?

LBD said...

My husband and I paid off our mortgage a few years ago, allowing us to live in peace and dignity now that we are retired. I really enjoyed listening to Dave Ramsey, his advice is wise. There is nothing like the feeling of freedom you get when you are debt free. Nobody can repossess or foreclose on you, every dollar can be spent on what you damn please. The idea of deliberately incurring debt when it is not necessary is evil.

Anonymous said...

I guess I'm one of those that they hate the most thanks to the housing crash I was able to buy a condo for a grand total fees included of $29,452.54. And I paid cash but then there are about 500 houses and condos in Orlando and any one time for sale that are Price Less Than $50,000 and banks will not Finance anything under $50,000 so the only people who can buy them are those like me who didn't go stupid before the housing crash and save their money and as such was able to write a check.