It's a strange time we live in; almost unparalleled to any other time in the last 100 years. At home we have the "have a lots", the "haves", the "up to the eye browsers", the "barely hanging oners" and the "foot loose and fancy free folk" (no home, no car, no nothing).
Only the "have a lots" can afford to do nothing and get away with it. Their wealth has passed obscene, and a small loss of less than $10 million won't matter. Everyone else but the "foot loose and fancy free" do not have the luxury to do nothing.
The country is in debt above the eyebrows, while consumers are setting new debt records at will. The result is an inverted interest curve (on any given day) that would make most financiers shudder, but we are told it is okay. The country can spend, the people can spend and nobody seems to notice or care except maybe the Chinese. They, of course, are financing our spending spree.
I bring all this up because the Federal Reserve is going to keep raising interest rates until they get to a point that everyone agrees is too far. What that means to you, or better to us, is higher interest on home equity lines of credit, credit cards, student loans. And of course, oil is going in the same direction. That means higher gas prices, higher delivery charges, higher airline tickets and higher building materials.
Now to my premise. If you are a real American you have some of everything above that is going to go up, up and up. If you do nothing you might have to move down a station or two. Thus the "haves" might become the "up to the eye browsers" or worse, the "barely hanging oners". Everyone below the "haves" are treading on very thin ice.
Call us at Manhattan West at 949-5553 and we'll throw you a life preserver in the form of a loan that will turn everything back to normal. You can also write to me @ MortgageMinuteGuy.com. It isn't too late, but it certainly isn't too early. Things are crazy enough that the Chinese might even want their money back.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.