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To: Lizzie Tudor who wrote (7350)	10/5/1998 9:15:00 PM
From: j_b	Respond to of 67261

<<But my observation here is, that for prior generations home ownership was practially a right>> This is where you are going wrong. Our grandparents were not able to buy homes for the most part until they were very close to retirement. Our parents, on the other hand, had the benefit of cheap houses and large down payments (unspent income from military service), combined with VA loans and higher paying jobs than in the past. It is only since World War II that people have felt that home ownership was somehow a right.

To: Lizzie Tudor who wrote (7350)	10/5/1998 9:42:00 PM
From: j g cordes	Respond to of 67261

Michelle, you bring up some good points on housing both on the practical level and how laws are structured to favor ownership and income groups. I started with nothing, actually considerably less than nothing but was fortunate to have bought homes that appreciated quickly. I have a friend who saw the pattern and pyramided the purchase of a number of homes which he rented out starting about twenty years ago. Needless to say they're almost all paid off. We talked recently and he made a point of how expensive getting into a new home is for younger couples and singles. When I was in school, there was one very smart parent who bought a home for his son for the duration of college. The son turned around and rented out 3 rooms to fellow classmates. Lately its been hard not to notice the level of debt many are taking on in buying a home. Also the level of debt those owning homes are adding to their overhead by borrowing against the equity. There's been significant liquidity added to the consumer spending and stocks by leveraging the value of family roofs and bed rooms. If rates turn up there will be significantly more homeowner stress and bank failure than in the past. Ironically then, you may be able to grab a home at auction for a song.

To: Lizzie Tudor who wrote (7350)	10/5/1998 10:24:00 PM
From: pezz	Respond to of 67261

Michelle I couldn't agree more .You know the idea of just taxing income without regard to wealth seems to fly in the face of the American dream that anyone can indeed become wealthy.By this I resent how damn quickly I have suddenly found myself in a very high bracket.[not this year however]do to some stock market winnings.This in spite of some very poor prior years.All of a sudden it seems impossible to accumulate wealth when they take such a big chunk.And what really pisses me off is that I have lost six figures this year and this is money I already paid taxes on. When I add up the wins and losses over the last three years I have done pretty well and you know what?The damn government got almost all of it.For sure I have tax loss carry forward up the yin yang but with limited capital to play with it may take a long time to see it.Oh well so much for all the whining pez

To: Lizzie Tudor who wrote (7350)	10/5/1998 11:19:00 PM
From: mrknowitall	Respond to of 67261

<<OT>> Michelle - for someone who plays in the highest tier of the investment community, your observations about the "prior generations" is bordering on outright hypocrisy. You continue to proclaim that there aren't tax advantages to us, the "younger generation" while we sit here playing the investment game over tools that make the "brokers" of the 80's meaningless. Get a grip. If you're in this economic strata, you're pissing (pardon the gratuitous expletive) on those who have helped to make our enviable position possible. Mr. K.