Tuesday, September 23, 2008

My Benefits Derived from the Financial Crisis

"Crisis" is a matter of perspective:
  • I just started saving for retirment, and I can now buy shares in index funds on the cheap.
  • I hope to buy a house early next year, which will have a depressed price.
  • The mortgage I finance the house with will have an artificially low interest rate, thanks Ben!
  • My private student loans have an artificially low interest rate, thanks Ben! (Federal loans also, for that matter.)
  • I can replace $7,500 in mortgage loans to a private bank with a $7,500 interest free 20 year loan from the government, and I can wait 2 years before I start repaying. I also will get a $7,500 tax credit for playing.
  • Given the option of splitting my retirement contributions between the public employees account and a account serviced by a private provider (WaMu), I went against my urge to diversify and instead went 100% with the system that would be bailed out, if the worst were to happen. Thanks, Paulson!

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