October 2008

Ohio’s new constitutional amendment, Issue 6, would allow the operation of a casino in small southwest Ohio city. This is the first time a casino has been allowed to operate within the state. The text of the amendment will allow the casino to operate in a way similar to normal Vegas casinos and allow it to be taxed up to 25% of its revenue (30% initially). I’m the first to admit that this is not the best law to have in our state constitution, but it just happens to be exactly what this Ohio government deserves. (more…)

…..Early last year, my we were house-shopping. We’ve been renting a house for several years, and decided it was time to move up. Our credit isn’t perfect, but not bad. We were pre-approved through Wachovia (or so we were told). We found a place and called our Wachovia contact to finalize the deal. As he explained the terms, I started to get concerned. The loan’s rate only lasted 12 months, then jumped to almost 30%. I asked what this was all about. I was being given one of those sub-prime mortgages that were already ravaging the country. He said all we’d have to do is refinance in 12 months and we could avoid the jump in interest. “Its all pretty normal. lot of people use it.” I realized that these only work if you know that some loan officer will definitely give you another mortgage a year from now. Insane. There is no way anyone would be able to say that with confidence. You’re leaving your home and financial future to a person who may or may not even exist. Truly insane, and he knew it. The more I asked, the more nervous he got. Obviously, I turned him down. Later, I learned that he didn’t work for Wachovia- he was in independent broker. (more…)

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