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As the housing bubble inflated, the math increasingly favored renting. House prices went up and up while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are...
Plus, Baker plans to stay put for a while. That also influences the math on how financially savvy it is to buy. The government mortgage agency Ginnie Mae has a rent-vs.-buy calculator on its website - using the default settings, buying starts to make sense after committing to stay...
Edmund Phelps, a Nobel Prize - winning economist at Columbia University, thinks people should take something else into consideration: Do you really want the bulk of your wealth tied up in a single asset? As we've been reminded, real estate carries risks just like any other investment.
Sure, Uncle Sam twists the tax code to favor buying - and to reinforce the notion that owning a house is synonymous with the American Dream. But is it? "Moving up in the world and attaining material and nonmaterial success - that was always the American Dream," says Phelps. "That didn't...
Over time, Blankfein became a major part of J. Aron's success. But at first, he says, he was not very good at the job. "I had trouble with the language, with the speed and the pacing." Soon enough, though, he designed a lucrative $100 million trade - then the largest...