2001-2008: Dissent is the highest form of patriotism.
2009-2016: Dissent is the highest form of racism.
2017-? (Probably): Dissent is the highest form of misogyny.
See, that's the thing. I don't think the latter is quite common. Yes, when people lose their jobs, or **** happens, then yeah, chances are the will default. But I have a hard time seeing people buying TVs, cars, trips, and furs over making mortgage payments.
What has not been talked about much since this whole crisis, is lenders not caring about who they are lending to. To me, that is beyond reason to the point where I cannot even phathom it. But it did happen. People making less that $30,000 were allowed/encouraged to buy houses with values over $500,000. That's insane, and a huge cause of the housing crisis.
"There is a lot of talk coming from CitiGroup about how Dodd-Frank isn't perfect, So let me say this to anyone listening at Citi —I agree with you. Dodd-Frank isn't perfect. It should have broken you into pieces." -- Elizabeth Warren
The FACT is that home prices will continue to decline as unemployment continues to climb with no end in sight and jobs continue to vanish. Many home owners who have been looking for jobs since the beginning of this "Change" Administration have been staring foreclosure in the face and now the beginning of a new wave of foreclosures and further declines in home prices can be expected.
BUT, the news we are not hearing is an impending tide of Commercial foreclosures on the horizon which will once again exacerbate the real estate markets decline and cause further job losses.
By next year when Democrats are finally honest with the American people about how ALL of us will be paying MORE taxes and fees to pay for their incredibly misguided spending spree, expect even less spending, more commercial closures and LES jobs again.
Compound that with the potential devastation cap and trade will have on manufacturing and we have a REAL disaster looming on the horizon.
My prediction is that the Obama Administrations efforts will make the Carter years look like a cake walk in comparison. If Americans do not vote these morons out of the Legislature next fall, there is certainly no redeeming hope for our economy.
Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
"True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero
There were other market issues through he creation of highly risky packaging of these subprime mortgages into tradable securities on the false claim they were very safe and secured by assets that were basically non-existent.
In addition, Credit Default Swaps and the use of derivatives fed the frenzy which allowed corporations to take on HIGH risk with little return if the "bet" didn't work out.
I would like you to name ONE Bush Policy that caused the collapse of the financial markets.
Here is what REALLY caused the collapse which had nothing to do with Bush policies:
[ame="http://www.youtube.com/watch?v=1RZVw3no2A4"]YouTube - Burning Down The House: What Caused Our Economic Crisis? Bombshell[/ame]
[ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related"]YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]
Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."
Greenspan Says Economic Crisis Not His Fault, Calls It 'Once-in-a-Century Tsunami' - Politics | Republican Party | Democratic Party | Political Spectrum - FOXNews.com
A funny analogy that factually describes the problem in a simple funny way:
[ame="http://www.youtube.com/watch?v=fPI8XFfBxHk&feature=related"]YouTube - Financial Crisis Explained: Subprime Mortgage[/ame]
why is this drop in home sales devastating and dire? because we're already way below water, and instead of surfacing we're sinking further
the point about new home buyers is not political, it's simply that that with sales already being abysmally low EVEN WITH an $8000 incentive, how's the future look when the tax credit is yanked in november?
thus, it's not a problem, the fact that 1/3 of buyers are first timers, to answer your fair, stand-up question, except as an indicator of our bleaker outlook when the $8000 inducement is erased
sales under 300G being down is more problematical, according to you---yes
but it's not good---according to you
you agree there's no bottom in sight while asking what's so dire
my opinion about unemployment nearing 10% negatively impacting sales was, indeed, my personal view---i said, it "has got to be the most pertinent explanation" for why we're here---if that's too opinionated for you, i apologize
i thought, however, the connection was obvious
in a later post, you say, "the same bs that got us into this mess is happening again"
that's not dire?
thanks, friend, i'm happy that your home has appreciated above its value when you bought it
how many of us know personally people who are trapped inside houses on which they owe significantly more than the homes are worth, with $3000 per month mortgages?
i know several (they're school teachers)
they planned on refinancing, as you appreciate
how many of us are personally in such an upside down position?
it's tragic, i agree