Don't Move To Chicago Or Anywere Else (credit, lenders)

[HOWELL_STREET]

Dear Friends:

In the past, I have been accused of repetion, weariness, boredom or too many negative comments. So I present you the following comments from the Chicago Tribune Business section. All of these appear on page 3, Sunday, Sept. 2, 2007 of the Business section in the Chicago Tribune.
1. Given the tightening in underwriting standards and the credit freeze, its going to be very difficult for buyers to purchase homes. 2. But prices seem ridiculously high (DuPage County, IL) for what I think are just regular houses.
3. It goes in and then it goes out to the family. 4. The worst is yet to come. If Eddie Lampert's strategy is right then Wal-Mart's wrong. Target's wrong. Limited is wrong. Every great retailer in the history of America is wrong. My comment: I think he is talking about Keynesian Economics(?). 5. It is not the responsibility of the Federal Reserve - - nor would it be appropriate - - to protect lenders and investors from the consequences of their financial decisions.
So these are statements by recognized experts in their own field. My opinion - - the opinion of Howell_Street - - is to stay put where ever you are so you don't lose your financial shirt. To reiterate, I only repeat the ideas of comments published in the Chicago Tribune Business section of today. However, since I am a very old timer and have observed my folks recover from the great Depression - - I agree with thes comments even though they are very scary !

Carter Glass

[Drover]

Great advice. Nothing's gonna jump-start that floundering housing market like nobody ever moving anywhere!

[docent]

Well, it's a sound advice. Nothing short of Great Depression is upon us. Wishful thinking is not going to change anything. Some people just see it before others do.

[Drover]

Yeah, I saw that soup line winding around the corner in front of my bus stop today. And I sure wish the cops would do something about all the vagrants living in that Hooverville in the park down the street.

[via chicago]

Originally Posted by docent

Well, it's a sound advice. Nothing short of Great Depression is upon us.

yea, ok

heres an idea: live within your means.

[NYrules]

No doubt our country is in deep deep doo doo.

[docent]

Originally Posted by via chicago

yea, ok

heres an idea: live within your means.

It's a great idea, unfortunately ignored by too many. Keeping up with the Joneses with a heavy use of plastic will come to a screeching end. BTW it was always my priority to save even a tiny bit from every paycheck. So old fashioned these days.

[Pegs56]

I recieved a reply notification about another thread & this was listed at the bottom of the page as a similar thread.

Interesting to note the dates as a full year before the complete nosedive in the economy. Esp. interesting to see the comment about The Fed not bailing out (or - as written - "protecting") the lenders & investors, which of course is what happened.

[chet everett]

Every stopped clock has the correct time once a day

[cubssoxfan]

Originally Posted by docent

It's a great idea, unfortunately ignored by too many. Keeping up with the Joneses with a heavy use of plastic will come to a screeching end. BTW it was always my priority to save even a tiny bit from every paycheck. So old fashioned these days.

Wow! Now thriftiness is cool. Those of us who always strived to spend less than we earned are now smiling. Too bad so many are losing jobs and too bad our portfolios got soaked.