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Old 08-30-2010, 07:24 AM
 
Location: San Diego California
6,342 posts, read 3,456,548 times
Reputation: 4555

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Procrastination on Foreclosures, Now Blatant, May Backfire - American Banker Article

This article in a banking business journal explains why housing is not going to recover any time soon, and why it will probably get worse in the future. I do not think there is any doubt that if housing takes another dive it will take the rest of the economy with it.
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Old 08-30-2010, 07:57 AM
 
2,415 posts, read 1,555,704 times
Reputation: 1991
So what? Americans have been living high on the hog for decades. It's about time they get a slice of economic humble pie. Especially the rich. Hopefully they will be running into their safe rooms when the pauper class riots and threatens to guillotine them ala the French Revolution.
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Old 08-30-2010, 11:19 AM
Status: "I LOOOVE COLORS" (set 16 days ago)
 
30,357 posts, read 27,507,440 times
Reputation: 17679
but dont forget, to someone else you just may be the rich! i like how we all have our own definition of rich... i know anyone with more than me is to wealthy and should pay more in taxes, anyone with less then me is poor.
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Old 08-30-2010, 11:50 AM
 
Location: living on the mighty Columbia
1,949 posts, read 1,296,916 times
Reputation: 4039
Support for the mortgage industry via price stabilization efforts from government won't work. It's been a no brainer from the start, prices were going through the roof because payments were kept low for a agreed period of time, this was supposed to let the "gain" of equity build to allow the home to be sold before the "adjustment" was to begin. In this scenario the homebuyer could supposedly gain enough over time to have the money that allowed some real affordability, a Ponzi scheme to be sure but many people profited in that scheme to the point that they had some serious money in their pockets.

Of course the centerpiece of this game was that home prices differed from region to region, many people were motivated to move in order to take advantage of the money they got from the sale of their last home. Sell in (high cost) California and move to (low cost) Utah, seems simple enough but in reality it upset the previous balance of population to jobs ratio and many were forced to commute long distances or seek employment in those low home price areas.

The entire nation became wrapped up in this incessant search for MORE, more of everything, and they had the money from that last gasp of taking the equity that they were told was as good as cash under their mattress. We all know now how this fairy tale of ill gotten gain ended, many people are now stuck far from the job centers of the larger cities, they are living way out in in the country in their dream home, jobless, and wondering if they can hold on to that house they bought that has a much larger mortgage than what they could sell it for. The sub prime debacle has now expanded to the extent that it has caused more and more unemployment and those newly laid off folks are walking away from their upside down mortgages, the road back down to sanity is harder to walk but we'll see the crowds going that way, back to the future..........
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Old 08-30-2010, 01:29 PM
 
1,946 posts, read 2,045,986 times
Reputation: 1887
What......Americans can no longer sell each other houses over & over again until everyone is a millionaire That's the economy we had for 7 years in the place of a real economy.
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Old 08-30-2010, 08:28 PM
 
Location: Olympus Mons, Mars
2,903 posts, read 4,528,287 times
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We need a flat tax to catch all the tax evaders. I know so many people making six figure incomes as "consultants" and writing everything off eventually paying effective overall taxes of only 10-15% while regular workers making the same are paying 30-40%. That is a joke. The system is just full of loopholes and while the rich exploit them the government looks the other way.
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Old 08-30-2010, 10:01 PM
 
Location: Business ethics is an oxymoron.
931 posts, read 857,193 times
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Quote:
Originally Posted by Brave Stranger View Post
What......Americans can no longer sell each other houses over & over again until everyone is a millionaire That's the economy we had for 7 years in the place of a real economy.
I have never seen a more concise, dead on bulls eye synopsis of anything written in just two sentences. You nailed it. Rep for you.
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Old 08-30-2010, 10:07 PM
 
1,946 posts, read 2,045,986 times
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Quote:
Originally Posted by Des-Lab View Post
I have never seen a more concise, dead on bulls eye synopsis of anything written in just two sentences. You nailed it. Rep for you.
Thanks Des-Lab Rep for you too.
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Old 09-02-2010, 06:32 AM
 
2,415 posts, read 1,555,704 times
Reputation: 1991
Quote:
Originally Posted by mathjak107 View Post
but dont forget, to someone else you just may be the rich! i like how we all have our own definition of rich... i know anyone with more than me is to wealthy and should pay more in taxes, anyone with less then me is poor.
Maybe where you live but the haves and the have nots are pretty well defined here in Orange County.
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Old 09-02-2010, 06:33 AM
 
2,415 posts, read 1,555,704 times
Reputation: 1991
Quote:
Originally Posted by Des-Lab View Post
I have never seen a more concise, dead on bulls eye synopsis of anything written in just two sentences. You nailed it. Rep for you.

LMAO! This guy said in a few words what authors have spent years writing books on. Awesome!
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