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No surprise there. Obviously the financiers wanted everybody to have a mortgage and everybody did even if they could not afford the payments. At this point I think the banks should write the loans off as bad debts and give the houses to the owners. This way the transfer of assets would be going in the correct direction.
No surprise there. Obviously the financiers wanted everybody to have a mortgage and everybody did even if they could not afford the payments. At this point I think the banks should write the loans off as bad debts and give the houses to the owners. This way the transfer of assets would be going in the correct direction.
Pretty consistent with your past postings, so I'll give you credit for being on message there.
My position is somewhat different, houses should be taken over by the banks immediately, and the occupants given a 3 day notice to vacate the premise.
No surprise there. Obviously the financiers wanted everybody to have a mortgage and everybody did even if they could not afford the payments. At this point I think the banks should write the loans off as bad debts and give the houses to the owners. This way the transfer of assets would be going in the correct direction.
Good luck with that and for getting any private entity ever lending money for houses for anything less than 15%.
Contracts down: Is housing headed for double-dip? - Yahoo! News (http://news.yahoo.com/s/ap/20100105/ap_on_bi_go_ec_fi/us_economy - broken link)
"The number of people preparing to buy a home fell sharply in November, an unsettling new sign that the housing market may be headed for a "double-dip" downturn over the winter."
House prices are still WAY too expensive. Glad they're coming down to earth a bit. I'm eyeing some tasty Florida foreclosures, especially after the credit expires in April. Last I saw was a 4BR/2BA almost brand new in good condition for $40,000.
Reasonable people understand that we were close to having a second Great Depression, and that we're better off than we were a year ago.
Reasonable people will also understand that the unemployment rate under Reagan (the hero of the Republican Party) increased for the first two years he was in office. I seriously doubt that the current state of the economy would have been much different under McCain/Palin.
The depression is basically unavoidable. The only choice is whether the currency will be destroyed. So far, it looks all but certain.
The better off is simply temporary and we'll be sliding back into a comatose state in no time. Of course, the blame Bush card will have worn out by then.
Reasonable people understand that we were close to having a second Great Depression, and that we're better off than we were a year ago.
Reasonable people will also understand that the unemployment rate under Reagan (the hero of the Republican Party) increased for the first two years he was in office.
Reasonable people understand we are worse off than we were a year ago with resepct to unemployment and deficit spending, 10% unemployment record deficit.
The effect of doing nothing is unknowable however a reasonable argument could be mad that we would be in the same boat with a smaller deficit.
Reagan spent money but he also cut taxes which helped spur economic activity. Obama is spending and raising taxes not exactly a pro growth position.
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