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Recession is a normal phase of the cyclical economic process. The real estate crash was the straw that broke the camel's back with the current recession. In my opinion, the greediest 10% with something at stake will lose something-if not everything, in this recession. Recession takes money from the greediest 10% and gives it back to those who didn't overextend themselves so much, or get caught with their pants down by buying five houses...
Well your right it is part of the free market and part of the risk and rewadr system. But ehn its never really good; its just part of life like many disasters and those prepared will come out best.
You are 100% correct. This whole scam has been nothing but a profiteering scam for 401k mangers, mortgage brokers, currency and commodity traders, and others that used cheap money to the detriment of our country's economic structure.
In my opinion the Treasury Secretary and Federal Reserve Chairman(s) have destroyed our country with their move to cheap money. See my blog for more opinion on the matter. Your feedback is welcomed. Bob's Blog (http://bob4bristol.blogspot.com/ - broken link)
Last edited by NewToCA; 07-13-2008 at 12:08 PM..
Reason: had to delete quote, it was from a previously banned member
Recession is a normal phase of the cyclical economic process. The real estate crash was the straw that broke the camel's back with the current recession. In my opinion, the greediest 10% with something at stake will lose something-if not everything, in this recession. Recession takes money from the greediest 10% and gives it back to those who didn't overextend themselves so much, or get caught with their pants down by buying five houses...
Yeah, well. You couldn't be more wrong. Sure, there will be a few developers that take it on the chin. But the people who get killed in a recession are overwhelmingly the ordinary slobs who are living paycheck to paycheck.
My wife and I saw this coming two years ago and started paying off debt as fast as we could. What's more, when we moved, we didn't bite on a huge mortgage. Plus we started saving money. But a lot of people didn't see it coming, kept spending, and now are teetering on the edge of insolvency.
I think its "good" in the respect that everyone can buy mutual funds and stocks way cheaper than they would if it wasn't... the only people that are not going to be happy are those that are retiring soon and withdrawing... everyone else should be happy, this is an opportunity you won't get every time in your life, buy up... but don't buy stupidly... the financial sector is having major problems and banks are going to go belly up, I would not be investing in banks and such..
Recession is a normal phase of the cyclical economic process. The real estate crash was the straw that broke the camel's back with the current recession.
Recession is a normal phase of the cyclical economic process.
This is true
In my opinion, the greediest 10% with something at stake will lose something-if not everything, in this recession. Recession takes money from the greediest 10% and gives it back to those who didn't overextend themselves so much, or get caught with their pants down by buying five houses...
This is partly true, It is not a matter of greed, it is a matter of debt.
It is also important that you recognize the difference between a recession and a depression. Recessions are small corrective cycles, where depressions are when the truly rich redistribute the wealth from the working class to themselves. Soon you will see which one we are in.
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by cpg35223
Yeah, well. You couldn't be more wrong. Sure, there will be a few developers that take it on the chin. But the people who get killed in a recession are overwhelmingly the ordinary slobs who are living paycheck to paycheck.
My wife and I saw this coming two years ago and started paying off debt as fast as we could. What's more, when we moved, we didn't bite on a huge mortgage. Plus we started saving money. But a lot of people didn't see it coming, kept spending, and now are teetering on the edge of insolvency.
Yep. the little guy is going to take this on hard on the chin. With inflation going up it's going to be harder and harder for people to make it if they live paycheck to pay check.
But to be honest a lot of the little guys got greedy and thought they could turn a quick buck on their homes(flipping). Or thought they could refi and spend the money they got on unless items. And didn't worry because "Real estate only goes up." Look the root of today's problem is the real estate market and all the credit/default problems that we have surrounding it.
So really in the end it the little guy that caused their own problem. Unfortunately we as a society are not prepared to let ourselves take our medicine for what we done. So..........BAILOUTS FOR EVERYONE!
Quote:
Originally Posted by tallrick
They won't let deflation occur. They will keep making new money for themselves and inflate our savings and investments away.
Recession is a normal phase of the cyclical economic process. The real estate crash was the straw that broke the camel's back with the current recession. In my opinion, the greediest 10% with something at stake will lose something-if not everything, in this recession. Recession takes money from the greediest 10% and gives it back to those who didn't overextend themselves so much, or get caught with their pants down by buying five houses...
And your evidence is what?
Recession is good for this country. Over the course of the next 10-14 years, the US will permanently lose about 50 million jobs, as in those people will be unemployed for the rest of their life. It'll be like the 1950s and 1960s when there was only one wage earner per family.
But as far as transferring wealth? Not gonna happen.
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