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ARROYO GRANDE, Calif. -- Dateline: 1720. Breaking news. One day, at the peak of its speculative frenzy, as the "South Sea Bubble" swept through Europe faster than the plague, an "unknown adventurer" in Britain ran this advertisement: "A company for carrying on an undertaking of great advantage, but nobody to know what it is."
Don't Be Conned Into Thinking There Will Be a Recovery In '09 - FOXBusiness.com (http://www.foxbusiness.com/story/markets/industries/finance/dont-conned-thinking-recovery/ - broken link)
Definitely no recovery in 09 or 10. Especially with the alt-a and option arm bubble getting ready to burst. House prices are going to plummet another 30% or so. Maybe more when housing inventory is flooded with all the people recently laid off living paycheck to paycheck who can't make their mortgage payment.
Right now the economy is clearing out and bankrupting all the financial idiots. Good Riddance.
For home buyers, like myself, this is a perfect storm.
I'm thinking if enough people reflect the optimism of this board there will be no recovery in the lifetime any one currently alive and the standard of living in the US will decline to the point that the Afghan border with Pakistan where tribes live in stacked rock huts / caves look pretty good...
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by Humanoid
Wait, you mean the good times aren't coming back yet? But but....everyone was getting ready to use their home ATM again!
Quote:
Originally Posted by killer2021
Definitely no recovery in 09 or 10. Especially with the alt-a and option arm bubble getting ready to burst. House prices are going to plummet another 30% or so. Maybe more when housing inventory is flooded with all the people recently laid off living paycheck to paycheck who can't make their mortgage payment.
Right now the economy is clearing out and bankrupting all the financial idiots. Good Riddance.
For home buyers, like myself, this is a perfect storm.
I was listening to a station out of Baltimore, 1090 on the AM dial. I rarely can pick it up unless I go down that way, but atmospheric conditions must have been good today.
They had an economist on talking about the short and long term effects of the financial and banking collapse, the housing bubble bursting, and the Wall Street and employment crisis. He painted a bleak picture, indeed.
He favored letting companies go under due to their reckless and criminal activities and picking up the pieces and moving on. This was going to spell alot of short term upheaval but the government trying to delay it( and thats all they can do) was only going to make things worse and prolong the downturn. The only bright side was that he believed that we were in for a MAJOR turnover of elected officials, who he 100% blamed for allowing this to happen.
Definitely no recovery in 09 or 10. Especially with the alt-a and option arm bubble getting ready to burst. House prices are going to plummet another 30% or so. Maybe more when housing inventory is flooded with all the people recently laid off living paycheck to paycheck who can't make their mortgage payment.
Right now the economy is clearing out and bankrupting all the financial idiots. Good Riddance.
For home buyers, like myself, this is a perfect storm.
Its not a perfect storm if you cant qualify for credit. That seems to be a huge issue now. People and companies who used to buy on credit are being denied. The car industry is suffering in part. There availability to provide credit, has hindered their ability to sell product by 20-30%.
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