Do you think we are heading for a depression? (Hoboken: real estate market, credit)

[EEEPNJ]

It's really scary out there financially - so what do you think?

I'm even worried about FDIC. SO many banks are just tettering on disaster, and if too many fail, can the US even live up to FDIC?

This is NOT my area of expertise, I'd like to see what everyone else thinks.

[davenj08]

i hope not! we've been in the market for almost six months and now that we like a house and are about to give an offer, thoughts of depression and economy going worse is very scary.

hope this crisis does not go on for ever and lead to depression.

[DowntownJerseyCity]

Depression? No. Deep recession? yes.

I'm very anxious on how this will play out with the NJ real estate market.

[joe moving]

Not my area of expertise either.

I think it is scary. Not sure what to do really though other than try to be more conservative and save more, but isn't people not spending what worsens the problem?

[johnfrisco]

Originally Posted by HobokenGuy

Depression? No. Deep recession? yes.

I'm very anxious on how this will play out with the NJ real estate market.

I agree it looks like we are headed into a very deep recession unfortunately

[DowntownJerseyCity]

Originally Posted by johnfrisco

I agree it looks like we are headed into a very deep recession unfortunately

Paulson just said this was due to the housing market. I somewhat agree with this since everyone was drunk with their lending practices. He said the housing market won't get better until 2010.

[Alex07860]

I don't feel sorry one bit for any of them, these are the same people who knowingly gave credit to those that couldn't afford it or didn't deserve it in order to buy homes they SHOULDN'T have bought, all in the name of making their books look good and while they were eating lobster & filet mignon over their real estate lending practices (no doc, no income verify) they were laughing all the way to the bank, not knowing their own bank was in trouble. Well, the time has come to pay the piper and he's not taking IOU's.

[CuCullin]

Originally Posted by hobokenguy

depression? No. Deep recession? Yes.

+1.

[JoeSo]

This administration has around 50 days left to finish the country off...think they can do it?

[nicolem]

I thought that tahiti warned us about politics and that those threads would be closed. These statements-previous two posts- are going to incite the same bickering that got those other threads closed. Can't we stick to the topic without the digs like the two of you just posted? There are plenty vile attack Mcain, Bush and Obama threads over in the political forums. I would hate to see this become another one and closed.