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There is no way housing developers should go on building houses now that their housing bubble has burst. What would you want done with all that cheap labor they brought in to build too many houses that had to be sold with subprime loans?
Don't forget, many Americans owe nothing on their homes, they own them outright. Of those who are paying mortgage, 90% are current on their mortgages.
Yes, the housing industry should suffer a collapse. Along with the banks that gave out loans irresponsibly and committed fraud.
It would not harm the country to let nature take it's course and let the adjustments be made. The housing bubble was going to burst at some point, anyone paying attention saw that.
There are plenty of banks and credit unions that are not in trouble.
True.
However, the market collapse was caused by more than a housing bubble. Banks intentionally made loans that looked good only on paper. Banks also encouraged people to use credit cards for daily living expenses and then charged exorbitant interest rates.
Combine this with $4+/gallon of gas and wages that were stagnant, we have an economic disaster. If we don't help people to become productive again with job creation, we will all fail.
Isn't it only high because of QE? Eventually that will have to come to an end. The stock market would dive without it.
No it's NOT "because of QE" - that's a bunch of nonsense that's been debunked here many times - but a lot of people seem to still believe it even though there is pretty much zero evidence (including the P/E of the S&P 500) that the stock market has been propped up by QE.
Now GOLD on the other has taken a beating even at the HINT of QE ending.
Ken
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Sorry I completely lost track of the thread title.
