Ren, here. I have an idea for a new topic. There are a number of us, and a few trolls to boot, that believe the free market will cure anything. Here is a story from the International Herald Tribune that blows that out of the water. Re: Fannie Mae and Freddie Mac Mortgage crisis has Washington putting aside free-market ideology http://www.iht.com/articles/2008/09/07/business/07bailout.php
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BushCo shot down the Federal Housing Finance Reform Act of 2005 which could have saved us all a lot of heartache and money. You can read the act at:
http://www.govtrack.us/congress/bill.xpd?bill=h109-1461&tab=summary
MxRacer,
I suspect that your last response was total bullshit. Lets see, they lost their jobs, with union benefits, and started a new career doing what? Restaurant district manager? Wait, they’ve never so much as worked as a waiter. Construction Superintendant? Oh, wait, they’ve never driven a nail outside their own property.
More like part time cashier at a seven eleven and suddenly the rainbow breaks on the horizon. I don’t think so. And move to another location when you’re unemployed? Well, there goes the savings in one quick pop. I suspect you are not only a bullshitter, but you are also extremely naive. Do your homework about whats happening in Detroit.
NeoWolfe
In our home, being close to the financial industry, we have seen this coming for a long, long time.
Many, many mortgages were given to people who simply could not afford the house of their dreams.
And what moron would refinance their home to take cash out so they could buy the latest crap from Best Buy??
Everyone has been so busy taking cash out of their house and we have been busily trying to pay down our mortgage. How unamerican!
There is also plenty of blame to go around including the financial lobbies who bought the Senate/Congress on the latest credit card and
BANKRUPTCY schemes.
The whole economy seems directed towards a crash-and-burn except for the very wealthy.
I STRONGLY recommend Lou Dobbs’ book “The War On The Middle Class.”
Neither candidate is a prize but one will do less damage.
I think it is the “newcomer”.
We have had some interesting discussions here (at home) about all of the T-bills that we are issuing and what will happen when China wants to cash some in………..
We are not optimistic in the short- or even middle-term.
Offshoring has led the decline of American industry and since NO manufacturing equiptment is American made any longer, in the next big war we will have to buy our Lathes, Milling Machines and other required equipment from the very country that we are fighting. Truly scarey the short-sightness of the American voter, businessmen and most of all Congress- but hey – What does Congress care- they each got theirs- f the voters.