Americablog:
Possibly longer. The economic fundamentals delivered under GOP rule have managed to make a once thriving economy - a place where the world wanted to invest - into the market to avoid. When one of the most successful investors in the world is concerned about the US market from housing to the plummeting dollar, there is a serious problem. At least the US voters will have their chance to respond to this economy next November at the polls.
4 comments:
Now many people have to say that before people understand. Yes I know the GOP candidates say things are great and our GOP.
High schools need to go back to teaching home economics again. They stopped and so too many Americans are completely clueless about mortgages, credit, debt, budgets, etc., etc. I bet there is a strong correlation between high schools not teaching kids about knowledge they will need later in life and this big mess. I learned in high school that you borrow at the lowest rate and if you cannot afford it and you don't need it, then don't buy it. I knew from the start that anyone taking an ARM, borrowing at higher interest rates, and/or balloon mortgages was asking for trouble.
Another thing that got people in trouble is that they thought they needed a BIG, NEW house. Those are the folks with the subprime mortgages. The poor got poorer since the Clinton era. They are not the ones buying houses with subprimes because they still cannot afford it; those came from people who bought too much house.
Then there are the house flippers. Just like the stock market, it's legalized gambling.
I will not forget Countrywide, for acting like scummy used car salesmen. I kept getting junk mail from Countrywide even when they were filing for bankruptcy asking me if I want to take out a home equity loan. Those cannot hit the shredder fast enough. Too bad I cannot hook up the shredder to the mailbox.
Off topic--
This is for Third Generation, having power is sexy, too. This guy is smart, powerful, and he is now available:
President Sarkozy
And who are you Kittybowtie, the love connection? So, you are hooking up Chicago Native with the French President?
Subprime mortgages have always been around. But, noone was watching the store when those mortgage companies started changing the banking policies. Yes, I do agree that the people who brought the big house, refinance more than once due to finances or lifestyles, or buying a house with 0% down got hosed from subprime mortgagees. Subprime loans were more B and C loans. They are not dipository loans (or FDIC or secured loans)unlike the banks. Mortgages either went bankrupt or had major cuts n workforce while the banks have to take the slack of the subprime crisis.
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