Article

2011-06-14 Economy

Summer of Wreckovery II - Housing crisis worse than Great Depression

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Posted by DarthVader 2011-06-14 17:32|| || Front Page|| [2 views ] Top

#1 The credit bubble that caused it grew during Bush's era...

Posted by Bright Pebbles 2011-06-14 19:54|| 2011-06-14 19:54|| Front Page Top

#2 ... but was stoked by Fannie and Freddie and Barney and Chris. And by low interest rates so that no sacrifice was demanded while fighting two wars, since most of the Dems made it clear they put political sabotage over statesmanship and most of the Reps were spineless.

Posted by lotp 2011-06-14 20:01|| 2011-06-14 20:01|| Front Page Top

#3 This is far from over. Foreclosuregate, MERS, and un-backed mortgage backed securities have yet to make a full impression on our financial institutions' financial statements. And I'm doubting there will be the votes for another bailout.

Posted by Nimble Spemble 2011-06-14 20:19|| 2011-06-14 20:19|| Front Page Top

#4 I would love to own a house, but hell if I could afford one. Prices need to come down another 50% before I enter the market.

Posted by Scooter McGruder 2011-06-14 20:49|| 2011-06-14 20:49|| Front Page Top

#5 Prices need to come down another 50% before I enter the market. If not even more than that. All that extra debt to prop up the housing market did accomplish one thing - keeping the price of housing UNAFFORDABLE, although just a tad lower than it was in 2007.
The Fed has 2 mandates: one is to keep prices stable. Stable IMHO means constant, not inflating at all. Since the Fed was instituted in 1913, the dollar has lost about 97% of its value. The other mandate is 'maximum employment.' This is where the politicians can get creative, just declare 9.1% unemployment is as good as we can get, and declare victory over unemployment.

Posted by Anguper Hupomosing9418 2011-06-14 22:59|| 2011-06-14 22:59|| Front Page Top

00:25 JosephMendiola
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