Blame abounds for housing bust

[medbiller777]

This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression — and expected to get worse next year.



Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations


http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20071226/BUSINESS/572777982/1001

[frodo82801]

The key here is what happened after the S&L mess? The markets recovered. Housing survived. The economy grew.

This is a bump in the road. Things will improve.

[Pagemistress]

It's all Bush's fault. :rolleyes

[Cameron]

The media likes to use words that excite. Its not really a housing "bust". Its a housing "adjustment."

Home prices were way too high to begin with, and the folks who signed on the dotted line should have known what they were signing. Especially for the purchase of an item in the six figure range.

A lot of young couples who are first time homebuyers can now get a real bargain.

In a year or two this will all shake out, and home prices will head upward again and buyers will be more cautious and wiser.......for a while at least, until the greed sets in again.

[Joseph The Carpenter]

Senator Clinton will solve the problem if we elect her, she said she would freeze all forclosures and freeze all adjustible mortgage rates if she is president.

[Chula]

Senator Clinton will solve the problem if we elect her, she said she would freeze all forclosures and freeze all adjustible mortgage rates if she is president.

And give all employees a 10 percent payraise. You forgot to add that.

[R1200C]

And give all employees a 10 percent payraise. You forgot to add that.

We will get back to double digit inflation (many things already are despite the whitewash coming from Washington). Every time the government starts to control one thing in the economy there all all types of backlashes that happen. Even with the best of intentions it will be a fiasco. This demigod attitude of Hillary is what scares me the most about her. She really believes she is the smartest person and whatever she does will be great. That is a recipe for economic disaster for all of us. Think Jimmy Carter.

[LoudRam]

We will get back to double digit inflation (many things already are despite the whitewash coming from Washington). Every time the government starts to control one thing in the economy there all all types of backlashes that happen. Even with the best of intentions it will be a fiasco. This demigod attitude of Hillary is what scares me the most about her. She really believes she is the smartest person and whatever she does will be great. That is a recipe for economic disaster for all of us. Think Jimmy Carter.

How dare you desecrate the sacred shrine of the greatest Christian president of all time. :doh

At least that's what I'm told by a brother I work with. :hehee

[Cameron]

The president has little to do with the economic health of the country.

However, they will take credit for it when things are good and receive the blame when things are bad.

[Waiting...]

The president has little to do with the economic health of the country.

However, they will take credit for it when things are good and receive the blame when things are bad.

I liked "Reaganomics".:thumb

I miss Ron.