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Teetering on the brink of the new Depression
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handofdave
handofdave
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Re: Teetering on the brink of the new Depression
Sep 23, 2008, 16:19
Lenders made too many loans with stars in their eyes... the idea was that they'd have everyone mortgaged to the hilt with the fat interests and fees on those borrowing's keeping the wealthy in the lifestyle to which they're accustomed.

Of course, nobody did the math that would have shown this plan for what it is... a fantasy.

Every industry with Washington connections in America got it into their heads over the last decade that the new paradigm in economics was to simply take the restraints off greed and take the consumers for everything they've got. Too bad the consumers weren't able to meet the demands of all of them at once.

There's plenty of blame to go around, tho you can't get down to hard on the people who got stuck having to buy during the last insane cycle of speculative house pricing... they were forced to borrow large to meet wildly overinflated home prices. (I'm not talking about the house-flippers and the people who bought way more house than they needed... which is what a lot of contractors were hooked on building during that whole blindly exuberant time.) I was one- tho I did, luckily in a way, have to work within a budget and am paying a fair rate on a very inexpensive home, by today's standards, anyway.
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Re: Teetering on the brink of the new Depression (grufty jim)
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