In my opinion, everything you see going on, terrorists hiding around every corner, Iraq, Iran, oil, interest rates, deficits, debt, Bush's approval rating, bird flu, is all just a side-show to the housing bust.....the thing that no one talks much about.
The housing bubble is the biggest scam, in my opinion, since the IPO pyramid scheme of the late 90's, another time when money was created out of thin air.
Oh, I know.....housing can't go down, because people have to live somewhere. That's funny, because they've been building over 2 million new houses per year for only 1.2 million new households.
And, tell that, (housing can't go down because people have to live somewhere stuff), to those in the early 30's that watched housing lose 90% of it's value. Or, tell it to Japan who has very limited land space available, and watched their home values lose 40% over the last 14 years.
I think you will see some builders do a "0", and lawsuits galore before this is all over, just like in the dot.com meltdown.
All of these new service sector jobs aren't going to cut it. I would like to see all of these new Mc'Donald's workers buy a new Mcmansion, but that's not likely to happen in this environment.
The media spin doctors are nitwits like in the 2000 bubble top. 'It's different this time, and high oil doesn't matter, debt doesn't matter, blah, blah, blah.'
This place is becoming disgraceful, as the rich continue to rob the poor with low paying jobs, high interest rates, massive record debt, and with stealing our children's and grandchildren's future by reckless spending.
All the while, they leave minimum wage at 1996 levels, unbelievable.
Good luck everyone. Things are not like the spin doctors would have you believe. ;-) |
