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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (450249)	1/24/2009 3:55:48 PM
From: tejek	Read Replies (1) of 1574030

I am a fiscal conservative. Damn it! I'm still not sure we shouldn't suck it up, take the pain, and let the whole debt thing unwind. We (society) put ourselves in this situation... we are really just putting off the eventual unwinding of bad debt on the (very, very remote) chance that asset values will somehow stabilize and then miraculously go up. I don't think its remote. Asset values WILL stabilize and go back up. This country has been doing this thing for hundreds of years.......we didn't suddenly lose our touch. Instead, we got terribly greedy and borrowed a lot of growth from the future......that's really what bubbles are all about......getting ahead of ourselves. When the second housing bust happened in LA, prices went back to their peak in the first housing bubble. Now prices are back to the peak prices from the second housing bubble. Each time housing prices peak higher and then find support at the old peak. I don't even think its an art any more......more like science. Bottom line: we are not growing any more land even as our population continues to grow. In fact, we are putting more and more restrictions on land development in this country, taking land out of the pool. Here in the PNW, which tends to lead the country on these issues, its becoming more and more difficult to convert farm land to housing tracts. As this happens nationwide, prices have to go up for most metro areas but not all. Places like Detroit or Cleveland are not likely to participate in price growth but they are more the exception than the rule. As for letting everything unwide....why? It will only lead to a lot more pain and its not going to stop us from working on the next bubble. I think growing bubbles is a consequence of free markets and capitalism. No? It's like betting the 100 to 1 long shot at the track with your last $20 when your family is starving. Well, maybe that is a bit dramatic. Or maybe not. People have become way too negative as they tend to do during recessions. Things are not good but things are not nearly as bad as the media would have us believe. For those who have money on this thread........the Chinese, who are some of the smartest business people on the planet, say "out of every crisis comes opportunity". Its time to look for opportunity.

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