Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 83.43

-1.9%

Nov 17 3:59 PM EST

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To: Road Walker who wrote (205)	3/5/2009 4:15:09 PM
From: tejek	Read Replies (1) of 1428

Read this morning that 31% of the mortgages in the Tampa area are underwater... that's ugly man. Consumer debt is close to 100% of GDP for the first time since 1929 and asset values continue to slide, undermining the creditor and the creditees (is that a word?). You're at ground zero. The rate for the nation is 20%......not good but not nearly as bad. In the early 90s when I would talk to friends in other parts of the country, I was shocked that people didn't see it as the end of the world. After a while, I couldn't talk to them. It was so bad in LA I thought for sure it was game over. After all, friends of mine were filing for BK. It was almost annoying to hear that it wasn't that bad outside CA......like we were getting some kind of special punishment. I actually believe we are in the bottom of the trough. What worries me is how long the trough will be......that could be the back breaker. It took forever for LA to come out of its recession. I can't go much more than a year.

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