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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (64696)	3/21/2007 8:16:57 AM
From: westpacific	Read Replies (3) \| Respond to of 116555

Bailout talk everywere....... Just unreal what I see happening today, what ever happened to my father's generation of responsiblity for ones own actions. Folks buy a house with no money down - hoping prices just keep going up forever. Do you remember yourself of anyone taking cash out of a house!!!! No, they wanted to pay it off and own it free and clear. We live in economic fairytale land these days folks. When my dad bought his first house he was 38, with a growing small company - he put down 25% and bought way below what he could afford. That was in the 1960s! America was a whole different and better animal back then. He was working 6 days a week and into the evenings to get ahead. Also remember back then Mom did not have to work, she raised a family - not because she had to......now with devaluation of money and inflation - two incomes are needed to stay ahead. We need to end this insanity in banking and fiat and get back to the real world........ WHAT HAPPENED TO THAT! -------- Crisis looms for entire economy Congress must focus on rising mortgage defaults to prevent a slip in confidence leading to collapse BY PETER MORRIS Peter Morris is chairman of the PRM Realty Group, with offices in New York and Chicago. Email this story Printer friendly format March 20, 2007 If Washington doesn't address the rapidly building multi-trillion-dollar crisis in residential mortgage defaults, its paralysis will help trigger a national economic recession that could touch every homeowner. The crisis has been building for months - if not years. Experts agree it is a result of banks and other lenders' granting home loans to people who were not truly able to afford the payments. Now, with the national economy in a slide, the number of mortgage defaults is rising at an alarming rate. newsday.com Read it all at that link, and note whom wrote it, a realtor! West