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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: saveslivesbyday who wrote (84914)	8/13/2007 8:35:29 AM
From: FreedomForAll	Respond to of 110194

The money's gone, its in the houses and no one wants the debt. It's in the pockets of opportunistic developers who built shlock houses with cheap oil design and lots of fancy power eating gadgetry (and took much higher markups than ever before as a result of "cheap" financing.) It's in the pockets of real estate agents who never "produced" anything of value in their lives and probably never will. It's in the pockets of fat-cats on Wall Street who packaged those bad loans and dumped them on dumbed down, naive (and, possibly greedy) investors. The properties never had the "value" that they sold for in a market flush with easy borrowed money for buyers who never saved a dime in their lives. The real tragedy is for those who did save and work to make ends meet to "own" a decent, safe place for their families to live. Inflation will destroy those savings and drop 4 generations from middle class lives into lives as serfs while Wall Street fiddles with their big bonuses, and local bureaucrats bankrupt the home owners with insane property taxes.