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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (8464)	2/7/2012 5:43:47 PM
From: Steve Lokness	1 Recommendation Read Replies (1) \| Respond to of 85487

<<<If its not made up something else well come along and take its place>>>> Tim, you're missing the whole point here. Housing was demand all right, but it was also an instrument of debt. That people used their homes as an ATM machine borrowing huge sums of money they had no way of paying back once the bubble burst. Something else could NOT come along and take the place of housing BECAUSE people still had all that debt. The worst kind of debt in the world , because the asset was losing value - that is, the value of their home. This is why those who think this recession can be turned around in the matter of a few years, just don't understand what all these under water homes have done to the economic health of our nation - and WHY that bubble was so evil.