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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (119716)	9/3/2012 1:02:37 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

Deleveraging continues from the excesses built up over multiple generations not something that reverses in a matter of a couple of years.. Yes, exactly. I've said as much to you in several posts. I don't see the RE markets engaging in a sustained recovery for several more years. My guess is it will be 5 years or more until all the excesses are wrung out and we return to a more normal 2-3% per year sustained growth. I bet you thought the economy was firing on all cylinders back in 2006 with the Bush tax cuts for the robber barons and stupid wars the biggest problems? Yes, I did, but even back then I knew three things: 1) there was serious irrational exuberance going on in the real estate market. My father, who was in the industry his whole life, and I talked about it all the time. 2) I hated the Bush tax cuts and railed against them all the time on this and other threads. I continually said they were irresponsible and that Bush was a fiscal profligate. 3) I hated the wars and the nation building and also continually told anyone who would listen that it was a waste of money with no return on investment and that we should do more like the Chinese and focus on our economy. What I did not suspect and lent no real credibility to was exactly what my father told me time an again...that the real estate industry and the banks and investment houses that were part of the game were all corrupt top to bottom. It sounded like too much of a conspiracy theory to me back in 2006 and 2007. My father said it was all going to fall apart and went to 100% cash before it did. He experienced no losses as a result. I thought we were headed towards a more typical recession after a particularly prolonged bout of excess from the Fed. But how many people could have guessed at the extent of the fraud and corruption that destroyed our economy? A very few indeed. Mostly connected people like my dad, who dealt with both sides of the industry, bankers, and real estate developers. The rest of us poor working schmucks couldn't have guessed. It wasn't in the realm of my day to day experiences. I only found out from my father and only after the crisis hit in full force did I spend the time to read endlessly to find out what had occurred. Now I know and that is why I am demanding that our President prosecute these criminals, rather than aid and abet them in recapitalizing their crony-capitalist, criminal enterprises.