Yay, you did it! I knew you'd have a good in-the-trenches view of what went on with the lenders & borrowers.
And I agree with you 100% - let 'er buck! Every time some pol talks about keeping house values up, I want to retch.
Thanks!
I had a less coherent version of this rant up back in March (http://pererro.blogspot.com/2008/03/common-sense-
economics.html) but I've been meaning to do a more well thought out one for awhile now.
Unfortunately the more people try to "Fix" things the more they're just delaying the inevitable and stringing out the rough times.
Plus now there are all those companies out there holding their perverbial breaths thinking that someone Else will solve all their problems. Thus Hiring Freezes, layoffs, putting off raises, etc.
If the market would just crash already then the people who Didn't squander their money and somehow held onto their house could go out and pick up the pieces. Thus start pumping money back into the market and eventually just start the pattern all over again. Cuz that's what we do.
Well, the market runs in cycles by nature - thus why I went all the way back to the dot com bust. We should have had a recession then, just like we did the early 90s, it would have sucked for a couple of years, then things would have turned around again, so on and so forth. (I mean, seriously, does anyone even remember there WAS a recession in the early 90s?) But by not letting it happen then, we just built the house of cards higher, thus making the fall this time that much worse.
"does anyone even remember there WAS a recession in the early 90s?"
George H. W. Bush sure does!
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