“I hope it doesn’t happen. It’s gonna make people wish that it was only as bad as Enron or Worldcom.”

Yes, and look what happened in response to those two issues:Sarbanes Oxley. The effing bane of my existence or any other publicly held or considering going public company in the US right now. The pendulum swung too far in that one and the credit crisis makes those two look like small change. How far will the pendulum swing in the lending market after the scope of this problem becomes more obvious??

Anyone who thinks that SD home prices can’t decline as much 50% doesn’t know WTF they are talking about because they do not understand far reaching impacts of the credit markets and how they will react. This is why I take issue with those giving advise to would be buyers posting here that it is only an emotional issue and if you can afford to buy and you have a long term view it wil be okay. That is utter bullshit because this is unprecedented and nobody knows how bad it is going to get…only that it has the potential to get really ugly.

Ayone looking to buy a home right now in SD might as well have been standing at the shoreline in Phuket when the tsunami rolled in. You Just Don’t Get It.