Save the middle class! This is our chance.

[Rt.66]

I look at this historic housing collapse as the working class’s chance to fight back. Housing is by far our single largest lifetime debt and by far the biggest monthly hit to our paychecks. Thus it is the single easiest way to reduce both lifetime debt and monthly outlay.

Right now the stigma of losing your house to foreclosure is gone. People know that it’s a logical business decision to walk away from a house $200k-$500k underwater. Lenders will have to forgive foreclosures on credit records or they will have too few buyers to sell their backlog of REOs to. Just keep up on the rest of your payments, credit cards etc.

So let it fall. What difference does it make if housing falls to $200k for the average house or $100k if you are already underwater $200k? Why not let the correction fall to true affordability, heck even downright cheap?
Servitude to banks can die here and now. Outrageous usury can finally die.

Consider this a revolution that requires very little effort (just stop paying that crazy overpriced mortgage and don’t buy until prices come WAY down) and can produce one giant, broad reduction in our servitude to those insanely greedy elite.

What else can we hope to gain out of this era of windfall tax payer gifts to banks, corporations, Senators and the elite? Why not turn it around on them? Sure we can’t stop them from saddling us with generations of new taxes or gifting each other $20 million bonuses while we get fired; but we have power over what we buy and what we’ll pay.

I thought Denninger said it well today:

This is just another attempt to prop housing prices and thus destroy the lower and middle class, rather than withdrawing that support and allowing prices to correct to a level where people can actually afford to buy.

Since the beginning of this crisis government has done the exact wrong thing in this regard. With this latest action we have seen that irrespective of whether you’re a Democrat or Republican, when it comes to housing and economics our government is more interested in enslaving the people and potentially destroying itself than restoring economic balance so that the people in this nation can actually afford to buy a house, instead of being enslaved.
http://market-ticker.denninger.net/2008/04/off-reservation.html
———

What of the rest of the economy? Our GDP is 70% consumer driven. Much lower housing prices will free up disposable income and enable consumers to drive the recovery and create demand and eventually jobs. What else will drive a recovery? So we have another important benefit as well!

[aldante]

If only people would look at the long term instead of thinking short term. Meaning I think the one force at play is greed. Realtors, bank execs, title companies, real estate lawyers, speculators with 3 or more properties have a vested interest in “convincing” the public real estate is worth 40% (or more) of the average salary. They are relying on the greed of current homeowners who have been taking out HELOC $$ to finance everyday life. I can’t tell you how many of these so called “experts” were spouting the idea ” last time I checked they ain’t making anymore land” arguement. I hope those aholes can’t stand to look at themselves in the mirror.
RT.66 I am with you but alas ….the forces of greed blind. I guess it is impossible to battle human nature.

[aldante]

If only people would look at the long term instead of thinking short term. Meaning I think the one force at play is greed. Realtors, bank execs, title companies, real estate lawyers, speculators with 3 or more properties have a vested interest in “convincing” the public real estate is worth 40% (or more) of the average salary. They are relying on the greed of current homeowners who have been taking out HELOC $$ to finance everyday life. I can’t tell you how many of these so called “experts” were spouting the idea ” last time I checked they ain’t making anymore land” arguement. I hope those aholes can’t stand to look at themselves in the mirror.
RT.66 I am with you but alas ….the forces of greed blind. I guess it is impossible to battle human nature.

[aldante]

If only people would look at the long term instead of thinking short term. Meaning I think the one force at play is greed. Realtors, bank execs, title companies, real estate lawyers, speculators with 3 or more properties have a vested interest in “convincing” the public real estate is worth 40% (or more) of the average salary. They are relying on the greed of current homeowners who have been taking out HELOC $$ to finance everyday life. I can’t tell you how many of these so called “experts” were spouting the idea ” last time I checked they ain’t making anymore land” arguement. I hope those aholes can’t stand to look at themselves in the mirror.
RT.66 I am with you but alas ….the forces of greed blind. I guess it is impossible to battle human nature.

[aldante]

If only people would look at the long term instead of thinking short term. Meaning I think the one force at play is greed. Realtors, bank execs, title companies, real estate lawyers, speculators with 3 or more properties have a vested interest in “convincing” the public real estate is worth 40% (or more) of the average salary. They are relying on the greed of current homeowners who have been taking out HELOC $$ to finance everyday life. I can’t tell you how many of these so called “experts” were spouting the idea ” last time I checked they ain’t making anymore land” arguement. I hope those aholes can’t stand to look at themselves in the mirror.
RT.66 I am with you but alas ….the forces of greed blind. I guess it is impossible to battle human nature.

[aldante]

If only people would look at the long term instead of thinking short term. Meaning I think the one force at play is greed. Realtors, bank execs, title companies, real estate lawyers, speculators with 3 or more properties have a vested interest in “convincing” the public real estate is worth 40% (or more) of the average salary. They are relying on the greed of current homeowners who have been taking out HELOC $$ to finance everyday life. I can’t tell you how many of these so called “experts” were spouting the idea ” last time I checked they ain’t making anymore land” arguement. I hope those aholes can’t stand to look at themselves in the mirror.
RT.66 I am with you but alas ….the forces of greed blind. I guess it is impossible to battle human nature.

[Rt.66]

Excellent discription of the “opposing forces” in this battle. Well said.

[Rt.66]

Excellent discription of the “opposing forces” in this battle. Well said.

[Rt.66]

Excellent discription of the “opposing forces” in this battle. Well said.

[Rt.66]

Excellent discription of the “opposing forces” in this battle. Well said.

[Rt.66]

Excellent discription of the “opposing forces” in this battle. Well said.

[carlsbadworker]

It is very noble of you. But when it comes to investment, if you stand with the middle and lower class, that is exactly where you get screwed. If history tells us anything, the middle and lower class only improve their conditions via revolution. No pain, no gain. A revolution that requires very little effort will not work … because people will always give up easily unless they are in extreme dire conditions.

[carlsbadworker]

It is very noble of you. But when it comes to investment, if you stand with the middle and lower class, that is exactly where you get screwed. If history tells us anything, the middle and lower class only improve their conditions via revolution. No pain, no gain. A revolution that requires very little effort will not work … because people will always give up easily unless they are in extreme dire conditions.

[carlsbadworker]

It is very noble of you. But when it comes to investment, if you stand with the middle and lower class, that is exactly where you get screwed. If history tells us anything, the middle and lower class only improve their conditions via revolution. No pain, no gain. A revolution that requires very little effort will not work … because people will always give up easily unless they are in extreme dire conditions.

[carlsbadworker]

It is very noble of you. But when it comes to investment, if you stand with the middle and lower class, that is exactly where you get screwed. If history tells us anything, the middle and lower class only improve their conditions via revolution. No pain, no gain. A revolution that requires very little effort will not work … because people will always give up easily unless they are in extreme dire conditions.

[Author]

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