Washington Times Article…..”Blame Abounds For Housing Bust”

[Allan from Fallbrook]

Ex-SD: Nice nod to President Hoover there with the “chicken in every pot” reference. And Hillary or Obama, or Rudy or Mitt, will undoubtedly be just as successful as Hoover was in fixing this problem.

I remember my great aunt in Wisconsin telling me a story about the Great Depression when I was a kid. She told me that the attorney who worked in their neighborhood, which was rural/farming, took eggs, chickens, vegetables, etc in exchange for his services.

I bring that up both in reference to Hoover and the Great Depression, as well as wondering just how bad it will get.

[Ex-SD]

One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?

[Ex-SD]

One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?

[Ex-SD]

One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?

[Ex-SD]

One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?

[Ex-SD]

One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?

[Allan from Fallbrook]

Ex-SD: I think when you step back and look at the picture in it’s totality, it becomes almost terrifying. Taking individually, the situation is somewhat manageable, in that we can sustain certain losses in certain industries and the size and strength of the US economy will carry us through.

But when you look at Citi being bailed out, Merrill being bailed out, Bear Stearns taking the first loss in their history, MBIA and Ambac getting crucified, share prices of major homebuilders tumbling, the government and the FED throwing everything at the wall (and none of it working), Fannie and Freddie bleeding, etc, etc, etc and realize that we are only about 20% of the way through… Jesus.

I read that article about the RE/MAX office in Arizona, too. There was another one about the largest, most successful Realtor in Las Vegas going under.

This is not confined solely to the RE market, and it is spreading to the entire economy, as well as hitting Europe. The ECB pumped $500BN into their system, and it had nearly no effect.

As far as what Greenspan is saying: I think you and I both know what his prognostications are worth. That and a quarter won’t get you a cup of coffee, as the old man used to say.

[Allan from Fallbrook]

Ex-SD: I think when you step back and look at the picture in it’s totality, it becomes almost terrifying. Taking individually, the situation is somewhat manageable, in that we can sustain certain losses in certain industries and the size and strength of the US economy will carry us through.

But when you look at Citi being bailed out, Merrill being bailed out, Bear Stearns taking the first loss in their history, MBIA and Ambac getting crucified, share prices of major homebuilders tumbling, the government and the FED throwing everything at the wall (and none of it working), Fannie and Freddie bleeding, etc, etc, etc and realize that we are only about 20% of the way through… Jesus.

I read that article about the RE/MAX office in Arizona, too. There was another one about the largest, most successful Realtor in Las Vegas going under.

This is not confined solely to the RE market, and it is spreading to the entire economy, as well as hitting Europe. The ECB pumped $500BN into their system, and it had nearly no effect.

As far as what Greenspan is saying: I think you and I both know what his prognostications are worth. That and a quarter won’t get you a cup of coffee, as the old man used to say.

[Allan from Fallbrook]

Ex-SD: I think when you step back and look at the picture in it’s totality, it becomes almost terrifying. Taking individually, the situation is somewhat manageable, in that we can sustain certain losses in certain industries and the size and strength of the US economy will carry us through.

But when you look at Citi being bailed out, Merrill being bailed out, Bear Stearns taking the first loss in their history, MBIA and Ambac getting crucified, share prices of major homebuilders tumbling, the government and the FED throwing everything at the wall (and none of it working), Fannie and Freddie bleeding, etc, etc, etc and realize that we are only about 20% of the way through… Jesus.

I read that article about the RE/MAX office in Arizona, too. There was another one about the largest, most successful Realtor in Las Vegas going under.

This is not confined solely to the RE market, and it is spreading to the entire economy, as well as hitting Europe. The ECB pumped $500BN into their system, and it had nearly no effect.

As far as what Greenspan is saying: I think you and I both know what his prognostications are worth. That and a quarter won’t get you a cup of coffee, as the old man used to say.

[Allan from Fallbrook]

Ex-SD: I think when you step back and look at the picture in it’s totality, it becomes almost terrifying. Taking individually, the situation is somewhat manageable, in that we can sustain certain losses in certain industries and the size and strength of the US economy will carry us through.

But when you look at Citi being bailed out, Merrill being bailed out, Bear Stearns taking the first loss in their history, MBIA and Ambac getting crucified, share prices of major homebuilders tumbling, the government and the FED throwing everything at the wall (and none of it working), Fannie and Freddie bleeding, etc, etc, etc and realize that we are only about 20% of the way through… Jesus.

I read that article about the RE/MAX office in Arizona, too. There was another one about the largest, most successful Realtor in Las Vegas going under.

This is not confined solely to the RE market, and it is spreading to the entire economy, as well as hitting Europe. The ECB pumped $500BN into their system, and it had nearly no effect.

As far as what Greenspan is saying: I think you and I both know what his prognostications are worth. That and a quarter won’t get you a cup of coffee, as the old man used to say.

[Allan from Fallbrook]

Ex-SD: I think when you step back and look at the picture in it’s totality, it becomes almost terrifying. Taking individually, the situation is somewhat manageable, in that we can sustain certain losses in certain industries and the size and strength of the US economy will carry us through.

But when you look at Citi being bailed out, Merrill being bailed out, Bear Stearns taking the first loss in their history, MBIA and Ambac getting crucified, share prices of major homebuilders tumbling, the government and the FED throwing everything at the wall (and none of it working), Fannie and Freddie bleeding, etc, etc, etc and realize that we are only about 20% of the way through… Jesus.

I read that article about the RE/MAX office in Arizona, too. There was another one about the largest, most successful Realtor in Las Vegas going under.

This is not confined solely to the RE market, and it is spreading to the entire economy, as well as hitting Europe. The ECB pumped $500BN into their system, and it had nearly no effect.

As far as what Greenspan is saying: I think you and I both know what his prognostications are worth. That and a quarter won’t get you a cup of coffee, as the old man used to say.

[patientrenter]

Well, Ex-SD, it’s nice to see this type of more honest and balanced article than we saw for most of the last 10 years, but I hope the rest of the article is better-researched than the second sentence “..since the 1990 savings and loan crisis…”. Wasn’t the S&L crisis an 80’s phenomenon, or am I going senile?

Patient renter in OC

[patientrenter]

Well, Ex-SD, it’s nice to see this type of more honest and balanced article than we saw for most of the last 10 years, but I hope the rest of the article is better-researched than the second sentence “..since the 1990 savings and loan crisis…”. Wasn’t the S&L crisis an 80’s phenomenon, or am I going senile?

Patient renter in OC

[patientrenter]

Well, Ex-SD, it’s nice to see this type of more honest and balanced article than we saw for most of the last 10 years, but I hope the rest of the article is better-researched than the second sentence “..since the 1990 savings and loan crisis…”. Wasn’t the S&L crisis an 80’s phenomenon, or am I going senile?

Patient renter in OC

[patientrenter]

Well, Ex-SD, it’s nice to see this type of more honest and balanced article than we saw for most of the last 10 years, but I hope the rest of the article is better-researched than the second sentence “..since the 1990 savings and loan crisis…”. Wasn’t the S&L crisis an 80’s phenomenon, or am I going senile?

Patient renter in OC

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