Jean Claude Trichet warns of 'very significant market correction'

[BlackVoid]

Re: Jean Claude Trichet warns of 'very significant market correction'

No, stupidity never dies.

[metalman]

Re: Jean Claude Trichet warns of 'very significant market correction'

This was posted on doctorhousingbubble.com, but is perhaps what Sapiens is talking about:

http://www.doctorhousingbubble.com/t...housing-crash/



Moral of story? Being responsible is STUPID

i dunno... if you know what the bank is going to do then the home owner who took out more debt was the smart and responsible one... he got to keep his house. the question you gotta ask is, who are you playing in real estate, the banks and government or the markets? woe is he who does not know who is truly on the other side of his trade.

the mortgages are backed by the gov't (fannie and freddie).

the money to finance the mortgages is printed by the gov't (fed).

the taxes are deferred by the gov't onto non property owners.

the lenders are not regulated by the gov't and allowed to break the law.

later the lenders are bailed out by the gov't when the loans fail.

nope, no markets here. anyone playing rre as if they were playing a market is stupid.

i mean, think about it. land is an investment. throughout history a house was never an investment... until the 1930s. then gov't turned housing into an investment. the whole friggin concept is all about gov't, depends 100% on gov't.

[Nervous Drake]

Re: Jean Claude Trichet warns of 'very significant market correction'

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[GRG55]

Re: Jean Claude Trichet warns of 'very significant market correction'

This was posted on doctorhousingbubble.com, but is perhaps what Sapiens is talking about:

http://www.doctorhousingbubble.com/t...housing-crash/



Moral of story? Being responsible is STUPID

Moral of the story...Bankers are amoral vultures.

I saw something similar in the downturn in the early 1980's in Western Canada. The Toronto head offices of the major banks all pulled the plug on mortgage lending. No new mortgages out here, and no renewals. At that time the longest mortgages in Canada were generally 5 years long, after which they legally came due and payable in full, but the normal process was the bank renewed the remaining principal with a new 5 year mortgage at whatever was the prevailing interest rate. Instead they just stopped lending, even to people that had never missed a payment and still had a job.

The one's who were levered to the hilt just walked away from their houses without losing anything. The homeowners who were prudent lost most or all their equity as the market collapsed and it become impossible to sell a house. I was lucky because I learned the lesson early in my working life instead of half way through it.

[FRED]

Re: Jean Claude Trichet warns of 'very significant market correction'

This is another example of why it would be great if Itulip could add some kind of individual post bookmarking feature.

That is one of many features of the new VBulletin software we upgraded to. But we have not gotten it working yet

One of the new features that is working is social groups: metalman started one for PMs.

Go to your User Control Panel and check out these new features:

• Contacts & Friends
• Social Groups
• Group Memberships
• Pictures & Albums