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Expert says, "Recession".

Housing market kept the economy better than it "should" have been for a long time, now it's time to pay the piper.

TR
 

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It could be a possibility but I would be suspect of of the characterization coming from the CEO of Country Wide. His company is one of the hardest hit, (and they brought it on them selves). I would guess he would be crying "the sky is falling and it's not my fault" .
 

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I hope the Government does not bail anyone out on this. Interest only mortgages and sub prime adjustable loans are crap. People should have to pay the piper for living beyond their means. Just because you can does not mean you should. Those who live intelligently should be rewarded in times like these with bargain prices and opportunities.
 

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There are some who wish they could convince enough people by repeating the thought of going it becoming a recession just before an presidential election heats up.... doesn't matter who's in office - the other side will always try to press it for the cycle.
 

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Flatlander
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That isn't the widely held belief.. Job report was still strong again for the 2nd quarter of the year. Inflation is being held in check.

Is this the same guy that said all the houses we own in the US are worth nothing.. that was a guy on the Fed board.. duh.

gus
 

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I hope the Government does not bail anyone out on this. Interest only mortgages and sub prime adjustable loans are crap. People should have to pay the piper for living beyond their means. Just because you can does not mean you should. Those who live intelligently should be rewarded in times like these with bargain prices and opportunities.

Careful now! You are sounding WAY too logical and practical with those values! ;) :grin:
 

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I hope the Government does not bail anyone out on this. Interest only mortgages and sub prime adjustable loans are crap. People should have to pay the piper for living beyond their means. Just because you can does not mean you should. Those who live intelligently should be rewarded in times like these with bargain prices and opportunities.
Wow! Pretty broad paintbrush you are using there. There are MANY people in trouble, with adjustable rate mortgages, because they can't control there spending (or saving). Adjustable rate mortgages allowed MANY people to get into there first homes, with affordable payments. Many of those people are just fine right now. They have refinanced into fixed term loans, just like they planned. But, a lot of the people in trouble, got into the house, then proceeded to rack up credit cards bills, right along with their mortgage. Now, when rates adjust, and they want to refinance, they simply do not ratio, or they need to eat up whatever equity they do have, to pay credit card bills.

Saying, "Interest only mortgages and sub prime adjustable loans are crap" is ignorant at best. I have done VERY WELL using BOTH kinds of loans. They may not work for you, and they may not have worked for a lot of people in trouble, but they HAVE worked for a lot of people. Maybe some of the people in trouble now, should have never bought a home in the first place. Maybe they lack the financial discipline for anything more than paying rent and high interest credit cards. The world needs renters too. I need them to fill some of these places I got on subprime loans......

RF
 

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I will know we are in a recession when all my friends get laid off.

In the meantime...... Damn the torpedo's full speed ahead. :cheers:
 

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Flatlander
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poor poor skills as a programmer...

Forever
If(PoliticalLeaning=Left then Blame=Right,
elseif PoliticalLeaning=Right then Blame=Left
else Blame=All)
Do Forever
 
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