Quote:
Originally Posted by Woodsy
Its not just the real estate meltdown that is causing this.... and it certainly doesnt fall with the liberals either! Its a perfect financial storm... The 600 BILLION dollar war in Iraq, sub-prime lending, speculators driving up the price of oil, huge corporate mergers, etc... The list goes on!
The easy fix for the real estate crisis was for the banks & mortgage companies to work with the property owners and rewrite the notes to make them affordable. Who cares if they blow the note out from 30 years to 40 or 50? Some cash flow is better than no cash flow especially when your talking
physical property!
Make no mistake... you and I are going to pay for this mess. The estimate I heard this morning was that 1 TRILLION dollars evaporated yesterday... another TRILLION was expected to evaporate today! This our money, mom & dads retirement funds, college funds, savings! all gone!
Its going to be very interesting to watch what the govt decides to do next....
Woodsy
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I heard the same figures yesterday. $1 trillion. But then I thought...where does the money go? I know it sounds dumb, but that is a serious question. Did it ever exist in the first place, since it was loans?