Watch this great BBC show on Britain’s housing bust. See why the damage and the pain isn’t going to be contained in subprime, or even confined to America’s borders:
PART I
PART II
PART III
Americans- It sounds eerily familiar, doesn’t it?
Northern Virginia Housing Bubble Fallout
Mish's Global Economic Analysis
Bubble Meter
Ohio Fraudclosure
UK House Bubble
Breaking News Relevant Articles© Copyright 2012 Housing Doom | Copyright© 2011, AuthentiCraft, Inc.
There are differing explanations of the meaning of “see no evil, hear no evil, speak no evil.” Some contend that it is a proverb reminding us not to be so snoopy, so nosy, and so gossipy. Others say that it is a warning to stay away from places where immoral acts are taking place.
So greed and immoral unscrupulous behavior/business practices are not just an American problem……should I feel comforted or depressed, this can be quite confusing. So much for global decoupling from our problems. On a good note, Mom always told me it is polite to share.
Entropy-
Lousy lending has covered the globe like a plague from a bad “B” movie, creating problems all over. Local pundits have all come back with the same “why we’re special and will dodge the bullet” articles, but markets are being impacted around the globe.
It’s hard to see why anyone thinks that salvation lies in dropping interest rates.
I can’t help thinking that this current push to drop interest rates isn’t intended to help us, the savers and the borrowers. Rather, it’s intended to help financial institutions improve their profit margins.
AZSlim-
I think that you mean narrow their losses- financials are looking pretty dismal at the moment.
You should try to understand what was going on here. The middle class is a huge store of wealth. How can financiers suck that wealth out of them? By schemes like this, by getting them to sign off on neoliberal economic policies, and by corrupting every policy which preserves middle class wealth.
But who is really to blame? The west has been in a reaction for 40 years. The middle class for decades has said forget about everyone else, I want mine.
So they got theirs. They’re fascist idiots. They deserve to suffer. Like Maria–why should this silly idiot NOT lose everything she “has.” She got what she “has” by supporting oppressive, corrupt policies to begin with.
Now let her find out what homelessness is like. Witch.
There’s no vast conspiracy here. It’s simple … a fool and his money are soon parted.
Here’s some free legal advice:
1) Don’t buy a house you haven’t had inspected.
2) Don’t sign anything you haven’t read.
3) If it sounds too good to be true, it probably is.
Sorry for beating the obvious into oblivion.
NVAttorney-
An increasing number of NOTS are going out in the mail to people who missed the obvious. I think the one you missed though was:
If you are basing your housing budget on the assumption that no one will get sick, nothing will break, and house prices will keep going up forever, you’ve got too much house.
[Igor's word: bellyup]
She probably will not be homeless, just forced to rent. I do feel bad for people who are homeless due to injury or illness and hence our taxes need to help these people out. I do not feel that our taxes should go to help out gamblers.
Surak-
I get tired of the assumption:
“Doesn’t own a house = homeless”
That is rarely the case. Homelessness concerns me, not owning a home doesn’t.
If I hear “I read it but I didn’t understand it…therefore its not my fault” I am going to go berserk.
You got scammed or frightened into overpaying for a house. End of story.
[Igor's word: Bullcrap]