From Yahoo! News:
So a few more people with increasingly deep pockets are finding out that our economy in the USA is basically a house of cards. And the wind is blowing through some houses that 'investors' thought they could flip, and 'sub-prime borrowers' thought they could afford.
As the pace of foreclosures of homes starts to slacken, and the values of 40% value-inflated homes have fallen 25%, the lenders who sucked up bad mortgage debt are apparently having a hard time swallowing 350 billion dollars in losses.
You have made bad loans, and operated day-to-day on short-term credit. The solution? MORE loans, and CHEAPER, with MORE types of collateral! Great. I didn't need that economy to be growing anyhow.
This is the leftists' in congress' fault, for forcing the lenders to make bad loans, don't forget. It may end up an actual recession by the end of the year. But since you still have some available credit on your card, it still looks like we may actually avoid a depression altogether.
This is a market correction. And it looks like it's a doozy. Look for pants-shitting hysterics on Monday from the press about how we are definitely headed for 1932 all over again. We aren't, but remember you heard you would hear it here, first.
Jesus loves you.
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