Illuminator

Owning a house is starting to be seen as an entitlement, and the Fed is acting accordingly.

As always, I blame speculators for the bulk of it.

Skyrocketing oil prices are what economists have been wanting for years, because that's the only thing that will push us to alternatives.

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Bow down before the one you serve. You're going to get what you deserve.

Otis

I don't think that's the case at all.

I think the main issue here is that I don't think it's in our best interest as a country to see mass forclosues and/or panic selloffs at the rate we're seeing.

And that rate is still climbing at a decent clip.

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Osime

Though you might consider transportation infrastructure too... UK consumption while up in the last decade or two (relatively speaking) on petrol at the consumer level, you still have 100x the transportation infrastructure that the US does...

We built our country as a "driving" society and so we have to live with it.

Ily

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Roll the dice, see if I'm getting drunk!

Osime

I don't agree with you very often but this right here is the #1 problem facing the economy, these assholes aren't dealing with prices for goods today, they're talking about what shit will cost 3-6 months down the road, which causes people to panic and raise prices today to cover impending (easily manipulated) costs in the future... try this at the local car dealer or electronics store see how far you get...

ME: "Id like you to lower the price of this super groovy technology from $400 to it's impending 6 month price of $200 Mr. retailer man"

Mr. Retailer Man: Then come back in 6 months when it's $200 cheapskate... Next!

Lamil

My family owns quite a few houses. We rent them out, pay the mortgages each month, and build equity in the home. Everything is going great. Then people stop paying rent. No big deal, we have money saved up, we can pay those off until we rent it out again.

Between people that stop paying the rent due to losing jobs ect, people not wanting to buy the houses, cleaning out savings accounts just to stay out of foreclosure on those houses, it hits a point where you just can't pay for them anymore. Oh hey look, 20 more houses in foreclosure.

It was like 10 things at once that fucked us, when we were doing just fine.

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Virulence

Personally, Im very well off but Im surrounded by poverty, massive foreclosures, increasing crime and a breakdown/bankruptcy on an unprecedent scale of local city and county government.

My no1 now concern is personal safety, selfishly wondering if the rabble might one day launch a popular uprising against those who still have wealth. Ive declined on buying a new Porsche Cayman and Maserati, Ive stop going out to restaurants, attending fundraisers or smoozing at night clubs and instead hide in my gated community playing mounds of games including EQ2 hoping this will all blow over.

Really would be a daily nightmare for if I didnt lose my self in a bottle of 98 Opus One, Arturo Fuente Opus X cigar and a EQ2 raid most nights.....

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Osime

But the one thing overall that fucked you Lamil was that you could not sustain the payments for all the property if you had to, therefore you (your family whoever) is overextended. Everything else is secondary in this situation... and I hate to say it but this is why the Market is fucked because you weren't the only ones.

Lamil

You could say that about any landlord. Apt building, what happens when he has no one to rent ANY of the rooms out to? You think they can make the payments?

We held them for a long time, able to make the payments each month. But after a year, when payments added up to over 500k out of pocket, whats the point? Try to sell...

Nope. No one wants to buy them. What other choice does anyone have?

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Osime

Fixed.... and while it would fucking kick ass and is most likely what is needed (now would be a good time with 3/4th of the Military "out of town for a few days") to turn this fuckin country around. IT probably won't happen til it gets much worse.