Quote:
Originally Posted by Yandros
Little does anyone here realize that soon it will be the standard mortgages which are the cause of all the woes.
The global asset market is correcting and houses that were worth 500,000 will shortly be worth 100,000 -- their actual value. A 500,000 dollar loan on a 100,000 dollar house = unbacked debt. Welcome to reality. Virtually every asset backed loan in the world is about to become an unbacked loan. Thus is the nature of an asset bubble caused by credit expansion.
|
You sound a lot like that Peter Schiff guy who's been running around telling anyone who'll listen that the sky's falling and that we're all totally fucked; no matter what anybody does.
Think about it. If the two of you are right, it doesn't much matter what congress or the fed or anyone else does.
Right?
So what are you worried about?
Might as well enjoy that last cigarette before they tie your wrists and put your blindfold on.