The Credit Crisis: So What Happens Now?!

As you can imagine, there are many questions about what the effect of this crisis will be, but some aspect of our economic future are already set is stone. So I’d like to take a moment to tell you about some of the more certain consequences of our current circumstance, and how they will change the economic condition of New Jersey in future weeks and months.

These are the comments I submitted to the NJ Legislature Labor Committee, on how the Credit Crisis is likely to effect New Jersey. Many of these issues will apply to other states as well, although with the exception of New York and Connecticut, probably to a lesser extent.

What SHOULD happen now.
If you bought a Home that cost more then you could afford and hoped to cash in by selling out as homes kept incresing in value YOU should get SCREWED..
Your gamble your problem.
If you planned on buying a new car this year to replace the one with 100,000 miles you will need to keep it for another 30,000 miles until the credit crises shakes itself out.
If you were going to expand your business (and who does that BEFORE and election you are going to have to wait until next summer when the elction is over and things have calmed down.
Other GAMBLERS such as Hedge Funds, Stock brokers, Money Lenders etc that went all in for the big bucks and drew a losing hand will have to suffer the same fate that all gamblers do under such circumstances. YOU ARE SCREWED> Good luck with your next job.
I see NO reason why I should pay for these peoples gambles.
I don’t pay for the sucker that went to Vegas and lost the family home why should I pay for the sucker that thought they could beat the market and buy the family home low and sell high and lost?

I get that you're upset, but you apparently don't understand what's actually happening with this plan. Not that I can really blame you. There has been so much distortion from the MSM and the politicians that it seems like they're trying to prevent anyone figuring it out.

Personally I don't think it helps much to just rant away about everyone you're angry at (whether they had anything to do with this or not) but hey ... if it makes you feel better... go to town.

That's an 80% drop in “productivity” in housing, not an 80% drop in valuations. Right now, none of those illegal aliens show up on the books anywhere except in output. A construction company with 3 employees still manages to build out 50 homes per year. That's a lot of nails per man. (Obviously I'm exaggerating to make a point)

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