"There are going to be a lot of very annoyed people."
Never mind annoyed, with the new bankruptcy laws there's going to be some very broken people in the wreckage.
The long, colorful and entertaining history of speculative bubbles ought to be taught in high schools.
But when markets crash there's always bargains to be had. Frankly I'll be glad to see our latest breed of investment geniuses and their perpetual motion theories come back down to earth. What amazes me is it's only 4 or 5 years after the last bubble and all the same rhetoric is being rehashed. Well, I was a fool not to ride high and low with a bunch of tech stocks, and I'm a fool now to stick my with currencies and funds.
As I've said before on these threads, the gov't will step in. Never mind the rhetoric spewed by others about gov't's job and small gov't and no hand outs...that'll all be conveniently forgotten when folks start losing their homes.
However, the really bad part will be how many jobs will be lost. I'm not talking about just the construction trades, but also real estate brokers, mortgage brokers, guys that work at Home Depot, people who work making stuff for homes, truckers, etc. etc.
And then there are the assorted losses through stocks, like Home Depot and the Reits, etc.
This could be a bad one. A lot worse then just opening the 401k statement to see how much you lost.
Quote: What amazes me is it's only 4 or 5 years after the last bubble and all the same rhetoric is being rehashed.
There are at least 2 new TV shows about home speculating. One is called "Flip this house" and the other is similar but I forgot it's name.