Not all of us. But we sensible ones get to take the ride with the fools who created all this crap. And our tax dollars will go to bailing them all out. It's infuriating.
there are, according to this article 25 million Americans who own their homes with no mortgages...
So those people will see the paper value of their assets decline but will not lose their investments
Others who behaved sensibly will see their home values decline but will still be able to make the payments...and again, they will not lose their investment
The ones who “took the candy” and did upside down teaser loans or high LTV “liar loans” will lose whatever equity they put into the deal....after sitting in those homes and making no payments for months, and months....will come out the other side with just enough cash to rent a place before their credit score gets hit with the default...they lose their dreams and are back where they started
Who does lose that did not deserve it?
Retirees or near retirees whose 401k’s are 30 to 50% down...but they also are losing a lot of the paper gains and I guess not much of the actual cash put in....unless they are into Bear Stears or some company that is going bankrupt....and they should have diversified....
We are all taking a “hit.”
We will cope as best we can.
I am sorry for it all. I wish the Government had taken the recession in 2002 when everyone was worshipping Greenspan for the “soft landing” that was actually built on some phoney numbers and an emerging housing bubble.
Your point is well taken...sensible ones will get the taxes and the job losses and the civil unrest along with the fools that bought the bubble...but please, calm down and be thankful you had enough sense to stay out of it...
It will be bad for you, for me, but probably a lot worse for a lot more people...people who did not have the education or the experience or training or values or whatever to keep them clear of this mess.
Who on this Board cannot remember the hundreds of postings by ExTexan warning of a housing collapse? I got tired of them....and the arguements....and the bragging about how much the house had appreciated.
We may actually have more to worry about than a recession, and that is, of course the imposition of Socialism and years of Media hammering on the evils of Capitalism....Stay steady in your understanding, your values, your beliefs...and extend compassion to those less fortunate than yourself...they/we need it.