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To: bruinbirdman
Thanks for posting the article. There are, obviously, lots of possibilities- some better than others. Perhaps some reclusive genius is at this very moment putting the final touches on a process or machine that will lead us again into the "sunlit uplands" of economic well-being. Whatever, my thoughts are now centered around the rotting elements in this nation that sucked the marrow out of a housing industry- and perhaps a banking system as well- that was second to none on earth..

The aspect that terrifies me is the moral putrefaction that created this mess. We've bounced back from bouts with avarice and stupidity before. But I have to suspect that it's becoming more and more tenuous as the national fiber appears to be growing weaker.
21 posted on 10/23/2008 9:24:42 PM PDT by PerConPat (A politician is an animal which can sit on a fence and yet keep both ears to the ground.-- Mencken)
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To: PerConPat
Moral putrification will be handled by The Lord. He does not punish honest use of capital.

"Whatever, my thoughts are now centered around the rotting elements in this nation that sucked the marrow out of a housing industry- "

Much as I dislike quoting Bawney Fwank, a paraphrase can't hurt.

More or less he says this housing market will proceed as other subsidized housing has, to the profit of those with means and the temporary satisfaction of those without.

Old inner city housing units are neglected by a landlord. Government turns them into subsidized low cost housing. They get real cheap. New money finds them cheap, moves in, renovates causes property values and taxes to rise forcing out poorer tenants. We're talking many years.

Uncle Sam caused a huge housing bubble. Many got rich as prices rose. Many bought low interest units they couldn't afford. There is a glut of housing. Many will lose houses; many houses will be vacant; all houses will lose value.

Investors will buy cheap, formerly government subsidized houses and make money when prices rise.

It's a cycle. Those who have paid attention come out ahead in the end and profit off those who don't.

As for the bankers? The bankers running the government? The monied elite?

I can't complain where they have brought America since the revolution. John Hancock, Thomas Jefferson, George Washington were not poor.

yitbos

26 posted on 10/23/2008 9:48:05 PM PDT by bruinbirdman (GET OUT THE VOTE !!!!)
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