XPost: talk.politics.misc, alt.politics.usa, alt.economy
XPost: alt.fan.rush-limbaugh
https://www.dailymail.co.uk/real-estate/article-14540349/wells-fargo-says-home-sales-close-levels-seen-great-recession.html
Wells Fargo warns worrying housing market indicator is at level
not seen since the Great Recession
. . .
Well - it was SURE to come ... property/rent at
just INSANE levels that now few can hope to afford.
Values can't go up more, so they're gonna PLUNGE.
This happened not SO long ago - and, of course,
nobody learned a DAMNED THING.
Banks who lent for property purchases - esp the
past five years - are gonna get a similar beating
to when the new property bubble bursts ... mass
defaults.
Yet, as said, WON'T LEARN A DAMNED THING.
The only "good" thing about the current bubble is
that it was more privately-financed, out of pocket,
than the last. Still, it's gonna do damage (again).
NOT sure what the hell can be done about this.
You don't WANT to go messing with markets, but
a 2nd bubble blast in such a short time almost
compels. Individuals, sorry, but "Gold Fever" IS
a real thing ... if they IMAGINE they can buy
and flip for two or three times as much ... just
can't resist. All logic goes into the dumpster.
"1940s cracker box for ONLY a million - hell YES
I'll buy !!!". Just mad, mad, mad ....
(I'm allowed to say 'Cracker' because some of
my relatives are Crackers, note distinctive
accent - not just generic 'redneck' :-)
Anyway, nobody can say we didn't see this coming.
"Gold Fever" afflicts institutions too, not just
individuals. After every bubble pops those
institutions are back lobbying the govt to relax
all lending/mortgage regs. Oh, there IS a small
well-positioned group that makes money whether
things go up OR down - they may be the worst.
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