Quote:
Originally Posted by Ferd
I think some folk in Dallas would take issue. in 1985 we had a housing meltdown like nobodys business.
I remember double diget inflation in the 70''s AND double digit interest rates.
I have studied the great depression and I think anyone who lived thru that would consider it far worse.
somewhere around 1890 JP Morgan saved America from a complete banking collapse.
I dont agree that we are at a place we have never been before. there are surely some very bad things going on in our economy but there are also some other things that indicate some areas of stability.
its a mixed bag to say the least but the fact that it is mixed means there is some good....
and even if things do fall and fall hard, we have seen that happen too.
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You and RD make some good points. I conceed to sevaral.
When I said Wilkeson was the loan voice, I meant that he was the only one who was specifically predicting a nationwide housing downturn. There may have been some economists doing the same, but I don't recall any.
I remember your regional housing issues in TX. It was bad. And the legislation that followed has lessened the effect to TX homeowners from the current crisis. The current economic crises is unique in that since the depression we do not have HPA. Since the depression foreclosures are at record rates. Housing at record lows and oil price being at record highs has formed a perfect storm. Oil price driving inflation and the devaluation of the dollar. Yes, the depression was far worse than were we are now, but we have to go back to the depression to find comparison to the stats that we hear almost daily. A few months ago ecomomists were going back to other housing slumps in the 90's and 80's for comparison stats--this ecomomy has blown those out of the water.
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