Quote:
Originally Posted by Ferd
OK, someone go find PP and take a defibraltor....
even I am on the verge of panic..... not quite but almost.
we have had bank failures before..... over a thousand in 1989.
things are certainly not real good right now that is for sure.
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That is true, but look at the possible exposure to the FDIC and there is no way they can stand behind all the deposits--if the domino effect takes place.
That is why I posted this...I read this kind of stuff everyday. I hope that a few people can bind together in prayer for our country and for this coming election. We are need of a miracle. Wilkerson wrote a few years ago that we could see housing crash up to 70% of its value. Some areas of the country are at 30% and continuing to fall.
There has been negative HPA before---but never on a national level. Since records have been kept the nation has enjoyed home price appreciation. Remember the addage--as goes housing so goes the economy. Economists I have read write that there has never been a recovery without housing. The housing market must turn around--many people think that the economy is in a minor bump, judging by GDP and the meager groweth, but we could be on the opening wave of a major downturn and many quarters of negative groweth. The worst housing market in modern histroy=the worst economy in history, fed and Paulson cannot keep it propped up indefinately.
We need to watch the FOMB action this week and the target funds rate. If they lower to 1.75% the real rate is already at a -negative. Another .25 in the negative will definately mean higher fuel, groceries, clothes etc. Another squeeze on the pocketbooks.
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