Scooby's note:
This was a comment directed to the post "GM's talk". I have no idea what the commentator is talking about; I was going to delete the comment but then decided to make a post (its own topic). Please stay on topic.
Anonymously contributed:
Well if that be the case you may all want to read this. We're in a nose dive with no cure in sight. It's looking pretty bad all through 2010 and 2011. Then in 2012, LLNL will need to downsize any way. Enjoy the reading. I hope 99% of you get the big picture of what's to come.
http://www.modbee.com/featured/story/1002798.html
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4 comments:
Bankruptcies are up, and there are some terrible hot spots, but are we at an irreversible tipping point? Doesn't seem *that* bad while acknowledging how painful for the folks in the middle of it.
There is an interesting debate whether the folks in over their head have any more 'moral duty' to stick it out than the banks have shown so far. Until more house keys get left in the banks' mailbox, they'll probably continue to fight the notion of bankruptcy courts resetting loan agreements.
January 11, 2010 7:53 PM
There should be NO notion of bankruptcy courts resetting loan agreements. They should make the people who bought the home pay for it in full or kick them out in 30 days, take the house back leaving the bill with the buyer to pay for the rest of their lives or until it is sold and then continue to pay on the difference.
In reading the article at this link I'd say we're a long way from recover. Having been through a recession before and taking note of how many years it was before things were really good again, I'd say 2014 or so should be a good year for many who're going to be eligible for social security and retirement. The question is, can the nation's economy continue to spiral out of control at this rate and survive.
There should be NO notion of bankruptcy courts resetting loan agreements.
I think judges should be paid to make judgments. If someone is a speculator with seven properties in play I have no problem with them losing everything. Not that all seven loan originators (or their assignees) are ever going to see the dough. But if someone has only one mortgage, on a property they occupy, and they've been nailed by the collapse of the job market, well maybe it is better to split the pain between them and the lender rather than end up with a lot of barren neighborhoods.
There's plenty of gray between outright fraud and folks that were swept up in the enthusiasm. Heck, Alan Greenspan told them there was no bubble.
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