Conrad Black
Senior Member
That article is bang on right. What a mess.
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Is the U.S. Housing Mess Headed our Way?
- Thread starter yyzer
- Start date
Redroom Studios
Senior Member
We best start cozying up to the Chinese...
Chromeboy007
New Member
hey Red thanks for posting that article... it laid out in details exactly how I feel.
I think it's even more disturbing that, correct me if I'm wrong, neither Clinton nor Obama had said anything about regulating the market in their platform. I know Obama is offering a bail out package of over $200B... it might help in the short run but what the stupid yanks really need is a heavy dose of reality check: they are all too greedy, selfish or stupid to look after their market.
lowesthangingfruit
Active Member
No doubt there is pain and probably more pain to come. I am not so sure though that Canada is immune to the fall out. Yes, although we don't have the gong show credit to anyone fiasco here to the degree as in US, consider these factors. 1) The credit crunch now has started to hit ppl with "good" credit and those NOT considered to be sub prime. 2) Economic slowdown is just that, the economy slows down. Doesn't matter how much you cut interest rates, if you lose your job or forced to take a pay cut, your out of the game. 3) Before this shit hit the fan full force, I recall reading somewhere one of the big 5 banks started to dole out 100% mortgages in Canada. Anyways, even if not 100%, I know high ratio mortgages are available in Canada and anectdotally, I know ppl who have used that to purchase stuff that I personally wouldn't given their income bracket relative to what they purchased. Last check their living off of Kraft dinners and praying they don't get laid off or cut back.
The point is greed, selfishness, and stupidity if you want to call it that is not strictly a US phenonmenon. If you make money and credit cheap enough, EVERYONE is suseptible.