Ah, come on Buylo, we just had a little overheating in the real estate sector- no big deal. We are going to climb right back up to the highs we saw before the problems started. I give it another six months and all that pent up demand will be unleashed, people will start borrowing & spending again. Most people aren't even near tapped out on their credit lines & as soon as real estate starts going up again they can start tapping that equity too! I am almost positive banks will resume granting easy credit terms again. They have nothing to lose, the government will be there for them when they need to unload any more "troubled assets". I never really thought transferring private debt to public debt would work but look at the stock market! It's working! We have found a way to sustain the level of economic activity we saw before 2007 indefinitely! All we have to do is keep buying all the bad debt from banks and the economy will keep humming along wonderfully!
People need jobs before they continue to borrow and spend. No jobs, no recovery. And I don't mean $7.50/hr fast food jobs.
I couldn't find a sarcasm smilie- but surely it was obvious I wonder how many people have trashed their credit so badly in this downturn that they will not have access to ANY credit for years? They were the people who fueled growth by spending more they they could ever hope to repay.
The reality, to which we've not yet adjusted, is that there will be mostly these kind of jobs and few well-paying, middle class ones.
Gold Standard. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/GVytOtfPZe8&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/GVytOtfPZe8&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object> No Gold Standard....next stop devaluation of $USD is coming... http://www.youtube.com/watch?v=iRzr1QU6K1o <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/iRzr1QU6K1o&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/iRzr1QU6K1o&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
It's amazing how he can come right out and say, "I'm hosing your money" and, "it's good for you"... Doesn't bat an eye in so doing, as he knew the average sheeple would accept it as stated, becasue we don't have a clue. Sheesh!