The Economist: U.S. Facing 'Perfect Storm' for 2008-Like Housing Crisis

Into the Night said:
You are denying history. You are forgetting the insane speculation before the 2008 crash.
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In 2008 the banksters had to go to congress to ask for a bailout. Banksters did away with that.
There was no 2-year lockdown right before 2008. Today, a lot of people have already downsized.
The Tea Party and Occupy were both a result of TARP. Imagine if they united forces in 2023.
 
Walt said:
Yes, there was insane speculation before the 2008 crash. No one had to prove income, and they were willing to give 107% loans. The bad mortgages from the early 2000's are mostly out of the system by now, so not much of a current issue.
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Agreed. The loans finally were allowed to unwind, thanks to Trump.
Walt said:
There were a few months of insane house purchases lately, but nothing long term, and not a lot of volume. More importantly, the credit standards stayed high, and mortgages were sane.
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There were no months of insane house purchases. Otherwise correct.
Walt said:
Actually, inflation works in our favor here. Even if houses lose value, inflation means they will not go down in price. Mortgages will not go underwater.

Housing value will not crash, they will decrease a bit, go to trend, and then start rising again, hopefully slowly.
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Possibly, but that depends a lot on the continuing faith in fiat currencies. It's already eroding pretty fast.
 
Celticguy said:
no, its not. ergo the fears that this could easily degenerate into an outright depression.
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We are already in an economic depression and have been for about three years now.

An economic depression is reduced economic activity for extended periods of time. Both inflation and deflation may occur within it.

The Great Depression was marked by deflation AND rapid inflation. It was during this time that gold was made illegal and fiat currency was instituted. THAT depression lasted for 25 years, due to a combination of government interference and war.

The last depression lasted for 9 years, which occurred during the Obama administration, again due to government interference.

The last two depressions have been marked by inflation...at times rapid inflation. Both are showing why fiat currency will eventually fail.
 
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Into the Night said:
Agreed. The loans finally were allowed to unwind, thanks to Trump.
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If a loan failed in 2008, it was completely unwound by 2017. There is no reasonable way you can credit trump for that. It would have happened in 2009.

Into the Night said:
There were no months of insane house purchases.
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Houses were regularly going for above asking. Houses were selling in days. There were no inspections happening. For a few months there, everything was crazy.

Into the Night said:
Possibly, but that depends a lot on the continuing faith in fiat currencies. It's already eroding pretty fast.
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Maybe it is among people like you, that have no money. But you do not matter to the economy.
 
Just saw something interesting. Seems Wiki has become another shill for the left.
They changed the definition of recession and locked it !
 
Walt said:
If a loan failed in 2008, it was completely unwound by 2017.
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Nope. A lot of it didn't unwind until after Trump took office.
Walt said:
There is no reasonable way you can credit trump for that. It would have happened in 2009.
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No. Loans didn't unwind in 2009. They were papered over.
Walt said:
Houses were regularly going for above asking. Houses were selling in days. There were no inspections happening. For a few months there, everything was crazy.
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Because of speculation, caused by easy money and ridiculous loan terms, both caused by government.
Walt said:
Maybe it is among people like you, that have no money. But you do not matter to the economy.
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Fiction won't help you.
 
Celticguy said:
Just saw something interesting. Seems Wiki has become another shill for the left.
They changed the definition of recession and locked it !
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You're surprised???!? I knew this about Wikipedia a long time ago.
I do not not accept Wikipedia as a reference for anything.
 
Celticguy said:
Just saw something interesting. Seems Wiki has become another shill for the left.
They changed the definition of recession and locked it !
Click to expand...

You're surprised???!? I knew this about Wikipedia a long time ago.
I do not not accept Wikipedia as a reference for anything.
 
Celticguy said:
Just saw something interesting. Seems Wiki has become another shill for the left.
They changed the definition of recession and locked it !
Click to expand...
You can make Wikipedia say whatever you want it to say. I was debating with someone who kept insisting that Daddy Bush signed NAFTA into law, and she eventually posted a Wiki showing that she was right. I stopped using Wiki as a reliable source that day.
 
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