This forum post is hidden because you have chosen to ignore Edge44. Show Details
This forum post is hidden because you have submitted an abuse report against it. Show Details
I agree that the US is headed in the same direction as Greece, Spain, Portugal. The Fed needs to increase interest rates, free money to banks makes no sense, as they are not writing loans to the people intended to be helped. If small business could borrow they could hire. But of course the better not grow much because of the new cost forced upon them due to health care reform.
Each of us needs to take responsibility for our actions, just because the appraisal of your home was greater than your loan, this does not mean you should have kept refinancing. Some of the people I know are close to losing their homes because they refinanced not to reduce the interest rate but to pull out equity to spend on cars, trips and in a few cases home improvements.The housing market collapsed in the 1990's but not as badly as this time main reason is people just kept thinking the home prices would go up. My wife is out of work (worked for a church thus no unemployment) I am on Social Security fortunately we have some money in the bank and must weigh every purchase closely so as not to waste it.
When the Government tries to micro manage our lives this is when the economy goes to pot.