Now how to pay off all those credit cards without the home equity ATM...? And bankruptcy is no longer available to most debtors...
No wonder the thrift shops are booming! Sorry Walmart...you're too high priced for most working Americans now...especially the ones without health insurance. And that 10% drop in new home prices today... JUST THE START...
The collapse of housing will really kick in when the mortgage fraudsters are exposed... And the "creative" mortgages are "adjusted" in 2007.
The House Bubble will be as bad or worse than the S&L crisis...and probably much worse because the House Bubble was intended by Greenspan to be a substitute for the Stock Bubble which was never allowed to work itself out in the economy...
IF YOU REPLACE ONE BUBBLE WITH ANOTHER BUBBLE YOU STILL HAVE A BUBBLE PROBLEM...AND THIS ONE HAS BEEN GOING ON FOR OVER TEN YEARS...
A DEVALUATION OF THE DOLLAR IS THE ONLY WAY OUT... GOLD AND GOLD SHARES...NOW "CHEAP" ARE A SCREAMING BUY FOR THOSE WHO WANT TO AVOID THE COMING DEBACLE... GOLD WILL BE OVER $800 BY THIS TIME NEXT YEAR...THERE IS LITTLE THAT CAN BE DONE TO AVOID IT.
