What did it take for this nation to get out of the great depression? It took a world war.
It was not so much of the war, as it was getting our factories fired back up. But in our case, we have no factories - everything has been shipped to China.
I see the middle class being stomped into the ground.
These flexible mortgage rates are partially to blame, and a bloated housing market. The rich got richer, and the middle class just got a lot poorer. This is probably one of the largest property scams off all time.
Like the news said last night, they were interviewing a family that bought a house for around 400,000. Its now worth around 225,000. Well, that house was never worth 400,000 - the family bought into a bloated market. The house was worth more like 150,000 - then - and now.
The American people have been scammed - in part by their own greed and in part by the greed of the banks and real estate people.
You can not take a house, throw some paint on it and mark it up $20,000. The next person buys it, puts new cabinets in it and marks it up $20,000. Within a year the price of the house has doubled. This makes owning a house impossible for an average family because of all the "get rich quick" scams.
Its like a pyramid - the people at the bottom got rich, the people at the top lost everything. But instead of a chain letter, this was with housing and nation wide.
No comments:
Post a Comment