Homes Way Over Valued

[Ronbo]

I've been seeing similarities to the '29 crash for some time, our financial institutions caused that one as well.

Hopefully it won't be that bad, especially since we've killed off most small farmers who kept a lot of people from starving to death in the '30s.

As well as many here, I grew up with adults who lived through that era. They had a very different view of what was important. Financing computers and stereos was unthinkable, a hot dog roast was a preferable way to spend the evening.

Idiots like Greenspan just kept applying the steam till the train jumped the tracks. I love his observation "I didn't think it would be this bad". Right, Alan that's why you never adjusted the rates to curb the tripling house and car prices over the last ten years...

BTW any one who wants to blame GW remember the fed reserve is not uder direct control of the government (all the banks in the reserve are private). The treasury dept just prints the bills, these bozos determine the true value of the dollar. As citizens we have no control over who is in there.

[J. T. Toad]

Didn't Bush appoint Bernanke?

http://www.washingtonpost.com/wp-dyn...102400670.html

[J. T. Toad]

I should add,

I don't disagree with you at all, I just keep being reminded that Bush had some hand in it.

The financial institution today parallels societies public opinion, or logical lack thereof, which is ruling government policy.

This is a scary situation, far more dangerous than the symptom of an over indebted payor.