Once the election cycle and political whoring party calms down people will be forced to deal with reality again. The recovery the seek will not come, that is the entire point of the bubble burst. Tie housing value/appreciation to 2-2.5% inflation and there it is, snails pace. Commercial, Residential etc...nobody generating money via debt generation there will be minimal growth. RE FAIL. Gov. needs more money, tax property until the public stand up and push back. County is only a billion negative right. No big deal. Micro version of Fed shituation. City is micro version of that, each homeowner is a micro version.Whole heap a debt, no way to reduce principal owed if you can't barely service interest on trillions of dollars worth of property that is worth 25% less than what you paid plus interest on that extra 25%.
Another valid point. Just because we didn't see the bubble at the time of the previous valuation does that mean that it was indeed valid. I would argue and say that the baseline should be somewhere between1998-2000. IMHO that is when we were the closest to reasonable growth, pre bubble increases. Just borrow some money from the quadrillion worth of derivatives out there. Can create a new market. The CBSM. Complete BS market and let it float out there in the "never get serviced" debt category and the world keeps spinning.
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