With all the theatrics of a tragic Greek play, the scenes of this particularly gruesome movie continue to play out. Faltering economies in Spain, Portugal, Italy, Ireland and Iceland play the next part in the debt debacle alongside numerous Eastern European countries.
The burgeoning credit and housing bubble in the United Kingdom threatens to burst at any minute.
France, Germany, and the Netherlands are the strongest of the EU... and yet not.
Across the pond... the United States and Canada continue to linger on the edge of the abyss.
Being 23 years old, I find it exciting to wait in line to get my throat slit while I pay for it to happen.
100th post
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Currently: With my reserve money, I buy a hotdog. Foul tasting shit, but Zell eats it right up. Then he, Selphie and I talk with his mother
Canada at the moment is where the US was in 2006 entering 2007. House prices are sky high, especially in Vancouver. Their bank balances may look strong at the moment, but there's a smelly sack of surprises awaiting just around the corner.
Also, just because the S&P, Dow and Nasdaq are swelling doesn't mean Main street is. The "official" unemployment is 9.7% when's its really 17%
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Currently: With my reserve money, I buy a hotdog. Foul tasting shit, but Zell eats it right up. Then he, Selphie and I talk with his mother
__________________ Recently Produced and Distributed Young but High-Ranking Political Figure of Royal Ancestry within the Modern American Town Affectionately Referred To as Bel-Air.
I can say, through first hand experience, that lending practices have tightened. I had the credit and income to get a 110% loan on the home I'm buying, but they simply don't do those loans anymore. In fact, they do the 97% loan, at best, and the qualifications are now more stringent. Twas quite shitty as I wanted to get some work done on my home and furnish.
I also want Obama's $8000, so I had to buy now instead of save for later.
So, anyway, if lending practices have tightened, then the housing "bubble" getting big again are not as much of a worry as they were before. If the payments are made on time, for the most part, then it really doesn't matter how high the prices get: the people being lent to just have to be able to afford the payments...which the prelim disclosures are supposed to take care of that.
How ARE Canada's lending practices doing? Did they tighten up, as well, or are they getting wild with their lending again?
They cut the lending rate. Plus, I doubt that they'll see the economy expand by 3.4% for 2010. It's like a New Year's resolution to lose weight, and then the exercise equipment never gets used.
When the people get lent the money, it matters every bit how they can pay the money. Especially if their wages aren't high enough to meet the demand (like the poor and middle class in the US).
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Currently: With my reserve money, I buy a hotdog. Foul tasting shit, but Zell eats it right up. Then he, Selphie and I talk with his mother
Cool, so I was right. They are being more conservative.
Meaning, they've already been screened before they even got the loan. Their wages would have to be high enough before they even got considered: that's what the prelim disclosures are for.
All the ways you wish you could be, that's me. I look like you wanna look, I **** like you wanna ****, I am smart, capable, and most importantly, I am free in all the ways that you are not.
That didn't quite work in the US prior to the bubble collapse in Dec2007-mid2008. You had people getting homes well above 3:1 margin. Meaning, under normal conditions you take a loan on a house that the property's price is 3x what you make in a year. You had McD's workers buying 100K and up homes. It was a bonanza of the most absurd proportions.
Congress has passed "regulations" since then that has made too many loopholes available that not even swiss cheese compares to it. What that means essentially is that the same s**t is likely to happen again.
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Currently: With my reserve money, I buy a hotdog. Foul tasting shit, but Zell eats it right up. Then he, Selphie and I talk with his mother
__________________ Recently Produced and Distributed Young but High-Ranking Political Figure of Royal Ancestry within the Modern American Town Affectionately Referred To as Bel-Air.
The back to school tax credit is pretty nice and added to my unemployment extentions, makes it helpful.
The unemployment in the Detroit area, which I am near is approx 50% according to the Mayors own reports, just makes it almost impossible to get a job even in the burbs since Detroiters are flocking there to find a job. It's so great that you can buy a really nice house for damn cheap, unfortunatally not many can buy one.
__________________ Deja Moo: The feeling that you've heard this bull before.
Detroit has got major problems especially now that Obama restructured the whole automobile industry with the workers' retirement and healtcare plans. Plus the fact that global offshoring has moved much of the Rust Belt manufacturing to third-world nations for cheap labor.
The population of Detroit has fallen drastically since the 1970s. When they show shots of the GM building on CNBC, they should pan out farther and the rest of the world can see that some of Detroit's neighborhoods look like bombed-out sectors of Baghdad.
It's too sad to think about.
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Currently: With my reserve money, I buy a hotdog. Foul tasting shit, but Zell eats it right up. Then he, Selphie and I talk with his mother
Well considering the debt owed in the world vastly surpasses the actual money in existence, itīs no surprise that itīs all balancing on a very dodgy edge.
As for Greece itīs no surprise, and to now over tax the normal people to pay for otherīs mistakes Not surprised the people are VERY upset.
When the Drachma was the currency I was often in Greece and everything was well cheap, but now with the rip off Euro everything has quadrupled in price, hard to imagine how the normal people get on, before these new taxes.
KMC Community Forums
100th post 
Mar 21st, 2010 07:40 AM
Not surprised the people are VERY upset.
Here you go
