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Tuesday, January 02, 2007
Focus on Forclosure!
Another sign of the Great American Economy:
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2 comments:
The increasing financialization of the economy is something that Kevin Phillips noted in his last book and it was also seen in Spain before her "fall" and Denmark before her "fall" and Britan before she lost her place as the world's leading economy.
People spending money they really dont have to buy things they really dont need to keep up with others they really dont like is not the hallmark of a solid nation. We keep thinking we will not have to pay all this debt off, and that interest rates wont ever rise because of it, but they will (unless we elect to moneytize a portion of this debt and start a slow-motion disaster).
I cannot get over the forty-year mortgages to by McMansions framed in 1 and a half inch by three and a half inch tree-farm-grown-super-wide-grained-bowing-susceptible-to-termites-due-to-low-resins-and-oils-shitty lumber. Particle board used as joists under the house (which will burn like mad in case of a fire), leaky foundations, framing done by illegals, cookie-cutter styles. Some people thinking they are making an "investment" might find they have bought white elephants in thirty years depending on the economy at that time. Many of these homes are going to be visibly failing in forty years time when they get paid off, but they may not get paid off when homeowners stupidly put all their credit cards and car notes ontop of the loans thinking they can write off the interest as home debt (paying for that four-wheeler on forty years interest is pretty stupid since the damn thing will be used up and you too old to ride it in a decade).
Im glad I almost have my place paid off and a paid off ride. I dont "have to come up with 3K at the end of every month" like some of my pals do for the car/house. Its a free feeling.
Arranging an economy in the way we are is like walking too near a precipice, if bad times really do come along for whatever reason (a REAL war, a BIG weather disaster, some new developments in competing economies that leave us behind, social unrest, etc), so many will be so screwed, and thus left clamoring for hand outs.
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