The effects on local business -
#1 Nov 11, 2007
The whole Mortgage 'Crisis' is the outgrowth of greedy people Gambling. They bought a house they could not afford, betting they could 'flip it' to some other sucker trying to live beyond their means and when that failed they had to face up to the current reality that the only person stupid enough to buy their house for THAT MUCH money, already did. This what the stock market refers to as a 'Correction', and these gamblers have gambled and lost. There's no mystery in any of this. The Big Winners were the Real estate Brokers who kept pushing up the prices, and their comissions. This is all as American as Apple Pie. Remember the 70's when partially constructed house frames were being abandoned by builders, and the eventual bank failures. It's all been done before. Nothing New here.
#2 Nov 11, 2007
Ed's right on.
Foolish borrowers leveraging fictitious wealth to live beyond their means, led down the garden path by crooked lenders and margin-men, largely funded by the Chinese Communist Party's slave labor nation, while the regulators in DC slept.
Old wine in new bottles - don't expect the hangover after the party to be any less unpleasant.
#5 Nov 11, 2007
You're an idiot...what a pathetic statement!
#6 Nov 11, 2007
There are many reasons for the high cost of living in LI. Not the least of which is high taxes. The taxes go to support overpaid public employees and deadbeats dependant on Government entitlement programs.
If you want things to improve several things must happen. These include
1) The closing of our borders,
2) The enforcement of our immigration laws,
3) Fining employers who knowingly hire illegal criminal aliens (if they are here illegally, they are criminal illegal aliens NOT undocumented workers),
4) Elimination of all health benefits, tuition benefits and all other freebies given to illegal criminal aliens,
5) Bringing our troops home (no more foreign entanglements)
6) The repeal of NAFTA,
7) A severe curtailment of entitlement programs for American citizens. People who can work need to work. There are far too many able bodied Americans on disability that are bleeding the taxpayers dry. Ask any cop when the drugs are bought and the answer will commonly be shortly after the government checks arrive in the mail
Please note not all on disability are deadbeats and not all those participating in entitlement program are deadbeats. However, a large percentage of the people on disability and entitlement programs are capable of working but refuse to do so.
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