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WTF !! NINE YEARS TO CLEAR HOUSING INVENTORY !!
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Poster Handle
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Andromeda |
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like dimitri orlov says, russia survived their collapse in part due to no one lost their homes. the government just signed them over to the people living in them. they also still had production capacity. we are homeless with no factories or farms to work.
Quoting: Anonymous Coward 951279Here's where I deeply disagree with the bank bailouts. We should have bailed out homeowners, not banks. The banks just fold when they go bust. But homeowners support the real economy and if they are under water for 10 years, so is the whole economy. So we have the worst of both world now. (1) we have zombie banks -- sick banks that don't lend because their balance sheets are full of inflated derivatives that actually have no value and that they can't sell -- and (2) credit-strapped, debt-laden homeowners who can't spend for years and years.
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