Home building market and financing

I'm afraid we have just seen the tip of the iceburg with this problem.
One could buy a house if your breath fogged a mirror for several years. No down payment, no credit check, but high--variable interest. Those thing are causing massive defections now.
Another administration failure due to Lazy Fair. (that is the way I say it!)
We haven't had such a bunch of illiterate religious phoneys in power since Harding and Hoover!
Looks as if Bush will end up as being worse than Nixon!

dollaradayandfound's blog | login to post comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Financing - blame the banks, not Bush
mudcat's picture
Submitted by mudcat on Mon, 03/19/2007 - 4:49am.

Bush will go down in history as one of the worst Presidents, mainly because that history is being written now by incurable libs - not because he made any bad decisions or lied, but because he deprived the liberal press of their hero Al Gore in 2000.

Anyhow, you are correct about the correction coming in interest rates and the housing market. Lenders are to blame by offering overly liberal (look, that term again) loans to questionable borrowers. Now as foreclosures increase and lenders get realistic about who to qualify for interst only loans, there will be far fewer sales. Builders who will have to compete with houses they built just last year, but are now in foreclosure will suffer. This stuff will lead to a recession - or at least the worst economy in decades.

Fortunately, Hillary will be right there early next year screeching about the "Bush" bad economy and how she'll bring back the prosperity we enjoyed under her husband. Annoying, but predictible.

No, Bush or anyone else in government is to blame. Lenders alone make these bad decisions and the only regulation over their qualification decisions is the market place. Which is odd when you think about it, banking is one of the most regulated industries in the country, but government hasn't regulated their lending practises on home mortgages - yet. Maybe this year will get them to do just that.
meow


login to post comments
Liberals do not control the
cogitoergofay's picture
Submitted by cogitoergofay on Mon, 03/19/2007 - 8:29am.

Liberals do not control the history books.

Mudcat says:

"Bush will go down in history as one of the worst Presidents, mainly because that history is being written now by incurable libs - not because he made any bad decisions or lied, but because he deprived the liberal press of their hero Al Gore in 2000."

I would have to disagree. The Presidential rankings have been prepared by numerous historians, liberal and conservative. The Schlesinger Poll, the Chicago poll and the recent NY Times/ Federalist Society poll all have historical credibility. The latter had a variable based on political preference. The popular polls do not have credibility. I would disagree that "liberals" have controlled historical analysis. Rightfully, Reagan and Eisenhower are good examples of recent conservatives that are rated rather highly. Consider also Truman who had the lowest all time ranking of any modern President in 1952 but was ultimately rated highly. Naturally, Bush is hoping that he can accomplish the same result.

Finally, although Bush's legacy does not appear bright he does have some time left. It will be interesting to see what he does.


login to post comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.