Timeline of Our Financial and Housing Crisis
It's ironic that excess spending (buying homes well beyond any realistic debt to income ratios, home equity loans exceeding 100% of value, etc.) got the economy into this mess and now many believe unbelievable excess spending will get us out of this depression.
But, far more ironic is the fact that the same politicians that were warned about just this situation, and chose to ignore the warnings, are the very people now still in power who are saying they have the right ideas on how to fix the problem.
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Trackbacks & Pingbacks
- San Diego real estate blog » The Next Trillion Dollar Hole That Washington Will Be Forced To Fill
- San Diego real estate blog » It’s the Economy That Needs Fixing Not Special Interests
- suze orman
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Yes, we should really have all new leadership. How can the people who said all was fine, now get us out of this mess?
Even with all the government spending nothing here has turned around except folks are digging their bunkers deeper! Most people seem to think their money (401) is gone and they won’t spend good money after the bad is gone. We expect the market to reach 6000-6200 in the thick mud and stabilize with a new sanity of savings and fiscal responsibility. There isn’t a turn around on the horizon so I think its probably 4-5 years out.
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Government is working in its own manner. It is now a days very easy to buy a house and then be in debt condition. As rate of interest is low because of financial crisis timeline is present.