Quote:
Originally Posted by Rich76_911s
I have heard that the Chinese were not going to buy mortgage backed paper anymore, which forced the government into this. The good that may come out of it is that housing prices aren't going to drop like a rock instantly. Had the government done nothing coupled with the chinese actions of not buying the debt, housing prices could have dropped to frightening levels VERY quickly. Morgage rates would have sky rocketed, and things would not have been very pretty. At least that is my opinion. Maybe they will still do that maybe they won't I don't know, but at the very least it was delayed.
I honestly don't know what to make of it all.
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Simply more evidence that the Chinese are smarter (or at least much more cunning) than we are.
Good lord, I have a hard time believing that this is the same United States that once was the most powerful, most industrious and most savvy nation in the world. Now we're simply collectively dumber than dogschit and handing over our childrens' futures to the squinty-eyed communists all in the name of cheap plastic crap and HDTV. We love to revel in our own perceived financial brilliance - we think we've got it all figured out with respect to market dynamics and economic cycles and how to keep a "capitalist" economy ticking, yet the Chinese are proving that they're smarter than we are by giving a "no confidence" vote to the housing market that we should have given to ourselves six years ago. And reformed accordingly. We should take a few cues from them.
I feel for the younger generation. They'll be the ones that end up in indentured servitude to their Chinese overlord masters for their entire lives. Thanks to us.