Quote:
Originally Posted by Porsche-O-Phile
This SHOULD BE a huge learning experience for us all, but we're still making the same damn mistakes we were making before the pop. Spending/living way beyond our means, borrowing way too much, not enforcing accountability, allowing social engineering policy to trump fiscal conservatism, etc.
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If we learn from our mistakes, the glory days of the US will end. I'm not saying we'll start living in caves, but we'll miss the days of overconsumption, gluttony, and waste.
webb is the PPOT equivalent of Benny Bernanke's "The problems in subprime have been contained."
By my experience, the tightening of credit to only the most creditworthy will dampen the market further. I'm not suggesting credit be loosened. Also, the leveling of the mortgage delinquency rate is a partly/mostly due to the fact the delinquencies are being moved through foreclosure. It can't be counted as delinquent when it is no longer in possession of the borrower. No doubt the incompetents at FHA will say, "Look! Delinquency rate down," whilst obstructing the ocean of foreclosed inventory.