Economic Reboud - driven by consumers not paying mortgages

[joe_momma]

snipped from IBD -

"A double dip in housing is a certainty."

http://www.businessinsider.com/meredith-whitney-us-consumer-rebound-2010-6

* 1:20 People are squeezed from all sides with rising taxes due to state deficits
* 2:00 The states are under water by $200 billion, and Obama has only offered $50 billion to bail them out
* 3:00 Areas of consumer spending outperformed, but problem mortgages are rising because people are choosing not to pay their mortgages
* 5:00 People are going to start to kicked out of their homes and start renting
* 6:00 The consumer hasn't deleveraged, they've only gotten worse
* 9:05 For certain there is a double dip in housing

[gunDriller]

this almost seems like the "least bad" solution to the problem.

the banks can continue playing games with their valuations of the properties - just like they were before.

and the real economy has a shot at recovering.

i don't understand why builders are building new homes though. i don't get the impression their business is down a whole bunch, like 95%, which i would expect given the glut in inventory.

[Silver Rocket Bitches!]

I am amazed at the lengths people will go to maintain their standard of living. Our culture of entitlement is a cancer.