I don't know about anyone else, but I find it difficult to think of all of the potential issues that this housing bubble has created. People loosing their homes, walking away from upside down mortgages (they call it "jingle mail" because they just mail the keys to the bank), empty developments but for an occasional occupied house, empty rentals getting vandalized and not having insurance coverage, and on and on.
With the news about Merrill Lynch being bought by Bank of America (who also bought Countrywide a short while ago) - will B of A be able to handle both of those company's problems without creating problems for them? And Lehman Brothers declaring bankruptcy, continuing talk about whether WaMu and Wachovia will fail...what more economic fallout lies ahead?
A friend in San Diego just wrote about how people are living in RV's parked in lots. Some have kids (are they going to school? Doubtful) and they have to move them at night or the police come by. Do they just drive around all night and sleep during the day?What about what all of this is doing to our society, not just our economy?
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We just have to hunker down for another half year or so while it all shakes out. This election is very important and is fork in the road for America's future.
I agree, but at the same time regardless of who gets elected it's not going to change quickly.
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