Another Look Backward...

After my previous post I started looking back some more at what I had written in 2008 - if I could see the handwriting on the wall back in June 2008 why couldn't our elected officials...or did they and choose to stick their heads in the sand?

Posted on: Sun, 06/29/2008 - 11:00 Mary said:

I don’t have a prediction but take what has already been noted, add in the reducing or totally cancelling of HELOC’s, the reduction in credit card limits ... and the resulting financial disasters for many, many more people and the resulting drop in FICO scores and, wait, I DO have a prediction - total economic disaster!

Please, someone tell me we aren’t in as bad a situation as it appears to me…

Posted on: Sun, 06/29/2008 - 18:50 Mary said:

I think what worries me most is the ripple effect...one bank, company, etc. starts calling in HELOC's and then the credit card companies start reducing credit lines. These are things that affect people who have been paying all of their bills on-time, managing their debt, etc. These aren't necessarily the people who didn't know their adjustable mortgage actually would go up.

And that's what is so troubling...I'm old enough to remember waiting in gas lines during the embargo, the freeze on wages, etc. And yet this seems more ominous.