Housing Crisis in Detail

CK, if I am reading your article correctly, we are in a "world of hurt" no matter what happens. The only way we might get thru this is for our government to get completly out of the banking business and repeal the CRA Bill.

Unless we have a major "Voters' Revolt" in 2010 and 2012, that will not happen.

The only other way to get out of this mess is for Texas and the rest of the "Red" states to secede from the Union. I believe that this is more than possible in today's world.

Something like that. No matter what, we are not avoiding this. The debt is too widespread for our government to come in and save the day.

On one hand, they get involved and we all declare bankruptcy.

On the other the banks and invested companies declare bankruptcy.

Both put us in a depression, only one tears apart our country.

Good post. I think Gray Ghost beat me to the punch, but I pray we can get in some people with some fiscal responsibility in the upcoming elections. The government cannot save us all, despite our "great" leader's and his cronies' opinions.

The Republicans just don't seem to be getting it though. Sure, they put on a good show from time to time, but they are not the hard nosed conservatives we need, overall. A few are.

I'll have to read this more than once to fully "get it" so will print it out.
one thing I do get is that the Obama Administration is not going to willingly get out of our banking system. We'll have to take it away from them. I don't know if enough of us have the determination to do that, at least not right now. I think there are a lot of people out there that are too intelletually lazy to grasp what dire trouble we're in; others too apathetic; and still others too stupid to know what a total disaster they've put into the whitehouse. I believe that we'll have to become unbearably miserable before the electorate in America will unify and take charge of our country. This whole situation is just utterly depressing. I pray for Gods forgiveness and mercy every single day. I hope he hears us and grants us his grace. God save America.

Good work, Hustler.

When you read it, keep in mind that the 516 trillion is not all from the banking industry. Derivatives have been used many times before in the past and they have worked fine, because they essentially work like the futures market in the stock market. I guarantee you this, for that later type stuff. The banking industry is why this is all collapsing though. I looked up today that the entire worth of US housing is about 19.6 trillion and I would guess that Americans owe at least half of that. Its when the banking industry causes all the other markets to unstabilize and then you have 516 trillion worth of unstable debt.

Yea, its going to take a major event to wake many up in this country. I just hope it isn't too late to recover at some point in the near future.

The voters still give the Messiah high marks but do not understand that past liberal policies have put us into such a bad economic, military, and national security situation. Look to Carter, Clinton, and in just 100 days, Obama for said policies. Bush had a chance to really do a great conserv job on regs, taxes, farm and educational bills. He did fine on taxes, not so good on regs though he tried on oil drilling. But, he was Dem light on farms and education. Those were disasters for Americans and the Dems just lapped it up. As to Fannie, Freddie, and Wall St., the public still does not understand that Dodd, Frank, Durbin, Obama and the Black Caucus have much to explain in the housing, banking disasters. And the GOP never seems to communicate this . Drop by sometime.

You are sure right on the libs past mistakes coming back to haunt us now. Bush did act dem light and everything he acted that way on, has crumbled. If only we elected an actual conservative, the progress that would be made.

Ill make sure to stop by.

And WHERE does all this mess start at? If you answered "a complete,total disregard for the Constitution,as is currently in vogue in today's gov't",give yourself an A. Good post.

Yea, the trillions in spending on programs outside the Constitution put our government in the precarious position it is in. The Unconstitutional regulations the government put on the banks put our banking industry on the brink of collapse. Their Unconstitutional regulations on the oil industry is what sent our country over the edge. Systematically our government has destabilized our country and being with how obvious some of the outcomes are, it is hard to imagine it was not done on purpose and for a reason. Never let a serious crisis go to waste right? Sometimes I think this crisis was intentionally created, but maybe Im just cynical.

"Sometimes I think this crisis was intentionally created,or maybe I'm just cynical". No,not cynical,just right. HAD the politicians STAYED within the bounds of the Constitution,this would not have happened. Take that to it's logical conclusion,and the only thing one can come with it was done intentionally as to keep people beholden to said government. I've said it before,I'll say it again,ANY political hack who was in on this needs to be investigated,and prosecuted.

I WOULD be for something like that, if we could find a completely unbiased group of people to first read and interpret the Constitution and second to prosecute them. Any attempt at doing those things will inevitably end in political corruption though. It goes in my 'What If' lockbox haha