BHMTom

Robert Shiller: This Is No Average Recession

I feel the biggest problem was allowing the masses to have acess to credit they should have never been allowed to do. Sorry if that hurts someone's feeling but its true and dumped many into the residential markets increasing the demand thus driving the price of the supply through the roof. Hell I doubled the value of two home with in a 6 year period. I'm talking about a $250K home into $500K in Atlanta within two years, yes a bank gave a lawyer the load. Another $250K home in Birmingham and sold for $60K...That is nuts. It took my parents 30 to own thier home. Inflation and unlimited funds with an open door. The US was a house of cards and its in the falling mode. Values have plumeted and th financial market have a black eye....totaly recoverable. Eliminate the capital gains tax to home purchases TODAY. Supply will disapear in days. Banks have no business in owning homes. I have 4 new ones around me in the $900K+ range and no one will touch em. Bad for the neighborhood vacant homes no body wants.