Quote:
Originally Posted by pj67coll
So, what do you all think about the "forclosure freeze" that's supposed to be happening now. Personally I'd be delighted to see all the banks get creamed in court and fined billions, but that's not going to happen. What I do think will happen is that we will find in a year or two's time that what's happend so far is just the water receding from the shoreline and the real the foreclosure tidalwave will then hit making what we have endured so far seem nothing by comparrison. In other words I predict property values will fall off the cliff again in about a year or two's time.
- Peter.
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You're off the mark. The government, is the banks. The Central Bank controls all - or da#n near everything that has to do with money now.
The foreclosure freeze was devised/seized upon by the government as a means to slow down the downward/nosediving deflationary effect that housing prices were having on the economy. Greenspan said recently that if housing prices dropped another 6%, we'd be entering the throws of a depression, if I recall the gist of his quote correctly.
The government is again monkeying with the recession, and prolonging it if you will. Because now, home sales will drop because it will be harder to sell a home. As I have stated at least once on these forums. The deflation because of overcapacity will not stop, until it reaches bottom on it's own. For over two years now, since September of 2008, NOTHING the government has or can do will stop the economy from reaching rock a## bottom on it's own.