Our financial markets are being rescued by our federal government.
Of course, I LOVE IT! We needed this panic to stop. However, although there is no choice and we must do everything possible to put the system back together, the cowboys were out of control. The greed and irresponsible actions of these institutions to look away from risk and only care about fees and profits was criminal. This is strong but we must realize they ruined lot of people's lives. We the tax payers are footing the bill for the poor judgment of the Banks, Wall Street and others who created a phony structure to raise and lend money.
Now I think we can look forward to the real estate to start it stabilization and base building and get back into the real world. It will take time but this is the beginning. Buyers should take advantage of these times, low interest rates and reduced prices.
I am watching one of the biggest stock market rallies I ever seen! Records will be made. Let's put our selves together and sell real estate and get back to the fundamental business we once had.
Good Luck!
Richard
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I am not a fan of government nationalizing companies. It isn't over yet. Government created a lot of this problem, and they are going to usurp more power with no one being man enough to say what gives here? The problem is congress, they are not the cavalry.
I am with ya Richard! It was certainly the Wild, Wild West as I use to call it with some fast and furious lending going on. How could it not fall apart at some point? I am ready to, as you said, "Get back to the business of real estate and the basic fundimentals"!
Jim
The problem of over regulation and power comes after gross abuse. Congress should of regulated the authority of Fannie and Freddie, Investment Banks, Insurance Companies etc, that they must have prudent use of funds always. High risk should not be insured but just not take.
Cristal
Out of control people should be forced to consider the general welfare. However, we have many people who despite all these problems, are having a record sales year. Get up in the morning, put the wind behind us and do good real estate, from the bottom up.
Richard
Richard what we really have to look forward to is paying for all the mistakes. Who do you think is going to pay for all this mess....US with higher taxes!!!
Great post - it is what it is... there is a lot to complain about but your post takes a step toward stabilization and moving foward. Once the real estate market stabilizes, watch out... our industry will pick up and probably fuel a new bull market on wall St !