One of the MAIN differences,


with this recession, other than the world-wide aspect of it, is the fact that, in the past, the Fed has been able to get the economy moving by cutting interest rates. The Bush administration cut the discount rate to ZERO, over the last couple of years, just to prevent a total meltdown before he slithered out. Bottom line, the Feds' best weapon has no bullets left, and we're looking at uncharted territory. Since the Great Depression, that is. The MAIN job creation force of the economy, home construction, is dead in the water, and there is such lag time there, that even if builders wanted to start building, it takes a long time for a house to get approved and built. Other highlights include MANY more ARMS readjusting to higher interest rates, as home values continue to drop, and MANY unemployment benefits run out, while MANY more are relying gov't assistance, the tax dollars that support it are drying up. Many choose to ignore the obvious. Sorry, but I can't. It IS gonna be interesting, though...

Comments

ladyj said…
so many homes lay empty, why build new ones? No one can get a home loan because banks just don't have the money to loan. Unless your credit is white as snow, honey, you ain't gettin' nothin'. Most folks are just trying to make ends meet and hoping the ax doesn't fall on them.
12:38 PM
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