Just have to say I saw this coming in 2002 when I purchased a book titled “the coming crash in the housing market.” I cant remember the author, however he made a solid argument as to how the predatory lending and lack of oversight and outright corrupt management at the pseudo govt agencies Fanny Mae and Freddy Mac could posibly tip the scale and send us spiraling into a market deflation. He also stated that the longer the interest rates were kept artificially low, the harder we would be hit. This was 2002 and he predited that things could get bad around 2005-2005. It is 2007 last I checked and the media just reported on how hard pressed Wall Street was regarding the most recent slide a few weeks ago.

My point ultimately is that the media was all over the story two weeks ago, but now you see hardly nothing on TV. The problem did not go away, yet they are attempting to keep folks from freaking out and causing a bigger problem.

Also, no one ever mentions Richard Nixon and the dissolution of the Bretton-Woods act of (I believe) the late 1940’s early 1950’s. This act fixed the world currencies to the value of the dollar and ensured that a 1929 crash would never happen again. However this prevented bankers from making big bucks, so in 1970 Tricky Dick dissolved the act (only the US had the authority to do this) and ended 2 decades of the highest standard of living in the history of the world. Within 2 years, much of the wealth in the US started to “float” to the richest 1% of the population and the rest is history.

We could find ourselves living with our parents and children in the next few years…