Somebody knew this was comming and is going to be the eventual winner. My question is, who is aquiring all of the foreclosed on property, at what percentage of the real value are they aquiring it at and when is the government regulation (or deregulation)comming that will make the end game work the planners.
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Think about who has extra cash to throw around.

Cash from the Iraq war profiteering and theft.
Cash from the drug business.
Cash from Asia.

None of it has to do with Americans buying homes to live in.

Prices need to come down to levels Americans can pay.

… it’s a problem that has been created by fucked up national economic policies (that as far as i can tell started with clinton).

The bubble really got going when the Fed lowered interest rates to obscenely low levels. This provided a huge disincentive to those who saved money. It was not possible to get a decent rate of return from banks or T-bills. So, many people turned to real estate as an investment. Low rates combined with a near total lack of regulation have brought us to the point where we are today.

I have to agree that Clinton helped by signing the Banking Modernization Act which repealed parts of the Glass-Steagall Act. G-S regulated banks and when it was repealed they got into these mortgage loan packages which are now causing them problems.

Deregulating sounds good in some things, but you should really consider why the regulating was done in the first place.

A lot of the players in this debacle were being payed based on a percentage of the action. They had every incentive to say yes and virtually none to say no.

It was the job of government to uh, govern these financial institutions, so they didn’t go so far as to destroy the economy and people’s lives. The corporate politicians didn’t do it. Many didn’t want to because they were getting paid not to. Some didn’t because they weren’t in ‘leadership’ positions in Congress. Some didn’t even know which end was up. Some who realized there was a problem were ignored.

Just like the Halliburton rape stories, all these folks think it’s fine to rape America because it’s strong and can take it. That’s the modern corporation for ya. But, government has a job to limit the damage and it didn’t. So much for ’small government’. What we needed (and still need) is enough government.

We need ‘big bold change’ mostly because Republican-led government has been ignoring problems, letting them pile up.

Edwards for President — Leadership America desperately needs!

Because of these and other ways in which Dems abetted the crisis, it was never allowed to become an issue in the 1988 Presidential campaign, despite the fact that the problems were still multiplying (and would continue to do so until at least 1990). This no doubt was another factor in GHW Bush’s win over Dukakis; one was tangled up in the S&L crisis in multiple ways, and one wasn’t …

It’s good to see that this time, there are Democratic members of Congress who are trying to address the current credit crisis, whose impact on ordinary Americans has the potential to be far worse than the 1980s crisis was. It would be good to see several of the Presidential candidates give this matter some focussed attention as well.

But those municipal taxes are based on property values. When the housing market drops and values drop, taxes drop. And since much government funding has been shunted to municipal property taxes, overall state revenues will drop.

It’s more Grover Norquist ideology, and the end result will be an increase in slums, as cities are forced to cut back on basic services, leading to a downward spiral.