Lets see, who can we blame, its time to kick some one off the island and we must light that flame. The chaos and controversy surrounding it all, is nothing more than sound and fury raging in the Congress' hall. The bubble has burst and the empty rubber did fall, surprisingly there are still some professional Realtors who are standing tall.
Its the consumer's fault, they're to blame, they took out the note, and signed their name. So, the economy is in the tank and we have the homeowners to thank, for eyes bigger than their stomach, while visiting the bank. No one takes responsibility, no one wishes to take the fall, the customers would have the money if they hadn't charged their cards at the mall. We must set up a debtor's prison and lock them away, release them when the market returns on that day.
And away they go, every last one, great we did it, now we can have some more fun. But, wait where did all the buyer's go, why they were sent to debtor's prison in TX, NV and Idaho. Oh no, what can we do, nothing is selling, and now my mortgage is due too. Blaming your customer is bad advice, perhaps all the Realtors may wish to think twice?
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It seems that the lendors, Investment Banks, Foriegn Banks, Realtors, Mortgage Brokers are pointing fingers at the consumers. And yet in doing so, this does not solve the problem for next time around. Because it will just happen again. If more regulations are put on the Industry and consumer, the flow of real estate transactions will be impeded and cumbersome, as if it is not already. 20 page forms for a listing is ridiculous, so are some of the other legal docs.
Education for the consumer many believe is the answer, but those closest to the transactions, apparently did not educate well enough. So here we are today with no one taking responsibility, The consumer won't they blame the lenders, the Realtors blame the consumer and the lenders, the Investment Banks blame the economy, policy, lenders and realtors and consumers. How can anyone find direction with everyone pointing the other way? Although none of this affects me much other than the overall economy that effects everyone, it still is an issue which deserves some responsibility from all sides of this issue. Are you to blame? If not, why not? If so, how much?
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Wow, your pumping post out today...
I think the final outcome is we are going to see a lot more regulation put on the industry, right or wrong. I think one of the primary causes for the "real estate" bubble and also the dot com bubble was actually the deregulation that occurred over the last ten years in the banking system. If if the regulations existing on the books they were often barely enforced at all. No one was paying attention to the structured finance and off balance sheet transactions which helped make the credit inflation "miracle" possible.
You are right the MOST important piece that is missing is consumer education. I think a required course in high school should be personal finance 101 where you learn things from how to balance a checkbook to how loans work to financial planning. That would just make too much sense though.