So the market is up 170 points today. The Fed has promised to do what ever it takes to keep credit markets in play....see report , and consumer spending is through the roof....see report . Hasn't anyone heard that we're in the worst real estate market in over 16 years and it could easily equal the greatest real estate slide in over a hundred years! What's going on folks?
I've been bombarded with bad news through CNN, MSN, CBS and Fox. Real Estate depression, credit crunch, mortgage company's going out of business, mortgage loan officers going to jail. But the average American hasn't worried, folks it's Christmas time!! It only comes once a year!! It's time to SPEND...SPEND....SPEND!!!!
So are we in as deep sushi as the media experts on wall street think? Or is this market really a measurement of demographics, and are we just delaying the inevitable reckoning that we're all going to pay in the end?
Not to put a damper on Holiday cheer, but reality is that either the economy is something independent of rational thought or reason, or we're just putting on hold the great day of reckoning! I know that religious folk have predicted that we're at the end of days, but they've said that for over a hundred years. Could they be right? Or is this just a small bump in the road, or does the public even care at this point.
It's obvious that this Christmas will be a merry one. Plenty of electronic toys and gadgets, plus anything else we need at this time of year. American consumerism is not slowing down for any supposed bad news. It's still party time, why worry about a little problem in the real estate market.
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