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Monday, March 12, 2007

Millions of Foreclosures

I've been fearing an economic collapse for a while. I just saw a story today that said that we can anticipate 1.5 million foreclosures this year. Those foreclosures will flood the market with cheap houses, driving down prices, causing more to be upside down in their houses and thus more foreclosures.

Ug.

So what happened? My politics drive me to want to blame predatory lenders. But I'm afraid they can only be blamed for giving us enough rope to hang ourselves. I'm afraid the fact is we have too much stuff. We need to consume less, and we are about to have it thrust upon us.

2 comments:

Matlatzinca said...

Have you read "Collapse"? It is on my list of things to read this year. Author is Jared Diamond, who also wrote the brilliant "Guns, Germs and Steel". In fact, this has just motivated me to go get myself a library card since I seem to have a rare free moment.

JimII said...

I have so many books I want to read, and just have not found much time to do so. It is something about myself I'd like to improve.