Sunday, Jul 27, 2008
US government finally gets to socialize banking losses
AFP: US Senate approves sweeping housing bill
"President Bush will sign this bill when he receives it, despite our concerns with some provisions, including nearly four billion (dollars) to help lenders, not the homeowners this legislation is intended to serve". "As more homes are dumped on the market, home prices fall further, driving further mortgages underwater, leading to further foreclosures, further homes dumped on the market, and further home price declines," said economist Richard Kelly at TD Bank.
Posted by paul @ 09:22 AM (276 views) Add Comment
2 Comments
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1. dohousescrashinthewoods said...
What a Gem:
"As more homes are dumped on the market, home prices fall further, driving further mortgages underwater, leading to further foreclosures, further homes dumped on the market, and further home price declines,"
Precisely my dear man. it used to be known as market capitalism.
2. last_days_of_disco said...
The reality is this will not stop deflation. Because anyone holding US bonds are going to panic.
What would you do if you saw the US doing this? Do you want to be paid for the next 30 years in hyperinflated dollars. SELL.
Interesting day on the bond market tomorrow.