This blogpost is an excerpt from another blog which has an excellent writing about today's economy and homeowners. Take time to read the full blogspot by clicking on the following link.
Make it Real, Mr. President � Livinglies's Weblog: Excerpt from NY TIMES: "The Quote of the day in the New York Times reflects the main sentiment: to most people the economic recovery doesn’t look real. REALITY is what I’ve been seeking from government, the marketplace and the judicial system, but we just can’t seem to get it.
They want a housing recovery but there is no plan in place to increase median income, which is the only reliable indicator or predictor of housing prices. Increase jobs, increase income, and you increase economic activity, tax revenue and the economy thrives."
EXCERPT from Garfield' response:
he problem is not that we are broke. The problem is that Wall Street has our money and won’t give it back. The problem is that they did it by tricking citizens into fake deals (stealing the purse) and making a culture out of life-styles of debt. The problem is that they took the one asset consumers had left — their house — and inflated the apparent value using sophisticated means far beyond the ability of the understanding of the average person, and then had these hapless people sign onto deals that were “backed” by property that was not worth half of the deal. Both the borrowers and the investors got stuck with the same lie.
So, Mr. President and the rest of your geniu