WOW a recession we did not see this coming. And the housing secondary mortgage is to blame. Why would so many Americans have to look to the secondary mortgage market to get a loan? These loans were the exact opposite of what the people who had to get them should have. With the current credit system banks eliminate so many people from the housing market so people took out variable interest loans. If the idea is to have people own their homes and these people are working and they can afford the payments the rate should have been fixed at the low rates that was offered to other customers. The credit system we have and the banks have sent us into a spin. Now they are crying because this secondary that they created is falling apart. Jobs have not kept up to inflation for years. How long can a country deplete their job market by sending it to other countries where the labor rate is low. When you deplete this section of income only the stock market gains not the people. Again after you get mean and lean with your employee pay to compete with low labor in other countries who is going to buy the products here anyway. Again greed has lost the economy. The same thing happened when companies went lean and did lay offs. It tanked the economy after a few years, remember chain saw Al. This is just another suck on the people of America buy our great benefactors corp. It would be great for them if you had slum people who would work for nothing and they could reap the profits. Something like having small Mexico’s to draw your profits from. Why do you think politicians wrestle with illegal immigration. A nice have, and have not, society. And no economist sees this ahead of time?
No-one
