Housing Bubble: The Great Crash of 2006
Reading the news can be like sifting through sand to find gold. In the news regarding remarks from Alan Greenspan, please sift through the propaganda in the "soft answers" on the current real estate fraud that is completely out of control in several local markets throughout the United States of America and go straight to the "meat" served in the meal.
Greenspan first is quoted on the unsustainable real estate market, he then goes into admitting that people are borrowing more money then they can afford by stating that "People are reaching to be able to pay the prices to be able to move into a home" (artificial equity?).
Perhaps he should have spent some time "in detail" by speaking on consumer debt shattering records, foreclosures at record levels and bankruptcy at an all time high. Why Greenspan chose not to I really don't know. One may assume many things. Please read this well done article referenced in this posting at the following URL:
http://quote.bloomberg.com/apps/news?pid=10000006&sid=a4L227sKfVnQ&refer=home
http://www.mossback.net/bubble.htm
posted by Unknown | 5:20 AM
2 Comments:
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http://www.cbsnews.com/stories/2005/05/09/national/main693975.shtml
The link at the top is for the article - Home Appraisers Under The Gun.
Artificial equity is rampant throughout many places in the United States. I've watched people that were unable to purchase a house before September 11, 2001 walk right into a 250,000 - 300,000 house with no worries through an interest only loan - one of several of the "creative financing" programs that are or soon to be unavailable since Freddie Mac and Fannie Mae are overextended.
I also read about the record number of defaults and how consumer spending knows no boundries. Consumer debt has not EVER been so high. You may verify the new record compliments of your government here:
http://www.federalreserve.gov/releases/g19/Current/
and there is more on consumer debt here:
http://mwhodges.home.att.net/nat-debt/debt-nat.htm
April 19, 2005 The Internal Revenue posted this bulletin regarding real estate bubble/fraud :
http://www.irs.gov/newsroom/article/0,,id=136208,00.html
Warren Buffet just commented publicly on the housing bubble on May 2, 2005 here:
http://money.cnn.com/2005/05/01/news/fortune500/buffett_talks/
Tens of thousands of people who want to wipe out their debts in bankruptcy are not going to be able to. These folks will have to work out repayment plans under legislation Congress approved Thursday April 14, 2005. The President signed the Bankruptcy Abuse Prevention & Consumer Protection Act on April 20, 2005
[URL=http://www.whitehouse.gov/news/releases/2005/04/20050420-5.html]
Approximately 6 months ago the F.B.I just addressed Congress on the issue of real estate. Here is the link for the official report:
http://www.fbi.gov/congress/congress04/swecker100704.htm
All of the above and much more is posted on one URL found here:
http://www.mossback.net/bubble.htm
America will be judged for its greedy, materialistic, unrepenting & unacceptable behavior towards God.
The bible says in Proverbs 28:22 He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.
People are using their houses as ATM machines via a home equity line of credit attached to their artificial equity and the "housing bubble" writing on the wall is crystal clear my friends.
There is no need to go back 18 months or beyond for old information or postings. There is plenty of irrefutable evidence that has come to light in the last 6 months and the facts, the indictments, the fines, the incarcerations and the bankruptcies continue to roll in along with a Nation that has chosen to become a slave to debt.
The bible says in Proverbs 22:7 The rich rule over the poor, and the borrower is a slave to the lender.
The "bubbles" will burst.
Alan Greenspan can raise the interest a quarter point here and a quarter point there to soften the landing but the inevitable crash will sadly come.
An appointment has been made with a day of reckoning and that day my friend will sadly come.
****Stop The Credit Madness****
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