Reply #12: Nice post. Thanks, KM. [View All]

[cliss]

That's just the kind of solid information I'm looking for. I agree with you; I think we're standing at the edge of the abyss, looking down.

I think the people who really know are currently sweating heavily. Think of big sweat stains under their arms. They know we're like the Family In The Fast Lane. Dad has a good job. He drives a late model Beemer. Mom's got an OK job which doesn't pay a huge salary, but it helps.

Both Mom and Dad have a big spending habit. Truth is, they love to spend money. More than comes in. They currently owe about 1 year's salary on their credit cards. The mortgage is way too high since they picked up a 2nd mortgage, but what the hell. Home prices are moving up, aren't they?

Suddenly, without warning the shit hits the fan when Dad finds out he's lost his job. Company reorganization.

Policymakers in Washington know there's SO MUCH brewing under the surface, that they don't know which link in the chain is the weakest. There's corruption going on at Fannie Mae. They're trying desperately to keep the lid on that powderkeg because when it explodes, the real estate market could tumble.

Pick your poison.