Quote:
Originally Posted by ecoli
The whole housing market of the 2000s was nothing but a bubble, it wasn't normal. It will probably never be anything like that again. A lot of artificial wealth was gained and lost and borrowed against. Some people got out at the right times and made money, while a lot of people found out that maybe they shouldn't be living in a McMansion and driving a Lexus. It's going to be hard to have a real economy when the US doesn't want to actually make anything or do any manual labor. Not everybody can have a high paying job as a middle manager, sales person, working with imaginary money, etc, eventually a few end up with most of the money or it makes it's way out of the country.
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True, all that the obama stimulus was doing was softening the blow, so it didnt just tank and stay tanked. The government had to do something. they cant make people buy, the people have to feel confident enough to buy. Also what the credits did is entice people who were waiting for the housing prices to go FURTHER down buy sooner as if the house just went down another 8000 bucks.
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