1,000 Trillion Financial Meltdown !!

**Perfectionist** · Nov 25th, 2007 4:50 PM

Superb article with dozen of links .....

http://www.opednews.com/maxwrite/pri..._can_you_s.htm

**Stabby Joe** · Nov 25th, 2007 6:17 PM

There needs to be a no tolerance policy of less lending...

***Traveler*** · Nov 26th, 2007 12:29 AM

I worked out quick enough after coming here that people were living off their credit cards just to pay their utilities.

I would look at a $200,000 house and work out that there was only about $40,000 worth of materials in it.

When I wrote and told friends of mine in other countries just what the dept level of the common person was over here they called me a lier. I went back and checked with the locals and was informed that I had under estimated. A lot!

We are looked upon as the poor by the locals but in reality we are the richer, we do not owe as much. A couple of student loans for a local collage diploma and that is it. Everything else, such as it is was bought cash if we had it. The dollar store and second hand shops made a lot out of us.

When the foreclosure's start there are going to be one hell of a lot of very confused kids out there. The parents are going to be falling to pieces as well. The psychological impact of this is going to be horrendous. I don't mind going through this myself so much as being surrounded by everyone else going through it around me.

**perdition79** · Nov 26th, 2007 1:53 AM

It's easy to see the next paradigm shift: banks renting houses, at a loss, many mergers and acquisitions in the banking industry, corporations buying back stock as quickly as possible, and the complete elimination of consumer credit cards. Unemployment will soar as non-essential "industries" like tourism, restaurants, landscaping, entertainment, etc. suddenly vanish as people struggle to make mortgage payments and repay old credit card debt. Families will fall apart from the stress. People will have to go back to basics. It's going to suck.

***ryangti*** · Nov 26th, 2007 1:30 PM

If its anything to go by the retail park and the amount of people spending,its either people being real stupid and spending more than they have,thats both sunday and today that it was busy.
And for the cars large suvs considering oil has gone up once again to $99 due to the weather again,shame on them as they will pay for it in the newyear.