Massive personal and National Debt, social conditions like Weimar proir to the depression?
by admin ~ May 16th, 2008 . Filed under: Current Events .
Paul Anthony F asked:
Come the hour come the man ?Gordon ?
Alyssa
Come the hour come the man ?Gordon ?
Alyssa
May 17th, 2008 at 12:53 pm
Of course you are right…I believe I read that the UK has the highest mortgage default in the world or the fastest growing, I forget, and the U.S. is in a terrible morgage mess because of the zero principle payment mortgages and the falling house prices..people have mortgaged their homes based on the inflated pries and the dog is coming back to bite them…the U.S. is dragging the world into debt with its misadventures and we are all going to pay for it..here in Canada things are better..houses are actually increasing in value and we have many safeguards in place to protect the mortgage institutions and the borrowers…while we can purchase with as little as 5% down, those purchasers must buy an insurance to protect against default and here our homes are sacred to us and we do not borrow extremely against them…but what will be the killer for us all is credit card debt which is totally out of control..I have one friend who was given a credit card when he was on welfare..he was unable to pay but maxed the card out anyway and the rest will be bankruptcy history..you are right, the depression is coming and it will be devastating to all of us..even the frugal and smart.
May 18th, 2008 at 8:58 pm
are you talking about zimbabwe??