Happy New Year!
A quick one tonight from an article on housing prices from CNBC.
The impact of this is both far from being understood and yet to be felt economically. For the last 100 years the majority of wealth americans held has been in their property values. That value has been the basis for a financial system that collateralized home values to grant loans and credit. It's staggering to think that when home values fall another 5% (and they will) in 2011 that 8 million more homes will go under water. No wonder FEMA is building huge internment type camps secretly throughout the country.
The last sentence speaks for itself. And, to think, he was totally keeping it together for the better part of a paragraph...I do believe I spit out my champagne!
+25 for total spit-take
+5 for tin foil hats
-5 for talk radio parroting
Happy 2011!
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