Isn't that like spending one's way (or one's country) into prosperity? it simply HAS to work... doesn't it?

 

Before getting it back.

 

Just to clarify they wanted the ASAP data, we at Comair withdrew from ASAP because it was being used to discipline some pilots. It has since been reinstated with new LOA wording. FOQA is a new thing here at Comair as of this summer (not even sure if it is live yet).

I thought Dalpa withdrew for short period of time form asap, but I don't know nay of the details.

 

He was referring to business credit, not the many types of personal credit. I agree that personal credit has probably saved the economy more than once. Housing was propped up for a few years by approving many who had no right to that type or size of loan. (Sub-prime) What we are seeing now is the prime market is being effected by the cratering of the sub-prime market. That is ppl like me that in reality cannot move because of all of the sub-prime foreclosures on the market. It has created a 12 month inventory of homes, that will take a long time to motor out of.

If it continues there is a real possibility of a prime bust as those that could afford their obligations are so far under than when required to move, opt to foreclose due to their debt outstanding to value ratio being way under water.

I know that if the housing market returned to normal increases of 2-4% per year, it would take seven years for me to get back to a 2005 purchase price. Add the money that I have stuck in the house and there is no return on investment for the better part of the next decade at best. Add to this the millions of lots and subdivisions that the banks are holding on to, it will be a long time before we see prices at levels of 2004-2005 much less 2007.

The housing market cratered due to over development and poor lending practices. It is nice that a 150K property has granite and anyone can move in for a buck, but what it did is create to much supply for the true demand.
It is simple supply side economics on the buyer and housing side of the equation. There is too much supply (Vacant property) because of the artificial demand created five years ago, and now not enough buyers to break the log jam when those "owners" bailed on their property when they lost jobs, or had their ARM's readjusted.

It will fix itself, but it cannot be fixed by some legislation. Only time and the recovery of jobs (demand) can fix it.

 

Ok, I knew I was one of the two. Thanks for the clarification.

 

Precisely!...................

 

Exactly, while the rest of us that have 25 to 30 years of rowing together and an interest in a great company to work for, constantly try to repair the holes he puts in the boat.

 

Wow FTB, that's the really long way around proving that Leinart blows, which he most undoubtedly does. I love living here in SoCal listening to all of the USC fans moaning and groaning about their poster boy. Love it!

 

This. Sadly, way too many politicians think they've been "sent to Washing to fix this" and will therefore "do something" legislatively that all too often (almost always) treats the symptom but makes the disease worse.

I already know someone who walked away from his house even though he could afford it. And he wasn't under water by much either (10-15 grand tops) AND he put 12 grand in home improvements on his credit card. Walked away from the house and is now considering BK to get out from the credit card debt which he now resents because he no longer owns the house. Sad thing is, he honestly thinks he "stuck it to the man" in doing so. Meanwhile his credit is trashed, etc. Whatever, I tried to talk sense into him.

Anyway sorry for the thread jack.

 

Yeah, TPA too.....