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What next, hyperinflation?
Foreclosures are projected to increase in the coming year as some people in adjustable rate mortgages won't be able to refinance. This will drive down the prices of homes and this recent bailout will only be a bandaid. In other words, expect more bailout happening. If Congress made it attractive to buy homes - letting the consumer depreciate the cost of a second home or investment home over 5 years, , the mortgages would secure. Since this banking bailout without any oversight, given to some banks that have been bilking the American consumer with high rate credit cards - they offer teaser rates only to jack up the interest rate at will, would it have been better if the government gave the citizens those billions to pay off their loans since the consumers will be paying back the banking bailout through taxation? There are only so many dollars that can be printed and with all the promises by the upcoming administration to inject money into the economy, one of these days the sh*t is going to hit the fan, because the dollar will be worthless. Interest rates are at all time lows but from what I've read, banks aren't lending any money. Who knows what these bailed out banks are doing with our money since they weren't required to disclose what they've been doing. Here's a thought, give some greedy bastards a blank check but you don't get to know what they spend it on. The only thing we haven't experienced yet, is hyperinflation. Hyperinflation typically hits overnight, and stores cannot keep up with the inflating prices. Do you think we'll experience hyperinflation within the next 3 years?