Watch the language please, Chris. If we let this get a little too political, a little too emotional, the mods will close this thread because it's way off the rules of the forum. You make some valid, thoughtful points keep em coming.

Rharv, that article might as well be me. Exactly the same scenario except I work for a CPA firm and our clients ask us all the time for financial advice. We were telling people to buy a house if they could at the time for the exact same reason this guy said, if you don't the prices will run away from you and you'll be left behind and your family will be renters forever.

My business partner in several RE transactions is a CPA and a very smart guy. He was doing consulting for a large NY RE investment syndicate doing 200 million dollar deals in 2003-2006. They would fly him out for 7-10 days simply to review one of those transactions and he always found something that would save them several hundred grand and they would pay him 20-40 and in one case 70K plus expenses. As I said, he's a very smart guy. I thought I had an "inside line" on how the RE market worked and where it was going. Bottom line we lost 4 houses, that NY company has cut back something like 70% and my partner works for another CPA firm in LA at half the money he was making 5 years ago. The way Carl Richards describes the vibe during that time, looking for properties, the long lines, making offers at full asking price before you get outbid is exactly what happened because I lived it too.

It still boils down to looking at the big global picture here. By that I mean the principles of this country and our capitalist system. The system works, it's been proven for over 200 years and while these problems happen and will happen in the future, there is nothing fundamentally wrong with the system yet these protesters know squat about that and somehow want to throw all that away and replace it with what, exactly? They certainly don't know but if we were somehow able to get inside their heads and root around most of us suspect some kind of top down socialistic Marxist ideology is hiding in there.

Just because the insider trading and corruption GDaddy talked about exists, has existed, will continue to exist still doesn't mean poor people with no education, no skills, no training can somehow earn the kind of money they think they are "entitled" to just because the rich fat cats are making the majority of the money. That has nothing to do with it. It's still a free country with a free economy. Regardless of how much the big boys make, if someone has a good college degree or some technical job skills they will be fine in the long run. This isn't the only recession based on a bubble in the history of this country and it won't be the last. Something else to research is the concept of the Business Cycle. Read up on that, it's pretty eye opening.

Bob

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