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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Morning musing
  • Date: Thu, 20 Sep 2007 17:54:54 EDT

Gene,

> I still object to the term. But then, I think that gay means
> lighthearted, carefree, happy, not homosexual.
>
> Does the housing market correction affect you?

In the early 1930's there were many people who had lived through the
temendous Ression of the 1890-1892 and so the powers of the day were keen on
not
inciting a panic by calling the economic downturn a 'recession'. So they
called it
a Depression and that term took on a much more sinister life of its own which
it has to this day. Now, we call it a recession so we don't panic people who
react emotionally to the term 'depression'.

There is virtually no one now who doesn't term the housing situation as a
'bubble' even Greenspan. In the usual meaning of a correction, you wouldn't
have massive foreclosures, values dropping significantly, bank runs,
government
bailouts. So euphemize it if you must, but soon it will be like the Black
Night in Monty Python's Holy Grail who after losing all his limbs says, "It's
only
a flesh wound, I've had worse."

By the bye, we will see of course, but the same doomsayers who accurately
predicted the housing bubble have also predicted that it will be ten years or
longer before the situation reverses itself.


James </HTML>




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