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homestead - Re: [Homestead] Fannie/Freddie bailout question

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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: wce1482 AT yahoo.com, homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Fannie/Freddie bailout question
  • Date: Sat, 13 Sep 2008 18:20:24 -0500


On Sep 13, 2008, at 3:48 PM, william Eggers wrote:

I have listened to what everyone else thinks, so I guess I will tell what I think. Having a degree in history, I naturally look to the past. We are not living in 1929, or maybe 1930. The government is now bailing out the big players while letting all of the little guys go under. Just as it did in 1930. What will happen. I think we are in for a major depression. The difference from the last one is that then the government was almost debt free and the programs instituted effectively transferred debt from the private sector the government. Now most of the people are further in debt, via credit cards, than they were in 1929, but in addition, the government is also in debt. As the economy continues to deteriorate, most of the credit card debt will be erased.

So, seriously, are you running up your credit card debt? It is an enticing thought. All that debt will just evaporate?

The mortgages will be foreclosed and banks will fail.

This presupposes that most jobs will disappear and people can't pay their house payments. Do you think most businesses will fail?

Those few people who are on land and know how to raise what they eat may be alright, but most of the people, who live in cities
are in trouble. They do not know how to grow food and don't know how to learn.

Well, it's not just the issue of food. One winter without reliable electricity and natural gas and the devastation would be enormous. You can't burn furniture in a faux fireplace.

From those city people I have talked to I do not think they will go to the country as they are scared to do so. Unless something drastic is started, and fairly soon, the results will be very bad. Just my opinion. I am very willing to be proved wrong.

Let's work on that.




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