Signs of the coming American crash

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Signs of the coming American crash

Precursors to the coming crash are becoming more evident in news articles and posts on the net now. Here is one persons view of the decline of their Californian city, a place of scrap dealers, homeless, closing businesses and insurance fraud.

By netchicken: posted on 21-3-2009

Californian suburb of foreclosed homes, and closed and abandoned homes. Economic dead zones.

This is what I think is the fundamental flaw of the economic situation.

If the people had been encouraged to stay in their homes, say given a mortgage break, or similar assistance then all that capital would have been maintained in the community. People would still be there to prevent squatters (who might just be ex-housing owners themselves), they would have maintained their properties, used the shops, contributed to the rates and other costs, and there would still be a functioning community.

By driving people from their homes like this they destroy the capital of the families who make up the community, as they lose everything, not just their homes, and the entire society suffers and pays the price for such shortsightedness. A well maintained home still mortgaged to the bank is far better for the bank than a closed empty shell of a home that has been vandalized.
By netchicken: posted on 21-3-2009

American crash

I do agree but however the blame cannot be put on the banks maybe we should blame the education system for not educating peoplwe on self constraints because if you are living way beyond what you are earning then who should be blamed? Maybe the banks are not to blame they are just the scape goat for whoever the persons behind the crash are???
By Mino: posted on 30-4-2009

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