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On 24 Sep 2005 09:11:44 -0700, wrote:

Chuckie is spewing the typical brain dead liebral class warfare crap.
The vast majority of people do not stay in one income bracket throughout
their lives.

Sounds a bit like "let them eat cake."

You are right about that. The middle class is going the way of the
passenger pigeon. Yes, yes, a few of the former middle class are moving
into the ranks of the privileged-(something to cheer about in the right
wing) but most of the people leaving the middle class are worse off now
than they were a decade ago.

Watch what happens when the RE bubble bursts. All those folks with what
they think is a huge asset (suburban McMansion) and almost no net worth
(refinanced 2,3,4 times to sustain consumer spending in an environment
where housing costs are soaring and wages are essentially flat). You
think we've got po' folk now?
Just wait.

You guys know darn well what's on the horizon, and the recent changes
making it
almost impossible to declare a personal bankruptcy are an indicator.
Some of these people will be working the rest of their lives to pay off
the debt on a soon to be repossesed house

Sure, the reasoning advanced is often "When prices go down, we just
won't sell. We'll wait a few years for them to come back up." Some
people will have that luxury. Others will be forced to sell do to a
medical emergency, job loss (or transfer), or other unforeseen event.
When they put these heavily refi'd houses on the market and discover
nobody is willing to pay enough to break them out of their
indebtedness, there will be more examples of "people not remaining in a
single economic class for an entire lifetime."

Those houses dumped by the portion of the population "forced to sell"
will further erode the fantasy wealth of people who believe they can
hold as well as consume the same asset.

Add a 1, or even a 2,3,or 4 on the left hand side of every house price
in America. Nobody would be one cent better off if they are compelled
to live in one of those houses.

--
John H

"All decisions are the result of binary thinking."

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