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The Bailout

With the bailout nearly complete and the U.S. government essentially taking over all of the bad loans, I still have to wonder if this plan will work. As many economists have suggested, the government should have come in months ago to ease the pain of homeowners facing foreclosure. Instead, things were allowed to get progressively worse until it was too late. Think about all those on the verge of retirement, how their 401Ks and IRAs were, in many cases, wiped out or cut in half. These individuals don’t have time to work and earn back their money. They’re stuck.

This will go down as one of the worst real estate collapses in history, the kind that people will hark back to and use as a reference, just as they do the dotcom collapse when they look at a new e-commerce website that is going to have the latest and greatest initial public offering. They’ll say, “Remember back in 2005-06, when all the money was flowing into the real estate market and people were buying up houses and condos in Nevada, California, and Florida like candy?” Well, remember what happened, how it was too good to be true? Then Wall Street started selling mortgage backed securities and put hedges on these pools of mortgages.

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