foreclosure today. I sometimes think and wonder why the economy is so bad. Is it the government? Do we always follow the crowd? Knowledge? Emotions? are we too dependant on others? what is it?
My opinion why the economy is so bad.
"I always believe in this phrase: the rich keep on getting richer and the poor keep on getting poor'.
when the real estate market was booming the rich people were the ones who were selling. The middle class was buying. We would take advice from everyone. If your uncle, grandmother, mom told you to buy, you would buy. We were getting advice from the wrong people. All the real-estate agents saw this and got their license to sell homes. In 2 months they got their license . Imagine if a doctor got their license in 6 months and was able to do surgery. This would not be right. Real-estate agents were going after their commision, they never did the right thing for the buyer. no experience, most were selling homes and were still learning real estate . "GREED" What were the rich doing? collecting their checks from homes they sold. Were they buying? of course not!!! Rich people never follow the crowd. They don't party when everyone else parties, they dont invest when everyone else invests. They plan ahead all the time. Today there are so many foreclosures: guess who are buying homes now? the rich, investors! No one is buying due to their current situation. The rich class sees this opportunity and are buying on wholesale or in bundles if they can. Banks got so greedy they started giving loans to everybody. If someone is making $40,000 a year. why would they give a loan of $700,000? doesnt make sense. greed", Now many banks are getting bailed out , and they are actually letting people loose their homes. They got their money! My last thoughts: if america would be more educated this would have never happened. The government should not be bailing out the big guys. They should find other ways. What about those who bought homes and are making their payments on time, paying their taxes on time. what do they get?
Monday, March 16, 2009
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