Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Will America recover from this Recession?

Feb 9, 2010
For OpEdNews: Richard Clark - Writer

As we all know, the massive wave of subprime mortgages that defaulted in 2007 and 2008 caused the biggest financial crisis since the Great Depression. What most people don't yet know, however, is that the "second wave" of mortgage defaults is on the way. A huge mountain of adjustable rate mortgages are scheduled to reset this year, and once those ramped-up mortgage payments have to be made, then once again there are going to be plenty more folks who simply cannot or will not continue paying on those mortgages, most of which will be foreclosed, leaving the banks with tens of thousands of properties which they will eventually be forced to sell, for prices well below what had been considered a fair market price. This in turn will press the market value of all other homes down still further, well below their current value.

cont link below

 
Anonymous

Asked by Anonymous at 12:16 PM on Mar. 1, 2010 in Politics & Current Events

This question is closed.
Answers (42)
  • The only way this nation will be able to be saved again is if the dollar goes back to being worth something and we don't have one supreme bank over everyone. So, no we will never be the same. The Federal Reserve screwed everyone over the minute they stopped basing our money on something (it was based on gold).

    Honestly, I am just hoping that it all collapses soon so I can look at people and say, "Told you."
    Kenre

    Answer by Kenre at 5:59 PM on Mar. 1, 2010

  • Anonymous

    Answer by Anonymous at 12:17 PM on Mar. 1, 2010

  • cont
    But what if six million great new well-paid jobs are created in the next six months, to replace the six million we've lost in the last few years? Wouldn't that allow these owners to hang on? Well yes, it might begin to, but with Obama and most members of Congress having been bagged and captured by the big banks, what are the chances that such jobs will be created?

    The answer is, zero.

    Even though the U.S. financial system nearly experienced a total meltdown in late 2008, the truth is that most Americans simply have no idea what is happening to the U.S. economy. Most people seem to think that the nasty little recession the banksters got us into is almost over and that very shortly we will be experiencing another period of economic growth and prosperity, just like we always have before.
    Anonymous

    Answer by Anonymous at 12:18 PM on Mar. 1, 2010

  • How can we when we are trillions of dollars in debt?
    my2kids312

    Answer by my2kids312 at 12:20 PM on Mar. 1, 2010

  • Most people seem to think that the nasty little recession the banksters got us into is almost over and that very shortly we will be experiencing another period of economic growth and prosperity, just like we always have before.
    -------
    They think this because this is what they are being told by the administration!!! I don't believe it. I do not think there will be any significant recovery until 2013. (or 2017 if America is still infatuated with our dear Leader in 2012..........)
    29again

    Answer by 29again at 12:25 PM on Mar. 1, 2010

  • It's more than subprimes here, it was OTC derivatives that Bernanke and Greenspan turned a blind eye to.
    jewjewbee

    Answer by jewjewbee at 12:30 PM on Mar. 1, 2010

  • We will not recover as long as obama is in there trying to change us with his socialist agenda. We can not recover with all the Dem's big spending. They are putting us in so much debt that we will never recover from. Now they want to burden us with this big expensive health care bill. I just hope and pray that we can stop them.

    Natesmom507

    Answer by Natesmom507 at 12:43 PM on Mar. 1, 2010

  • I don't know about any of you, but I cannot predict the future. Maybe we will, maybe we won't.

    Rome fell, why not us?
    Anonymous

    Answer by Anonymous at 12:44 PM on Mar. 1, 2010


  • The truth is that life won't return to what it was for a very long time.

    Everyone has been affected and everyone will have to get used to living with less.
    People have become materialistic and spoiled.
    People have been putting emphasis on the wrong things.
    Personally, I am worried and disappointed.
    I'm pissed.
    The people in Washington have gotten away with too much.
    Let's throw all of them out!
    Both parties.
    mustbeGRACE

    Answer by mustbeGRACE at 1:00 PM on Mar. 1, 2010

  • yes it will, it has before and it will again, and Grace, it hasn't affected everyone, my life has been no different than before, because I live within my means.
    older

    Answer by older at 1:15 PM on Mar. 1, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN