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View Diary: 60 Minutes Gets It (212 comments)

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  •  The bubble ain't over till its over (6+ / 0-)

    Here's the Shiller index 1987 up through January of 2011:

    To come in line, real prices have to fall something like 50%, which can be a combination of actual prices drops and inflation.

    It's illogical that house prices can be out of the reach of the lion's share of the public. It only works with other people's money, and that has dried up.

    •  Yes! (0+ / 0-)

      And I think your 50% concept is about something significant, which is the whole two-income household model we've been dealing with for 40 years. Nothing has been gained by this but excess profits in the hands of ruthless bankers and their political flunkies. Children have been disadvantaged by not having a parent at home to take care of them, parents have been stressed to the breaking point, and the taxpayers have been nailed to make the bankers "whole." It's not working, and it needs to be adjusted in favor of the people who matter, not the machine that is financial abuse.

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