Posted by
Big Bill on Friday, September 19, 2008 6:50:42 AM
The economy is on everyone's mind right now and there is a firestorm coming about how the Republican president is at fault and how John McCain agrees with the policies that caused the problems. WRONG! And WRONG! No partisan person made this current flow of events occur. It was greed and the mismanagement of a company that caused these problems, just like the oil price index was not caused by a political party but by speculation and mismanagement of our nation's natural resources. We need to examine instead of people, the techniques used by successful businesses to be safe and profitible. We need for the steady handed risk takers in our society to buy land and homes, improve them and set our real estate market in order. Families still need housing and willl pay rent for it. The alternative financing market is going to turn this economy around. Just like small businesses will employ th emajority of people for industry to progress, in real estate it will be responsible investors that create a way to get houses in this downturn bought by first time and middle income buyers. We don't need government stepping in and regulating sellers and mortgage brokers, we need banks to take the reins directly and make shrewd investments with 20% down represnted in short term second mortgages by seller/owners so there is a responsible party keeping property in good condition and habitable.
The market will correct, but only if government keeps its hands of non-regulatory issues and lets investors with track records help new investors by mentoring and supporting them.