Sunday, August 15, 2010

The New Okies

I've read news accounts of how millions of people have lost their homes through foreclosure or short sale, and I have two friends that this happened to in the last 6 months. One moved into a rental that is far less spacious and nice than what he gave up. The other has his eviction notice but no money to rent anything, so he'll probably move in with a friend. So I'm guessing that when people change from "owners" to renters, most of them will downsize into less luxurious digs than they're used to. So what's to become of all these houses that people rushed to buy 3-4 years ago? Will they sit vacant, waiting for the economy to pick up? What will happen to all the construction workers that now have nothing to build and have run out of unemployment? What are the statistics on divorces of late? And why does the entire world seem economically dead? Is there some place on this earth where jobs are plentiful, and if so, why? Does anyone still believe that a deficit-spending government can bring an economy back to life?

                           

2 comments:

  1. The economy, being a Ponzi scheme of the highest order, will not recover. As to those empty McMansions, they will soon be filled with squatters I suspect. Probably extended families will get a little "closer", and shack up together. They'll have to, for mutual production and protection. Things they are a-changin'...

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  2. Hi Mayberry,

    And yet, people still believe that government will save them. Recovery is only a few trillion dollars away.

    The McMansions will only be desirable to squatters as long as the stores have loot-able food. The postage-stamp lots can't support gardens, especially without water.

    Dave

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