John Lounsbury
John Lounsbury
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Five Predictions for This Market [View article]
Nice comment. But I have to ask: Have you factored in seasonality factors in making your price projections?
Five Predictions for This Market [View article]
You wrote: "Your left-winger, government reliant friends were the ones applying for bad ARM's they could not afford."
Do you have information about the political demographics of fraudulent mortgage applications?
Wall Street Breakfast: Must-Know News [View article]
Because of the oil crisis I was having trouble meeting living expenses. The cost of driving to work and the cost for heating my home approximately tripled in a short period of time. All other costs increased dramatically. Inflation rates in the 70's moved well into the teens. My income did not keep pace.
My family wore used clothes. We drove very little and had an old car. We went in the woods and dragged home firewood (by hand) so that we could use less heating oil. There were no vacations for five years. But never once did we consider foreclosure. We had a place to live and sacrificed everything else to protect it.
I sold that home in 2004 for ten times the original cost.
The current situation will also pass. We will come out the other side stronger. The pain may last for years. Government action may or may not help. Washing out the effects of shocks, in this case a credit bubble bursting, take time. Just remember, you don't hang the wash out to dry until all the detergent has been rinsed out.