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What Caused the Financial Meltdown?
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<blockquote data-quote="UPS Lifer" data-source="post: 403627" data-attributes="member: 9789"><p>The only difference I see with consumers is that someone has to give them the money. Without a loan they can't move up to another house or take the cash and buy a car or boat or go on a trip.</p><p></p><p>Where some of the consumer greed comes into play is the feeling that the home would continue to build equity (we now know this to be artificial equity) and they could always go to plan B and sell for a profit to pay the debt. </p><p></p><p>Well so much for plan B! We also had all the speculators with the same thought process. </p><p></p><p>But again, if you can't get the loan there is no money to buy anything and the greed factor goes down to tube.</p></blockquote><p></p>
[QUOTE="UPS Lifer, post: 403627, member: 9789"] The only difference I see with consumers is that someone has to give them the money. Without a loan they can't move up to another house or take the cash and buy a car or boat or go on a trip. Where some of the consumer greed comes into play is the feeling that the home would continue to build equity (we now know this to be artificial equity) and they could always go to plan B and sell for a profit to pay the debt. Well so much for plan B! We also had all the speculators with the same thought process. But again, if you can't get the loan there is no money to buy anything and the greed factor goes down to tube. [/QUOTE]
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