Replies to post #81837 on Zeev's Turnips Patch-No Politics (ZEEV)

[Babylon]

Mlsoft, maybe a better way of asking would be, where will the jobs come from when the economy does turn around? Can we survive primarily as a service based economy that outsources continually its manufacturing base, and now even many IT areas?

[mish]

mlsoft - you and I seem to be on the same page.
I want to hear from someone who thinks we grow, or even muddle thru, or from some who have stated that debt is not a problem.

The job situation to me, as well as the state of the economy in general, with the possibility of a double dip or worse, tells me that debt is a very real problem, but no need to repeat the full text of my original post again.

Rest assured you are not on ignore.
I do not have anyone on ignore.

M

[jdaasoc]

I agree that recession may last a while but no doom and gloom here.
Housing values and total net equity in houses will only dip 1-2% and within 3-4 years start climbing higher again. People with too mach house carrying cost, mortgage, taxes and upkeep , for their income will either take in tenents, boarders or relatives, or move out being taken by someone that can afford it.
It may be 2-4 years before home equity values are higher then today in worst case but only a recession could flatten then for 10-15 years like great depression. I think I've told my father's story of houses he lived in Brooklyn from 1910-1950, he was momma's boy, before. He started out by pointing at a wharehouse on a pier out into NY harbor where he was born working up PArk slope to a 4 unit 3 story building near Prospect park that banks wouldn't budge on their cost basis from a 1929 mortgage indebtedness even in 1945.