you guys are missing a lot of what happened in 2007-2008
yeah the housing problems were a result of other issues. THe economy wasn't doing too bad. then oil started to climb and gas was $4.00/gallon. aluminum and steel and iron went thru the roof. I recall lots of discussions on this forum about scrapping farm equipment at $600/ton (give or take).
The high commodity prices slowed things down in a hurry. I know we were paying more for the iron in our parts than what we were getting for the finished product (machined and painted). that made us upside down. so layoffs, no bonuses, no new equipment ect ect. at home $4 gas slowed our spending way down.
with the slow down mortgages became hard to pay especially those that had the shady deals (more house than they could really afford) and it went sour reel fast.
key things you guys have missed beating the mortgage crisis horse.
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