Posted by Dave from MN on March 16, 2009 at 09:04:53 from (96.24.108.212):
In Reply to: O/T Recession posted by Ben Grimes on March 16, 2009 at 07:13:35:
I dont beleive we have hit the half way mark. We havent even started to see the issues that will come from the lost jobs that happened the last few months. Once they are out of savings and unemployment checks are only coveriung living expenses your gonna see alot more defaulted loans and mortgages. I can see interest rates becoming very high in the next 2 years. The farm I bought was built in "82. Good people with good credit and their interest on the mortgage was 22%, my loan is for 4% and 5.9%. I have not been renewing CD"s because I am either gonna invest it in appreciatable purchases or hold it in saving until the higher rates come, they will. I do beleive more people are spending, sure seemed like it Sat night at the pub for prime rib night. Mnut is right, auctions are packed, people are buying stuff up, so I think those that are hurting hard have learned, those that didnt quite hit bottom yet will make it worse for themselves.
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