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General Moto | Off-Topic Posts
Is Recession A Self-Fulfilling Prophecy?
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[QUOTE="2strokerfun, post: 1320646, member: 69719"] Was a newspaper business reporter for 11 years before I sold out and became a lawyer. Yes, I believe these phenomenon are--to a great extent--a self fulfilling phrophecy. But, reporters have a job to do and they (OK, most of them) don't make this stuff up. By that, I mean the sub-prime loans given to people with $14k income to buy a $720k house. Or the (many, many, many) people who borrowed against falsely inflated equity to buy another and another and another rent property. The mortgage house of cards was bound to fall sooner or later, along with the unbelivable derivatives market most of the analysts never actually understood anyway. So, we have what we have. Living on borrowed money is just plain risky. Then, the stories hit, and people are afraid to borrow. But much more important in the mix, is that lenders, who a year ago would lend someone $250,000 on a pledge, won't lend a dime on a mansion. And anyone who holds a credit card is finding out the companies are now cutting your credit limits and raising interest rates, so it is a viscious circle, but the banks still and "financial institutions" still seem to hold all the cards. Now, back to motorcycles, especially, old motorcycles.......... [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Is Recession A Self-Fulfilling Prophecy?
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