What if we could go back to the idea of real estate as a hobby. You know, you buy a nice little bungalow on the New Jersey shore, you hope the value goes up, but who cares? You get to enjoy it for the next twenty years of so. Maybe you can afford a beach condo ?
It's worth a try at least. With all the bankers like Robert Rubin of Citibank, and John C. Dugan, the Comptroller of the Currency, predicting imminent collapse of the US Economy and the dollar, it may be time to get out of paper and into real estate.
With the fear around the imploding real estate
bubble, I would forgive you, if you decide to settle for a beach rental, and spend the cash on some momentary pleasures. LaRouche is right, if we don't get the system reorganized soon, we may all not have too much time to say, apres moi le deluge!!! James Lockhart's speech to the New YOrk Bankers Association conference on Nov 9th was even wilder. It is true that banks face huge risks with their portfolios of mortgages from the last five years ago, where with looser regulation, the money went out, but it may not be coming back. Maybe, we are closing the barn doors after the horses got out.
