{"id":16272,"date":"2012-12-30T11:52:52","date_gmt":"2012-12-30T18:52:52","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=16272"},"modified":"2012-12-30T11:52:52","modified_gmt":"2012-12-30T18:52:52","slug":"doom-and-gloom-redux","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16272\/doom-and-gloom-redux\/","title":{"rendered":"Doom and Gloom Redux"},"content":{"rendered":"

In 2008 – four years ago! – I penned a doom and gloom email that Greg posted to this here blog<\/a> (with my permission). Soon thereafter, he invited me to join as a regular writer. <\/p>\n

To sum it up, I thought (and still do believe) there is no way the government can automagically print currency in an effort to create real wealth. Paper is not wealth. <\/p>\n

I expected inflation to hit much harder and more dramatically than it has. It’s been far more restrained. I suspect this is because that paper has been disproportionately sent to particular areas of the economy – large banks, for instance – that continue to hoard it. <\/p>\n

I’m sure you don’t need me to tell you how easy it was to get credit in 2005 (when I bought my first home) compared to 2012 where the bank made me jump through all sorts of hoops to refinance a home I’ve got even though I’m in a much more financially sound position today than I was in 2012.<\/p>\n

Still, my prediction that this recession would last years and years has borne out. I believe we are still in the first half of this financial crisis. That it simply feels like a crappy “normal” existence is a consequence of its duration. <\/p>\n

But you aren’t getting the worst of it, unless you’re a recent graduate from a college or, wait for it, law school and now finding yourself saddled with six-figure debt earning a low five-figure salary. <\/p>\n

Educational debt – non-dischargeable in bankruptcy<\/a> – is like mortgage debt which is not cram-downable. That effectively keeps a whole class of citizens in debt-poverty. You can say, as you can say about indebted homeowners, that they made that choice of their own free will (I don’t agree with this view…), but the fact remains that hundreds of thousands of people in their mid-twenties and thirties are saddled with enormous debts punishing them for choices they made when they were 18 and 19.<\/p>\n

This is not good for the economy, or society.<\/p>\n

The consequence is Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In 2008 – four years ago! – I penned a doom and gloom email that Greg posted to this here blog (with my permission). Soon thereafter, he invited me to join as a regular writer. To sum it up, I thought (and still do believe) there is no way the government can automagically print currency […]<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-16272","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2956,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2956\/doom-and-gloom-win-again-real-estate-is-dead\/","url_meta":{"origin":16272,"position":0},"title":"Doom and Gloom Win Again: Real Estate Is Dead","author":"Mike Farmer","date":"April 13, 2008","format":false,"excerpt":"It is now pervasive, whether fact, fiction, miscalculation or a misunderstanding of economic adjustments -- doom and gloom has colored our lexicon and everyone's on board. The \"realists\" are merely pointing out facts, the politicians are merely offering a big hand to help all the little people in this troubling\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/26\/cloud-mining-the-news\/","url_meta":{"origin":16272,"position":1},"title":"Cloud-mining the news…","author":"Odysseus","date":"December 13, 2005","format":false,"excerpt":"The Business Journal of Phoenix is first with the news of November's overall appreciation numbers:[T]he median home price is back on the rise. After a decline in October to $259,900, the price returned to the record level of $263,000 set in September.The Business Journal is a boring old just-the-facts kind\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10765,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10765\/bright-spots\/","url_meta":{"origin":16272,"position":2},"title":"Bright spots…","author":"Damon Chetson","date":"January 4, 2010","format":false,"excerpt":"For all the doom and gloom about the economy etc., it's important to remember that the productive talents of human beings can create better lives for all of us. Technology is one sector of the economy that, broadly speaking, has witnessed tremendous innovation over the past 30 years. Nearly the\u2026","rel":"","context":"In "Technology"","block_context":{"text":"Technology","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/technology\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1745,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1745\/can-i-still-get-a-mortgage-in-todays-lending-markets-with-cold-hard-cash-and-great-credit-certainly-otherwise\/","url_meta":{"origin":16272,"position":3},"title":"Can I Still Get a Mortgage in Today’s Lending Markets? With Cold Hard Cash and Great Credit, Certainly; Otherwise…","author":"Cooksquared","date":"August 4, 2007","format":false,"excerpt":"On Friday, August 3rd American Home Mortgage officially closed its doors. That same week Standard & Poor's cut its outlook on Bear Stearns from stable to negative amid fears of firm wide exposure to subprime lending and the leverage finance market. If all that were not bad enough, the leveraged\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3038,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3038\/its-the-end-of-the-world-as-we-know-it-and-i-feel-fine\/","url_meta":{"origin":16272,"position":4},"title":"It’s The End Of The World As We Know It And I Feel Fine!","author":"Barry Cunningham","date":"April 30, 2008","format":false,"excerpt":"That's great, it starts with an earthquake, birds and snakes, an aeroplane and Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn - world serves its own needs, dummy serve your own needs. Feed it off an aux speak, grunt, no, strength, Ladder start to clatter\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"Case Shiller Reort | Real Estate Radio USA","src":"https:\/\/i0.wp.com\/www.realestateradiousa.com\/blog\/wp-content\/uploads\/2008\/04\/endofworld.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5071,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5071\/mortgage-market-week-in-review-12\/","url_meta":{"origin":16272,"position":5},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"October 17, 2008","format":false,"excerpt":"Well, here we are and it\u2019s time for another Mortgage Market Week in Review.\u00a0\u00a0 This week, we\u2019re going to talk about consumer spending, consumer confidence, the new normal, where\u2019s the bottom?\u00a0and why interest rates have had a 1 percent up and half percent down swing since last week Wednesday. Consumer\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=16272"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16272\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=16272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=16272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=16272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}