It is 12 noon on March 19, 2010 on the West Coast. It is a warm day going into the first day of Spring. The stockmarket, bond markets, and commodities seem to be doing well or at least in a holding pattern . My worry is that the holding patten may be because everyone is afraid of where we might land, or even crash. The best we may see is another emergencyu landing.
Why title The Next Shoe to drop? Well, there is a mood developing in the country, especially with ordinary citizens who are looking at the properties they or their families live i, worked for, take care of and see a "BLACK HOLE". Although Obama's house plan seems to be a god send for us ordinary folks, it isn't working. Do you realy know anybody who has been helped re-finance, or readjust, or get any kind of help from the banks or lenders on Homes, Houses families own and rent? Sure the Banks and Insurance companies were bailled out or now we know have just walked away from debt obligations while our "Representatives" Comgressmen and Senators threw money at them. Why should they worry. Now we are seeing major developers and owners of over-built shopping and business buildings default and walk away from those obligations. There is no cry of foul or moral terpretude, BUT let one beleaugered, hard working Joe lose a job or all the equity they built up in their homes and decide to walk away, the "Moralist" and two-faced demogogue politicians scream and point fingers.
Mr. and MS. Congressman - where is the American Public's Bailout?
And here is where the other shoe could and may very well come from, hey, what if everyone in the U>S> decides Not to pay their mortgage or debt for the next year until our "Representatives" force the banks and lenders and insurance companies and credit card companies into sharing some of the same kind of bailout they received in BILLIONS of OUR TAX Dollars.
Under water on your mortgage? Lost all your Equity? Well, the mood is developing, WALK AWAY> REFUSE TO PLAY "THEIR" GAME until the American People get heard and get relief. Otherwise the shoe drops and here comes the Depression. Uh, Huh.