Seaver

Not to derail, but I thought you were a waiter?

Anyways all of this boils down to one thing. Investments are a gamble. When you invest in PEOPLE, it's a bigger one. When people buy things they can't afford, gambling on the future, they can not complain about losing on the gamble.

Unfortunately, this worked for over 20 years and it became a certainty. People continued to buy McMansions, or houses that were more than their total gross income for 8+ years on 15 year mortgages.

So now those pushy mortgage brokers who made their bonuses by pushing these risky investments, the shortsighted managers who pushed the brokers to continue it, and the bug-eyed purchasers are paying the price.

Will this be '29? I SERIOUSLY doubt it. Will this, along with the oil prices, cause '70s stagflation and short-term recession? I am gambling on it. Honestly, 10% of my income is buying up stocks to get them cheap and reap the benefits later.

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"Smite the rocks with the rod of knowledge, and fountains of unstinted wealth will gush forth." - Ashbel Smith as he laid the first cornerstone of the University of Texas