I’ve been fearing an economic collapse for a while. I just saw a story today that said that we can anticipate 1.5 million foreclosures this year. Those foreclosures will flood the market with cheap houses, driving down prices, causing more to be upside down in their houses and thus more foreclosures.
So what happened? My politics drive me to want to blame predatory lenders. But I’m afraid they can only be blamed for giving us enough rope to hang ourselves. I’m afraid the fact is we have too much stuff. We need to consume less, and we are about to have it thrust upon us.