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San Diego economists divided on how deep recession will be

"A rising tide lifts all boats". That is why no one listened to people like Taleb. He is a spoil-sport. Everyone was having too much fun buying big-screen TVs, cars and boobs. The greed that swept America cannot be summed up in hindsight (or foresight, in Taleb's case) by economic experts. It was too all-encompassing. Allowing people to buy homes or borrow against their homes with so little oversight in place had an effect that can only be described as frenetic. I saw home purchase and refinance loan documents pour into my office day after day, the equity in homes rising 5-10% or more from the time the buyers or borrowers opened escrow until the time it closed. They bought these houses and condos with little or no money down, caught up in a frenzy that was pushed on them by greedy mortgage brokers and real estate agents who assured them that they could sell their house next year and get into their "real" house, or refinance their ghastly loans in a couple of months with a fixed rate mortgage, not to worry, your home can only go up in value. Act now, though, rates will go up, prices will go up, etc. These "professionals" did not explain the mortgage lender enriching, unnecessary pre-payment penalties that would not allow them to refinance without paying a five digit pre-pay, only being told go for the pre-pay, it will reduce your monthly payment, nor were they experienced enough to understand the cyclical nature of real estate. The refinancings were worse, people using their homes to payoff cars and credit cards and coming back a year later to do the same, all the while thinking their home values would continue to soar, and they would ride the wings of this never ending infusion of cash disguised as equity. But, as we all know, someone always has to buy (or borrow) at the top. By then, it was too late. Wall Street had entered the picture, and these mortgages had been sold, leaving investors holding the bag. That's another story that I'll leave to the experts. "Hindsight is 20-20." Then we have the slew of experts who say "I told you so". And, boy, where they right. Can't wait to hear what they have to say the next time.
— November 14, 2008 9:06 a.m.

Snickering at Proposition 8

Change like that does not happen overnight. It's still too soon. But when we are all truly equal (and I believe at some point in our country's history this will happen) things like Prop 8 will no longer be necessary. And until then we all need to vote for what is just and right. I hate to see the stripping away of rights due to the stupidity of a few, JB, such as the booze ban and, anti, you are correct that these issues affect how we all LIVE, but as long as these issues are still on the ballots (which in some cases at this stage is in itself criminal), we have to use our best judgement, but in turn try not to judge too harshly those whose judgement may be clouded. Someone whose husband was killed in a car crash by a cell phone user may think differently, or someone who lost a friend because of a drunk driver. To most it sounds crazy to vote on important issues based on personal experience, but that is EXACTLY what determines how most do. Certain events have an enormous impact on judgement. As the pain of certain experiences fade, sound reason and judgement usually come back. Mind you, this may not always change a person to become more tolerant, and in fact does sometimes have the opposite effect, turning people into crusaders for a cause that is important only to them (Mt. Soledad cross, anyone?). And if sound reason and judgement were never present, the easing of certain omnipresent conditions will bring relief and a feeling of safety and well-being from constant hopelessness. And that is why the African-American vote will at some point sway in the opposite direction. The need to seek solace in the church will not be as prevelant as true equality is reached, and the doctrine of the bible promising salvation will no longer be necessary because suffering here and now will no longer be a factor. There is a big difference between those that truly need the promise of the bible, and believe every word of it and therefore allow it to affect their everyday decisions, such as how they vote, and the ones who use it as a corrupt means of control. But, whew, that is a whole 'nother issue....
— November 11, 2008 7:56 a.m.

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