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"One could say that a further fall in the stock market or the housing market would really be harmless, since nothing is physically destroyed by a fall in market values; it is only a change on paper and in our minds. One could say that if the stock market were to fall by half again it would only bring us back to where we were a decade ago in terms of market value. But there is the problem that the loss will not be borne equally." - Brian Fagan, Floods, Famines, and Emperors: El Nino and the Fate of Civilizations (Get the book.) "In our questionnaire surveys of recent homebuyers in 2003 and 2004, Karl Case and I asked homeowners directly about possible feedback from the stock market to the housing market. We asked the following question, with the results indicated: The experience with the stock market in the past few years [Please circle one number] 1. Much encouraged me to buy my house 12% 2. Somewhat encouraged me to buy my house 14% 3. Had no effect on my decision to buy my house 72% 4. Somewhat discouraged me from buying my house 2% 5." - Brian Fagan, Floods, Famines, and Emperors: El Nino and the Fate of Civilizations (Get the book.) "People in much of the world are still overconfident that the stock market, and in many places the housing market, will do extremely well, and this overconfidence can lead to instability. Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well." - Brian Fagan, Floods, Famines, and Emperors: El Nino and the Fate of Civilizations (Get the book.) "The impact of the Baby Boom is one of the most talked-about issues relating to both the stock market and the housing market, and all this talk in and of itself has the potential to affect stock market value. People believe that the Baby Boom represents an important source of strength for the markets today, and they do not see this strength faltering any time soon. These public perceptions contribute to a feeling that there is a good reason for the market to be high and a confi- dence that it will stay that way for some time to come." - Brian Fagan, Floods, Famines, and Emperors: El Nino and the Fate of Civilizations (Get the book.)

"Now we will tell you what it means to you—it means, for one thing, that trillions of dollars' worth of securities are bound up with the U.S. housing market. Fast-talking lenders wrote mortgages for slow-witted homeowners. Then the lenders sold the contracts, which were packaged with thousands of others into a mortgage-backed security (MBS). The MBS is backed by a mortgage. But who backs the mortgage? That would be those sad-sack homeowners we mentioned, who stretched too far to buy too much house with an ARM far too long. (See Figure 15.2." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.)

"Moreover, the backlog of unsold new and existing homes had also increased dramatically—hitting multiyear records—and the National Association of Home Builders' housing market Index had fallen to a 15-year low in September. The year-on-year median price for an existing home also declined for the first time in over a decade. "For Sale" signs sprouted like weeds. Even some normally Pollyannaish construction industry insiders were beginning to ponder out loud about a "hard landing" in the residential property market." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.) "As the pressures from an unwinding debt bubble, a falling housing market, and a collapsing economy continue to grow, the retirement system and other wobbly towers of promises-to-be-broken will soon come tumbling down. i C h a p t e r GOVERNMENT GUARANTEES "The only sure thing about luck is that it will change." —Bret Harte In 1968, Vermont enacted a ban on billboards and roadside advertising to protect its scenic views. According to the Concise Encyclopedia of Economics, one consequence "was the appearance of large, bizarre 'sculptures' adjacent to businesses." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.)

"The Chinese domestic housing market employs increasing amounts of asbestos cement. Regarding future deaths that this will bring, those making these decisions know but they don't care, much like the factories around China leaking benzene into the rivers. Canada remains, at best, ambivalent on the issue of asbestos. A 1984 Royal Ontario Commission report reviewed the world literature and concluded that the dangers of asbestos were well established. It described the Johns-Manville asbestos plant in Scarborough, east of Toronto, as a "world-class industrial disaster." - Devra Davis, The Secret History of the War on Cancer (Get the book.)

"In India, where we would expect farmland to be sacred, farmers near cities are selling off topsoil to make bricks for the booming housing market. Developing nations simply cannot afford to sell off their future this way, just as the developed world cannot pave its way to sus-tainability. Agticultural land should be viewed—and treated—as a trust held by farmers today for farmers tomotrow. Still, farms should be owned by those who work them—by people who know their land and who have a stake in improving it. Tenant farming is not in society's best intetest." - David R. Montgomery, Dirt: The Erosion of Civilizations (Get the book.)

"A Prefab Home hh A prefab renaissance is sweeping through the housing market. Prefabrication has been around for decades, but boxy little homes were long considered a lowbrow architectural style. Today's prefab home, however, can be cutting-edge, modern, and minimalist, and in the best cases, ecologically conscious. Like any other industrially produced product, prefabs can be easily modified to incorporate specific features, such as sustainable materials and green design. In this way, we get to bypass much of the tedium and inconvenience of the building and contracting process." - Alex Steffen, Worldchanging: A User's Guide for the 21st Century (Get the book.)

"This optimism endured despite growing signs of trouble in several key areas, including the housing market, the domestic automobile industry, and the commodities pits, where prices of gold, oil, and copper had all touched multidecade highs in a frenzy reminiscent of the late 1970s. Until mid-2006, in fact, the U.S. economy was generally viewed as being in a Goldilocks state. Unfortunately, many observers made the classic miscalculation: they assumed that the disparate pluses and minuses added up to some sort of healthy middle." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.)

"By year six of the twenty-first century, the housing market was in trouble ... and so was the American consumer, the U.S. economy, and the whole world economy. But don't worry, said Mr. Greenspan: "It would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity."1 But, if the rise in prices had been unusual, why wouldn't the fall be, too? And we love this: "Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.)

"I felt like my new found confidence even resonated for my family, especially, my husband who was discouraged by the housing market and feared change. He has since had the courage to change careers in addition to moving. As a family, we still have life's share of problems and we coping well and finding joy in the sunrise and sunset like never before." "Thank you so much for the repatterning. I wanted to give you some feedback. On Tuesday evening I felt so much love in my heart. I was a little kid just feeling free and loving. It was great." - Alan E. Smith, UnBreak Your Health: The Complete Guide to Complementary & Alternative Therapies (Get the book.)

"When the housing market collapsed, we lost everything," might be a good way of describing it; the little tykes couldn't expect you to beat that one. HOW MUCH IS RICH? There is another economic principle worth thinking about when it comes to money: the law of marginal utility. Put simply, an extra dollar of income means less to Bill Gates than it does to you. The more you have, the less more is worth to you. Additions to your wealth won't be as valuable, dollar for dollar, as what you already have." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.)

"But the "demographic factors" argument was still perfectly serviceable for the housing market. It will work fine—until houses go down in price. On April 10, 2005, an article entitled "The Hunt, Becoming a Mogul Slowly" appeared in the New York Times. It told the story of a 25-year-old New Yorker, who had been making real estate deals ever since 2002. Drawing on this deep well of experience, the young Trump offered advice. "An apartment is more attractive to me when other people want it. While the price might seem expensive now, it might not be expensive six months to a year from now." - William Bonner, Addison Wiggin, Empire of Debt: The Rise of an Epic Financial Crisis (Get the book.)

"Said Fortune: Since the housing market started to soar in 2001, mortgage fraud has become the fastest-growing white-collar crime, according to the FBI. Last year crooks skimmed at least $1 billion from the $3 trillion U.S. mortgage market.... As business dries up, there's increasing pressure on lenders, brokers, title companies, and appraisers to be profitable. That means loan and title documents aren't scrutinized as carefully as they might be, and courts—many of them so low-tech they resemble Mayberry—can't keep up with the volume of paper...." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.)

"There were a couple of much newer cul-de-sac subdivisions of a dozen houses each along Route 9N, which were built to accommodate those priced out of the Saratoga housing market more recently. These new houses were remarkably cheap-looking and, of course, flat-out ugly in their proportioning and detailing. At intervals I passed derelict farms with broken-back barns and pastures overgrown with poplar scrub." - James Howard Kunstler, The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century (Get the book.)

"Interest rates rose to a staggering 21 percent, crippling the housing market and discouraging investment. The economic malaise was felt across the country, but most intensely in major cities, leading to an era of budget crises, labor unrest, high crime, and infrastructure deterioration. Women's Rights The seventies saw record numbers of women enter college and the workplace. Congress passed the Equal Rights Amendment in 1972 and by 1974 it had been ratified by 33 of the needed 38 states. Conservative opposition to the amendment, however, successfully stymied any additional ratifications." - The New York Times, The New York Times Guide to Essential Knowledge: A Desk Reference for the Curious Mind (Get the book.)

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