Some good news about the economy for once

http://www.freep.com/article/20101027/BUSINESS01/10270443/1318/Ford-races-toward-its-best-annual-profit-since-1998

Chrysler and GM in much better places too. It's amazing that these three companies, who were nearly doomed because of the housing market, are bouncing back - yet the housing market still blows.

Thank you banking industry!

 

Housing market was in fantasyland for a long, long time. Not at all convinced it's going to take
two decades to bounce back (as some say), but there's plenty of healing left to be done.

 

I thought this was an election thread.

 

No, thank God.

 

Hey, no bringing religion into this discussion.

 

Talking about the economy is really politics . this thread should be locked.

 

The housing market won't be fixed until the foreclosure mess is cleaned up. I wonder how many people who aren't paying their mortgage are actually saving for the day when they get evicted.

 

They had a great 60 Minutes piece a few months back about people who were just bailing on their mortgages because the home isn't worth nearly what they owe. I have a friend who did something similar recently in Vegas. The guy is a lawyer and said doing it will save him about $150K.

 

Makes sense. No style points for giving the bank more money.

 

It might make sense but how shitty is it? You make a commitment and fail to follow through with it on purpose? What does that say about you as a person?

Regardless of how big the asshats are in the banking industry, it doesn't give you an excuse to be an asshat.

 

Disagree. Those are the rules that are set up and you are playing by the rules.

These bankers wouldn't give a second thought to screwing someone legally.

You still take a hit and pay a price for doing it.

 

Ace is right. The price of walking away is an almost total lack of access to future credit. Mind you, for many people, that's probably a blessing, but it does reduce one's big ticket purchase ability.