Lower interest rates and lower oil prices will save us...

the calm before the storm

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Anyone agree?

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Well its not going to hurt.

But think about this, so let's save you save $50 a week in gas (by it being cut in half), that is $2,600 a year. Awesome. But your house loses $25,000 in value, uh oh.

But it will make it easier, which is the point of lower rates.

Contraty to popular belief it has been shown by many surveys that most of the money people took out of their homes by refi was used for emergency medical or ordinary living expenses.

Contrary to popular belief most of the refi home extraction was not used for yachts, hummers, etc.

Now that homes are no longer a source of funds for emergency medical or ordinary living expenses where will people turn that need cash to remain solvent, out of bankruptcy?

Point being, it does matter what one's home is currently valued at, even if it is not going to be sold. The home as a source of refi money has been removed as an option for many home owners. At the same time these same homeowners have been hit by declining stock portfolio values, loss of value in retirement funds, more stringent credit card requirements, fear of job loss, etc. All in all, the decline in the value of homes is a disaster for many families.

Whether they paid too much for their homes and whether they should have been depending on their homes for a source of funds is another topic.

'civil war'...I think thats a misnomer. It should be called 'uncivil war'...but whatever it's called I don't want to see it happen. War woiuld simply make conditions a lot more miserable for a lot more people and it wouldn't solve our economic problems.