Last week was a wild ride in the US financial markets, and don't take your seatbelt off yet. My guess is there will be many more ups and downs before we hit smooth water again.
I had clients call and ask if they should take their money out of Washington Mutual. I had buyers put their offer on hold until the lending situation improves--heaven only knows when I will make that sale.
What's a real estate agent to do? This one rolled out of bed and pulled out the yoga mat. Yes, it's time to take a few deep breaths, inhale, exhale and hold on. Next, I went for a walk and by the time I returned home I actually was smiling.
$700 billion is a lot of bad loans and don't you wonder why it wasn't stopped at say 100 billion? I'm all for capping salaries and bonuses for the Wall Street movers and shakers, and the big boys at the banks we're bailing out. I'm seeing the little guys who took out those junk loans lose their houses; I think it's only fair the institutions who made the loans and sold them off lose something of value too.
Let's play fair for a change.
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