house prices might tell us where we are headed, page-33

masterful,

The problem with "this time it's different" is that both sides can use it.

"This time it's different", it will bounce back.

"This time it's different", we are doomed.

This time it is different, and in fact every time it is different, that's why no one knows where it is going.

What I am talking about is that there is no need to loose confidence in anything. I am not saying love the markets and buy in big, I am saying that we have been caught with our pants down.... no doubt about it. We believed in the system and the system had no real plan or structure it was a front end system with no back end production. It was just like a web site in the dot com era, everyone believed the web site would generate a lot of money, but when they all realised that there was nothing behind it, the system fell apart.

I know there are people hurting due to job losses, super losses and the rest. But lets face it, the more people worry about how bad the system is, the more they will get depressed and totally destroy their own living lives, irrespective of their financial positions.

If you have to sell, sell. If the mortgage is too high... get out.

Financial demise is a bad thing and a kick in the guts. But in this country we are in great shape with at the very least social security that will keep our families alive, and more importantly most of us can in any effect rely on family for a roof and a meal.

The depressing thing is those taking part in the prophecy that the world is doomed. Like i said, even if it is. Let life go on and let the system sort it self out whilst we entertain ourselves and spend more time with our families.

BH.... you misunderstood my stance. I am not saying how great it is to not be effected. Trust me I have been effected, but when I go home to my family I realise how unimportant the reliance on any economic system is, and realise that we are in fact lucky enough to have this financial crisis to worry about rather than being in a war torn or third world country where we do not know if our families will be alive in 30 days, let alone whether we be able to retain our income or wealth.