Although I agree with your stance on ARMs and disaster looming ahead,
the continued offshoring concept is a complete myth. With wage
inflation occurring in foreign countries to the tune of 14-17%/year
(especially in Indian), along with baby boomers retiring, employers
will have huge difficulty in the next 5-10 years filling jobs to
replace the aging population. Offshoring is a drop in the bucket to
this future glut of employment. Good time for employees, bad time for
employers...let the bidding begin!

John E. Jaku...........................................HIN G!!!!!!!!!!!!!!!!!!

To claim cheap real estate in the post-national housing bubble, visit:
www.hud.gov/homes/index.cfm

I think Democracy is terrific. I don't argue that. But to say that the
people here have Money & Power "as opposed" to those living in the Roman
Empire for example - is blind. There are a lot of opportunities here in
America - that much is true, although less today than at the beginning of
the last century. But the wealth distribution today in America is much like
that in previous Empires - the majority in the hands of the minority. The
majority do not have wealth - in fact they are so riddled with debt that one
could say that they have the antithesis of wealth. The Dollar has declined
dramatically in value, consistently, over the past several years -
indicating the real health of this economy. Each dollar in America is
loaned out over 9 times (and that was as of last year - don't know where the
figure is now). What happens if loan defaults continue to rise - and those
dollars get recalled? President Bush wasn't in office 24 hours before he
asked for another emergency lift on the national Debt Ceiling. Greenspan
and company has engineered a housing bubble that will likely make the stock
market bubble pale in comparison. Home ownership at all time highs? Yes,
but at the expense of fiscal responsibility. Our country is a fiscal
nightmare - steeped in more debt than any civilization ever in the history
of the world. Mortgage defaults are at historically significant heights,
and Repo's, Auctions, and Bankruptcies are as well. I went to purchase a
home this past year, and the mortgage broker told me that he could probably
figure out a way for me to finance the purchase of a 750k home. I about had
a heart attack and fell over dead. I MIGHT be able to justify the payments
on a home HALF that expensive. The reason home ownership is at all time
highs, is because the mortgage lending industry has become a circus act,
pulling all kinds of tricks out of its hat in order to make a mortgage
happen (most of which should never be written). There are no lending
standards - and those standards that did exist at one time, have been
circumvented. Some insane number, like 65% or more of mortgages today are 3
year adjustable arms. Interest rates are at or near 40 or 50 year lows - if
I were a betting man - knowing that all things are cyclical, and I had to
bet whether I thought interest rates would be higher or lower in the coming
decade - I would most certainly bet higher. That being the case - where are
all these people with 3 year arms that can barely afford their current
payment - going to be when the arm expires, and their payments start to
climb out of reach? And if the current exportation of jobs continues - and
unemployment climbs - there will be less income to pay those higher
mortgages. Tell me why - if this country's people are so rich - why, with
interest rates at all time lows - a huge majority of all new mortgages are
being financed on short term arms? If our people were so well off - they
would be purchasing with 30 year notes with rates at these historically low
levels. Why does the average American household have approximately 10k in
credit card debt?