(Single-Family)"Houses are nonproductive assets, financed with a great deal of leverage. What is more, though they release their services in small increments to the owners, they deliver a large dollop of uncompensated purchasing power up front to their builders or to those cashing out of the market, as well as to the Realtors, who netted around $1,200 for each loan originated in the record $2 trillion total last year.

Therefore, houses are, perhaps, the ultimate engines of created credit on the upswing, and are among the more dangerous deflators on the way down.

As this last, fully functioning monetary engine accelerates its revolutions--with the wholehearted endorsement of Dr. Debt, Alan Greenspan himself--bear in mind that real estate did not pop until nearly two years after the Nikkei’s 1989 peak and that land values ran up nearly 20 percent in the interim, even as stock prices were falling by half.

Consider also that it was the fall of 1931--again, almost two years after the stock market crash--when real estate woes started to exact a heavy toll on banks’ loan portfolios and on the mortgage bonds they had issued previously.

As Benjamin Anderson put it, by 1931-32, many were wondering whether they would not have done better in 1929 to have sold mortgages and invested the money in stocks, even at the height of the mania. Many of the latter were still paying substantial dividends, Anderson noted: many of the former--even those issued by prime mortgage guaranty companies--had long ceased to pay interest.

Dr. Debt may well find it will not just be equity investors and overseas dollar holders who come to curse him. Overburdened homeowners and even those who count these debts and their derivatives among their own savings may well come to do likewise before the crisis passes."

Voller Artikel unter der
Quelle: http://www.mises.org/fullstory.asp?control=994

Und auch die sicheren Hühner (Pfandbriefe und KO), die einstmals goldne Eier legten, wann kommen sie zur Schlachtbank?

Namhafte Regionalinstitute boten ihren Mitarbeitern an, auf 35% des Basislohns zu verzichten, wollen nur noch 65% zahlen, Rest ggf. als"Leistungsprämie" bei erreichen der Zielvorgaben, (etwa als"Kunden-Einseifungsprämie"?)
Harte Zeiten auch im Kreditgewerbe.
Wenn erst die großen Pleiten in den Bankbilanzen manifest werden,
mag die Zeit arg eng werden, um Bares abzuheben!

MfG
A.

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