Well, WaMu is gone.
6th largest banking entity in the US bought out. Pennies on the dollar.
Makes you wonder - if 2% of the mortgages in the US have defaulted, and there is a spectre of all the ARMS going down also, what is the true value of the property?
I know that the county I live in has always raised the taxes every year - an action which contributes to my property value going up. If my property value deflates by 20-30% due to this "financial crisis," will the county lower my taxes by a like amount?
Somehow, I do not think so. Money grubbers will always spend more than they can bring in. Politicians will always take actions that increase their clout and monetary control (equates to the same thing, eh?).