Well there goes the farm

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they won't do without the essentials. Including HVAC equipment should it go down mid heating or cooling season.

I suspect the HVAC manufacturers will find a means to offer finiance. Equipment sitting on shelves doesn't do them any good.

Maybe it will force folks to save up and purchase with cash money, like in the old days.

Credit isn't free money, far from it. If they have a job they have means.

Then again there is always the "check into cash" "car title loans" and "payday loan" sharks out there.

I don't think the sky if falling. Yet ;)

hot rod

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joel_19

well there goes the farm

I don't know if you guys have been watching but the entire lending industry has been imploding the last week or so. Since everything we sell is financed either diectly through financing we offer or through folks doing refies and equity lines I say we are headed for a long cold slow winter.

looks like money will be hard to come by do to tightening credit. so folks aren't going to have much to spend.

Ramon noodels any one?

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joel_19

???

Huh? you can't tell me that none of you guys are watching the financial markets? Doesn't anybody read the Wall Street Journal or watch MSNBC money etc.? If folks can't borrow money then they can't hire us this is serious stuff.

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ALH_4

Perception

"A stumbling block to the pessimist is a stepping stone to the optimist." - Eleanor Roosevelt

Not sure how that applies, but there must be some angle to keep making money if the downturn gets bad.

Didn't Dan H write an article about self fulfilling prophecies?

Tom Hopkins

It

had to end badly.Trees don't grow to the sky!No money down,no income verification,no credit check,negative amortization,105% financing.This should come as no surprise to anyone,when you see TV shows about house flipping that should set off alarms. This will work itself out and the cycle will start again.In the meantime people will still spend $ and qualified applicants will still be able to borrow.Don't worry about things you have no control over

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ScottMP

Ya, I try and watch Joel

WE could be in for a rocky road, but we are so tied into the Global economy that I'm not sure how bad it will be. We're ( the USA ) not the only boat out there. Other economys could be floating things, while we bail out and get right again.

Look how we have survived the housing crisis. The market was booming and thats not over yet. This added to it could be another trough. How deep is the question.

Scott



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joel_19

Fear

Well sure i guess you guys are right we've got to be positive.

I just remember the last time in the late 80s-early 90's and it wasn't pretty. We worked for some of the banks that repoed everything getting the HVAC systems ready for the house auctions. It was nasty people where just walking away ,leaving alot of their stuff right in the closets. Big increase in suicides and desperate average Joe's robbing banks and Quicky Marts.

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Mike Thomas_2

Money

An old carpenter friend told me once,"The money hasn't disappeared, it's just moved." You just have to look in a new place....

Mad Dog_2

Was that old Carpenter, Jesus????

That is a great way to look at it. I agree ,,just a correction and EVERYBODY is NOT entitled To have EVERTHING They want....NOW!!! Mad Dog

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Al Letellier_9

$$$$$$$$$

In case you didn't notice, the FED has stepped in and longterm interest rates are steadily dropping, and we all know what happens when the rates go down. I think the lenders have had their hands in the proverbial cookie jar too long and they just ran out of cookies. Maybe, just maybe this segment of our economy will finally gets its act together. But then, I tend to be overly optimistic at times......