I came across another very interesting article from Newsweek that contains more facts than sensationalized doom and gloom.  It points out that while Wall Street banks, institutional investors and corporations have been very over-extended with their debt (part of the reason behind the credit cruch), the vast majority of U.S. consumers (Main Street) are NOT overburdened with debt and continue to make their mortgage payments, credit card payments, car payments and most have already boosted their savings!

I espeically like the concept of “The squeaky-wheel principle applies:…”; it’s another version of what’s been my mantra for the last two quarters:  the horror stories garner all the media’s attention, making things appear FAR worse than reality.  The article can be found here.

Thanks for reading, please contact us if we can help you with any of your real estate needs in Victoria.

Sean Farrell

Fareed Zakaria, a Newsweek columnist and editor, wrote an editorial this week adding more praise to the Canadian banking system while suggesting that the Canadian economy is thriving in these bad times due to just good common sense.

This article was forwarded to be my three separate people, and Ozzie Jurrock mentioned the article in his email newsletter this week.  It’s a great read, we suggest you take it all in. 

Like Ozzie, we will take “boring common sense” instead of “over extended irrational behavior” anytime — this is yet another great article in a long list of “boring” articles that quietly sit behind the fanatical headlines of late, things may not be as bad as they are being reported.

The Newsweek article can be found here, or read it in PDF format.

It’s a great time to buy real estate in Canada.

Thanks for reading, please contact us if we can help you with any of your real estate needs in Victoria.

Sean