[Scotsman]

I was having a conversation about real estate and the economy today with some co-workers of mine. We talked about real estate/income disparity, the credit crunch, adjustable rate mortgages, and it got me to thinking; where are we headed with all of this??? Surely none of my generation (unless their parents are doing hand-outs or hand-me-downs) could possibly afford real-estate (especially in SoCal) at the prices their at today (which are certainly not going to go down to the levels where most Americans could comfortably afford). On top of that there are many that can't even afford to move out of the homes they already have(!). Most post baby-boomers are also spending money they don't have, entrenching themselves in serious debt which will substantially decrease the buying power they have in the future. Certainly we're headed for leaner times, there's no doubt in my mind.