What's next?

"What's next" could reference any number of ominous issues out there--Hurricanes, news reports, home sales reports, etc... I have been a relentless "cheerleader" of sorts for our industry and I have to admit that I am discouraged to know that I have no clue where we're going. While I still know that it's an amazing time to buy (rates are SO low-so are prices!) it's becoming so tough to get a loan. First-time homebuyers will lose the ability to obtain down-payment assistance on October 1st and other new loan requirements kicked in with the passing of the much-heralded Housing Bill. The takeover of Fannie and Freddie by the Feds has stabilized credit & rates dropped considerably, but we're in further uncharted waters with a proposed new bailout of the entire financial landscape. Mr. Obvious states "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse." My response to Bernanke is DUH! Long and short we have events that have not been seen since the Great Depression. This plan will enable the government to buy bad mortgages and other troubled assets held by banks & other financial institutions. The theory? If they get rid of the debts it will make them more stable so they will be more inclined to lend, which is the main issue at this point. The problem? I expect our "Do Nothing" Congress to add 'garbage' to the bill at the further expense of "We the people". They've done so much to ease gas prices, right?