Although the economists and certainly government officials are denying it, it's obvious to most folks that this country is now in recession. I don't know about the number of quarters of stock market decline or the percentage decline of the GNP or any of the rest of the technical jargon and mumbo-jumbo, but I've lived long enough to know that when the foreclosures and bank sales start dominating the legal ads in the newspaper and unemployment is on the rise and the cost of basic goods like heating oil and food becomes too high for average wage-earners to afford, that hard times are here again. Why the hard times are here again is another subject entirely that will lead me down the political road, which I will studiously try to avoid. Certainly I have my own political theories, prejudices, and predilections, but in the end, it doesn't much matter when you're losing your home, having to choose between food and medicine, or working three jobs to stay afloat. However, politics aside, the main cause is plain old, garden variety, greed.

Hard times have come to much of the real estate industry as well. It's not just the "mortgage crisis" which has been covered and analyzed to death in the media. It's a lot more than that. It's homeowners who owe more than their home is worth because they either borrowed 107% of the purchase price at the outset or got a home equity line based on an inflated appraisal, which was promptly spent on boats, pools, motorcycles, vacations, or you name it.

Sure some of the lenders were predatory and took advantage; sure the media and TV producers sprang into action with a plethora of stupid "flip this house" shows; sure real estate professionals played along and collected their commissions; and, of course, the IRS was very happy to collect taxes on the ever increasing capital gains and on and on. The common denominator of all of this is of course - greed.

Those of us who have been around a little longer have seen all of this before in a different prom dress. There was the "dot.com" debacle fueled by greedy people becoming convinced that they could get rich day-trading. Locally, there was the condo development craze that bankrupted some erstwhile developers and some greedy bankers. Many were convinced by the TV that a great living could be made by becoming a professional poker player. In America these days, it's all about getting rich without working and looking"hot", at least if you watch TV. Unfortunately, a lot of folks watch, believe, get greedy, and then reap the whirlwind.

Hard, hard times are here again.