Not gonna happen. When that thin fabric of moral civility was ripped from our O mint city, we were shocked at seeing it for the first time. When we saw the peace officers (the ones that carry guns) abandon their posts and run away, the levee broke and then the social dam gave way just as quickly. Roving bands of armed people plundering private residences and public businesses, taking anything of value, pillaging our conscience as we watched them pilfering peoples personal property without any restraint. It was shocking to see it in our living room for the first time but it was even more shocking to realize that it could happen anywhere in the country, it could be right here in anytown USA, just beyond that thin blue line that keeps us from them and them from us.
But we don't talk about that. That topic was not discussed in the media. The public channel documentary was never made about the complete absence of the social morals that we would portray as the glue that holds us all together. It was never discussed. Mr. Holder wants to have that discussion, at least those are his words. "The truth. You can't handle the truth." We will never have that discussion. But they won't make that documentary about what happened after Katrina; it's just not something we discuss...we will not look at Katrina, at least not in public.
Not gonna happen. When that thin fabric of moral civility was ripped from our O mint city, we were shocked at seeing it for the first time. When we saw the peace officers (the ones that carry guns) abandon their posts and run away, the levee broke and then the social dam gave way just as quickly. Roving bands of armed people plundering private residences and public businesses, taking anything of value, pillaging our conscience as we watched them pilfering peoples personal property without any restraint. It was shocking to see it in our living room for the first time but it was even more shocking to realize that it could happen anywhere in the country, it could be right here in anytown USA, just beyond that thin blue line that keeps us from them and them from us.
>>
No, it couldn't be "anytown" in America. We had over 30,000 houses damaged and destroyed from Hurricane Charley and it was months before people had any electric or other utilities here in Port Charlotte. And the "journalists" didn't even come here for days. Wrong "demographics"?
We didn't have any looters or other animals roving the streets looking for trouble.
Check out this VERY short video of the winds from hurricane charlie here : Charlie
Category 4. Our house was right in the thick of the type of winds that you see here. No, CNN, Weather, NOBODY came for days. Wong something or other I guess
<< <i>A few more taxes that the scumbags invent, along with just a little more dumbing down so that even more people equate socialism with "fairness" and there won't be a middle class.
It's closer than most people think. >>
As predicted, it looks like the tax hikes are coming... get ready.
Could be one helluva week...
The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants. -Thomas Jefferson
<< <i>Which part of my sentence do you disagree with
My various assertions would be:
(regarding the ridiculous "third world" statement) -- there is zero probability that per capita GDP in the US will fall to the level of Russia, much less China.
The US will be almost certainly be better off than other industrialized countries, ie, Europeans, Japanese, Korean. In the "Katrina" situation you refer to, these countries will be harder hit than we are. >>
Agreed 100%.
Been away for a few weeks and just commenting on the last few pages.....
There is a tremendous amount of deflation in the pipeline. There will be no signs of possible inflation for at least 3-4 months. We have also have a huge inventory problem that needs to be worked off. Gasoline will be lower in the next few weeks.
Russia has spent or will spend most of its currency reserves trying to protect the Ruble. I predict they will fail miserably--as oil stays lows--and they will default. Gold would be a beneficiary. I also think China will find itself in a similiar, but not as severe situation. They may not use all their reserves, but I believe most will be gone. This would benefit the US dollar and gold.
Observations from my trip to Mickey Mouse land.....
1. Real estate in the Keys is down 50% over the last 18 months. Personally I still think it is overpriced, but I do not know the area that well. 2. I have never seen so much heavy equipment sitting idle in dealer lots. If Caterpillar builds 1 bulldozer this year, it will be 1 too many. 3. Attendance at the amusement parks is down 30-50% by my estimation. I have been to Disney/Universal 5 of the last 6 years and have never seen it so empty. Lots of parking and very little waiting for the rides. Many concession stands never opened. 4. Several attractions outside the parks had "For Sale" signs. 5. We stayed in a brand new condo complex. Our condo was 1600 sq ft, 3 bedrooms, 2 baths, huge kitchen, and jacuzzi tub. Was 1 mile from Downtown Disney. Cost---$125 per night. My impression is that Orlando and the surrounding area is grossly overbuilt. Real estate will become more affordable and stay so for at least a decade. 6. My wife commented that many items in the stores within the parks were cheaper than in previous years.
<< <i>A few more taxes that the scumbags invent, along with just a little more dumbing down so that even more people equate socialism with "fairness" and there won't be a middle class.
It's closer than most people think. >>
As predicted, it looks like the tax hikes are coming... get ready.
Could be one helluva week... >>
My trip to South Florida was with a couple from Europe. Both from Germany, 1 born and raised there, the other immigrated from Bulgaria. A few impressions from our conversations....
1. We, Americans have no idea the amount of taxes we could be paying. They already have the "highway usage" tax based on number of miles driven. Personal income tax is 49%!!! 2. We, Americans should also be very proud of the country we have built for even our poor are much better off than the well to do Eastern European.
<< <i>My chartwork tells me a huge move will happen in the stock market shortly, possibly within the next 10 trading days. I dont know which way, but the move will be considerable. >>
8315 on 2/9. 7249 on 2/20. 1066 pts or nearly 13%.
I wish I could say I thought the decline was over.
Cohodk, did you feel that your call on the stock market was more than likely going to be a down move? Or were you keeping that from us not to alarm us?
Your call on the gold move a few weeks back was excellent by the way.
There will be no signs of possible inflation for at least 3-4 months. We have also have a huge inventory problem that needs to be worked off. Gasoline will be lower in the next few weeks.
The PPI just came out for January and showed a monthly increase of 0.8%. I understand that one month can be an aberration but an annualized rate of almost 10% seems to be out of the ballpark. The experts were predicting 0.2%. Makes you wonder why they are experts? Considering that the overall concensus of the forum was for 0% inflation in 2009 and probably 2010 as well, this is a big change to think it could be only a few months away in 2009. I would think that the overall trend for gasoline will be up in 2009 as will be food and key services. Somehow $3 gas will find a way to us after Memorial day. Isn't that a perk for suppliers? And in any case the oil reserves will be 100% replenished with WTI and then time to jack up the prices.
I was probably leaning 70% towards a down move. The only reservation I had was the possibility of an incredibly brilliant idea from the administration. What a fool I am.
I see the possibility of 2009 gold targets to be reached sooner rather than later.
I would love to see gasoline at $3 for this would mean the economy has righted itself and we can again think about a new "Manhattan Project" for alternative energy. However, I see virtually no possibility of either happening this year. Our, and global economies are much too fragile to support higher energy prices. Can you imagine the condition of the present economy if gasoline was still $4? If people were facing $1000 per month heating bills? I do believe we will have a false bout of inflation and economic growth as inventories are drawn down and companies scramble to meet a demand that is pent up--but rather shallow. They will build too much inventory and again the cycle will repeat.
Official: Obama plans to slash deficit in half Sunday February 22, 2:42 pm ET By Liz Sidoti, Associated Press Writer Official: Obama's first budget part of plan to cut federal deficit in half by first term's end
Years ago CNBC had a jingle that went "...wake up and make money." These days a friend texts me in the morning and writes "wake up and lose money." He still kicks himself and says I should have listened to you a year ago. I console him and say, that's OK, no one listens to me. I'm still into cash, TIPS, PM's and a "Modern Flipper."
I'm still very confident in our Congress and other leadership personnel to really screw things up.
<< <i> He still kicks himself and says I should have listened to you a year ago. I console him and say, that's OK, no one listens to me. >>
You sound just like me! Now I am advising my inner circle to buy...gulp...guns and ammo. I really hope things don't get to that point, but my instincts have not let me down yet, and my 'gut' says we are headed for trouble.
Mark Piersall Random Collector www.marksmedals.com
<< <i> He still kicks himself and says I should have listened to you a year ago. I console him and say, that's OK, no one listens to me. >>
You sound just like me! Now I am advising my inner circle to buy...gulp...guns and ammo. I really hope things don't get to that point, but my instincts have not let me down yet, and my 'gut' says we are headed for trouble. >>
You are right, throw out the text book scenarios and listen to your gut and be a keen observer and a "knower" of history. That is my "strateegery."
<< <i>I console him and say, that's OK, no one listens to me.
Renski, you might be surprised to know that you are one of my top 5 financial advisors. Hahahahaha. Now we're all in trouble. >>
Comrade jmski, is not hard to see socialism come when you once live it. As you know from old country...it is not how much you make, it is how you survive with honor. Comrade Renski, out.
For those not familiar with the older style point and figure charts here is a good P&F 101 course that will take about 10 minutes. One of the benefits of the P&F chart is establishing longer term highs following breakout movements. The P&F chart for gold predicted a minimum of $1075 back when gold first broke out several years ago. As the market matured, the ultimate predicted high also became larger. You'll have to read the article to find out what that was/will be. With the newest breakout charted, the minimum projected price is now $1100. The next gap up predicts a value of $1700 which compares to the same trend point as the $1075 prediction of several years ago. This also compares favorably with JS's original 2002 figure of $1650 which he has since abandoned as being far too conservative based on the worsening of the financial system (ie "it is out of control").
More fodder on the D. vs. I. debate. Katz continues to suggest that there are no times in modern history where prices continued to go up in the face of deflation. If you have a counter example, send it to him.
Gold is not reacting to inflation or deflation so any comparison is moot. Gold is being sought as a hedge against fiat currency devaluation or collapse, and as an investment. I am not sure if the appeal of gold has ever been such.
I believe we still have no inflation and believe data over the coming months will prove this. There is potential for inflation, but it is not now.
Gold reacts to potential inflation 6-12 months or longer into the future. It is usually one of the first commodities to signal such a change is coming, witness 2001-2003. Even if the next couple of months show no posted inflation, it doesn't prove that it's not coming from further out. I don't believe that the entire rise in gold from October ($700) was because of the fear of present day currency deflation. Certainly the last $50-$100 of that may be attributed to that, but not the whole $300 change. Again, look at the monthly chart of gold over the past 8 years, it suggests a long term trend of inflation, not deflation....whether we see it at this precise moment in time or not.
The paper gold and oil markets are not reliable indicators of what physical metal is worth or should be worth. Those paper markets are highly manipulated as are the associated ETF's that were created to help support/maneuver them as desired. Imagine the fallout if it's ever shown that the ETF's gold is not all there. For example in reading the GLD prospectus the custodian (HSBC) has no right to physically audit the sub-custodians holding the "investment gold." Nowhere does it state physical gold even exists. Whatever inventory paper work that the sub-custodians present must be assumed to be true. The custodian doesn't even have the right to enter the vaults of the sub-custodians. I know I get warm fuzzies knowing that the 2 biggest banks with the bulk of the Comex silver/gold short positions just happen to be the custodians of GLD and SLV and that they are 100% insulated from counter-party fraud of "their" sub-custodians. Even Madoff didn't have it that easy!
Anyone know of the Aden sisters? They've been gold bugs since the last bull market. In any event I've noticed a trend that whenever one of their infrequent articles hits Kitco it's usually the peak of the cycle. Sure enough, they had an article yesterday indicated more strength from gold to come. Toss in a plug from Cramer on gold stocks and there you have it.
<Official: Obama plans to slash deficit in half Sunday February 22, 2:42 pm ET By Liz Sidoti, Associated Press Writer Official: Obama's first budget part of plan to cut federal deficit in half by first term's end
Is anyone dumb enough to believe this???>
just the people that was dumb enuff to vote on him to begin with- they be singing a different tune before long, they aready are
Big changes coming where my fiancee works. A takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change.
Q: Are You Printing Money? Bernanke: Not Literally
I just watched Dear Leader's "state" of the union speech. I had my wife and four children watch with me. My comments and reaction prompted one of my children to say, "Daddy, you make politics funny." That I didn't expect but it shows me I must be doing something right. Make something so esoteric and dry, interesting and funny. I do not want to raise four sheeple. I want four critical and independent thinkers. Other than that I would rather not comment of Dear Leader's contents. I would rather let the free market speak over the next few months. One point I will note is that Nancy was just down right freaky. I've never seen a Speaker darting her eyes around for consensus to react to. Other times she could not jump out of her seat fast enough. It was political aerobics.
Roberts gives a fair summary of outsourcing, derivatives, gold leasing, uptick rule, etc. and their catastrophic impact on the USEconomy. Considering he was once a cabinet insider, his version seems more credible than one coming from a "gold bug" newsletter writer. Of particular interest is his 3 paragraph simple summary on derivatives and how the system allowed multiple bets on the same asset to be made repeatedly. Then the issuer of those derivatives (ie a Goldman Sachs for example on MBS's) goes massively short on them to make the counter party fail and have to pay off.
Also of note to those fiat-bugs say gold is not manipulated, read Roberts' last paragraph where he states that continued "leasing" of US gold to support the dollar is not the proper way to a strong currency. The bright side of this is that it implies that there are still "some" ounces left in the official gold reserves.
There are a couple of points that are missing from Paul Roberts' analysis, which I think are essential:
(a) Globalization is fundamentally a good thing from an economic perspective, and moves to protectionism would likely be catastrophic. The key point is that the extent of economic globalization has exceeded the quality of the political and regulatory institutions required to monitor a global economy. In the short term this is a "horses have left the barn" type situation. If we make a quick turn towards protectionism, we will all regret it.
(b) Roberts attributes the imbalances that have been created by globalization mainly to greed and political convenience. This may be partly true, but the imbalances could not have occured were it not for our culture that is so bent on consumption.
(c) Roberts is rather simplistic in suggesting that we have given away real economic activity and become an economy of financiers. In fact, we still have an extremely diverse economy, and are extremely strong in many high value added areas. (biotech, communications, software, synthetics, etc.) The pendulum has certainly swung too far in one direction, but it will swing back.
Fundamentally, the Roberts piece seems like classic populism, tinged with hysteria. There many valid points, but you need to sift through the populist dogma to find them.
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
It was fun to watch wasnt it ? But I have decided to sell all my holdings in PMs because now I am positive everything is going to be OK. The annointed one said so last night. Poor ole Joe looked lost but Nancy reminded me a lot of the Chucky doll. Eyes darting, fixed smile and pasrt of the time she looked stoned. Oh well, after they tax ammo 500% and force you to carry one million dollar insurance policy if you own a handgun (like they are trying in MD) then it will be a simple matter to do a 1933 on us again. As soon as I can sell my house Im heading for the deep woods. Bear, any caves vacant near you ?
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
CG >>
Most of the political oriented posts on this board or any other for that matter are as predictable as rain. Just as the left wing nut jobs blame everything on W, the right wing wackos, blame everthing on OB. It's really very simple
Globalization is basically a very flawed concept, and needs to be stopped here is the U.S.A.
Globalization is at the root of most of our problems. I suppose there was a time in the world where folks in different countries needed to be very dependant on trade from other countries just to be supplied with all the things their small populations could not produce, but that is not the case here now.
With our population its current size there is very little that we could not make here at home and sell to one another.
At no time in the history of man has there been more than a handful of world governments, out of the hundreds that exist, that have had so similar views to be compatible in a just relationship that warranted open and free trade.
In order to have such a relationship two countries must have nearly the same type of government, the same mix of population as to race, and economies on equal footings.
All of our current problems in this county stem directly from Globalization. If we had not let our socialist government propagate this idea we would still have most of our factories, we would not be in debt to foreigners to the tune of trillions of dollars, we would not have become a service economy dependent on foreign entities for dozens of our manufactured goods.
The further one reaches out side of one core family for dependence, the more disastrous the results as hard times come.
At one time in this country we relied on our family units first, then our local communities, then our states, our federal government, and lastly on foreigners. Everything is reversed in a global community. We now are reliant on foreigners first our federal government second.
As these backward relationships far apart, as they always must, the world goes into turmoil. Guess what is happening now?
i actually read that article. most of the foreclosures are from speculators and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the bubble burst and it was the easy way out. another got into an adjustable rate mortgage and obviously did not understand what they were getting into.
only one person in the article seems to had a tough break by her losing her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other states is silly and not accurate at all.
Most of the political oriented posts on this board or any other for that matter are as predictable as rain. Just as the left wing nut jobs blame everything on W, the right wing wackos, blame everthing on OB. It's really very simple.
You must be new to this thread. There's pretty much a concensus on this thread that every administration over the past 45 years had a hand in nuturing our current economic condition. You could even take it all the way back to the 1913 administration who passed the legislation to bring the FED into existence. It's just that the trend has accelerated over the past several administrations with each successive one out-doing the previous one. And the solution keeps coming back to doing what we've been doing....only more of it. The future rise of precious metals and gold only looks more secure.
Globalization at all costs was just another means to transfer wealth away from everyone else. It has worked. No one is suggesting protectionism, but rather support ourselves first, not the other guy. It will take 10 yrs or more to slowly reverse this course, if we desire to. Sorry, but I'm not going to place the blame on the consumer for wanting more. Politicians and regulators were elected or selected to make hard decisions, not to give the masses cake and bread whenever they wanted it. That's like saying that the cheap home ownership programs of the past 10 years came into being because those that couldn't possibly afford homes said they wanted them. The free lunch and unlimited credit bait has been slowly metered out over the years, and unfortunately most nibbled on it and then took larger and larger bites, like an addict. They were taught from day one that fiat is money, and credit/debt is money as well.
If you look closely at the condition of our banking system, "hysteria" should be the exact word you should be using. This is not populism but realism. It seems everyone has been trying to avoid reality for far too long. It eventually does creep up on you and whacks you over the head. Deficits and debt do matter. Only a small fraction of the banking/economic crisis has been shown to us for fear of what the reaction would be. Best to feed it out very slowly over many months. If you happen to see a treadmill in your local bank branch, that is there for the FED's stress test. That will tell us if our banks are fit or flabby. Don't expect much more detail than that.
<< <i>There are a couple of points that are missing from Paul Roberts' analysis, which I think are essential:
(a) Globalization is fundamentally a good thing from an economic perspective, and moves to protectionism would likely be catastrophic. The key point is that the extent of economic globalization has exceeded the quality of the political and regulatory institutions required to monitor a global economy. In the short term this is a "horses have left the barn" type situation. If we make a quick turn towards protectionism, we will all regret it.
(b) Roberts attributes the imbalances that have been created by globalization mainly to greed and political convenience. This may be partly true, but the imbalances could not have occured were it not for our culture that is so bent on consumption.
(c) Roberts is rather simplistic in suggesting that we have given away real economic activity and become an economy of financiers. In fact, we still have an extremely diverse economy, and are extremely strong in many high value added areas. (biotech, communications, software, synthetics, etc.) The pendulum has certainly swung too far in one direction, but it will swing back.
Fundamentally, the Roberts piece seems like classic populism, tinged with hysteria. There many valid points, but you need to sift through the populist dogma to find them. >>
I meant to add to the above post. I agree with the post, I am of the opinion, global, free and vibrant trade are very important for the economies of the world and protecionism is a very real threat to an economic recovery, but unregulated and abusive policies have tainted what has now been globilization run amok. We are all paying for it now to a degree.I just hope that the knee jerk reaction to be sympathetic to protectionist policies is squelched and cooler heads prevail....Ok, call me an optimist
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
CG >>
Most of the political oriented posts on this board or any other for that matter are as predictable as rain. Just as the left wing nut jobs blame everything on W, the right wing wackos, blame everthing on OB. It's really very simple >>
Please, have you looked at the Weather Channel or local weather forecast...they're wrong most of the time in predicting rain. I know this because I use weather forecasts for my job each and every time....that has been my observation.
It pays well, but it's not worth it. She got punched in the jaw last night by a lowlife dirtbag who doesn't belong there. She belongs in prison.
But how is Obama to blame for a corporate takeover?
Nobody said he was to blame. I simply find it ironic that the Democrats are cutting back on funding for mental health in our state because tax revenues are way down, and these Obama supporters can't see why their jobs are likely to disappear. The Democrats are supposed to be the bigtime social advocates, aren't they?
Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
Yes, free enterprise tends to reward hard work and education, while government entitlement programs tend to reward breathing and drug abuse. I do think that some CEOs need to be drawn & quartered, but on the other hand, income redistribution is evil.
Q: Are You Printing Money? Bernanke: Not Literally
"If you look closely at the condition of our banking system, "hysteria" should be the exact word you should be using. This is not populism but realism. It seems everyone has been trying to avoid reality for far too long. It eventually does creep up on you and whacks you over the head. Deficits and debt do matter. Only a small fraction of the banking/economic crisis has been shown to us for fear of what the reaction would be. Best to feed it out very slowly over many months. If you happen to see a treadmill in your local bank branch, that is there for the FED's stress test. That will tell us if our banks are fit or flabby. Don't expect much more detail than that."
Roadrunner, don't you think if the powers that be actually told the American people just how bad things really are, there would be any of Congress in office for very long? NEVER tell the whole truth when a little will serve you better. There is absolutely no honor left in our elected officials. I fought when my country asked me to, paid my taxes and tried to do what was right and now, they are selling us out . Again ! CEO's spending millions of our money for golf tourneys, fancy hotel rooms, and parties all in the name of corporate advertising. Forgive me for being so negative but I . for one, am tired of my money going to China and my elected officials lying to me . I have dropped out. Thanks . Rant over .
i actually read that article. most of the foreclosures are from speculators and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the bubble burst and it was the easy way out. another got into an adjustable rate mortgage and obviously did not understand what they were getting into.
only one person in the article seems to had a tough break by her losing her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other states is silly and not accurate at all. >>
Right. 18+ Million people and it's all just a "vacation area". You are consistent, I'll say that about you .
i actually read that article. most of the foreclosures are from speculators and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the bubble burst and it was the easy way out. another got into an adjustable rate mortgage and obviously did not understand what they were getting into.
only one person in the article seems to had a tough break by her losing her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other states is silly and not accurate at all. >>
Right. 18+ Million people and it's all just a "vacation area". You are consistent, I'll say that about you . >>
did you even read the article where it states that "Sixty percent of the cases handled here involve homeowners who were speculators and out-of-towners." ???
sixty percent for goodness sakes. that is 18000 properties out of 30000 being foreclosed on in that county. that is simply not normal for most parts, the majority, of the USA.
now throw in idiots with ARMs that paid 0% down and are upside down. Probably another large percentage that just threw in the towel. They still have jobs i betcha... but said heck with it. Lets start over.
Why is everyone making this out to be some huge disaster for the US? It is a correction that is due and should help to clean up this mess in the long run.
But that is just me. I do not goose step to the party line in this thread so therefore I must sound like a crazy bat out of heck.
I just toured a goodly portion of Florida from Jacksonville to Marathon to Tampa to Orlando. My impression is that the state is grossly overbuilt in all areas from entertainment to residential real estate to commercial shopping centers. Florida needs 1 million new residents and no further construction to reach equilibrium. It will take a decade. Same for California.
All of this can be attributed to about 250 counties out of the 3141 in the USA. Simply amazing. These areas can look forward to further price declines.
Why is everyone making this out to be some huge disaster for the US? It is a correction that is due and should help to clean up this mess in the long run.
Housing is merely the blip that first showed the derivatives crisis. It is by no means the biggest % of the toxic mess that remains. In fact it is <2% of the total problem...but it does affect the most people, at least so far. We could have easily solved the residential RE problems with one $10 TRILL bailout. Unfortunately this still remains: commercial RE, credit cards, auto loans, credit default swaps, and interest rate swaps. We've never had a $650 TRILL problem before (ie 10X the world's GDP) and 10X the current recognized long term obligations/debt of the US govt. That's why it is potentially some huge disaster in the making.
I agree that if Congress told the truth, the real truth, most of them would be tossed out in the next election. But then you'd have those that would claim they were not part of that majority (ie 95% of them....lol) and are worthy of another term. What we need is a single term limit, and greatly restrict the ability to hop right into the lobbying sector following one's term or into any sector that takes advantage of one's prior service. It is called "public service" for a reason. It's not "private enrichment."
I agree that if Congress told the truth, the real truth, most of them would be tossed out in the next election. But then you'd have those that would claim they were not part of that majority (ie 95% of them....lol) and are worthy of another term. What we need is a single term limit, and greatly restrict the ability to hop right into the lobbying sector following one's term or into any sector that takes advantage of one's prior service. It is called "public service" for a reason. It's not "private enrichment."
roadrunner >>
My thought too. If Republications would have held their promise 10 years or so ago about term limits maybe we would not have have the pork barrel situation that we have now. I think that BHO is doing a great job so far, losing my tail on gold mine stocks but that could change in a day.
My thought too. If Republications would have held their promise 10 years or so ago about term limits maybe we would not have have the pork barrel situation that we have now. I am red neckish but think that BHO is doing a great job so far, losing my tail on gold mine stocks but that could change in a day. >>
That last sentence is so dangerous I'll stop right here.
Comments
"it's in your backyard." I think that's the anticipation that has decimated the inventory of the gun shops.
<< <i>Putin warns US to eschew socialism >>
Sorry, "yes we can!" make socialism work!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Not gonna happen. When that thin fabric of moral civility was ripped from our O mint city, we were shocked at seeing it for the first time. When we saw the peace officers (the ones that carry guns) abandon their posts and run away, the levee broke and then the social dam gave way just as quickly. Roving bands of armed people plundering private residences and public businesses, taking anything of value, pillaging our conscience as we watched them pilfering peoples personal property without any restraint. It was shocking to see it in our living room for the first time but it was even more shocking to realize that it could happen anywhere in the country, it could be right here in anytown USA, just beyond that thin blue line that keeps us from them and them from us.
But we don't talk about that. That topic was not discussed in the media. The public channel documentary was never made about the complete absence of the social morals that we would portray as the glue that holds us all together. It was never discussed. Mr. Holder wants to have that discussion, at least those are his words. "The truth. You can't handle the truth." We will never have that discussion. But they won't make that documentary about what happened after Katrina; it's just not something we discuss...we will not look at Katrina, at least not in public.
<< <i>"...just look at Katrina."
Not gonna happen. When that thin fabric of moral civility was ripped from our O mint city, we were shocked at seeing it for the first time. When we saw the peace officers (the ones that carry guns) abandon their posts and run away, the levee broke and then the social dam gave way just as quickly. Roving bands of armed people plundering private residences and public businesses, taking anything of value, pillaging our conscience as we watched them pilfering peoples personal property without any restraint. It was shocking to see it in our living room for the first time but it was even more shocking to realize that it could happen anywhere in the country, it could be right here in anytown USA, just beyond that thin blue line that keeps us from them and them from us.
No, it couldn't be "anytown" in America. We had over 30,000 houses damaged and destroyed from Hurricane Charley and it was months before people had any electric or other utilities here in Port Charlotte. And the "journalists" didn't even come here for days. Wrong "demographics"?
We didn't have any looters or other animals roving the streets looking for trouble.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
roadrunner
<< <i>Thanks, RR. Very nice response, mrearly. >>
Check out this VERY short video of the winds from hurricane charlie here : Charlie
Category 4. Our house was right in the thick of the type of winds that you see here. No, CNN, Weather, NOBODY came for days. Wong something or other I guess
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>A few more taxes that the scumbags invent, along with just a little more dumbing down so that even more people equate socialism with "fairness" and there won't be a middle class.
It's closer than most people think. >>
As predicted, it looks like the tax hikes are coming... get ready.
Could be one helluva week...
Old age should burn and rave at the close of day
Rage, rage against the dying of the light......" (Dylan Thomas)
Camelot
For loan oft loses itself and a friend
and borrowing dulls the hand of husbandry..." (hamlet)
Camelot
<< <i>Which part of my sentence do you disagree with
My various assertions would be:
(regarding the ridiculous "third world" statement) -- there is zero probability that per capita GDP in the US will fall to the level of Russia, much less China.
The US will be almost certainly be better off than other industrialized countries, ie, Europeans, Japanese, Korean. In the "Katrina" situation you refer to, these countries will be harder hit than we are. >>
Agreed 100%.
Been away for a few weeks and just commenting on the last few pages.....
There is a tremendous amount of deflation in the pipeline. There will be no signs of possible inflation for at least 3-4 months. We have also have a huge inventory problem that needs to be worked off. Gasoline will be lower in the next few weeks.
Russia has spent or will spend most of its currency reserves trying to protect the Ruble. I predict they will fail miserably--as oil stays lows--and they will default. Gold would be a beneficiary. I also think China will find itself in a similiar, but not as severe situation. They may not use all their reserves, but I believe most will be gone. This would benefit the US dollar and gold.
Observations from my trip to Mickey Mouse land.....
1. Real estate in the Keys is down 50% over the last 18 months. Personally I still think it is overpriced, but I do not know the area that well.
2. I have never seen so much heavy equipment sitting idle in dealer lots. If Caterpillar builds 1 bulldozer this year, it will be 1 too many.
3. Attendance at the amusement parks is down 30-50% by my estimation. I have been to Disney/Universal 5 of the last 6 years and have never seen it so empty. Lots of parking and very little waiting for the rides. Many concession stands never opened.
4. Several attractions outside the parks had "For Sale" signs.
5. We stayed in a brand new condo complex. Our condo was 1600 sq ft, 3 bedrooms, 2 baths, huge kitchen, and jacuzzi tub. Was 1 mile from Downtown Disney. Cost---$125 per night. My impression is that Orlando and the surrounding area is grossly overbuilt. Real estate will become more affordable and stay so for at least a decade.
6. My wife commented that many items in the stores within the parks were cheaper than in previous years.
Knowledge is the enemy of fear
<< <i>
<< <i>A few more taxes that the scumbags invent, along with just a little more dumbing down so that even more people equate socialism with "fairness" and there won't be a middle class.
It's closer than most people think. >>
As predicted, it looks like the tax hikes are coming... get ready.
Could be one helluva week... >>
My trip to South Florida was with a couple from Europe. Both from Germany, 1 born and raised there, the other immigrated from Bulgaria. A few impressions from our conversations....
1. We, Americans have no idea the amount of taxes we could be paying. They already have the "highway usage" tax based on number of miles driven. Personal income tax is 49%!!!
2. We, Americans should also be very proud of the country we have built for even our poor are much better off than the well to do Eastern European.
Knowledge is the enemy of fear
<< <i>My chartwork tells me a huge move will happen in the stock market shortly, possibly within the next 10 trading days. I dont know which way, but the move will be considerable. >>
8315 on 2/9. 7249 on 2/20. 1066 pts or nearly 13%.
I wish I could say I thought the decline was over.
Knowledge is the enemy of fear
Your call on the gold move a few weeks back was excellent by the way.
There will be no signs of possible inflation for at least 3-4 months. We have also have a huge inventory problem that needs to be worked off. Gasoline will be lower in the next few weeks.
The PPI just came out for January and showed a monthly increase of 0.8%. I understand that one month can be an aberration but an annualized rate of almost 10% seems to be out of the ballpark. The experts were predicting 0.2%. Makes you wonder why they are experts? Considering that the overall concensus of the forum was for 0% inflation in 2009 and probably 2010 as well, this is a big change to think it could be only a few months away in 2009. I would think that the overall trend for gasoline will be up in 2009 as will be food and key services. Somehow $3 gas will find a way to us after Memorial day. Isn't that a perk for suppliers? And in any case the oil reserves will be 100% replenished with WTI and then time to jack up the prices.
roadrunner
I see the possibility of 2009 gold targets to be reached sooner rather than later.
I would love to see gasoline at $3 for this would mean the economy has righted itself and we can again think about a new "Manhattan Project" for alternative energy. However, I see virtually no possibility of either happening this year. Our, and global economies are much too fragile to support higher energy prices. Can you imagine the condition of the present economy if gasoline was still $4? If people were facing $1000 per month heating bills? I do believe we will have a false bout of inflation and economic growth as inventories are drawn down and companies scramble to meet a demand that is pent up--but rather shallow. They will build too much inventory and again the cycle will repeat.
Knowledge is the enemy of fear
Sunday February 22, 2:42 pm ET
By Liz Sidoti, Associated Press Writer
Official: Obama's first budget part of plan to cut federal deficit in half by first term's end
Is anyone dumb enough to believe this???
then beggars would ride."
Camelot
I'm still very confident in our Congress and other leadership personnel to really screw things up.
Ren
<< <i> He still kicks himself and says I should have listened to you a year ago. I console him and say, that's OK, no one listens to me. >>
You sound just like me! Now I am advising my inner circle to buy...gulp...guns and ammo. I really hope things don't get to that point, but my instincts have not let me down yet, and my 'gut' says we are headed for trouble.
Random Collector
www.marksmedals.com
<< <i>
<< <i> He still kicks himself and says I should have listened to you a year ago. I console him and say, that's OK, no one listens to me. >>
You sound just like me! Now I am advising my inner circle to buy...gulp...guns and ammo. I really hope things don't get to that point, but my instincts have not let me down yet, and my 'gut' says we are headed for trouble. >>
You are right, throw out the text book scenarios and listen to your gut and be a keen observer and a "knower" of history. That is my "strateegery."
Comrade Renski
Renski, you might be surprised to know that you are one of my top 5 financial advisors. Hahahahaha. Now we're all in trouble.
I knew it would happen.
<< <i>I console him and say, that's OK, no one listens to me.
Renski, you might be surprised to know that you are one of my top 5 financial advisors. Hahahahaha. Now we're all in trouble.
Comrade jmski, is not hard to see socialism come when you once live it. As you know from old country...it is not how much you make, it is how you survive with honor.
Comrade Renski, out.
via seeking alpha CPI "inflection point?"
For those not familiar with the older style point and figure charts here is a good P&F 101 course that will take about 10 minutes. One of the benefits of the P&F chart is establishing longer term highs following breakout movements. The P&F chart for gold predicted a minimum of $1075 back when gold first broke out several years ago. As the market matured, the ultimate predicted high also became larger. You'll have to read the article to find out what that was/will be. With the newest breakout charted, the minimum projected price is now $1100. The next gap up predicts a value of $1700 which compares to the same trend point as the $1075 prediction of several years ago. This also compares favorably with JS's original 2002 figure of $1650 which he has since abandoned as being far too conservative based on the worsening of the financial system (ie "it is out of control").
Katz on gold's performance - it looks anything but deflationary
More fodder on the D. vs. I. debate. Katz continues to suggest that there are no times in modern history where prices continued to go up in the face of deflation. If you have a counter example, send it to him.
roadrunner
I believe we still have no inflation and believe data over the coming months will prove this. There is potential for inflation, but it is not now.
Knowledge is the enemy of fear
The paper gold and oil markets are not reliable indicators of what physical metal is worth or should be worth. Those paper markets are highly manipulated as are the associated ETF's that were created to help support/maneuver them as desired. Imagine the fallout if it's ever shown that the ETF's gold is not all there. For example in reading the GLD prospectus the custodian (HSBC) has no right to physically audit the sub-custodians holding the "investment gold." Nowhere does it state physical gold even exists. Whatever inventory paper work that the sub-custodians present must be assumed to be true. The custodian doesn't even have the right to enter the vaults of the sub-custodians. I know I get warm fuzzies knowing that the 2 biggest banks with the bulk of the Comex silver/gold short positions just happen to be the custodians of GLD and SLV and that they are 100% insulated from counter-party fraud of "their" sub-custodians. Even Madoff didn't have it that easy!
Anyone know of the Aden sisters? They've been gold bugs since the last bull market. In any event I've noticed a trend that whenever one of their infrequent articles hits Kitco it's usually the peak of the cycle. Sure enough, they had an article yesterday indicated more strength from gold to come. Toss in a plug from Cramer on gold stocks and there you have it.
roadrunner
Sunday February 22, 2:42 pm ET
By Liz Sidoti, Associated Press Writer
Official: Obama's first budget part of plan to cut federal deficit in half by first term's end
Is anyone dumb enough to believe this???>
just the people that was dumb enuff to vote on him to begin with- they be singing a different tune before long, they aready are
I knew it would happen.
Ren
Roberts' version of the financial state of the Union
Roberts gives a fair summary of outsourcing, derivatives, gold leasing, uptick rule, etc. and their catastrophic impact on the USEconomy. Considering he was once a cabinet insider, his version seems more credible than one coming from a "gold bug" newsletter writer. Of particular interest is his 3 paragraph simple summary on derivatives and how the system allowed multiple bets on the same asset to be made repeatedly. Then the issuer of those derivatives (ie a Goldman Sachs for example on MBS's) goes massively short on them to make the counter party fail and have to pay off.
Also of note to those fiat-bugs say gold is not manipulated, read Roberts' last paragraph where he states that continued "leasing" of US gold to support the dollar is not the proper way to a strong currency. The bright side of this is that it implies that there are still "some" ounces left in the official gold reserves.
roadrunner
(a) Globalization is fundamentally a good thing from an economic perspective, and moves to protectionism would likely be catastrophic. The key point is that the extent of economic globalization has exceeded the quality of the political and regulatory institutions required to monitor a global economy. In the short term this is a "horses have left the barn" type situation. If we make a quick turn towards protectionism, we will all regret it.
(b) Roberts attributes the imbalances that have been created by globalization mainly to greed and political convenience. This may be partly true, but the imbalances could not have occured were it not for our culture that is so bent on consumption.
(c) Roberts is rather simplistic in suggesting that we have given away real economic activity and become an economy of financiers. In fact, we still have an extremely diverse economy, and are extremely strong in many high value added areas. (biotech, communications, software, synthetics, etc.) The pendulum has certainly swung too far in one direction, but it will swing back.
Fundamentally, the Roberts piece seems like classic populism, tinged with hysteria. There many valid points, but you need to sift through the populist dogma to find them.
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
CG
Poor ole Joe looked lost but Nancy reminded me a lot of the Chucky doll. Eyes darting, fixed smile and pasrt of the time she looked stoned. Oh well, after they tax ammo 500% and force you to carry one million dollar insurance policy if you own a handgun (like they are trying in MD) then it will be a simple matter to do a 1933 on us again.
As soon as I can sell my house Im heading for the deep woods.
Bear, any caves vacant near you ?
<< <i>
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
CG >>
Most of the political oriented posts on this board or any other for that matter are as predictable as rain. Just as the left wing nut jobs blame everything on W, the right wing wackos, blame everthing on OB. It's really very simple
Rocket Docket in Ft Myers
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Globalization is at the root of most of our problems. I suppose there was a time in the world where folks in different countries needed to be very dependant on trade from other countries just to be supplied with all the things their small populations could not produce, but that is not the case here now.
With our population its current size there is very little that we could not make here at home and sell to one another.
At no time in the history of man has there been more than a handful of world governments, out of the hundreds that exist, that have had so similar views to be compatible in a just relationship that warranted open and free trade.
In order to have such a relationship two countries must have nearly the same type of government, the same mix of population as to race, and economies on equal footings.
All of our current problems in this county stem directly from Globalization. If we had not let our socialist government propagate this idea we would still have most of our factories, we would not be in debt to foreigners to the tune of trillions of dollars, we would not have become a service economy dependent on foreign entities for dozens of our manufactured goods.
The further one reaches out side of one core family for dependence, the more disastrous the results as hard times come.
At one time in this country we relied on our family units first, then our local communities, then our states, our federal government, and lastly on foreigners. Everything is reversed in a global community. We now are reliant on foreigners first our federal government second.
As these backward relationships far apart, as they always must, the world goes into turmoil. Guess what is happening now?
<< <i>The Rocket Docket!
Rocket Docket in Ft Myers >>
i actually read that article. most of the foreclosures are from speculators
and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the
bubble burst and it was the easy way out. another got into an adjustable
rate mortgage and obviously did not understand what they were getting
into.
only one person in the article seems to had a tough break by her losing
her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas
that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other
states is silly and not accurate at all.
You must be new to this thread. There's pretty much a concensus on this thread that every administration over the past 45 years had a hand in nuturing our current economic condition. You could even take it all the way back to the 1913 administration who passed the legislation to bring the FED into existence. It's just that the trend has accelerated over the past several administrations with each successive one out-doing the previous one. And the solution keeps coming back to doing what we've been doing....only more of it. The future rise of precious metals and gold only looks more secure.
Globalization at all costs was just another means to transfer wealth away from everyone else. It has worked. No one is suggesting protectionism, but rather support ourselves first, not the other guy. It will take 10 yrs or more to slowly reverse this course, if we desire to. Sorry, but I'm not going to place the blame on the consumer for wanting more. Politicians and regulators were elected or selected to make hard decisions, not to give the masses cake and bread whenever they wanted it. That's like saying that the cheap home ownership programs of the past 10 years came into being because those that couldn't possibly afford homes said they wanted them. The free lunch and unlimited credit bait has been slowly metered out over the years, and unfortunately most nibbled on it and then took larger and larger bites, like an addict. They were taught from day one that fiat is money, and credit/debt is money as well.
If you look closely at the condition of our banking system, "hysteria" should be the exact word you should be using. This is not populism but realism. It seems everyone has been trying to avoid reality for far too long. It eventually does creep up on you and whacks you over the head. Deficits and debt do matter. Only a small fraction of the banking/economic crisis has been shown to us for fear of what the reaction would be. Best to feed it out very slowly over many months. If you happen to see a treadmill in your local bank branch, that is there for the FED's stress test. That will tell us if our banks are fit or flabby. Don't expect much more detail than that.
roadrunner
<< <i>There are a couple of points that are missing from Paul Roberts' analysis, which I think are essential:
(a) Globalization is fundamentally a good thing from an economic perspective, and moves to protectionism would likely be catastrophic. The key point is that the extent of economic globalization has exceeded the quality of the political and regulatory institutions required to monitor a global economy. In the short term this is a "horses have left the barn" type situation. If we make a quick turn towards protectionism, we will all regret it.
(b) Roberts attributes the imbalances that have been created by globalization mainly to greed and political convenience. This may be partly true, but the imbalances could not have occured were it not for our culture that is so bent on consumption.
(c) Roberts is rather simplistic in suggesting that we have given away real economic activity and become an economy of financiers. In fact, we still have an extremely diverse economy, and are extremely strong in many high value added areas. (biotech, communications, software, synthetics, etc.) The pendulum has certainly swung too far in one direction, but it will swing back.
Fundamentally, the Roberts piece seems like classic populism, tinged with hysteria. There many valid points, but you need to sift through the populist dogma to find them. >>
<< <i>
<< <i>
<< <i> takeover of the facility, and all of the employees will have to "interview" for their jobs with the new employer. There will be plenty of consolidation of overlapping job responsibilities, so there will be layoffs. Most of the employees were ardent Obama supporters. They wanted change, now they're getting change >>
Hope your fiancee keeps her job. But how is Obama to blame for a corporate takeover? Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
CG >>
Most of the political oriented posts on this board or any other for that matter are as predictable as rain. Just as the left wing nut jobs blame everything on W, the right wing wackos, blame everthing on OB. It's really very simple
Please, have you looked at the Weather Channel or local weather forecast...they're wrong most of the time in predicting rain. I know this because I use weather forecasts for my job each and every time....that has been my observation.
Rainman
It pays well, but it's not worth it. She got punched in the jaw last night by a lowlife dirtbag who doesn't belong there. She belongs in prison.
But how is Obama to blame for a corporate takeover?
Nobody said he was to blame. I simply find it ironic that the Democrats are cutting back on funding for mental health in our state because tax revenues are way down, and these Obama supporters can't see why their jobs are likely to disappear. The Democrats are supposed to be the bigtime social advocates, aren't they?
Isn't that "free enterprise" at work? This sort of thing happened all the time during the merger and hostile takeover boom during the Reagan years.
Yes, free enterprise tends to reward hard work and education, while government entitlement programs tend to reward breathing and drug abuse. I do think that some CEOs need to be drawn & quartered, but on the other hand, income redistribution is evil.
I knew it would happen.
"If you look closely at the condition of our banking system, "hysteria" should be the exact word you should be using. This is not populism but realism. It seems everyone has been trying to avoid reality for far too long. It eventually does creep up on you and whacks you over the head. Deficits and debt do matter. Only a small fraction of the banking/economic crisis has been shown to us for fear of what the reaction would be. Best to feed it out very slowly over many months. If you happen to see a treadmill in your local bank branch, that is there for the FED's stress test. That will tell us if our banks are fit or flabby. Don't expect much more detail than that."
Roadrunner, don't you think if the powers that be actually told the American people just how bad things really are, there would be any of Congress in office for very long? NEVER tell the whole truth when a little will serve you better. There is absolutely no honor left in our elected officials. I fought when my country asked me to, paid my taxes and tried to do what was right and now, they are selling us out . Again ! CEO's spending millions of our money for golf tourneys, fancy hotel rooms, and parties all in the name of corporate advertising. Forgive me for being so negative but I . for one, am tired of my money going to China and my elected officials lying to me . I have dropped out. Thanks . Rant over .
<< <i>
<< <i>The Rocket Docket!
Rocket Docket in Ft Myers >>
i actually read that article. most of the foreclosures are from speculators
and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the
bubble burst and it was the easy way out. another got into an adjustable
rate mortgage and obviously did not understand what they were getting
into.
only one person in the article seems to had a tough break by her losing
her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas
that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other
states is silly and not accurate at all. >>
Right. 18+ Million people and it's all just a "vacation area". You are consistent, I'll say that about you .
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>
<< <i>The Rocket Docket!
Rocket Docket in Ft Myers >>
i actually read that article. most of the foreclosures are from speculators
and out of state owners who decided to give it up. Typical.
some decided the house was no longer worth paying for since the
bubble burst and it was the easy way out. another got into an adjustable
rate mortgage and obviously did not understand what they were getting
into.
only one person in the article seems to had a tough break by her losing
her busband and could not afford it.
i see no problem with this court and article. bound to happen in areas
that revolve around real estate with this pattern of purchasers. vacation areas always did this in the past. Comparing it to most other
states is silly and not accurate at all. >>
Right. 18+ Million people and it's all just a "vacation area". You are consistent, I'll say that about you . >>
did you even read the article where it states that "Sixty percent of the cases handled here involve homeowners who were speculators and out-of-towners." ???
sixty percent for goodness sakes. that is 18000 properties out of
30000 being foreclosed on in that county. that is simply not normal
for most parts, the majority, of the USA.
now throw in idiots with ARMs that paid 0% down and are upside
down. Probably another large percentage that just threw in the towel. They still have jobs i betcha... but said heck with it. Lets start
over.
Why is everyone making this out to be some huge disaster for the US? It is a correction that is due and should help to clean up this mess
in the long run.
But that is just me. I do not goose step to the party line in this thread
so therefore I must sound like a crazy bat out of heck.
All of this can be attributed to about 250 counties out of the 3141 in the USA. Simply amazing. These areas can look forward to further price declines.
Knowledge is the enemy of fear
Housing is merely the blip that first showed the derivatives crisis. It is by no means the biggest % of the toxic mess that remains. In fact it is <2% of the total problem...but it does affect the most people, at least so far. We could have easily solved the residential RE problems with one $10 TRILL bailout. Unfortunately this still remains: commercial RE, credit cards, auto loans, credit default swaps, and interest rate swaps. We've never had a $650 TRILL problem before (ie 10X the world's GDP) and 10X the current recognized long term obligations/debt of the US govt. That's why it is potentially some huge disaster in the making.
I agree that if Congress told the truth, the real truth, most of them would be tossed out in the next election. But then you'd have those that would claim they were not part of that majority (ie 95% of them....lol) and are worthy of another term. What we need is a single term limit, and greatly restrict the ability to hop right into the lobbying sector following one's term or into any sector that takes advantage of one's prior service. It is called "public service" for a reason. It's not "private enrichment."
roadrunner
roadrunner >>
My thought too. If Republications would have held their promise 10 years or so ago about term limits maybe we would not have have the pork barrel situation that we have now. I think that BHO is doing a great job so far, losing my tail on gold mine stocks but that could change in a day.
Chance favors the prepared mind.
roadrunner >>
My thought too. If Republications would have held their promise 10 years or so ago about term limits maybe we would not have have the pork barrel situation that we have now. I am red neckish but think that BHO is doing a great job so far, losing my tail on gold mine stocks but that could change in a day. >>
That last sentence is so dangerous I'll stop right here.
I can't. Wake up and smell the Constitution.