Look what geniuses did over at the Harvard Fund the past couple of years. Their past market leading returns had been due to BILLIONS in leveraged derivatives in all sorts of things like commodities, real estate, etc. Now they are taking a beating on assets they cannot sell while looking for loans.
Back on Uncle Sam's plantation Star Parker - Syndicated Columnist - 2/9/2009 8:00:00 AM
Six years ago I wrote a book called Uncle Sam's Plantation . I wrote the book to tell my own story of what I saw living inside the welfare state and my own transformation out of it.
I said in that book that indeed there are two Americas -- a poor America on socialism and a wealthy America on capitalism. I talked about government programs like Temporary Assistance for Needy Families (TANF), Job Opportunities and Basic Skills Training (JOBS), Emergency Assistance to Needy Families with Children (EANF), Section 8 Housing, and Food Stamps.
A vast sea of perhaps well-intentioned government programs, all initially set into motion in the 1960s, that were going to lift the nation's poor out of poverty. A benevolent Uncle Sam welcomed mostly poor black Americans onto the government plantation. Those who accepted the invitation switched mindsets from "How do I take care of myself?" to "What do I have to do to stay on the plantation?" Instead of solving economic problems, government welfare socialism created monstrous moral and spiritual problems -- the kind of problems that are inevitable when individuals turn responsibility for their lives over to others. The legacy of American socialism is our blighted inner cities, dysfunctional inner city schools, and broken black families. Through God's grace, I found my way out. It was then that I understood what freedom meant and how great this country is. I had the privilege of working on welfare reform in 1996, passed by a Republican Congress and signed 50 percent. I thought we were on the road to moving socialism out of our poor black communities and replacing it with wealth-producing American capitalism. But, incredibly, we are going in the opposite direction. Instead of poor America on socialism becoming more like rich American on capitalism, rich America on capitalism is becoming like poor America on socialism. Uncle Sam has welcomed our banks onto the plantation and they have said, "Thank you, Suh." Now, instead of thinking about what creative things need to be done to serve customers . . they are thinking about what they have to tell Massah in order to get their cash. There is some kind of irony that this is all happening under our first black president on the 200th anniversary of the birthday of Abraham Lincoln . Worse, socialism seems to be the element of our new young president. And maybe even more troubling, our corporate executives seem happy to move onto the plantation. In an op-ed on the opinion page of the Washington Post, Mr. Obama is clear that the goal of his trillion dollar spending plan is much more than short term economic stimulus. "This plan is more than a prescription for short-term spending -- it's a strategy for America 's long-term growth and opportunity in areas such as renewable energy, healthcare, and education." Perhaps more incredibly, Obama seems to think that government taking over an economy is a new idea. Or that massive growth in government can take place "with unprecedented transparency and accountability." Yes, sir, we heard it from Jimmy Carter when he created the Department of Energy, the Synfuels Corporation, and the Department of Education. Or how about the Economic Opportunity Act of 1964 -- The War on Poverty -- which President Johnson said "...does not merely expand old programs or improve what is already being done. It charts a new course. It strikes at the causes, not just the consequences of poverty." Trillions of dollars later, black poverty is the same. But black families are not, with triple the incidence of single-parent homes and out-of-wedlock births. It's not complicated. Americans can accept Barack Obama 's invitation to move onto the plantation. Or they can choose personal responsibility and freedom. Does anyone really need to think about what the choice should
Well we have been preaching here for many years for folks to get ready for disaster. I hope a few paid attention and paid down debt, bought some hard assets etc.
So is it safe in Texas? Lets share some additional stories.
My brother in law works for HB Zachary the huge construction company. This past weekend he said hundreds of millions in jobs were being cancelled due to lack of financing.
He has two brothers in North Carolina in the home building business. One had 32 houses, and one had five the bank was coming to get them this week.
My other brother in law is here in central Texas in the cheap tool business he stopped by today to tell met that dozens of auto parts dealers were shutting down on his south Texas route.
One of my Harley riding buddies and his wife ran a multi-million dollar oil service business for a group of investors. Their combined income was $325,000 per year. Two weeks ago they, and all the other 30 some odd folks in the company, got laid off in one day. The boss told him that the service business for the oil field had gone to nothing and his experts said it would be 2 years before it came back.
That a look at Hercules Offshore Inc HERO:NASDAQ its 52 week high was $39.47 it closed at $1.18 today.
Everyone I talk to in our small central Texas community are complaining of either no work or the lack thereof.
the primary course of action by our legislatures and regulators is to divert our attention away from the real problem, as always. Hence the cries are to look at Eastern Europe
RR, I havent heard a single legislator mention anything about Eastern Europe, or even Europe for that matter--other than the socialist agenda.
The problems in Eastern Europe are very real. You know my wife is from Poland so I have first hand accounts of the situation. I have many other contacts there also, as well as in Greece, Cyprus, Czech Republic, Slovakia, Latvia, Bulgaria, Germany, and France. These contacts are a good mix of incomes and economic stature. My sister travels to China 4x a year and another friend in the retail industry travels to Italy 3x per year. The stories are all the same. They are FUBAR.
Gold has already proven it can rally in the face of a rising dollar. A falling Euro, IMHO, can only be good news for the gold. Enjoy the ride.
<< <i>Back on Uncle Sam's plantation Star Parker - Syndicated Columnist - 2/9/2009 8:00:00 AM Six years ago I wrote a book called Uncle Sam's Plantation . I wrote the book to tell my own story of what I saw living inside the welfare state and my own transformation out of it.
It's not complicated. Americans can accept Barack Obama 's invitation to move onto the plantation. Or they can choose personal responsibility and freedom. Does anyone really need to think about what the choice should >>
Yeah well, that kind of "choice" is not available. You were thinking this was a free country?
Hello everyone, I haven't posted in quite a while, I lost confidence in what was happening in the world, but hopefully there are some smart people that run this country, we are still number 1. I am 54 years old and lost a good portion of my 401 k, not so much as others but I am a working man and try to do the best that I can . I am going to shift my thoughts and look at the bright side I think? Sure ,I am preparing for the worst and hopeing for the best. I like coins and this forum. Anyway here are my thoughts, I think this resession/depression has to do with oil, sure we heard this before but think about it, $147 barrel oil, Russa,Iran, Venezuela, ect. benefit with high oil prices. Russa invades Georgia. The worlds oil supply is at stake. Oil consumption has to be reduced, and I think it is now.....
<< <i>We are at the beginning of a world wide depression. Contrary
to the Government or it,s detractors, no one knows precisely
what to do or what needs to be done. >>
They know very well what needs to be done to turn the economy around. Unfortunately, the primary focus is to redistribute the wealth, however little that may be.
<< <i>All any government can
do, is try to lighten the suffering of the people and attempt to
replace a portion of the shrinking GNP with Federal spending and
attempt to stabilize the financial community. >>
Government spending does not have the velocity of private sector spending. Never has. The 'plan' won't work.
<< <i> In the final analysis,
we are all basically on our own. Parents will attempt to help their
children , siblings will help each other and we will all hang on for the
long years until full recovery is at hand. Nothing will remain the same
as we have known and the future may not be better for our children
then it was for us. One thing I am sure of, the members of this Forum,
on the whole, were probably better prepared for what is happening,
then most Americans. >>
You sound so forlorn and yet you voted for it. Strange.
Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
affordability index is great if you lived within your means or have cashed saved. Too bad everyone spent all thier money on crap and have huge loan payments. This will bring in forign investors more than the general public IMO that's spent thier paycheck years in advance many moons ago.
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
I saw that program and questioned it also. Here are the facts. In the old days--pre 2000, LOL, one needed to have at least a 10%, but preferrably 20% downpayment. Then the general rule of thumb is that the mortgage should not be more than 3x your income. The 3x number is a ballpark as some may be able to take on a larger mortgage if they have other low installment debt. So a family earning $50,000, the median income in 2007 should be able to afford a $185,000 house. 185,000 - 35,000 down = 150,000 mortgage. Median home prices today are about $170,000 so this is well within the average families budget.
I think prices the bubble areas surely have room for another 25% correction, but there are very lovely areas in all 50 states where one can find attractive homes well within their budget.
The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now.
Hey comrades is it not great to help our BROTHER Chinese to secure their energy and materials future.
Gee Mr. President don’t you think we could come up with another trillion in PORK so our Chinese brothers can buy up all the worlds hard assets with our dollars.
They are still taking dollars right?
March 4,2009 HONG KONG - Asia's dealmakers say a Chinese resource spending spree will accelerate throughout the next 12 months, with Canadian mining and energy companies likely on the shopping list. Chinese buyers have already scooped up US$70-billion worth of global resource assets so far this year, as Beijing looks to secure its energy and resource future by spending some of its US$2-trillion in foreign exchange reserves.
The overseas buying trend will pick up steam in the months ahead, according to China and Hong Kong-based corporate dealmakers, investment bankers and private equity players surveyed by Royal Bank of Scotland and Mergermarket.
The report comes as expectations soar Beijing will deliver another stimulus package on Wednesday to add to the 4-trilion yuan (US$586-billion) in spending announced late last year. Further stimulus measures will be announced at the National People's Congress - the climax of the country's political calendar that features 3,000 delegates from across the country - according to government officials quoted in Chinese state media. Reuters reported, citing an unidentified official at the country's top economic planning agency, that China will spend more on infrastructure and to boost manufacturing in addition to the stimulus package announced in November.
Details of Beijing's previously announced spending plans are still sketchy although much of it is directed toward resource-intensive infrastructure projects in the transport and energy sectors.
With the backing of Beijing, cash-rich Chinese investors have spent the past several weeks working on a spate of overseas resource deals. Buoyed by a relatively strong yuan exchange rate, Chinese buyers have taken advantage of depressed commodity prices to pursue overseas assets with vigour. The deals announced so far include a US$19.5-billion bid by state-owned metals company Aluminium Corp of China for a 18% stake in Australia's Rio Tinto Group, a U$25-billion loan to Russian oil company Rosneft, and a US$10-billion loan to Petrobras of Brazil.
Chinese investors have also agreed to plough billions more into Australian and Mongolian iron ore mining companies, gas and pipeline deals in Turkmenistan, and Kazhakstan's copper and lead mining industry. Late last month China National Petroleum Corp launched a friendly $443-million offer for Calgary-based Verenex Energy Inc. to give the state-owned oil company a stake in a promising Libyan oil concession.
So far, a large portion of China's spending has been direct toward Australia, whose government has shown "an open attitude" to Chinese investment of U.S. Dollars, said the RBS banker. But, as the number of available Australian targets shrinks, "low valuations elsewhere will likely move the focus to North America, particularly resource-rich Canada," he added.
Almost 40% of the dealmakers surveyed by RBS said the Chinese will target North American assets this year. Deals valued at under US$500-million will likely make up the bulk of China's overseas investments, the survey respondents said.
Housing? Well lets see, perhaps in 2010 most of the dollar holders will have traded their dollars for hard assets and will want no more of our paper.
At that point our government will have to just print the money to pay for all of these wonderful programs, so we should see inflation.
That is about the time housing will start to correct as the folks want out of paper and into something real. Housing should bottom about 12 to 18 months from now, but not right now.
I guess the global socialist think they will rebuild American middle class manufacturing power, the problem with that is that our fellow comrades from other countries will own all the natural resources.
March 4 (Bloomberg) -- More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth as the recession cut home values by $2.4 trillion last year, First American CoreLogic said.
An additional 2.2 million borrowers will be underwater if home prices decline another 5 percent, First American, a Santa Ana, California-based seller of mortgage and economic data, said in a report today. Households with negative equity or near it account for a quarter of all mortgage holders.
“We have way too much supply and not enough demand,” Sam Khater, senior economist for First American, said in an interview. “People aren’t going to purchase a home as long as prices keep falling, and someone who is worried about their job isn’t going to purchase a home either.”
Prices in 20 U.S. cities fell 18.5 percent in December from a year earlier, the fastest drop on record, according to the S&P/Case-Shiller index. Sales of previously owned homes, which account for about 90 percent of the market, fell in January to the lowest since 1997, and new-home purchases plunged to the lowest since records began in 1963, the National Association of Realtors and Commerce Department said.
Wow this is like magic, Ask for more paper printing in one thread and you get it in minutes!!!!!!!!
WASHINGTON — The chairman of the Federal Reserve on Tuesday tacitly endorsed President Obama’s call for huge increases in spending and trillion-dollar deficits over the next couple of years, saying the economic crisis required aggressive action.
"The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now."
It was around this time period when I saw the news article about a mobile home selling for over $1 million dollars in California. That's right..... one million dollars, and the land did not even come with it. They still had to pay lot rental!! But it did have a great ocean view.........
I'd like to hear the follow up story for that 'home owner'......
American Numismatic Association Governor 2023 to 2025 - My posts reflect my own thoughts and are not those of the ANA.My Numismatics with Kenny Twitter Page
"The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?" I take it you have never been to the "Land of odd"
I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
Definitely interesting article. Look how many banks have failed all ready this year..... and hardly any emphasis out there about this. It has now become commonplace for a bank to fail, and is no longer news.
But never fear.... the big BO will bail out the fund just like everything else. After all, those aggregate deposits are all too big to fail, right?
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
I saw that program and questioned it also. Here are the facts. In the old days--pre 2000, LOL, one needed to have at least a 10%, but preferrably 20% downpayment. Then the general rule of thumb is that the mortgage should not be more than 3x your income. The 3x number is a ballpark as some may be able to take on a larger mortgage if they have other low installment debt. So a family earning $50,000, the median income in 2007 should be able to afford a $185,000 house. 185,000 - 35,000 down = 150,000 mortgage. Median home prices today are about $170,000 so this is well within the average families budget.
I think prices the bubble areas surely have room for another 25% correction, but there are very lovely areas in all 50 states where one can find attractive homes well within their budget.
The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now. >>
Cohodk, you summarized quite nicely what happened when the old (pre 2000) rules were dumped to make risky loans to flippers, frauds and the foolish.
Technically, the money in bank deposits are insured only up to the amount of money in the FDIC account namely 50 billion for all the banks. Now, if enough banks fail and deplete this account, what happens to our deposits?
We're way past technically on what things are insured for these days and by whom. Basically the govt will print or borrow whatever is needed to shore up FDIC insured deposits. It's no different than what they've already been doing with TARP, the new budget and everything else. There is no "real" money to pay for all this, not one dime...but there is plenty of Monopoly money to be had. So keep those currency presses humming. By these methods the money can never run out, though it can do a number on the comparative value of the USD in the process.
The FDIC is asking for banks to contribute more of their assets towards the fund. The good banks are ticked because their fees go up to support the bad banks.
There are articles out there on this matter. It would not surprise me if we did indeed have to bail out the FDIC at some point. This is why Citi and BofA are being propped up.
I must say that this latest news about fdic has me feeling a bit insecure, and in the mood to spend, spend, spend.
any reputable texas PM bullion dealers have bullion type pricing on any PM coins to sell, shoot me a PM - not seeking collectible type things ..... buffalos are nice. I'd like to buy some of those.
The county I live in is asking for donations from the public just to keep the place from shutting down and laying people off. Wonder what happened to all the tax money they collected?
This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy.
<< <i>This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy. >>
This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy.
First, you have to know that the reporting is sound. Then, you have to know that the business model and the finances are sound. Then, you have to have confidence that the economy will still support the business enough to make a profit. Then you have to consider the new cap & trade impacts on the costs of doing business. Then you have to consider whether or not new tax policies will drive the business into the ground. Then you have to consider whether or not it's worth the risk of investing when your own personal tax rate becomes a drag on any possible returns. Thanks, BHO. Nice moves.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy.
"Then you have to consider whether or not new tax policies will drive the business into the ground."
Yepper, they keep touting all they're going to do for small business "The bedrock of American commerce". Before the elections, small businesses were tax magnets for every one from the transit authority to the federal government and all points inbetween. Now small businesses are going to go from being tax magnets to revenue centers for the government and they will even give (loan) you the money to get started; good luck with paying it back...oh yeah, don't forget about the new carbon tax. Hey, with the new regulations, maybe we can even hire a bunch of people and get signed up for the full boat.
<< <i>I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
roadrunner >>
I am not saying that the headlines you see in the paper will show prices going higher. I am saying that for the 93% of counties in the USA that did not fall into this housing bubble, prices have probably stopped declining. Prices in California were probably 300-400% overvalued. That implies at least a 75% drop from the highs. California is a mess. There is no reason why a 1500 sq ft POS in Cali sold for 650K+ when in Pennsylvania it would have been 200k.
Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels
In 1996 the median income was 35,000 now is 50,000. So home prices up by 50% are completely supported by income being up 50% during the same time.
It is probably time for a population migration in this country. If INTC were to open a fabrication plant in North Dakota, people would come. Or maybe the move to Detroit. Infrastucture is already in place. Lots of willing workers. Cheap real estate. And I am sure the politicians would give all kinds of tax breaks. California has priced themselves out of business. It should fail. Sorry Cali residents.
<< <i>I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
roadrunner >>
I am not saying that the headlines you see in the paper will show prices going higher. I am saying that for the 93% of counties in the USA that did not fall into this housing bubble, prices have probably stopped declining. Prices in California were probably 300-400% overvalued. That implies at least a 75% drop from the highs. California is a mess. There is no reason why a 1500 sq ft POS in Cali sold for 650K+ when in Pennsylvania it would have been 200k.
Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels
In 1996 the median income was 35,000 now is 50,000. So home prices up by 50% are completely supported by income being up 50% during the same time.
It is probably time for a population migration in this country. If INTC were to open a fabrication plant in North Dakota, people would come. Or maybe the move to Detroit. Infrastucture is already in place. Lots of willing workers. Cheap real estate. And I am sure the politicians would give all kinds of tax breaks. California has priced themselves out of business. It should fail. Sorry Cali residents. >>
The average house price decline in NH is a mere 20% with some areas actually holding steady as well as gaining (Lebanon/Hanover area). Houses are starting to sell in NH as I just bought one and talked to a few real estate agents who have a feel for things over the last two months.
So when you say the northeast.. you really do need to be more specific. Some states are doing quite well during this time frame.
Comments
roadrunner
Star Parker - Syndicated Columnist - 2/9/2009 8:00:00 AM
Six years ago I wrote a book called Uncle Sam's Plantation . I wrote the book to tell my own story of what I saw living inside the welfare state and my own transformation out of it.
I said in that book that indeed there are two Americas -- a poor America on socialism and a wealthy America on capitalism.
I talked about government programs like Temporary Assistance for Needy Families (TANF), Job Opportunities and Basic Skills Training (JOBS), Emergency Assistance to Needy Families with Children (EANF), Section 8 Housing, and Food Stamps.
A vast sea of perhaps well-intentioned government programs, all initially set into motion in the 1960s, that were going to lift the nation's poor out of poverty.
A benevolent Uncle Sam welcomed mostly poor black Americans onto the government plantation. Those who accepted the invitation switched mindsets from "How do I take care of myself?" to "What do I have to do to stay on the plantation?"
Instead of solving economic problems, government welfare socialism created monstrous moral and spiritual problems -- the kind of problems that are inevitable when individuals turn responsibility for their lives over to others.
The legacy of American socialism is our blighted inner cities, dysfunctional inner city schools, and broken black families.
Through God's grace, I found my way out. It was then that I understood what freedom meant and how great this country is.
I had the privilege of working on welfare reform in 1996, passed by a Republican Congress and signed 50 percent.
I thought we were on the road to moving socialism out of our poor black communities and replacing it with wealth-producing American capitalism.
But, incredibly, we are going in the opposite direction.
Instead of poor America on socialism becoming more like rich American on capitalism, rich America on capitalism is becoming like poor America on socialism.
Uncle Sam has welcomed our banks onto the plantation and they have said, "Thank you, Suh."
Now, instead of thinking about what creative things need to be done to serve customers . . they are thinking about what they have to tell Massah in order to get their cash.
There is some kind of irony that this is all happening under our first black president on the 200th anniversary of the birthday of Abraham Lincoln .
Worse, socialism seems to be the element of our new young president. And maybe even more troubling, our corporate executives seem happy to move onto the plantation.
In an op-ed on the opinion page of the Washington Post, Mr. Obama is clear that the goal of his trillion dollar spending plan is much more than short term economic stimulus.
"This plan is more than a prescription for short-term spending -- it's a strategy for America 's long-term growth and opportunity in areas such as renewable energy, healthcare, and education."
Perhaps more incredibly, Obama seems to think that government taking over an economy is a new idea. Or that massive growth in government can take place "with unprecedented transparency and accountability."
Yes, sir, we heard it from Jimmy Carter when he created the Department of Energy, the Synfuels Corporation, and the Department of Education.
Or how about the Economic Opportunity Act of 1964 -- The War on Poverty -- which President Johnson said "...does not merely expand old programs or improve what is already being done. It charts a new course. It strikes at the causes, not just the consequences of poverty."
Trillions of dollars later, black poverty is the same. But black families are not, with triple the incidence of single-parent homes and out-of-wedlock births.
It's not complicated. Americans can accept Barack Obama 's invitation to move onto the plantation. Or they can choose personal responsibility and freedom.
Does anyone really need to think about what the choice should
Well we have been preaching here for many years for folks to get ready for disaster. I hope a few paid attention and paid down debt, bought some hard assets etc.
So is it safe in Texas? Lets share some additional stories.
My brother in law works for HB Zachary the huge construction company. This past weekend he said hundreds of millions in jobs were being cancelled due to lack of financing.
He has two brothers in North Carolina in the home building business. One had 32 houses, and one had five the bank was coming to get them this week.
My other brother in law is here in central Texas in the cheap tool business he stopped by today to tell met that dozens of auto parts dealers were shutting down on his south Texas route.
One of my Harley riding buddies and his wife ran a multi-million dollar oil service business for a group of investors. Their combined income was $325,000 per year. Two weeks ago they, and all the other 30 some odd folks in the company, got laid off in one day. The boss told him that the service business for the oil field had gone to nothing and his experts said it would be 2 years before it came back.
That a look at Hercules Offshore Inc HERO:NASDAQ its 52 week high was $39.47 it closed at $1.18 today.
Everyone I talk to in our small central Texas community are complaining of either no work or the lack thereof.
RR, I havent heard a single legislator mention anything about Eastern Europe, or even Europe for that matter--other than the socialist agenda.
The problems in Eastern Europe are very real. You know my wife is from Poland so I have first hand accounts of the situation. I have many other contacts there also, as well as in Greece, Cyprus, Czech Republic, Slovakia, Latvia, Bulgaria, Germany, and France. These contacts are a good mix of incomes and economic stature. My sister travels to China 4x a year and another friend in the retail industry travels to Italy 3x per year. The stories are all the same. They are FUBAR.
Gold has already proven it can rally in the face of a rising dollar. A falling Euro, IMHO, can only be good news for the gold. Enjoy the ride.
Next, we watch the Chinese currency.
Knowledge is the enemy of fear
<< <i>Back on Uncle Sam's plantation
Star Parker - Syndicated Columnist - 2/9/2009 8:00:00 AM
Six years ago I wrote a book called Uncle Sam's Plantation . I wrote the book to tell my own story of what I saw living inside the welfare state and my own transformation out of it.
It's not complicated. Americans can accept Barack Obama 's invitation to move onto the plantation. Or they can choose personal responsibility and freedom.
Does anyone really need to think about what the choice should >>
Yeah well, that kind of "choice" is not available. You were thinking this was a free country?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Now, during deflation, I am still road kill.
Camelot
to the Government or it,s detractors, no one knows precisely
what to do or what needs to be done. All any government can
do, is try to lighten the suffering of the people and attempt to
replace a portion of the shrinking GNP with Federal spending and
attempt to stabilize the financial community. In the final analysis,
we are all basically on our own. Parents will attempt to help their
children , siblings will help each other and we will all hang on for the
long years until full recovery is at hand. Nothing will remain the same
as we have known and the future may not be better for our children
then it was for us. One thing I am sure of, the members of this Forum,
on the whole, were probably better prepared for what is happening,
then most Americans.
Camelot
<< <i>We are at the beginning of a world wide depression. Contrary
to the Government or it,s detractors, no one knows precisely
what to do or what needs to be done. >>
They know very well what needs to be done to turn the economy around. Unfortunately, the primary focus is to redistribute the wealth, however little that may be.
<< <i>All any government can
do, is try to lighten the suffering of the people and attempt to
replace a portion of the shrinking GNP with Federal spending and
attempt to stabilize the financial community. >>
Government spending does not have the velocity of private sector spending. Never has. The 'plan' won't work.
<< <i> In the final analysis,
we are all basically on our own. Parents will attempt to help their
children , siblings will help each other and we will all hang on for the
long years until full recovery is at hand. Nothing will remain the same
as we have known and the future may not be better for our children
then it was for us. One thing I am sure of, the members of this Forum,
on the whole, were probably better prepared for what is happening,
then most Americans. >>
You sound so forlorn and yet you voted for it. Strange.
Knowledge is the enemy of fear
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
I see a problem with the chart but it's interesting and certainly is not invalid
<< <i>
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
I see a problem with the chart but it's interesting and certainly is not invalid >>
I saw that program and questioned it also. Here are the facts. In the old days--pre 2000, LOL, one needed to have at least a 10%, but preferrably 20% downpayment. Then the general rule of thumb is that the mortgage should not be more than 3x your income. The 3x number is a ballpark as some may be able to take on a larger mortgage if they have other low installment debt. So a family earning $50,000, the median income in 2007 should be able to afford a $185,000 house. 185,000 - 35,000 down = 150,000 mortgage. Median home prices today are about $170,000 so this is well within the average families budget.
I think prices the bubble areas surely have room for another 25% correction, but there are very lovely areas in all 50 states where one can find attractive homes well within their budget.
The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now.
Knowledge is the enemy of fear
Hey comrades is it not great to help our BROTHER Chinese to secure their energy and materials future.
Gee Mr. President don’t you think we could come up with another trillion in PORK so our Chinese brothers can buy up all the worlds hard assets with our dollars.
They are still taking dollars right?
March 4,2009
HONG KONG - Asia's dealmakers say a Chinese resource spending spree will accelerate throughout the next 12 months, with Canadian mining and energy companies likely on the shopping list.
Chinese buyers have already scooped up US$70-billion worth of global resource assets so far this year, as Beijing looks to secure its energy and resource future by spending some of its US$2-trillion in foreign exchange reserves.
The overseas buying trend will pick up steam in the months ahead, according to China and Hong Kong-based corporate dealmakers, investment bankers and private equity players surveyed by Royal Bank of Scotland and Mergermarket.
The report comes as expectations soar Beijing will deliver another stimulus package on Wednesday to add to the 4-trilion yuan (US$586-billion) in spending announced late last year. Further stimulus measures will be announced at the National People's Congress - the climax of the country's political calendar that features 3,000 delegates from across the country - according to government officials quoted in Chinese state media. Reuters reported, citing an unidentified official at the country's top economic planning agency, that China will spend more on infrastructure and to boost manufacturing in addition to the stimulus package announced in November.
Details of Beijing's previously announced spending plans are still sketchy although much of it is directed toward resource-intensive infrastructure projects in the transport and energy sectors.
With the backing of Beijing, cash-rich Chinese investors have spent the past several weeks working on a spate of overseas resource deals. Buoyed by a relatively strong yuan exchange rate, Chinese buyers have taken advantage of depressed commodity prices to pursue overseas assets with vigour. The deals announced so far include a US$19.5-billion bid by state-owned metals company Aluminium Corp of China for a 18% stake in Australia's Rio Tinto Group, a U$25-billion loan to Russian oil company Rosneft, and a US$10-billion loan to Petrobras of Brazil.
Chinese investors have also agreed to plough billions more into Australian and Mongolian iron ore mining companies, gas and pipeline deals in Turkmenistan, and Kazhakstan's copper and lead mining industry. Late last month China National Petroleum Corp launched a friendly $443-million offer for Calgary-based Verenex Energy Inc. to give the state-owned oil company a stake in a promising Libyan oil concession.
So far, a large portion of China's spending has been direct toward Australia, whose government has shown
"an open attitude" to Chinese investment of U.S. Dollars, said the RBS banker. But, as the number of available Australian targets shrinks, "low valuations elsewhere will likely move the focus to North America, particularly resource-rich Canada," he added.
Almost 40% of the dealmakers surveyed by RBS said the Chinese will target North American assets this year. Deals valued at under US$500-million will likely make up the bulk of China's overseas investments, the survey respondents said.
to zero. In fact lets offer them cash incentives to outsource
jobs. This extra income will certainly make it easier for the
corporate executives to gain bigger salaries. Some do not seem
to understand that those of us in the working middle class are
fed up with taking care of the big boys. The BBs have had their day
now it is our time. The person that I voted for, either one of the
candidates, did not cause the latest economic disaster and at least
the President we have, is trying to correct the problems. There is
really no short term cure for decades of mismanagement by both parties.
The best that can be done is set out on a road that will lead to recovery over
the next few years. The talking heads on TV that are so pompous in there assertions,
did not call this deep recession and they have no Idea , other then blather, to get us out
of it. I have long ago learned to ignore the supposed experts and rely on my own instincts
and ability to survive. Instincts and ability are what make the members of this Forum, in general,
able to survive most anything that is or may happen to the economy.
Camelot
Well lets see, perhaps in 2010 most of the dollar holders will have traded their dollars for hard assets and will want no more of our paper.
At that point our government will have to just print the money to pay for all of these wonderful programs, so we should see inflation.
That is about the time housing will start to correct as the folks want out of paper and into something real. Housing should bottom about 12 to 18 months from now, but not right now.
I guess the global socialist think they will rebuild American middle class manufacturing power, the problem with that is that our fellow comrades from other countries will own all the natural resources.
March 4 (Bloomberg) -- More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth as the recession cut home values by $2.4 trillion last year, First American CoreLogic said.
An additional 2.2 million borrowers will be underwater if home prices decline another 5 percent, First American, a Santa Ana, California-based seller of mortgage and economic data, said in a report today. Households with negative equity or near it account for a quarter of all mortgage holders.
“We have way too much supply and not enough demand,” Sam Khater, senior economist for First American, said in an interview. “People aren’t going to purchase a home as long as prices keep falling, and someone who is worried about their job isn’t going to purchase a home either.”
Prices in 20 U.S. cities fell 18.5 percent in December from a year earlier, the fastest drop on record, according to the S&P/Case-Shiller index. Sales of previously owned homes, which account for about 90 percent of the market, fell in January to the lowest since 1997, and new-home purchases plunged to the lowest since records began in 1963, the National Association of Realtors and Commerce Department said.
Ask for more paper printing in one thread and you get it in minutes!!!!!!!!
WASHINGTON — The chairman of the Federal Reserve on Tuesday tacitly endorsed President Obama’s call for huge increases in spending and trillion-dollar deficits over the next couple of years, saying the economic crisis required aggressive action.
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now."
It was around this time period when I saw the news article about a mobile home selling for over $1 million dollars in California. That's right..... one million dollars, and the land did not even come with it. They still had to pay lot rental!! But it did have a great ocean view.........
I'd like to hear the follow up story for that 'home owner'......
Dollar Article
Instagram - numismatistkenny
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ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
I take it you have never been to the "Land of odd"
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
roadrunner
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=alsJZqIFuN3k
But never fear.... the big BO will bail out the fund just like everything else. After all, those aggregate deposits are all too big to fail, right?
insured only up to the amount of money in the
FDIC account namely 50 billion for all the banks.
Now, if enough banks fail and deplete this account,
what happens to our deposits?
.
Camelot
<< <i>
<< <i>
<< <i>Yesterday the home affordability index was reported at 166. This is a record high. The index has been computed since 1970 and a value of 100 means the median income can afford the median priced home. I think this is a strong number as long as wages and employment do not fall off a cliff. I mentioned back in Sept that I thought within the next 6 months home values will have bottomed. I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence. >>
Glenn Beck had an interesting chart regarding home prices on his FNC program a few days ago. If the chart is to be believed there's still another 25% + downside to housing prices to be stable.
I see a problem with the chart but it's interesting and certainly is not invalid >>
I saw that program and questioned it also. Here are the facts. In the old days--pre 2000, LOL, one needed to have at least a 10%, but preferrably 20% downpayment. Then the general rule of thumb is that the mortgage should not be more than 3x your income. The 3x number is a ballpark as some may be able to take on a larger mortgage if they have other low installment debt. So a family earning $50,000, the median income in 2007 should be able to afford a $185,000 house. 185,000 - 35,000 down = 150,000 mortgage. Median home prices today are about $170,000 so this is well within the average families budget.
I think prices the bubble areas surely have room for another 25% correction, but there are very lovely areas in all 50 states where one can find attractive homes well within their budget.
The problem we had at the peak in 2006, was people making 50K, buying 500K homes, especially in California. How could this state really be that messed up?
If people dont have the downpayment, then they dont buy a house. Simple. This is the way it was done just 10 years ago, and the way it should be done 10 years from now. >>
Cohodk, you summarized quite nicely what happened when the old (pre 2000) rules were dumped to make risky loans to flippers, frauds and the foolish.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
We're way past technically on what things are insured for these days and by whom. Basically the govt will print or borrow whatever is needed to shore up FDIC insured deposits. It's no different than what they've already been doing with TARP, the new budget and everything else. There is no "real" money to pay for all this, not one dime...but there is plenty of Monopoly money to be had. So keep those currency presses humming. By these methods the money can never run out, though it can do a number on the comparative value of the USD in the process.
roadrunner
run out of paper and ink
used to print the money?
Camelot
is to create 150 year mortgages.After all, folks are
living a lot longer..........................wider too.
Camelot
Camelot
<< <i>Soon we will have to bailout the FDIC. >>
As well it should be.
There are articles out there on this matter. It would not surprise me if we did indeed have to bail out the FDIC at some point. This is why Citi and BofA are being propped up.
any reputable texas PM bullion dealers have bullion type pricing on any PM coins to sell, shoot me a PM - not seeking collectible type things ..... buffalos are nice. I'd like to buy some of those.
(I try to keep my business in my own republic.)
Wonder what happened to all the tax money they collected?
Besides, this board hardly represents the majority of investors or even coin collectors. Just the smart ones.
Random Collector
www.marksmedals.com
<< <i>This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy. >>
I agree! Truly. You first.
into Jim Cramers Recommendations.
Camelot
<< <i>Soon we will have to bailout the FDIC. >>
Yep. How about 500 Billion? What's half a trillion more?
<< <i>
<< <i>Soon we will have to bailout the FDIC. >>
Yep. How about 500 Billion? What's half a trillion more? >>
So taxpayers are inuring the "insurer" to insure taxpayers' money, hmmmm, ok, I get it.
It just gets better every day, we're doomed.
Comrade Renski
Camelot
First, you have to know that the reporting is sound. Then, you have to know that the business model and the finances are sound. Then, you have to have confidence that the economy will still support the business enough to make a profit. Then you have to consider the new cap & trade impacts on the costs of doing business. Then you have to consider whether or not new tax policies will drive the business into the ground. Then you have to consider whether or not it's worth the risk of investing when your own personal tax rate becomes a drag on any possible returns. Thanks, BHO. Nice moves.
I knew it would happen.
<< <i>This board is 90% pessimistic and that may be a signal to start investing in solid companies. When everybody thinks the sky is falling --it's time to buy.
The remaining 10% are truly worried.
Camelot
Yepper, they keep touting all they're going to do for small business "The bedrock of American commerce". Before the elections, small businesses were tax magnets for every one from the transit authority to the federal government and all points inbetween. Now small businesses are going to go from being tax magnets to revenue centers for the government and they will even give (loan) you the money to get started; good luck with paying it back...oh yeah, don't forget about the new carbon tax. Hey, with the new regulations, maybe we can even hire a bunch of people and get signed up for the full boat.
<< <i>I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
roadrunner >>
I am not saying that the headlines you see in the paper will show prices going higher. I am saying that for the 93% of counties in the USA that did not fall into this housing bubble, prices have probably stopped declining. Prices in California were probably 300-400% overvalued. That implies at least a 75% drop from the highs. California is a mess. There is no reason why a 1500 sq ft POS in Cali sold for 650K+ when in Pennsylvania it would have been 200k.
Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels
In 1996 the median income was 35,000 now is 50,000. So home prices up by 50% are completely supported by income being up 50% during the same time.
It is probably time for a population migration in this country. If INTC were to open a fabrication plant in North Dakota, people would come. Or maybe the move to Detroit. Infrastucture is already in place. Lots of willing workers. Cheap real estate. And I am sure the politicians would give all kinds of tax breaks. California has priced themselves out of business. It should fail. Sorry Cali residents.
Knowledge is the enemy of fear
<< <i>
<< <i>I still think this is true. Certainly in some areas -- FLA, CALI, Vegas--prices have room to correct but by and large I think we are at the bottom. I dont expect prices to go up, but stability will go a long ways towards confidence.
Cohodk, you are definitely in the top 10% of optimists of when housing prices will bottom for the general USA. I've not read one analyst who has predicted anything earlier than late 2009, with most of them falling into the 2010, 2011, and even later category. Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels. That tells me there is still a lot of washing out to do. The overhang of unsold homes continues to grow as well. With various types of home loans still up for resetting in 2009 and 2010 I can't imagine a bottom coming soon. In the northeast in took from 1990-1996 to wash out the housing market from the 1980's boom which was a mere tick up compared to what we have now. We've only gone 2-3 yrs into this correction depending on where you place the peak. Frankly, it sort of got toppy around here in summer 2004 then sort of simmered for the next 2 yrs.
roadrunner >>
I am not saying that the headlines you see in the paper will show prices going higher. I am saying that for the 93% of counties in the USA that did not fall into this housing bubble, prices have probably stopped declining. Prices in California were probably 300-400% overvalued. That implies at least a 75% drop from the highs. California is a mess. There is no reason why a 1500 sq ft POS in Cali sold for 650K+ when in Pennsylvania it would have been 200k.
Here in the Northeast suburbia areas (not larger cities which are in worse shape) we're still at home prices that are 50% or more above 1996 levels
In 1996 the median income was 35,000 now is 50,000. So home prices up by 50% are completely supported by income being up 50% during the same time.
It is probably time for a population migration in this country. If INTC were to open a fabrication plant in North Dakota, people would come. Or maybe the move to Detroit. Infrastucture is already in place. Lots of willing workers. Cheap real estate. And I am sure the politicians would give all kinds of tax breaks. California has priced themselves out of business. It should fail. Sorry Cali residents. >>
The average house price decline in NH is a mere 20% with some areas actually holding steady
as well as gaining (Lebanon/Hanover area). Houses are starting to sell in NH as I just bought
one and talked to a few real estate agents who have a feel for things over the last two months.
So when you say the northeast.. you really do need to be more specific. Some states are doing
quite well during this time frame.