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26 Comments
Wall Street Breakfast: Must-Know News
Horrid Data: Housing, Jobs, Durable Goods
I appreciate and share your dislike for fractional reserve banking, a major cause of our present world financial crisis. And I thank you for your pointing out that fractional reserve bankers may be of any ethnic origin; just as all gangsters aren't Italian.
My ire was raised by Sojourner's venting his anti-Semitic bias in his irrational explanation of the persons responsible for this crisis.
Horrid Data: Housing, Jobs, Durable Goods
Making Sense of the Brokerage Bust
Current Market Turmoil: You Can’t Explain 'Stupid'
Brookings Panel on Economic Activity Conference: Housing Market and Fed Activity
Pimco's Bill Gross: Jim Cramer Is 'Courageous' and 'Entertaining'
I like the experts who predict that things will change "in the next quarter", "by the end of the year", or "sometime next year". I have never found them to be wrong. Sure enough, things did change.
Anyway, it's a fun game and I enjoy it since I am fortunate enough to be retired since 1994, have a company pension, receive my Social Security check each month, was lucky enough to have bought rental properties in Las Vegas, Cape Cod, and Albuquerque in the early 2000's when prices and interest rates were low, and got out of the market at the end of 1999 after a very profitable 6 year span when all boats enjoyed a rising tide. A maximum investment in Gov't I Bonds in 2000 & 2001 was another lucky move.
Notice my use of the words "fortunate" and "lucky" when referring to investments; the same words that contribute to one's wealth when in Las Vegas or Macau. No one knows the future track of their investments; least of all, the lamenting majority of 401(k) contributors who watch their shrinking monthly or quarterly statements and have about as much investment savvy as the deer in your headlights.
Uncertainty and the Economy: Some Comments
Prime Foreclosures Now Greater Than Subprime
This Recession Will Be Neither Short Nor Shallow
Is the U.S. Banking System Safe?
Greenspan, Please, Retire Already!
Barton Biggs and Bob Brinker Are Both Bullish
What crystal ball tells you that "new homes and construction are close to their bottom" ?
"Huge amount of liquidity sitting on the sidelines"; do you expect it'll pour back into the market now, while the market continues to correct downward?
"U.S. stocks are the cheapest major asset in the world". Perhaps there's a very good reson for that;duh!
"As oil stops going up, tech stocks will go up". When do you predict oil stocks to stop going up?
Et cetera, et cetera, et cetera! Who do you think you are talking to?
An Insider's Look at the Subprime Mortgage Collapse
With the 17 interset rate hikes of Greenspan and the ensuing rate reductions of Bernanke the ARM rates are now reset at 6% and 5.77% respectively. I mention this to disspell the widespread notion that ARMs are a major cause of our repo problem.
I attribute today's sad predicament of the repossessed borrowers to a lack of knowledge of the home buying and borrowing process, overextension of their resources, and addiction to consumption.
I take no delight in their plight. It's a hard lesson learned and hopefully their next venture into homeownership will be preceded with due diligence.
Unfortunately, the Golden Rule is still the mantra of our economy; "He who has the gold makes the rules".
Wall Street Breakfast: Must-Know News