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OptionManiac

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  • June Nonfarm Payrolls: -125K vs. -130K expected, +433K (revised from +431K) in May. Unemployment: 9.5% vs. 9.8% expected, 9.7% prior.  [View news story]
    I think we will see some of the unemployed taking jobs they don't want, and accepting a smaller salary than wanted. This is the beginning of the American worker helping US manufacturing become more competitive. Will upper management cinch their belts also?
    Jul 2, 2010. 10:02 AM | 1 Like Like |Link to Comment
  • Today's sad real estate statistic: Foreclosed properties accounted for 31% of U.S. home sales in Q1, according to a new report by RealtyTrac, and sold for 27% less on average than regular properties. "In a normal market, only 1-2% of home sales are foreclosures, so this is certainly a significant level."  [View news story]
    Good point. If the credit can tip a QUALIFIED, skittish buyer to closing the deal, than another house is taken safely off the market.
    Jun 30, 2010. 09:51 AM | Likes Like |Link to Comment
  • Today's sad real estate statistic: Foreclosed properties accounted for 31% of U.S. home sales in Q1, according to a new report by RealtyTrac, and sold for 27% less on average than regular properties. "In a normal market, only 1-2% of home sales are foreclosures, so this is certainly a significant level."  [View news story]
    Lots of people in my area buying the lower priced homes, fixing them, and reselling. One acquaintance ready to put their flip house (oh, how I hate that term in today's market) on the market. Curious to see how it does. So what if the houses are going for a lower price, new homeowners will be left with more cash in their pockets. Lots of homes were crazy high in prices and the math impaired took their deserved bath.
    Jun 30, 2010. 09:01 AM | 1 Like Like |Link to Comment
  • MBA Mortgage Applications: +8.8% vs. -5.9% last week. Thirty-year fixed mortgage rate decreased to 4.67% from 4.75%.  [View news story]
    No surprised about the decrease in new loans. Hopefully, people refinancing are finding more money in their pockets. One item in the new refinance reform - no prepayment penalties on new loans. Good way for those who can't do the math wiggle out of bad loans after they realize they have been suckered.
    Jun 30, 2010. 08:56 AM | Likes Like |Link to Comment
  • Returning to a New Normal, aka Reality, Is Not a Bad Thing [View article]
    My father is a bit older than you and used to winter in FL also. He would take a shower in the clubhouse so not to run up us own hot water bill. Saving became natural to me because of my parents.
    Jun 29, 2010. 02:48 PM | Likes Like |Link to Comment
  • Two years ago, Ireland implemented the same measures other European countries are exploring, but the country had little to no success. In an attempt to convince investors to let the country continue borrowing, Ireland cut spending and raised taxes but its economy shrank 7.1% last year and remains in recession. And now G-20 nations are starting down the same path.  [View news story]
    In a perfect world, they would be sweeping the streets. Roosevelt fired the top three executives of every bank bailed out by the gov't.
    Jun 29, 2010. 12:53 PM | Likes Like |Link to Comment
  • Brett Arends' three biggest lies about the economy: unemployment is below 10%; the markets are panicking about sovereign deficits; the U.S. is sliding into socialism.  [View news story]
    Right, how can you even say the word socialism when GS's market manipulations control of our retirement funds. Politicians are under the thumb of big business, not the other way around. Socialist health system? Huh! My self-employed neighbor just paid for his own knee replacement - because his bad knee was a pre-existing condition. $40,000 out of pocket! You guys don't know what socialism is. My fear is that things may get so bad that real socialism, or facism, will start looking good to the down trodden.
    Jun 29, 2010. 12:50 PM | 4 Likes Like |Link to Comment
  • Two years ago, Ireland implemented the same measures other European countries are exploring, but the country had little to no success. In an attempt to convince investors to let the country continue borrowing, Ireland cut spending and raised taxes but its economy shrank 7.1% last year and remains in recession. And now G-20 nations are starting down the same path.  [View news story]
    I guess we just have to gut it out.
    Jun 29, 2010. 10:36 AM | Likes Like |Link to Comment
  • April S&P Case-Shiller Home Price Index: +0.8% M/M vs. -0.5% prior. +3.8% Y/Y vs. +3.5% expected, +2.3% prior.  [View news story]
    I'm hearing the higher end homes are seeing the greatest decline in value.
    Jun 29, 2010. 09:43 AM | 1 Like Like |Link to Comment
  • Returning to a New Normal, aka Reality, Is Not a Bad Thing [View article]
    So one hundred billion less, if my math is right, around $330 per person in the US. I wonder what percentage of households have zero debt. (lot's of depression era parents still out there)
    Jun 29, 2010. 09:11 AM | 2 Likes Like |Link to Comment
  • Returning to a New Normal, aka Reality, Is Not a Bad Thing [View article]
    I am certainly not a college grad, but I get at least one card offer per day in the mail.
    Jun 29, 2010. 09:08 AM | 1 Like Like |Link to Comment
  • Dow patterns from 1937-1939 are "ominously similar" to the S&P 500's current chart, pointing to another major decline in the stock market - if history is any indication. "The rallies are seen by many analysts as liquidity rallies rather than market rallies," Minyanville's Andre Julian writes, "and are based more on a reaction to government stimulus than investor sentiment."  [View news story]
    Throw in the dustbowl and a whole generation of displaced farmers.
    Jun 28, 2010. 02:41 PM | 2 Likes Like |Link to Comment
  • Dow patterns from 1937-1939 are "ominously similar" to the S&P 500's current chart, pointing to another major decline in the stock market - if history is any indication. "The rallies are seen by many analysts as liquidity rallies rather than market rallies," Minyanville's Andre Julian writes, "and are based more on a reaction to government stimulus than investor sentiment."  [View news story]
    I'm wondering about this whole repeat of history bit. Today's consumers and investors are quite different than those from the 30's. I look at my grand parents (now long passed) and see a totally different mindset from people dealing with today's downturn. Will this social difference effect the course of an economy? Wait and watch this living experiment to see.
    Jun 28, 2010. 02:12 PM | 2 Likes Like |Link to Comment
  • Paul Krugman: "We are now, I fear, in the early stages of a third depression... And this third depression will be primarily a failure of policy. Around the world - most recently at last weekend’s deeply discouraging G-20 meeting - governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending."  [View news story]
    You do have some very good points. The rest of the world would like to live the way we do. After all, we did spread democracy and capitilism. We may have to meet them halfway.
    Jun 28, 2010. 01:43 PM | Likes Like |Link to Comment
  • Paul Krugman: "We are now, I fear, in the early stages of a third depression... And this third depression will be primarily a failure of policy. Around the world - most recently at last weekend’s deeply discouraging G-20 meeting - governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending."  [View news story]
    Movie Theaters have been gouging scince I was a tot.
    Jun 28, 2010. 01:41 PM | 1 Like Like |Link to Comment
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