Marty

Housing: No Bottom Yet in Sight

I say we have Iraq pay back some of the War Debt. When we started these Wars with Saddam oil was at $20 a barrel. Now we have liberated them and gave them a 700% increase in the price of their #1 resource. What would have happened if oil prices stayed the same? Surely they can afford to pay back the war effort with these inflated prices.

Probably the only thing I see in favor of the housing market is the extreme negativity , which usually means things might be close to a bottoming process.

What we need in this country is fairly simple..

1- Get these bozos out of office. Give me Obama or McCain, anyone with a brain, a mind towards tending the record deficits and working across the aisle with the other party. This is America, not red nor blue states but people that can and will work together to solve problems.

2- Start Building the "NEW AMERICA" we need

a- Infrastructure spending
b- Reinvigorated Space Program
c- Alternative energy development on a grand scale

We have spent many of the last years fighting a war with no material benefit, we need to invest in this country once again and also repair our image in the world.

As a CPA in the northeast I can say the economy will be a huge challenge. I see the main problem is the concentration of wealth. Through outsourcing and exporting, large companies maintain wealth but distribute to far fewer here in the US.

The profits of US companies are a subject for study in themselves. In the early 1980s 85% of jobs provided a company paid for pension and most had full benefits for insurance. Now 15% have company pensions and maybe 20-30% have full medical coverage. The more you take out of the pockets of workers the more "companies seem to earn" the multiple of which accrues to shareholders.

401k wealth for most is a myth. 52% of 401k holder took a premature distribution last year. People are tapped out, this country has suffered the biggest period of mismanagement in its history.

What worries me most is the group that stands to benefit from keeping the status quo. Before the last presidential election they pulled the Thurs evening Bin Laden video out, this time from what I read and hear from others it will be worse. An incoming Obama might lead to a pre election war with Iran or an elected Obama a post election pre inauguration war. Those with the money and power dont give it up easily to those seeking the level playing field and America for all.

Id just remember what I said and hope that come next January you can all say, gosh he was wrong (I hope). IF you want a Depression the war scenario is the one way I see that happening. Absent that nightmare scenario I see either new man bringing us out of this mess.

MA in CT