its not about the property itself
that said alot of these mcmansions they built during the boom are complete low quality garbage
regardless of the values and such
people will be losing homes
too follow will be a decrease in consumption
a decrease in jobs
etc etc
it'll ripple right though
when it started they were saying the housing collapse would be "contained"
i was laughing my ass off
now we got citigroup losing 10 billion in a quarter and shit
next up the US consumer that is 75% of our economy
falls off the face of the earth
They can't do that to EVERYONE Woofy, only some individual cases.
They took gold off EVERYONE in the 1930s Woof.
Plus property is there forever if it gets stolen, so your relatives can claim it back in 100 years, 200 years, whatever.
They cant hide it away and claim ignorance 50 years later.
Like with those people who got their property back after the iron curtain came down in East Germany.
They took gold off EVERYONE in the 1930s Woof.
Plus property is there forever if it gets stolen, so your relatives can claim it back in 100 years, 200 years, whatever.
They cant hide it away and claim ignorance 50 years later.
Like with those people who got their property back after the iron curtain came down in East Germany.
we'll see if TJ is right
also i bolded the first part for you DAW and jdog
i trust TJ more than i trust RP :lolBIG:
<dl><dt>I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.</dt><dd class="author">Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)</dd></dl>
3rd president of US (1743 - 1826)</dd></dl>
I sold up for a couple of family reasons Woof, but devaluation aint either of them.
Anyway.
Devaluation will only happen at the lower end of the market.
My section will hover, or rise with inflation.
I'm losing money by doing this Woofy, especially over the next 10 years.
If I was money mad there's no fricken way I would have sold up.
Anyway.
Devaluation will only happen at the lower end of the market.
My section will hover, or rise with inflation.
I'm losing money by doing this Woofy, especially over the next 10 years.
If I was money mad there's no fricken way I would have sold up.
you kidding housing starting to hit the rich
read an article about in chicago with people walking away from million dollar homes not even thinking twice about it
even the upper middle class were spending way beyond their means and got in deep
homes will get slashed across the board, some will get hit worse than others, there will be small pockets where they will do okay, but they will be minimal
overall the housing market will be a complete disaster for many years
I looked at a place down the coast a couple of days ago which looked like a wee bargain and had open viewing.
They were streaming in the door Tiz, I couldn't believe the level of interest in this crummy wee dump that needed completely doing up.
It was wrecked...but it was in a good location.
The cash is still out there where I'm at Tiz, and it's looking for a home.
They were streaming in the door Tiz, I couldn't believe the level of interest in this crummy wee dump that needed completely doing up.
It was wrecked...but it was in a good location.
The cash is still out there where I'm at Tiz, and it's looking for a home.
here's a first hand example for ya eekster
my grandma lived her whole life in the suburbs of chicago
think they bought the home for 15-20k back in the 40s or 50s or whatever
lot is pretty damn small as far as yard goes
the house was starting to crumble at the foundation due to a foundry near by that slowly was messing the place up
she's getting old and this was the height of the housing boom
in her neighborhood builders were buying up lots for 300-400k knocking down the homes
and putting up mcmansions for 700-800k and they were selling like hot cakes
it was pure and utter insanity!!
luckily we got my grandma out of hers she sold the lot they put up their mcmansion and got her into retirement center
worked out good for our family i guess in the end
these types of stories will ripple all through the housing market
as alot of the people that were idiots don't have money to spend
so consumption slows
stores close
jobs are lost
nobody can buy a frickin home if there is massive consumption and job loss
plus everybody's credit rating is shot to hell at this point
the lenders themselves are all going belly up
and they up to their eyeballs in credit card debt to boot
only people that can buy at this point are the few that were prudent and are value shoppers
and i can assure you they won't be getting into housing anytime soon
they are your more adept/smart non sheepish population
we have run out of sheep to sheer
my grandma lived her whole life in the suburbs of chicago
think they bought the home for 15-20k back in the 40s or 50s or whatever
lot is pretty damn small as far as yard goes
the house was starting to crumble at the foundation due to a foundry near by that slowly was messing the place up
she's getting old and this was the height of the housing boom
in her neighborhood builders were buying up lots for 300-400k knocking down the homes
and putting up mcmansions for 700-800k and they were selling like hot cakes
it was pure and utter insanity!!
luckily we got my grandma out of hers she sold the lot they put up their mcmansion and got her into retirement center
worked out good for our family i guess in the end
these types of stories will ripple all through the housing market
as alot of the people that were idiots don't have money to spend
so consumption slows
stores close
jobs are lost
nobody can buy a frickin home if there is massive consumption and job loss
plus everybody's credit rating is shot to hell at this point
the lenders themselves are all going belly up
and they up to their eyeballs in credit card debt to boot
only people that can buy at this point are the few that were prudent and are value shoppers
and i can assure you they won't be getting into housing anytime soon
they are your more adept/smart non sheepish population
we have run out of sheep to sheer
also to go along with that story
i can assure you the builders cut costs at every corner they could
made the home look nice from the outside if you didn't inspect it and take a close enough look at it
these mcmansions will be slashed big time from their peaks before its all said and done
i can assure you the builders cut costs at every corner they could
made the home look nice from the outside if you didn't inspect it and take a close enough look at it
these mcmansions will be slashed big time from their peaks before its all said and done
Today, so far the trio of washington types that have trotted onto the stage to pump up this pig hasnt worked.
King Paulson knows the economy is in a recession, but of course wouldnt say it to the media.
Anyway, this isnt a stock I follow, but add this one to the suicide watch list.
Sprint/Nextel....another biggin' being flogged at the whipping post.
King Paulson knows the economy is in a recession, but of course wouldnt say it to the media.
Anyway, this isnt a stock I follow, but add this one to the suicide watch list.
Sprint/Nextel....another biggin' being flogged at the whipping post.
this in the end is the HUGE problem i see with housing and why it could get really ugly
now that the market is collapsing
people are actually taking a step back and start looking at what they bought as far as QUALITY goes and for the most part they aren't gonna be happy with what they find
Today, so far the trio of washington types that have trotted onto the stage to pump up this pig hasnt worked.
King Paulson knows the economy is in a recession, but of course wouldnt say it to the media.
Anyway, this isnt a stock I follow, but add this one to the suicide watch list.
Sprint/Nextel....another biggin' being flogged at the whipping post.
yeah speaking of lost jobs and stores closing due to housing and credit bubble collapse contagion
Sprint Nextel to Cut Jobs, Close Shops
Friday January 18, 12:06 pm ET
By Margaret Stafford, Associated Press Writer <table border="0" cellpadding="0" cellspacing="0" height="4"><tbody><tr><td height="4">
</td></tr></tbody></table>Sprint Nextel to Cut 4,000 Jobs, Close 8 Percent of Retail Shops KANSAS CITY, Mo. (AP) -- Wireless phone company Sprint Nextel Corp. said Friday it plans to slash 4,000 jobs and close 125 retail locations to gird itself for an expected slowdown in subscriber growth and revenue.
:smoker2:
if you have a retail job or you are a real estate agent
i'd start looking for a backup job soon
-----------------
that chart looks brutal might have to start looking for a new cell phone provider before its all said and done
%^_
Tiz you think you call'm poorly...Shit if I just had a bit more patience I could have made out nicely with my GS trade.....SEE boys even the "smartest on Wall st." are taking it.......I still think this stock sees 170's soon just can't take another shot like I did last week....maybe with a smaller sum...we shall see.....
Another question I have for Woof, Tiz et al......We are always talking about how shitty the RE market is and I agree it is....BUT I live in NYC and I'll tell you one thing RE in manhatten and Downtown Brooklyn are still hot as a MFr...i bought my brownstone in August and I've already been offered 10% more than I paid(and its not even listed...These brokers will just come and ring your freakin' bell....Why do you think these markets have not been crushed like others??? Maybe with the lack of wall st. bonus this year it may soon be on its way??
Another question I have for Woof, Tiz et al......We are always talking about how shitty the RE market is and I agree it is....BUT I live in NYC and I'll tell you one thing RE in manhatten and Downtown Brooklyn are still hot as a MFr...i bought my brownstone in August and I've already been offered 10% more than I paid(and its not even listed...These brokers will just come and ring your freakin' bell....Why do you think these markets have not been crushed like others??? Maybe with the lack of wall st. bonus this year it may soon be on its way??
well bears let it all out stand up and be heard 
markets seemed to pretty much close the last half of the day waiting for next weeks data and earnings
that was such a tease all day today on your wager betit, sorry buddy
quite a week and its only the beginning long term
we'll see if we can cut through 12k on the dow next week
3 day weekend weekend on the market front, man what are we gonna do with our time
bully won't be sleeping very soundly all weekend
aapl reports tues AH maybe that will be a catalyst for some sort of bear shake
any who
grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
markets seemed to pretty much close the last half of the day waiting for next weeks data and earnings
that was such a tease all day today on your wager betit, sorry buddy
quite a week and its only the beginning long term
we'll see if we can cut through 12k on the dow next week
3 day weekend weekend on the market front, man what are we gonna do with our time
bully won't be sleeping very soundly all weekend
aapl reports tues AH maybe that will be a catalyst for some sort of bear shake
any who
grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
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it'll ripple that way eventually i would think but there will be spot locations that hold up fine
i don't really know the housing market all that well to be honest with you, i just know overall tons more pain is coming based on what i observed was going on during it
wall street bonuses in 2007 to end the year were still ridiculous don't think that'll be the case in 2008 though
granted based on how the game is played who knows, maybe they'll still get their 6 figure bonuses while the rest of the country is getting poked up the arse
