We are at the beginning of a real change now, the first dominoe was the subprime mortgage loans, the next one that falls will the Home Equity Lines of credits that are now worthless, next dominoe will be the ALT A loans (=people with good credit)and then the banking, insurance and retail sector will come crashing down. A credit crunch takes years, decades to get through. It is not a 1 or 2 year "blip", it is a very serious change in the mentality of the banks.
Where are Peter Schiff and Jim Rogers?
Naomi's (new)school will not be build because the contractor couldn't get financing...
Incredible article:
Japan's Lost Decade (Lessons for the United States in 2008)
In the beginning of the 20th century 1908, the United States for the first time became a greater economical power than their European ancestors.
We are at such an important juncture again, precisely a century later.
Incredible article:
Japan's Lost Decade (Lessons for the United States in 2008)
In the beginning of the 20th century 1908, the United States for the first time became a greater economical power than their European ancestors.
We are at such an important juncture again, precisely a century later.
Housing info:
When we cancelled our home 1 month ago, there were 38 homes under $100 000 for sale in Maricopa. One month later there are 63 homes for sale under that 100k mark. The cheapest home over 3000 sq ft now costs $125 000 and still no takers. The cheapest home now is listed for $62400 and the most expensive (see previous post)is now listed for $975000.
"As pendulums swing, they don't swing to one side and then stop at the middle.. So as expensive as real estate got, that's how cheap it's gonna get. People are gonna be completely amazed at the prices that houses are gonna be selling for in a few years. Amazed."
Peter Schiff
"As pendulums swing, they don't swing to one side and then stop at the middle.. So as expensive as real estate got, that's how cheap it's gonna get. People are gonna be completely amazed at the prices that houses are gonna be selling for in a few years. Amazed."
Peter Schiff
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