I know this is not great news. But it is the TRUTH about what we are facing as a nation economically, financially and politically. This data doesn't even include the SHADOW INVENTORY. It is kinda nice to be vindicated after being called every name in the book basically telling me that I am creating a fearful environment. Well I have one thing to ask all of you. Do you prefer to be told the truth so that you can prepare and protect yourselves or do you much enjoy being told continued lies and be totally caught off guard when the sh*t hits the fan? Only you can answer that question. I will continue doing what I've been doing and that is keeping you aware of things I feel you need to know for your own good. Here is something I want for you to think about, why do you think "they" would deliberately lie to you? Perhaps because they want to keep the markets propped up so "they" and "their" friends could sell off at the high prices. After they have sold off, all of you who are the consumers and investors en masse are left screwed with the depressed prices. Isn't that what a con-artist does best?! Keeps your attention on whatever, meanwhile they are ROBBING YOU BLIND!
[CNBC 08/24/10] The struggling U.S. economy, held up by "artificial" stimulus, is not unlike a "drunk that keeps drinking," Ken Langone, former director of the New York Stock Exchange and co-founder of Fieldpoint Private Bank and Trust told CNBC Tuesday.
"We have not begun to take the cure," Langone said. "We should have taken the cure a couple years ago...we've prolonged it by the stimulus packages."
Langone also dismissed growing worries that the United States will slide into a second recession—chiefly because the banker doesn't believe the U.S. economy ever really recovered.
"It's not a double-dip—we never came out of it," Langone said. "We were artificially propped up."
"We've got a lot of problems to address and the sooner we get started...the better we're gonna be," he added.
Note to Obama/Biden: How is that "Recovery Summer 2010 tour" working out? You've spent OVER $1 TRILLION dollars so that we can watch the economy tank! STOP blaming the past for your current FAILURES! STOP deflecting attention away from your HORRIBLE money management inabilities! The people of the United States want to hear you take FULL RESPONSIBILITY for ALL of your ACTIONS since you both took off 18 months ago! Of course you will keep patting yourselves on the back as long as you keep setting these low standards for yourselves. Meanwhile, the rest of us look on in complete AWE as you continue to PROUDLY TOUT your sheer incompetence.
President Obama keeps insisting that we are headed in the right direction. Well, it is if you are looking forward to taking a nose dive off a cliff. The ditch G.W. Bush left us in was NOTHING compared to what's coming down the pike caused by B.H. Obama's new policies and spending habits. No I don't want to go backwards, but neither do I see President Obama's direction as a viable and productive path. You know you don't have to take my word for it, simply LOOK AROUND you, pay attention to how many business' have closed in your area when you drive around and how many public services have been cut, talk to small business owners, talk to friends and neighbors how the economy is effecting them. When you do this, you will immediately start to hear the constant bullsh*t spoken by these politicians saying how wonderful everything is. Yeah maybe for them, after all they're spending our taxpayer money for their lavish lifestyles. But MOST certainly not mainstream America!!!!!!! We have been LEFT TOTALLY SCREWED!
President Obama keeps insisting that we are headed in the right direction. Well, it is if you are looking forward to taking a nose dive off a cliff. The ditch G.W. Bush left us in was NOTHING compared to what's coming down the pike caused by B.H. Obama's new policies and spending habits. No I don't want to go backwards, but neither do I see President Obama's direction as a viable and productive path. You know you don't have to take my word for it, simply LOOK AROUND you, pay attention to how many business' have closed in your area when you drive around and how many public services have been cut, talk to small business owners, talk to friends and neighbors how the economy is effecting them. When you do this, you will immediately start to hear the constant bullsh*t spoken by these politicians saying how wonderful everything is. Yeah maybe for them, after all they're spending our taxpayer money for their lavish lifestyles. But MOST certainly not mainstream America!!!!!!! We have been LEFT TOTALLY SCREWED!
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CNBC
written by Reuter and AP
Tuesday August 24, 2010
Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.
The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June's sales pace was revised down to a 5.26 million-unit pace.
The record drop in existing U.S. home sales in July showed that the country must still do more to improve the economy, White House spokesman Bill Burton said Tuesday.
Analysts polled by Reuters expected existing home sales to tumble 12 percent to a 4.70 million-unit pace from the previously reported 5.37 million units in June.
One reason the market is hurting is that buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices. And buyers are hesitating because they think home prices haven't bottomed out.
"It really is a self-fulfilling prophecy," said Aaron Zapata, a real estate agent in Brea, Calif. "If all buyers perceive that home prices are coming down, then they will stop making offers -- and home prices will come down."
The housing market is also being hampered by the weakening economic recovery. Unemployment remains stuck at 9.5 percent and many potential buyers worry they might not have a job to pay the mortgage.
Prices have fallen in part because foreclosures are running about 10 times higher than before the housing bust. Though the average rate for a 30-year fixed mortgage has sunk to 4.42 percent, many people can't qualify because banks have tightened their lending standards.
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