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The implications for the economy are pretty scary.
Scary is a once great and proud country whose ruling class and citizens let themselves and a critical mass live irresponsibly for too many years.
Reassuring is, or at least would be, a gradual return to the basics, living according to such time-tested formulas as current revenues - current expenses = income.
A good portion of that excess stock of housing should be converted to bakeries, small textile and footwear factories, wood shops and metal shops, for example, even in the midst of so-called residential neighborhoods, and the incomes of the workers - who could sleep on the top floors - should reflect the real economic value of their labor - village people, like it used to be.
Of course unemployment is still rising, there are still too many pencil pushers and ambulance chasers out there trying to steal a larger piece of the pie rather than contributing real work to expand it.
Definitely not going to say "everything is rosy now", but it does not take an especially sinister minded person to think that maybe folks like Mr. Tilson sorta kick themselves that they have not been able to make the deals that a Warren Buffet has and maybe they sorta try to milk the headlines to raise their profile (and maybe their funds under management too...)
Time to buy commodities, precious metals, ammo, canned goods....? Hopefully I can time the shifting of 401(k) investment allocations better this time around...when might we see things start sliding again?
Time to buy commodities, precious metals, ammo, canned goods....? Hopefully I can time the shifting of 401(k) investment allocations better this time around...when might we see things start sliding again?
Dow 6700...??
I'm buying lumber and land in South America, easier to construct a dwelling and grow fresh food under warmer temperatures than take nasty dumps on canned food then freeze it off up north.
Not going to happen, the government and FED has made it clear they are going to support the housing market. They can't keep prices inflated forever, but they can drag out the correction for many years Japanese style.
The rapid collapse seen in 2008 was actually atypical, real estate is usually pretty sticky. Nobody wants to buy when prices are declining 2~3% a month, but most don't notice if prices decline .3~.5% a month.
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Worse housing collapse in 2010
Linear Mode
