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I heard that Boeing is releasing 10,000 employees, Starbucks is cutting 6,000 employees and in my own backyard IBM is cutting 700 from their Duchess NY plant. In addition New York State Department of Education is threatening to cut 15,000 educators. Just what the country needs in bad economic times. What I want to know is why did the market climb 200 points today when every part of the market is shaky?
Conventional wisdom says that unemployment rates are a trailing indicator in a recession, so I think many investors are trying to time the bottom of the market. However, considering the mess we're in, and how far this economy has to go before we'll ever see anything even approaching a recovery, I think this is more of a bear market rally than anything!
Lets keep those home prices falling. I am looking at purchasing your homes when you get foreclosed. I don't want to pay top dollar, though. The higher the unemployment, the less people I have to bid against.
Lets keep those home prices falling. I am looking at purchasing your homes when you get foreclosed. I don't want to pay top dollar, though. The higher the unemployment, the less people I have to bid against.
That's swell, people lose their jobs and you are happy because you can buy their houses from them. Isn't America great?
That's swell, people lose their jobs and you are happy because you can buy their houses from them. Isn't America great?
Kharma's a *****.
The OP didn't suggest that he/she would buy the house from an unemployed person, just that it could be bought easier if others were not bidding up prices.
I kind of agree with this. House prices should fall to their natural level. There are too many grants, tax breaks, and subsidizations through secondary lenders (and now nationalization) trying to fight the decline in value. If a 150K house is only worth 20K, then it's only worth 20K. Allow the market to discover its true value.
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