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Theres a difference between a 20% correction and holding your breath for a time machine.Again wishful thinking. Actually I know many folks who bought in 03 and are still in equity.(Notice I didnt say overbought).
LI will return with Wall Street.
Follow the money....greed always prevails.
LI will rise again after it shakes off some barnacles.
Its a rich mans Island or a smart mans buy.
Good luck.
Crooks
There was some key financial reform legislation that was passed last week. Amongst the reforms are some pieces that will make profits harder to come by on Wall Street. So tell me, if you have reduced money making opportunities, when will LI return?
There was some key financial reform legislation that was passed last week. Amongst the reforms are some pieces that will make profits harder to come by on Wall Street. So tell me, if you have reduced money making opportunities, when will LI return?
Without the days of IPOs letting people basically hit the lottery and smart kids like Enron used to fleece the system, I don't see how any significant "wealth" is going to be generated out of Wall Street.
Maybe that's wishful thinking, but even if it was possible - do we really want that?!
There was some key financial reform legislation that was passed last week. Amongst the reforms are some pieces that will make profits harder to come by on Wall Street. So tell me, if you have reduced money making opportunities, when will LI return?
I'm sure the smart guys on Wall street will come up with new ways to make a lot of money. They always do. Just to be clear I'm not being sarcastic, most of them are brilliant. Some are sc*$mbags but you get people like that in all walks of life.
Anyone remember formerly prolific poster djdairyp? He stopped posting a while back, but I think this guy is his long lost twin. Same failed ideas about where the market is going. Wrong a year ago and still wrong.
Cannot be the same person unless she's gone deep undercover by also posting critcism of teacher's salaries and entitlements.
djdairyp was a female public school teacher on LI.
Without the days of IPOs letting people basically hit the lottery and smart kids like Enron used to fleece the system, I don't see how any significant "wealth" is going to be generated out of Wall Street.
Maybe that's wishful thinking, but even if it was possible - do we really want that?!
It also doesn't mean any of the wealth will "trickle down" to the middle class.
Nowadays most of the wealth is staying at the top.
Sure there were more millionaires created in the previous decade than any other and the wealthier are getting wealthier, but does that really help any of the "regular" people?
It also doesn't mean any of the wealth will "trickle down" to the middle class.
Nowadays most of the wealth is staying at the top.
Sure there were more millionaires created in the previous decade than any other and the wealthier are getting wealthier, but does that really help any of the "regular" people?
Yeah, this goes to my statement before about Suffolk getting the short end of the stick... As long as there is true wealth (whatever that means heh), the bulk of Nassau should remain a solid choice for those with real money. But, what becomes of the far reaching suburbs? and I don't just mean LI... If you took a compass and draw a circle around NYC you get that picture of the "high end" suburbs within the Tri state. It just seems like the backlash will be a tightening of this circle - making the compass smaller and hurting the outer areas where more of the true middle class are currently living.
I really like this conversation about whether or not we have actually hit bottom in terms of the deflated home price bubble.
I have two pieces to add as to why I don't think we have reached a price bottom on homes:
-- Unemployment. If unemployment does not get better soon, people will be no longer able to afford much of anything when it comes to buying a home. Many people who already have a home will not be able to keep it. Right now, any of you who are subscribers to the LI Herald or maybe Newsday can look at the legal notice section in the paper(s) and see SO MANY foreclosure sales. It never was like that before. If we do not see a reversal in the unemployment trend, I cannot see home prices staying like they are and just stagnating. I could see them going down more.
-- High Property Taxes. If the unions remain unchecked, we will continue to see our property taxes double, triple, quadruple, etc., as time marches on. Eventually it will get to that tipping point where a middle class home is simply NOT WORTH IT AT ANY PRICE ON L.I. because you will have homes that may cost a "middle class amount," but will have taxes of $25,000 or so per year. Considering the average wage earner has been losing ground for decades, and add on the unemployment, how is a person who wants a middle class home going to be able to afford the home at current prices, PLUS hand over an additional $2000+ per month in cash along with that mortgage? They will also drive senior homeowners OUT and will create a glut of homes on the market at cut-throat prices. (Please note I am projecting this out to 10-15 years in the future, provided we do not rein in the unions that are keeping our property taxes high.)
It also doesn't mean any of the wealth will "trickle down" to the middle class.
Nowadays most of the wealth is staying at the top.
Sure there were more millionaires created in the previous decade than any other and the wealthier are getting wealthier, but does that really help any of the "regular" people?
Sounds like the "regular" people need a good Union to come in and give them some help.
Wall Street?! So the housing market will turn up when the guys find new ways to fleece the system using smoke and mirrors to "create" wealth?
Remember that "greed" prevails by riding the backs of losers... Wealth there doesn't magically appear. For every winner there needs to be countless losers.
I really hope you're not depending on the finance sector to save LI.
No more than you're depending on the furniture industry to save NC.
No more than you're depending on the furniture industry to save NC.
I'm an equal opportunity hater, you know that! NC is actually in very bad shape when the bill comes in for the dinner bell that's been ringing for years.
It's ultimately a national problem IMO and it's going to be very interesting to see how it all shakes out in the next several years.
Hopefully we can still be chatting here as it plays out before us.
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