n a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?
The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.
He believes people will vote against their own interests.
Let's teach him we are smarter than that .
Hold them accountable NOW! while it will still help.
Elect Obama Biden 2008
- 1
- 2
Is This the Right Time To Buy?
Email To A Friend
Please fill in the following information and we'll email this link.
As an example, last week Kelman pointed me toward this home near Chicago. He says the previous homeowner listed the property at slightly more than $1 million before the bank foreclosed. Then the bank listed it at $745,000. Last week the asking price stood at $490,000, with a $2,500 bonus on top of the standard commission to any agent who brought forth a buyer. (By the time I linked to the home this week, the Web site said the listing had been pulled off the market—which may mean some buyer found that $490,000 price was too low to resist.)
Even amid the confusion and anxiety caused by the see-sawing stock market of late, there are some pros who've turned decidedly optimistic about the housing market of late. Consider Jim Cramer, who recently wrote in New York magazine that he expects real estate to reach its absolute bottom next June.
Still, with the inventory of foreclosed homes set to grow by nearly 50 percent in the coming months, it's hard to see a turnaround coming too abruptly. (That's particularly true in light of the beating that investors and consumer confidence have taken due to ongoing troubles on Wall Street.) I think the buying opportunities will continue—and may even grow as banks get more aggressive in unloading these homes.
"At the end of the year, there will be a fire sale as everyone tries to clean up their balance sheets for 2009," Kelman says.
For home buyers, that means the holiday season could bring an extra reason to celebrate.
Daniel McGinn is a national correspondent and the author of "HOUSE LUST: Americas Obsession With Our Homes."
© 2008
- 1
- 2
Discuss