The Government sponsorship of a notion of the Federal government as a constant companion, paid Big Brother and nannie. Interventions, occupations, and wars, benefitting mostly international bankers. The most massive and expensive military in history. Illegal immigrants by the tens of millions getting medical care, housing, food, income and education at expense of U.S.A. EPA, OSHA, and EEOC laws multiplying like locusts, driving energy production, business and manufacturing out of the country. Entitlement programs multiplying like locusts. Look what affected the value of the dollar since 1970. Your “20 years” is the number he notes when the US all started to go to hell in a bucket. I’m in the middle of Pete Schiff’s book on the coming US economic collapse. RE: Greensuck spent 20 years tinkering with his tools to benefit his buddies See you at the bottom (15% mortgage interest rates).īest Wishes! (Comments wont nest below this level) In reality, it’s just the down payment.”" For those who believed that home prices could never retreat nationally, this 20% correction is more than enough. Since then, the index has pulled back by 20% to 180. By June 2006 it had tripled to 226, by far the largest increase in U.S. In January 1996, the Case Shiller 10 city composite home price index stood at 76. The problem is few among us seem to appreciate the magnitude of this adjustment and its implication for an economy dependent on inflated assets values.īy most accounts, the decade long housing boom began in 1996 and finally went poof in mid-2006. The truth is that real estate has been grossly overvalued for years, and the adjustment process back to realistic pricing has only just begun. Although the report contained many other negative data points, including increased inventories and a spike in foreclosure sales, it was the slowing declines that got spotlight. This time the “good” news was that the percentage declines in national home prices (according to Case Shiller) in July where not as large as they were in June. The routine is becoming extremely stale, but somehow the media never seems to tire of it. “”Once again, real estate market watchers have pounced on a shred of seemingly positive news to proclaim that the long sought “bottom” is in sight. However, in crisis situations, there needs to be a clear process for handling bailouts, rather than depending on the Fed to do so, he reckons.Ī high-level panel of financial officials should be given broad authority to quickly determine whether a failing company poses a sufficient threat to the entire U.S. A self-described libertarian Republican, Greenspan has a reputation for being wary of giving the government extra powers. Greenspan says Congress needs to give the government new powers to handle troubled companies to minimize any potential losses to American taxpayers. WASHINGTON (AP) - Troubled by the Bear Stearns debacle, former Federal Reserve Chairman Alan Greenspan is advocating a new way of dealing with government bailouts of companies whose sudden collapse could wreak havoc on the country’s economic and financial stability. Greenspan: Don’t use Fed as a ‘magical piggy bank’Įx-Fed chair Greenspan says government needs new power, laws and limits for corporate bailouts
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