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Fate of World Economy Lies with U.S. Housing --Greenspan
Sign on San Diego ^ | 10/1/2007 | Sumeet Desai

Posted on 10/02/2007 7:27:22 AM PDT by ex-Texan

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To: ex-Texan

I see this a little different..

Banksters decide to end the con and recoup a great deal of wealth which was as a part of a bait and switch operation temporarily out of their hands.

Crashing the Housing Market is a way to continue to steal the wealth of the American People..

No accident just part of the design.

BTW there is no Hyperbole... We just lose our a$$eS as planned..

Proud your $300,0000 home is “paid for”?

Oh it is now worth $65,000.... Sucker

W


41 posted on 10/02/2007 10:27:35 AM PDT by WLR (Secure our Schools with Armed Staff on Campus. Build the Fence, Nuke Iran)
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To: Fairview

And my point poorly made was that in fact not very many people were blindsided by this. I’ve been reading about this coming for over 2 years now. It was inevitable, what with prices in my area going up 20-50% a year.

I knew my house wasn’t worth what people were willing to pay me for it, but it wasn’t worth it to me to take the chance of selling it and having to go through the hassle of renting for a couple of years and then buying back.

It’s just like the stock market, you can guess that if it’s gone up 20% in 6 months that you probably are at the peak for the year, but you can’t know for certain, even though when at the end of the year it’s up 15% you can look back and realise you knew it.

I’m not sure what’s going to happen in my area. We don’t have a lot of land, we have more employees moving in every day, people have to live somewhere. But we obviously had a group of people buying multiple houses hoping to use them for investments.


42 posted on 10/02/2007 10:30:53 AM PDT by CharlesWayneCT
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To: quant5
Big pharma doesn’t want cures, treatments are 20 times more profitable to keep someone on them for decades and so your average investor knows cures are a lousy ROI and don’t invest. I also have a great solution through legislation - open up the Canadian drug market to the US consumer. With competition comes fair pricing and it is the price of meds driving the majority of absured health care costs.

That's half of the false promise of socialized medicine. They promise to take big business out of medicine and reduce the costs of all the current treatments. I still believe in the biblical idea of "If man will not work then neither should he eat". The same concept applies to health care.

My dad is a union thug liberal and he doesn't believe that a billionaire deserves any different health care than a bum that has never worked.

43 posted on 10/02/2007 10:31:10 AM PDT by DungeonMaster (John 2:4 Jesus saith unto her, Woman, what have I to do with thee?)
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To: ex-Texan

Outstanding time to buy that first house. Wow!


44 posted on 10/02/2007 10:33:57 AM PDT by listenhillary (millions crippled by the war on poverty....but we won't pull out)
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To: DungeonMaster

no kidding.


45 posted on 10/02/2007 10:45:59 AM PDT by ga medic
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To: Brilliant
Greenspan started the process: easy credit, print lots of
money, low interest, etc. Now they have “painted themselves into a corner”; they have to continue the same thing.
46 posted on 10/02/2007 10:46:04 AM PDT by upcountryhorseman (An old fashioned conservative)
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To: ex-Texan

Nice advert. You know I’ve been reading your RE postings for about 3 years and it appears your dire warnings may finally be validated. Of course that means you caused it all to fall apart in the first place.... ; )


47 posted on 10/02/2007 10:49:21 AM PDT by Justa (Politically Correct is morally wrong.)
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To: Justa
The Ponzi scheme was way too obvious. A short distance away from where I live builders were putting up new homes for less than $ 100 per square foot including the land. Why would anybody pay over $ 300 per Sq. Ft. for a house sold by a realtor? It was easy for me to see the truth. All anybody had to do was ask questions. Of course, I have also owned houses and rental properties in several states.

There never was any reason justifying $ 600,000 median-priced houses in La La Land. Except incredible stupidity and simple greed.

48 posted on 10/02/2007 11:02:21 AM PDT by ex-Texan (Matthew 7: 1 - 6)
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To: Redleg Duke

The transitory society may be slowly winding down, as part of the economic maturity I mentioned. Granted, *some* children will still leave for other opportunities, but others will remain behind. This is more the norm for human history.

The social advantages of this are many, compared to a fully transitory society. Families are much more stable, with the young and old being cared for much more. The mainstay of the family fortunes again becomes the house. It is the high value equity that remains between generations.

Now, a home like this would not be inexpensive, in fact it could run to several millions of dollars in current money, and as I mentioned, would have to be more protected than it is now. This would mean the elimination of real estate taxes for personal homes, bankruptcy protections like they have in Florida, and very low or no estate taxes.


49 posted on 10/02/2007 11:22:45 AM PDT by Popocatapetl
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To: Popocatapetl

I do not see any signs of this transitory society “slowly winding down”. What you are seeing are children coming back home after college because they can’t afford all of the creature comforts that Mommy and Daddy have and aren’t willing to work for them on their own.


50 posted on 10/02/2007 2:01:53 PM PDT by Redleg Duke ("All gave some, and some gave all!")
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To: quant5
I am not buying yet. The pricing is going to go lower.

LOL! You and millions of others. I just posted this on another thread. ___

_________________________________________________________

I find this really funny, in a fun way.

There are probably 20 plus million people/investors/waiting home buyers etc just waiting until they think prices have leveled off...And as soon as this happens, we're all going to see a massive buying event...((It's going to happen)).

And then guess where prices go again? lol

51 posted on 10/02/2007 2:14:42 PM PDT by dragnet2
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To: DungeonMaster

“My dad is a union thug liberal and he doesn’t believe that a billionaire deserves any different health care than a bum that has never worked.”

That’s indeed sad. I am doing well and know I will become very wealthy. It was a ton of hard work and spending dollars on research to be in the right place at the right time with the right selling story. Liberals will look at you and say, wow what a lucky son of a gun he is rich!!! Well guess what, it wasn’t handed to me and that also means I know how to keep it out of the hands of liberals who want it :)


52 posted on 10/02/2007 3:16:51 PM PDT by quant5
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To: ex-Texan

“Starting Bid” doesn’t a final sale price make.

They’ll sell on average for 70% of full market value as listed.


53 posted on 10/02/2007 3:20:00 PM PDT by RockinRight (Can we start calling Fred "44" now, please?)
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To: WLR

I think it was all planned to make billions going in and billions exiting before the full scope of the problem came out. However, I don’t think it’s a plan for a global crash of the economy, their is no real winner in that from any angle.

It’s overconfidence and arrogance that the backlash of this massive market manipulation could be controlled by the few selfish elite.

Same with Bush’s plan with the NAU. The arrogance is that We the People will just accept letting in 20 million Mexican’s and paying for them on our dime WHILE commiting felonies against our population and no justice!

The consequences of these corrupt, treasonous actions will have drastic consequences indeed. How about the savings of the people with money parked at Netbank? There ya go. Hard working people with big money in savings now paying a heavy price for a handful of sellouts at the top.

If I ever approached such people to talk to them about accountability I am sure I would only hear how clever they are and how I wish could be like them.

I would die for any of my countrymen, never could I dream a group of Americans on the left and right could sell us all out like this.

I am discouraged and angry but will continue fighting them. They will probably crush and break me by the time it’s over but I will go down swinging. It’s the American Way and these little weasels have just forgotten that in their palaces sipping fine whiskeys.


54 posted on 10/02/2007 3:30:47 PM PDT by quant5
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To: dragnet2

That is why we probably won’t see a financial collapse of the US banking system. Although with all the other negative factors, especially health, energy and food costs we may see a depression if the Middle East blows up in a regional war or thier is a WMD attack on one of our major metros.


55 posted on 10/02/2007 3:34:25 PM PDT by quant5
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To: dragnet2

That is why we probably won’t see a financial collapse of the US banking system. Although with all the other negative factors, especially health, energy and food costs we may see a depression if the Middle East blows up in a regional war or thier is a WMD attack on one of our major metros.


56 posted on 10/02/2007 3:34:35 PM PDT by quant5
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To: Petronski

My favorite thing on ol CH there is... His hyped-up breast plate of righteousness!!! Ha Ha ha!!!


57 posted on 10/02/2007 3:41:55 PM PDT by SierraWasp (WOW!!! We've Move(d)On.org from Hillery's Testicular Lock Box, to Hillery's Chinese Hsu Box!!!)
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To: ex-Texan

There never was any reason justifying $ 600,000 median-priced houses in La La Land. Except incredible stupidity and simple greed.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Did you hear Jerry Clower’s story about the two old farmers trading the mule back and forth?


58 posted on 10/02/2007 3:56:23 PM PDT by RipSawyer (Does anybody still believe this is a free country?)
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To: ex-Texan

Wait some idiot home builder decided to run multiple subdivisions in Casa Grande, a town NOBODY lives in or wants to live in, and you’re using this as evidence of a bad economy. And really the situation in Maricopa is the same, they are two towns that exist as support for gas stations that looked for a while like they might be attracting people willing to do big commutes to work, then gas prices went up and people realized that big commutes are for big dummies. That’s evidence of an idiotic builder that should be sued by any investors or lenders for fraud. This company started poor projects too late.


59 posted on 10/02/2007 4:08:50 PM PDT by discostu (indecision may or may not be my biggest problem)
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To: Redleg Duke

I was talking about the relatively explosive growth that went on in America from the end of the frontier to present day. The relatively few “boom” cities left have reached the point of diminishing returns. Growth continues, but the emphasis changes from just quantity to quality as well.

As a practical matter, it becomes far easier and cheaper to gentrify poorly built older parts of a city for redevelopment into better properties. Initially the shift is in improving zoning codes and construction standards, but eventually the appeal will be to high quality and greater permanence.

What was pointed out in the article is that the homes pictured, while originally offered for sale at around $350k, only have a real value much closer to the $90k they are now being offered for. If you ignore the market entirely, and just look at the objective value, they are $90k homes.

So if you are a home buyer, and you *have* $350k that you want to put into your home, most people will now realize that they want a $350k home for their money, not a $90k home.

So when I say “slowly winding down”, perhaps it could better be said, “housing returning to reality.”

The big question is, if you look at one of those $90k homes, how could it be better enough to be worth $350k? Not just a bigger lot, but what else of real value?

A basement? A steel frame instead of wood? Higher quality cement, brick, or even stonework? Far higher quality water, sewer, electrical and communications? All sorts of interior enhancements? Saltillo tile floors? An enclosed swimming pool with spa and sauna? Greenhouse? Solar energy?

How much quality do you have to add on to make it worth $350k? That is the question for the five or so years, which is how long the housing futures market predicts this current trend will last.


60 posted on 10/02/2007 4:38:01 PM PDT by Popocatapetl
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