Posted on 11/24/2008 8:47:03 PM PST by 2ndDivisionVet
With nationwide sales of existing homes falling more than expected last month and the median sales price plunging to $183,000, the U.S. housing market keeps getting worse. Bracing for more bad news likely on the way, industry groups pressed President-elect Barack Obama to help stem the damage. Meanwhile, the major Wall Street indexes surged Monday on the government's plan to bail out Citigroup Inc. a move investors hope will help quiet some of the uncertainty hounding the financial sector and the overall economy. The Treasury Department says it will invest another $20 billion in Citigroup, and the government agreed to guarantee large losses the company might absorb on real estate-related assets.
The Dow Jones industrials soared nearly 400 points, and the 891-point rise since Friday gave the Dow its biggest two-day percentage gain since October 1987. The major indexes all jumped more than 4.5 percent Monday.
Obama unveiled the top members of his economic team, beginning with New York Federal Reserve President Timothy Geithner as Treasury secretary and Lawrence Summers as director of his National Economic Council. Summers led the Treasury Department under former President Bill Clinton.
Obama urged the new Congress to pass an economic stimulus bill, pledged help for the troubled auto industry and blessed the Bush administration's bailout of the financial industry. Even so, he conceded, "The economy is likely to get worse before it gets better."
From real estate agents to carpet makers, businesses dependent on a healthy housing sector are calling on lawmakers and the incoming administration to subsidize lower mortgage rates and beef up tax credits in a desperate effort to stimulate housing demand.
Spending $50 billion to lower mortgage rates would yield about 500,000 more home sales, projects the National Association of Realtors.
(Excerpt) Read more at abc3340.com ...
Not to alarm you, but have you looked into your wallet recently?
Yes, moths flew out...
A printing press. That is a fact that should scare you out your socks. Do some research on The Wiemar Republic.
“Where in the world is all this money coming from?!!”
Easy...we borrow money from China...we buy more paper...and print it!!!
I’ve taught history, so I don’t have to do that research. This just makes me more determined to move to the Philippines...
Seriously. I wish somebody could explain this.
If they sell U.S. treasury bonds to get cash for the handouts, who is buying the bonds and where was their money before?
Wouldn't they have to sell something else in order to buy the bonds?
And then wouldn't that decrease the demand (and thus the price) for what they sell?
So if they owned stocks ... uhhhmm, doesn't that mean the stock market can go no other way but down?
You lucky devil. Mine were too starved for flight.
;-)
If you feel the need to go somewhere else Ireland makes more sense. Their economy is booming due to one of the lowest corporate tax rates. For myself I'm sticking here. I owe it to those who went before to try and restore The Republic even if I wind up tilting at windmills like Don Quixote.
If you feel the need to go somewhere else Ireland makes more sense. Their economy is booming due to one of the lowest corporate tax rates. For myself I'm sticking here. I owe it to those who went before to try and restore The Republic even if I wind up tilting at windmills like Don Quixote.
Stop the bail outs, all of them!!
Not one person or company deserves to be helped!
This is like a pyramid scheme: first ones in get all the cash, while the last ones in and the folks at the bottom (us) get scr*wed.
Easy...we borrow money from China...we buy more paper...and print it!!!
Sadly, I have come to the conclusion that 2/3 of the American people are absolute morons.
your pockets.
lol, that did actually h
appen to my father in law.
I can’t afford moths.
If you don't have a tall fence around your property arrange
to put one in.
If you have a yard in the back, buy active seeds strains
of tomatoes,asparagus,carrots. Learn to farm them.
Store lots of vitamins.
One firearm per member of household.
If you have a pool convert to covered storage shed.
if you dont have a shed, buy several large plastic impermeable sheds from OSH, bury them to the top. Buy
astro turf and cover your new “garden” stuff the your sheds full of SPAM, Stuff it with supplies for first aid. Might
want to include a 200 gallon water tank, and Water Recycler.
Car?? not necessary, most people wont have a job anyway.
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