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| Name: |
lotowner
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| Subject: |
Hard Times
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Date:
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8/18/2009 8:43:56 AM
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I talked with my cousin in Tennessee last night and he said the the unemployment rate in his county and the adjoining county were 15% and 12% respectively. Secondly, a high percentage of people are getting to the point where house mortgages are falling behind.
He also commented on the appraised values of homes. In his family, one of the family members is in California while her husband is in surgery residency. They looked into a lower rate mortgage on their house that is being rented. This was not a good option since they would have had to pay $16,000 for a new mortgage. Obviously, they decided to keep what they had.
I also read in the St. Louis newspaper that the percentage of mortgages "under water" is greater than 20%.
Is the administration priority list all screwed up?
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| Name: |
water_watcher
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| Subject: |
Hard Times
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Date:
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8/18/2009 9:11:12 AM
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Yes ... their priorities are all screwed up. Most definitely. Rather than focus on getting the economy moving and people back to work, they are focused on "the agenda". I deal with major banks regularly and they are say the are bracing for a second wave of foreclosures and commercial realestate vacancy rate continues to increase and is ready to bust. In downtown Atlanta alone, office space vacancy is at 19.8%. And there are no new buildings driving that. Historically it has averaged around 6%, when it reaches 4% it drives new buildings.
A friend that works in another major law firm, just moved their offices from the old IBM building to the new BB&T Bldg at Atlantic Station (33 floors and they are the ONLY tenant). They got 3 years free rent for 4 floors, all remodling and moving costs paid for. They did have to buy furniture. That was for signing a 12 year lease with two 5 year options. BB&T will be consolidating and moving some of their Atlanta offices their.
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| Name: |
water_watcher
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| Subject: |
There is hope though ...
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Date:
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8/18/2009 9:16:50 AM
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Arcie posted what he thinks will happen over the next two years. We all hope he is right ... but it is not looking very promising. But who knows. Yes Achie, I really am hoping you are right. I hope you can say see I told you so. The economy, seeing people get a job, and the success of america and our freedoms in general means more than politics any day. I just don't agree the direction and policies are right and will get us there .... unfortunately. Because we have a leader that has no experience, thinks he knows it all and ignores what the american people want and what will get people back to work faster so he can get his agenda in place.
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| Name: |
Council Roc Doc
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| Subject: |
There is hope though ...
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Date:
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8/18/2009 10:02:00 AM
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I predict that it will get worse.....before it gets a he77uva lot worse. No entity, whether corporate or government can sustain the kind of debt load that this inexperienced administration is proposing. You don't have to be an economist to understand that people are not going to spend if there is fear that what has been done to this point is not working.
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| Name: |
Yankee06
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| Subject: |
There is hope though ...
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Date:
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8/18/2009 6:32:54 PM
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The above posts bring up two interesting issues:
-!) Should conservatives/Republicans/other anti-dem groups wish to see the Obama administration fail in bringing the country back? I myself don't know how I feel about that.
---Republicans: Republicans who think of themselves as mainly Republican party members will most likely want to see Obama fail. Why? --because I believe that for people who are party-centric, politics is a zero-sum game. If Obama is a success, the Dems are in power for at least the next 12 years. IF he fails, their party, the Republicans, is back in control. OF course, look at what happened to the country's economy from 2004-2008 when teh Repubs were in control. I don't see why Republican Party-centered people would want to see Obama succeed.
----Conservatives(In fiscal policies I would have to call myself conservative): Conservatives who mostly identify themselves by their philosophy, rather than by a party, might be more conflicted about whether they want Obama to fail or not. IF he fails, it confirms conservatives in their philosophy. However, if he succeeds, it will send honest conservatives into a soul-search of their values and beliefs, at least their economic ones. Then they would have to ponder the impact of this success of Obama's economic theories, on their social, cultural, political, and military conservative philosophies. Conservatives may have to change or at least modify those beliefs. What bothers me is that I believe that socialization or liberalism or whatever you want to call what the congressional leadership and the white hoiuse is trying to foist on this country could lead to "temporary" success because of all teh money that is being thrown at it. But as I have said in other posts, history suggests that the bad effects of socialism takes about 40 years (the time it takes former capitalist innovation and progress to be spent) to seriously take hold, then it is too late to change peacefully. Me? --as a fiscal conservative, I'm conflicted as to whether I want Obama to succeed or not.
-2) The other issue in above posts I find interesting is the reference to the American People's unwillingness to spend money in tough times. I agree with that, --in most circumstance. HOwever, I see no way that congressional spending can go on for the next year or two without massive inflation taking hold. IF inflation takes hold, then many Americans, myself included, will go out and buy big consumer items (Houses, cars, boats, etc) with today's dollars, then pay them off lateer with cheper inflation dollars. I and others would be stupid to let all our savings for retirement sit in a bank while inflation rates of 15-20% rage on for 4 or 5 years, because such inflation would render our savings almost useless in maintaining our standard of living. The Chinese are scared stiff this inflation-devaluation will happen to all those treasuries they have bought over the last decade. When you see the Chinese refuse to buy any more of our debt, and especially if they start to dump our treasuries, we little guys better go on a land/real estate buying spree.
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