I saw on TV last night (CBC ) that some luxury homes in Florida were selling at 70-95,000 and that the State survived off sales tax supplied mostly by foreigner on holiday — and that since the world economy is in a slump they are in real trouble
They went on to say that some of the homes in Michigan were selling at a dollar — that people were taking counter tops and copper out of the foreclosed on homes and gutting everything they could making the houses worthless
But the land it sits on is never going to be worthless ….We have all heard about the auto sector problems — they are here too
California the worlds 8th largest economy is close to or in an insolvent state – and that other States were not all that far behind ( apparently Texas one of the better ones economically )
I have heard that up to 20 ,000 jobs per ( week or day ?) were being lost in the US
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Things are starting to get bad here ( Ontario Canada ) but not to the levels I am hearing about in the US —
The problem is that our government isn’t going to tell us how bad things are getting here any more than your government is going to tell you how bad things are — The government does not want to alarm the people and so it will always paint a positive picture no matter how bad it really is
————– So how bad is it really ?
Dude, good green is down to $225 a oz.
Pretty bad when the price of herbs are going down.
January 30th, 2010 at 8:54 am
It’s already dead in the water. The torpedoes have struck. The US economy is a sinking ship.
But really big ships take a LONG TIME to sink.
Already, people in tent cities in California are being forced into camps. This is how it begins.
The worst has not yet even begun.
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January 30th, 2010 at 9:06 am
It’s getting better every day!
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January 30th, 2010 at 9:49 am
REALLY BAD,IMAGINE SAVING THE OTHER SIDE OF A TISSUE PAPER FOR FURTHER USE.
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January 30th, 2010 at 10:34 am
75% of your economy is based on sales to the us.so you can go from there.
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January 30th, 2010 at 11:13 am
Even an amateur economist knows what’s about to happen.
The monetary system has been expaned nearly 300% in the last 4 months.
Double digit inflation will ensue when consumers feel it’s safe to spend the money they’ve been hoarding the last year. After 2-3 years of this, a V shaped recession will be the only thing to stop the hyperinflation.
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January 30th, 2010 at 11:43 am
i think the day the usa media tell the people the truth will be the same day jesus returns….
how bad is the states i dont really know, the european news channels i watch say its terrible -
here in new zealand things have slowed but its nowhere near as bad as it is in the states from what our media tell us
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i have never seen any country get rich losing two wars….
January 30th, 2010 at 12:29 pm
when i went to joes crab shack last Saturday it was packed
when i went to the movie after it was close to a sell out…
large screen tv’s are almost literally jumping off the shelf
the WII has become the fastest growing console sold EVER
hmmmm when i talk to my grandmother about her experience in the great depression; they traded work for food… most stores couldn’t get enough food in stock to provide to customers because the farmers couldn’t afford seed
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i would say off hand that it is not NEAR as bad as people want to say it is… we simply live in a generation where none under 45 has EVER seen a true downturn in the economy.
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January 30th, 2010 at 12:43 pm
I live in Florida. Last month 75,000 people lost their jobs in this state alone. But, anytime you see a restaurant, it is packed! Bike week in Daytona, crammed full! Motorcycle shop making $250,000 a day. Motels full. I-95, bumper to bumper. Families going on vacation, people traveling. Several of my friends going on or have been on a cruises just this month. What has gone down are new home construction, simply because people cannot get loans right now. The banks have the money, but they are not loaning it. Credit froze. People not buying as many cars, but there are many brand new ones on the roads. Our economy was set to tank. It was rising too rapidly, what goes up, must come down. If it had continued to rise, nobody would have been able to afford anything soon. The market was flooded with more homes than people could buy, that brought the real estate market down. They simply overbuilt. Credit, people were buying like crazy, on credit. What happened in our country is this. The credit bubble burst. This credit situation began 30+ years ago. Bush did not create the problem, nor did he add to it. It was coming and it just burst on his watch. Obama not helping, he is spending wildly, printing more money and basically does not know what he is doing. That is the problem today.
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January 30th, 2010 at 1:09 pm
It’s so bad that’s not funny any more.
Regards.
Edit: Just for example: Real State, A house that was sold for $ 550 K in mid 2007 in a nice neighborhood of southern California, worth $300 K today, that’s a drop of $250 K in less than 2 years.
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January 30th, 2010 at 1:41 pm
Very – very – very bad and going to get worse – tent cities are already beginning to appear around the country more will be loosing there jobs look for civil problems this summer.
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January 30th, 2010 at 2:17 pm
Many economists agree that the era of the U.S. being a consumer-driven economy may be over since many households are debt-strapped and unable to borrow against their homes. Our federal government is helping to prop up the economy by increased spending. The shift away from the consumer-driven economy will mean some drastic changes in the way Americans live and do business. The world is going to feel a lot different over the next 10 years than it did in the past 25.
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January 30th, 2010 at 2:55 pm
Dude, good green is down to $225 a oz.
Pretty bad when the price of herbs are going down.
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Bikerphilosopy