The Economy

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Re: The Economy

Postby googie egg » 01 Nov 2007, 19:09

Ouch OLDMD

My neighbourhood's average price is about $350K and my place was revalued from $450k to $475k this year. Hopefully by next year it will be over $600k as we are doing a little renovating (ok, a lot of renovating)

In the same time my investment property on the other side of town went from $320 to $375k in one year. 17% capital gain is not too bad I think.
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Re: The Economy

Postby OLDMD » 02 Nov 2007, 05:57

Today should tell us...

General "gloom" in the statements after one day...
http://www.nytimes.com/2007/11/02/busin ... ref=slogin

Keeping my fingers crossed for you, googie-egg! We sold our country place on Oak Creek, in 1998 and our house in town in May 2006 - getting out of Arizona just after the peak sales. Prices went slightly higher, but sales times and seller-incentives kicked in then.

Here in Michigan's poorest county, the main topic seems to be "holding on through the winter". Glad I'm not a merchant! What holiday shopping I'm doing is on eBay.

It's nerve-wracking holding property through a time like this - but worse having it all in investments, I'm sure. :vrysad:
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Re: The Economy

Postby OLDMD » 03 Nov 2007, 06:47

Dow closed up a bit.

The Loonie closed above $1.07 US. At this rate, it'll make $1.10 well before year end.

The bridge is backed up almost permanently and the town is full of Canadian shoppers - many of them here for the first time - if the way they drive is any indication. ;)

http://www.canada.com/globaltv/national ... d0&k=16050

The jobs creation is a bit of a puzzlement,'though. Very few in the private sector,apparently and the real economists are worried those may be "manipulated" numbers too...
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Re: The Economy

Postby pilvikki » 03 Nov 2007, 10:27

the jobs might be the alberta "goldrush"? they're having jobfairs in ontario for out west.

anyway, i don't know what they're talking about 1800's, my mother came to visit with US dollars in 1970 and the exchange was something 130/100 in favour of the loonie.
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Re: The Economy

Postby OLDMD » 08 Nov 2007, 15:43

For anybody who's been in a coma...

The economy is slowing, surging oil costs will pressure inflation...

He gets paid - a lot - for this!

http://www.huffingtonpost.com/huff-wire ... e-economy/
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Re: The Economy

Postby AJRC » 25 Nov 2007, 11:09

Just got back from Mexico, we went to San Diego on the middle weekend and shopped till we dropped. Seems wrong to benefit from a nations poor economy, but we thought what the hell and spent as many dollars as we could get our hands on. We got our currency through a friend who works in the travel industry so we got the full £1 = $2.05744, not the crappy rate the bureau de change give out.

We were also told we couldn't bring more than £145 worth of shopping back from the US. Well that's as long as you don't tell them you have about £500 ($1,029) worth of shopping in your other bags. No import duty for us, suckers!!! :lmao1:

All in all we made a killing in San Diego, it's turned out to be a very profitable holiday.
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Re: The Economy

Postby OLDMD » 26 Nov 2007, 06:15

It sounds like it! Welcome back :)

Our bridge is constantly backed up with the cross-border Canadian shoppers...(our overnight visitors were over 2 hours in line coming over yesterday afternoon).

As always, early morning is the ticket for least wait...If I had to pick one thing in my life I'm most thankful for, it's that I'm an early bird. Figure I've lived an extra,most profitable life while the world snoozed ;)

Who's taking advantage? As the poorest county in Michigan, we'll take anybody's money - and glad to get it.

So far, the biggest play here is the discount stores 'though...the higher end places aren't going to see a good season if the first weekend is any indication.
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Re: The Economy

Postby OLDMD » 29 Nov 2007, 06:58

It's VERY strange "economics" ?

The gas price is all over the place - by the day! $3.28 one day...$3.09 the next - (usually between $3.10 & $3.20). Still a bargain for the Canadian shoppers.

...now the municipal Bonds are admitted to be having problems...

http://www.washingtonpost.com/wp-dyn/co ... newsletter

...the Dow Jones, while shaky, is still being "propped". Blamed if I can figure out HOW :think: Are we finally running out of lies?

Companies like GM announce a big third quarter loss...and their stock goes up... :shifty: HUH?
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Re: The Economy

Postby AJRC » 29 Nov 2007, 09:27

There are rumours that the US interest rates are to be cut again, this is getting very serious now. For them to cut it twice is bad, but to cut it a third time means the economy is worse than even their worst predictions. As i've said this is what conservatives did in the UK, they slashed interest rates just before a very long recession. Hope that doesn't happen, but it certainly looks like the US economy is going that way. If the US markets go down, it will mean European stocks will go down as well and maybe our economy will suffer as a consequence. :(
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Re: The Economy

Postby OLDMD » 06 Dec 2007, 06:52

Our "Leader" (?) Has - apparently - made a deal with the mortgage lenders...

http://www.washingtonpost.com/wp-dyn/co ... newsletter

The devil is in the details as usual...(it applies to those able to refinance and still pay at a lower rate...the "poor" of course get poorer)

...It provides an exercise in what happens when THAT comes off... :think:
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Re: The Economy

Postby AJRC » 06 Dec 2007, 09:05

So, if you're a fool and made some really stupid financial mistakes, the government will bail you out. If you stayed out of the subprime fiasco but are still struggling to make your mortgage payments, well though sh*t. Seems to me that Dubya just wants this subprime fiasco to go away so is bailing out the muppets who got themselves into the mess in the first place. It won't help the economy, nor will it make people trust the conservatives with their money.
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Re: The Economy

Postby OLDMD » 11 Dec 2007, 18:38

Here we go again...

Another cut...another downturn. :cry:

http://www.huffingtonpost.com/huff-wire ... est-rates/
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Re: The Economy

Postby AJRC » 13 Dec 2007, 14:58

As predicted a third cut, it's grim news for the US economy. Is that a recession on the horizon? Hope not because it will have a global effect.
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Re: The Economy

Postby OLDMD » 19 Dec 2007, 07:53

Robert L. Borosage on the Economy, the Administration and the "Democratic" Congress

http://www.huffingtonpost.com/robert-l- ... 77317.html
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Re: The Economy

Postby AJRC » 22 Dec 2007, 10:06

Told you the failing US economy would be global. The housing market in the UK is slowing down, house prices have gone down for the first time in 11 years! Ok, nothing to panic about yet, but if the US economy gets any worse than the state it's already in, the global economy will start to slow and you're talking global recession. :(
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Re: The Economy

Postby OLDMD » 22 Dec 2007, 18:02

Auatralian house sales would appear to be "jamming up" - still lots of paper moving - but the lenders are starting to drag their feet and tighten up on approval (which we saw here for about a year after the initial boom in Arizona).
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Re: The Economy

Postby AJRC » 27 Dec 2007, 09:23

We've had one of the major banks in the UK go under here now. Northern Rock was a huge bank but put a lot of investment into US sub-prime mortgages and is now in big trouble. Richard Branson is looking into taking it over with a buy out.
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Re: The Economy

Postby meadow » 27 Dec 2007, 10:46

what's so sad is that most of us in the mortgage industry pretty much predicted the sub-prime meltdown. what's worse is that thousands and thousands are jobless because of this, me included, and we all said it would happen. of course, what do us lowly loan processors know?

only that most loan agents are dirtbags who'll sell you a house you can't afford, payments that will skyrocket in a year's time and the government KNEW it and did dick.

it sucks and it's going to get a helluva lot worse for the average American. :snoot:
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Re: The Economy

Postby OLDMD » 29 Dec 2007, 09:56

Finally - the deficit gets a headlines mention.

http://www.nytimes.com/2007/12/29/opini ... ref=slogin
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Re: The Economy

Postby AJRC » 02 Jan 2008, 11:15

I still remember the Washington Post reporting on Wednesday, June 13, 2007 "the crash of the U.S. economy has begun." The media back then could see that the economy was failing under Dubya, and had been for years. The report showed how many foreign buy outs are now happening without the American public knowing about it. Not sure why the US media hasn't picked up on it since then. You would have though the media would be having a field day, maybe election fever has got hold of them.

China now owns huge parts of US industry! While the right wing play the blame game and blame the Clintons, even though a Clinton hasn't been in power for 7 years, Dubya sells America right out from under them. And they simply roll over and take it in the ass!
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