United States Heading towards a Depression?

Is this the return of family farming? I hope so, go invest in farmland and buy a tractor!

 

Green Acres

 

Many retired folks in my area have started farming again. They are preparing for a depression.

 

Depression survivors are some fantastic people. I had the pleasure of going through my great aunts refrigerator after she died. You have never seen so many frozen pieces of bread in your life. She also had a wonderful collection of blank pieces of stationary under her bed. On a side note, my wifes grandparents just applied for an loan and where told that even though they had perfect credit they had not accumilated enough debt to get the amount they wanted, about half the market price of their land. They are just too damn good with their budget. The hypocrisy makes me want to smash things.

 

It isn't everyday you see a headline like this:

RBS issues global stock and credit crash alert

 

LOL, I was just going to post that.

RBS is bigtime. If they are concerned, everyone should be concerned.

Excerpt

 

The best place to put your money is under your bed, or in real estate like I did, when prices and interest rates are low.

I have about $750k in a piece of commercial property I own, real equity, not devalued, but probably undervalued, and I owe about $197k on it.

American's are just as much to blame as anyone else for the housing market. I had Chase pull an equity line from one of my properties - devaluing the property by $75k. I've got more into it than that just in improvements. Meanwhile, the same bank reassessed the house across the street at $120k over my original valuation. Little bigger yard, same size house.

Only difference I can see is that at 5 1/4% interest and very little owed, Chase is not making money off me.

Want to know how to really flip a property and make money? Don't flip it. Hang onto it for at least 5 - 10 years minimum. Then you will see the real value out of it, and given the cycles both commercial and residential markets go through, you'll stand a better chance waiting it out.

Seems they will loan money to anyone. Even now. 10 years ago, I had to beg borrow and steal to get a bank to lend me money. 20 years ago, try getting a credit card. Now, anyone with an allowance and pubic hair can get anything they want.... yes, even now in this great undepression.

 

Looks like the DJIA wants to test 12,000 today even if we're basically flat against other currencies and commodities...

Exactly, how long do you think this can last?

Too much borrowed money, too much of it is already consumed or has been improperly invested.

 

I did not say it should last, nor did I agree with it. My point is, the average every day whiny bitchy, moody, doom and gloomer, moonbat phucktard American is just as, if not more responsible for this epidemic.

It stops when the people abusing are stopped. That includes the majority of people bitching about the problem.

The rest of us will continue to laugh all the way to the bank.

 

Sure the dollar would gain its value back, the $70 trillion entitlement debt, negative bank reserves, and annually doubling grain & energy prices will all go away/get better if we just put a smile on.

That is about as silly as Obama's solutions.

 

Did you read anything I said? Apparently not. I did not offer up a solution. I just pointed out the problem, and offered a suggestion about what to do with your money.

To recap.

Money, under bed or in real estate.

Problem = those who abuse, ie., live beyond their means.

We can all be responsible you know. Just because a bank says it will lend you X, does not mean you have to use X. You should also make sure you can pay X back. If you cannot, you should not get X.

Being compared to Obama, eek.. thats a laugh.

 

Make yourself recession and depression proof.
Learn JOINT VENTURE.

 

And how would that be?

By what mechanism are global markets being influenced by "moonbats" and do you believe whining and bitching are tools for altering balance sheets? Do you think if people stop being "moody" capital reserves will stabilize?

Please, enlighten us.

 

It's just not my experience Mia. Any dumbass can get a credit card sure, but two of the people I know who are most conservative with their spending could not get conventional loans this year for sums over 100k. On a 1.5 million dollar piece of real estate, my grandmother in law was turned down for a 300k equity loan because she "did not have enough debt" by one loan agency. My mother has showed a loss on her business for 2 years running even though my father makes 60k a year she could not get a loan for 80k. She had the income to make the payments and a 10k down payment. She had to get a home equity instead and for only 40k to buy a foreclosed upon crackhouseish piece of property. The good news is the house will be probably be worth twice that when I am done fixing it. On the other hand if my twice bankrupted, bad credit mother in law wants 20k she can get it, it's almost as if the loan agencies only want bad investments?

 

Charges loom for 2 Bear Stearns execs for federal securities fraud

http://news.yahoo.com/s/ap/20080619...stigation_2;_ylt=Aq5mpXCV9dT1FKEzic0evV5v24cA

 

Breaking News:

The FBI announced Thursday that it had arrested about 300 real estate industry players since March — including dozens over the last two days — in its crackdown on incidents of mortgage fraud that have contributed to the country's housing crisis.

http://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation

It's looking that the Fed's bailout of the investment banks is outright theft.

 

Maybe they can shack up with Wesley Snipes.