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Posts
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Hey All –
I don’t usually get my undies in a knot over market trends, but d*mn!! The Dow lost some 400 points at one time yesterday and closed at over 300 points down! The housing market is over 13% off this year and inventories are at or near record highs!
Thomas Kunz (Century 21 CEO) is already declaring a “pity party” for the entire housing and mortgaging industry!! I am aware that our GDP is up (3.4%), but that is almost entirely due to increased exports. Domestic consumer spending is still way down. And, of course, there is still $1 trillion in mortgage re-adjustments (up) to be dealt with by year’s end. Today’s reports put s ALL the housing market indicators at less than half of what they were 24 months ago.
Seems like a lot of local shops are slowing down, too. Is this stuff scaring the crap out of anybody else?!!
The Japanese are paying Iran for their oil in Yen and not in Dollars, the Chinese have Dollar reserves in the trillions (tip of the hat to Walmart) and the Pound is trading at $2.04 when a year ago it was around $1.70.
Wonder how the American economy would be doing if instead of pouring billions into that black hole called Iraq those dollars were used to invest in American industrial growth, healthcare and education?
Maybe one day…..
Patrick, I agree on your points…except one. Education. How much good money after bad thrown at the NEA is to much? Our per capita spending per student is way above the rest of the world yet what is turned out (generalising) is sub par vs the many other major countries.
I’ll submit that getting the education department out of the “let’s make Johnny & Sally feel good” business and back on hardcore learning has nothing to do with how much money you throw at it.
Isn’t this the cycle of life? Nothing to worry about cause you can’t control any of it. Be flexible, quick and nimble and work with the times.
Everyone keeps saying that the housing starts are off so much percent from two years ago. What they forget to mention is that two years ago were record high that were unsustainable. So doesn’t that mean that we are back to normal.
The stock marker was at a record high. Market correction was bound to happen. We are back to normal.
Never build your business around a bubble, cause the bubble will eventually burst.
The funny thing about “let’s make Johnny & Sally feel good” is that it fails miserably to accomplish even that. Nobody has any self-esteem because they never learned they could do anything for themselves, either because they were doing work that was too easy waiting for some other kid to catch up or because they carried along so they wouldn’t feel bad about themselves.
I’ll take nuns with a ruler for my children anyday !
Sorry to get this off topic but the education thing bugs me. Don’t know about your neck of the woods but in mine, when I open up my trim notice and see the percentage of my home taxes going to education, and what said education department turns out, it burns my azz.
Andy, very correct. This has happened before, it will correct, then happen down the road.
If you didn’t listen to the TV and Radio, and didn’t read papers how would you feel about your business and life? Most people would be happy with where they are. I remember prime of 18.5% new construction loans were 23%-27% and there were NO houses being built. I remember meeting with a condo developer and all the other subs, saying folks, if we are to get throught these times we need to think outside the box. He sold and built the condos, we all waited till closing ( I did cabinets and counters so I was one of the last in) poor excavator and concrete folks, to get paid. We survived, and what followed was the wild 80’s. This was 1980, 1981. I quit watching my stocks daily a long time ago. I know over the years Ive done pretty well.. we need to look at the long term.
Now is the time to get your house in order, weed out the waste, work smarter, and this too shall pass. There is still alot of business to be had.
Its easy to think poor us, but most of us are better off today then we were 10 years ago. Maybe this is the time to spend a little more time with your family and friends… there is more to life than $..
Over 95% of the folks are working and most are making as much, or more than they ever have… the sky is not falling. A week ago the market was at an all time high…
As Andy said, the housing market was way overheated. Here houses were going up $3,000 to $5,000 a week. builders were making money hand over fist, I don’t feel sorry for them now. It was typical for houses to double in two years.. thats not “normal” or healthy. Life is good, smile and hug your kids… be thankful we live in the best country in the world, even with all its problems. God Bless the USA!
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