About two weeks ago, Bill Gross, head of the world's largest bond fund said that the US is actually in worse shape than Greece and that our true debt as a nation is close to $100 TRILLION.
So with that said, what are we as Americans doing about this? Why, we are addressing this in the "American Way" of course. We are pointing fingers at others and passing the blame onto somebody else...watching our favorite reality TV shows, eating a couple Big Mac's, large fries, and a small diet Coke of course (after all, we do care about our health).
What is Greece doing about this? The people of Greece have gotten up off their butt's and have let the world know that enough is enough. Now I'm not suggesting or encouraging violence, but how is it Greece is saying "NO MORE" and America continues to play the blame game??? Does it really matter if it's yours, mine, his or hers fault? Does that change the fact that we are in the shape we're in?
What IF...the State and Federal Governments can't agree on a budget and they shut down or default on their debts? What IF...we the citizens of the USA graciously accepted any shut down or defaults on debts as EVERY single elected officials immediate resignation for either being unwilling or unable to do the job we the people have hired them to do? What IF...these now former elected officials had to go out and find a new job, one perhaps in the improved job market they have been telling us all about? What IF...these former elected officials no longer received the perks and benefits they now enjoy, but instead receive the same "perks" as the rest of us...you know, the really really good ones from the improved job market? What IF...America stopped waiting for someone else to "do it"?
Click on the title above or the link below to review the photos of the unrest in Greece. Please note that some of these photos may be considered graphic and or disturbing and should be viewed at your own discretion.
http://news.yahoo.com/photos/greek-debt-unrest-1309284105-slideshow/
Tuesday, June 28, 2011
Tuesday, June 14, 2011
Is it really this bad???
In a live interview (see link) Bill Gross, head of the world's largest bond fund said that the US is actually in worse shape than Greece and that our true debt as a nation is close to $100 TRILLION...gee, is it possible that Kirk Nace's prediction that the United States will become the Former United States could be moving ever closer to reality? For more information on Kirk Nace's comments see the recent article "I know of one expert who has a clue..." by clicking the following link. http://smashedfeet.blogspot.com/2011/06/i-know-of-one-expert-who-has-clue.html
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43378973
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43378973
Friday, June 10, 2011
I know of one expert who has a clue...
Diana Olick, the renowned CNBC real estate analyst, was one of several experts who spoke this week at a housing conference where panelists included Robert Shiller (Case Shiller) and others. In the attached article she concludes that what is most disturbing to her is that "all these experts who are supposed to tell us when it's all going to be alright...don't have a clue." Well Diana, our resident expert Kirk Nace, has been sharing for years what was going to happen and upon reading your article I contacted him and asked him to update where the US Housing market is headed.
Mr. Nace shared that "The earliest we will possibly see a bottom will be the fourth quarter of 2015. This could of course be pushed out by another decade if our elected officials continue to meddle with the market. This bottom is AT LEAST 25-30% below prices as they exist here in June 2011. In some markets there will be an even greater future correction. Upon reaching this elusive bottom, we will bump along for years, at least 5-10, before slowly coming back. Reality is that prices would not return to peak levels before 2040 at the earliest. I say 'would' because there will be no US housing prices at that point. I have constantly been considered too extreme, so I suppose this is as good a time as any to again remind you that I don't expect US housing prices to ever get back to the levels where they traded during the peak because before that will occur I still fully expect the US to follow the path of The FORMER USSR and become The FORMER United States of America. States all send more tax dollars to Washington DC than they receive benefits for. Almost every state is operating at a deficit and its citizens will eventually recognize that sending $100 billion per year to Washington DC in exchange for $20 billion per year in benefits is simply bad math, particularly when you are operating at a deficit to begin with! The federal government has obligations it simply can't meet and if, or as I believe when, there ceases to be a federal government countries like China, Germany and others will be left with worthless paper and no one to collect from as the 5-10 smaller nations that will be formed when the USA collapses will not assume that debt. So if you are asking about US housing prices, they will continue to drop, probably bottoming well below where they are today and will certainly be a continued drag on the US economy, until there no longer is a US economy."
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43354956
Mr. Nace shared that "The earliest we will possibly see a bottom will be the fourth quarter of 2015. This could of course be pushed out by another decade if our elected officials continue to meddle with the market. This bottom is AT LEAST 25-30% below prices as they exist here in June 2011. In some markets there will be an even greater future correction. Upon reaching this elusive bottom, we will bump along for years, at least 5-10, before slowly coming back. Reality is that prices would not return to peak levels before 2040 at the earliest. I say 'would' because there will be no US housing prices at that point. I have constantly been considered too extreme, so I suppose this is as good a time as any to again remind you that I don't expect US housing prices to ever get back to the levels where they traded during the peak because before that will occur I still fully expect the US to follow the path of The FORMER USSR and become The FORMER United States of America. States all send more tax dollars to Washington DC than they receive benefits for. Almost every state is operating at a deficit and its citizens will eventually recognize that sending $100 billion per year to Washington DC in exchange for $20 billion per year in benefits is simply bad math, particularly when you are operating at a deficit to begin with! The federal government has obligations it simply can't meet and if, or as I believe when, there ceases to be a federal government countries like China, Germany and others will be left with worthless paper and no one to collect from as the 5-10 smaller nations that will be formed when the USA collapses will not assume that debt. So if you are asking about US housing prices, they will continue to drop, probably bottoming well below where they are today and will certainly be a continued drag on the US economy, until there no longer is a US economy."
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43354956
Thursday, June 9, 2011
Are you ready to sell yet???
Reuters reports that Robert Shiller has stated that home prices could fall for ANOTHER 20 YEARS!!! Sitting here in the Midwest I can see our top consultant and market forecaster, Kirk Nace, grinning, shaking his head and saying "I told you so."
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43339262
Click on the title above or the link below to review the entire CNBC article.
http://www.cnbc.com/id/43339262
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