BF2S Forums US Recession (?) Hits Global Markets Hard

.:XDR:.PureFodder wrote:

Yesterday's losses will have done little to allay the fears of equity-linked Special Savings Incentive Account (SSIA) holders whose accounts are due to mature.

Don't you have one of them Cam?

CameronPoe wrote:

http://www.ireland.com/newspaper/frontpage/2007/0315/1173880234953.html

Well it looks like the current Republican administration and fuck knows how many years of a Republican dominated congress and senate have finally smashed the prosperity Clinton helped America enjoy. This is what happens when a government spends with impunity and refuses to treat fiscal policy with due care and attention.

ATG wrote:

He will not addresss the border.
Our economy is in a free fall.
We fail.

King_County_Downy wrote:

It's a very clear pattern throughout the past 50 or so years. When a Dem is in office, the economy soars and it's peace time (for the most part). Republican gains office and we go to war. The economy turns to shit and we get a huge deficit.

Last edited by Kmarion (2007-03-15 00:32:03)

King_County_Downy wrote:

It's a very clear pattern throughout the past 50 or so years. When a Dem is in office, the economy soars and it's peace time (for the most part). Republican gains office and we go to war. The economy turns to shit and we get a huge deficit.

King_County_Downy wrote:

It's a very clear pattern throughout the past 50 or so years. When a Dem is in office, the economy soars and it's peace time (for the most part). Republican gains office and we go to war. The economy turns to shit and we get a huge deficit.

CameronPoe wrote:

http://www.ireland.com/newspaper/frontpage/2007/0315/1173880234953.html

Well it looks like the current Republican administration and fuck knows how many years of a Republican dominated congress and senate have finally smashed the prosperity Clinton helped America enjoy. This is what happens when a government spends with impunity and refuses to treat fiscal policy with due care and attention.

topal63 wrote:

Kmarion wrote:

King_County_Downy wrote:

The last company I worked for was a sub prime lender. 4 years ago, their business was booming. My parents (both sets) are in the mortgage/real estate business. I see mortgage companies laying off hundreds of workers. I see the real estate market slowing to a crawl. I see sub prime lenders switching game plans and restructuring the way they do business. I live in Seattle so it may be different other places in the country but this is what I see. It's the first time that I can remember where more people are leaving Seattle than are moving here. From my view of the economy, it's shit. Some of this is remnants from the .com bust but there are more factors to consider than just that. Interest rates and gas prices are killing the average worker.

What you are seeing is the housing market slowing, not the real estate market. I work in commercial real estate and I can tell you business locally is booming. The housing market is in fact taking a hit, although new home construction/sales is up. I see some builders offering new cars with new home purchases as an incentive, lol. It's the resellers that expect the market to be the same as it was a few years ago who are getting screwed over. It is definitely not the time to be flipping houses.

You're wrong about the housing market, new homes sales are SHIT or on the verge of SHITSVILLE. I work for two of the Nations top builders: Lennar Homes and D.R. Horton. When they put (my) current land development JOBS on HOLD(!) until future notice; when they tell me they are redesigning their offered model selections (downgrading s.f., amenities, etc, to make up for inflated new home prices), when they tell me they will not allow brokers to speculate and flip product anymore, when they don’t make new land acquisitions or only a limited amount for the future, when they lay hundreds of people off in my region (many that I know personally), when they tell me the market is going to be depressed for 6-18 more months I believe them, when my business revenues take a dive and I have to fire personal which I am doing today (for the first time in the last 10 years), I am inclined to think there is serious problem in the market (of which future numbers will bear-out).

Some not so old numbers:

The Commerce Dept announced that the construction of new homes fell in January by a whopping 14.3%. Prices fell in half of the nation’s major markets and “existing home sales declined in 40 states”. Arizona, Florida, California, and Virginia have seen precipitous drops in sales.

The Commerce Department also reported that “the number of vacant homes increased by 34% in 2006 to 2.1 million at the end of the year, nearly double the long-term vacancy rate.” (Marketwatch)

$1 trillion in ARMs (Adjustable Rate Mortgages) are due to reset in 2007 which guarantees that millions of over-leveraged homeowners will default on their mortgages putting pressure on the banks …

“Beazer Homes stuck a hot poker in the heart of the dimwitted optimists who believe the housing market has stabilized. Their spokesman said, ‘We have yet to see any meaningful evidence of a sustained recovery in the housing market'. To back that statement up, they reported new orders were down 55% from a year ago, and their cancellations are running at a horrendous 43% rate."

http://www.census.gov/indicator/www/newresconst.pdf

CameronPoe wrote:

http://www.ireland.com/newspaper/frontpage/2007/0315/1173880234953.html

Well it looks like the current Republican administration and fuck knows how many years of a Republican dominated congress and senate have finally smashed the prosperity Clinton helped America enjoy. This is what happens when a government spends with impunity and refuses to treat fiscal policy with due care and attention.