You just don’t mess with these guys. You’d think even Noel knew that.
Daily Archives: January 3, 2009
Gasoline’s down (I paid $1.56 in Massachusetts yesterday and I hear New Jersey’s down to $1.35) but natural gas and electricity bills are still high. It seems that utilities locked in supplies at higher prices, which is reasonable, but relief won’t come until next winter, if it comes at all.
Investment bank economists predict rosy future. They base their optimism on the prospect of the trillion dollar spending bill planned by Congress. I suppose we’ll soon find out whether economic conservatives have been wrong all this time. Having watched the performance of other collectivist societies like the USSR and Cuba I don’t share these banker/economists’ enthusiasm for federal usurpation of our entire economy, but I realize the politicians are going to love it. I just never realized that the master minds of Wall Street were closet Keynesians all this time. Who knew?
Neat freaks needed to live in vacant, unsold mansions. I’m not qualified.
No action, sellers and buyers can’t agree on value. Sounds familiar, somehow.
Shack appraised for $130,000, mortgage rated Triple A by Moodys, sells for $18,000 out of foreclosure. And I think it’s safe to say that mortgage was leveraged 30 to 40X, so there’s a whack to someone’s portfolio. Full Wall Street Journal article here:
It’s not just real estate, of course. Warren Buffet’s down 32% for the year. I’ll bet Berkshire Hathaway comes back before real estate does.