- Pay up!
Jessie Jackson is concerned about Bush’s last days. For a guy whose entire adult life has been spent blackmailing corporations under the rubric of “discrimination”, he must be panicked now that a black man has been elected President. I mean, there goes his entire shtik!
Here’s a pretty dismal view of GE’s prospects from a James Quinn. The article was persuasive, if a touch histrionic, but I did wonder who its author, Mr. Quinn was. He turns out to be a big cheese at Wharton. Does that mean he knows what he’s talking about. I don’t know but if he does, and he’s right, the stock market’s going to get whacked big time next year when GE slides further into oblivion. And won’t that be good news for the housing market!
I’ve linked to this site before because its author obviously gets what’s happening in the current real estate market (or because he agrees with me, always a sign of genius). The article I link to is a comparison of the prices of recently sold homes vs. recently expired, unsold homes. Surprise! The latter are priced on average 21% higher than the former. The same lesson applies here, of course.
There seem to be lots of good articles on this guy’s site. Check them out at his main page, The Tucson Foothills ( I like the post entitled, “Don’t prolong the agony” – you’ll never guess what that’s about.
18 Sandy Lane is a decent enough house just off Round Hill Road. It has some Merritt noise but it also has 4 acres and a pool. The owners tried selling it for $2.995 million ($624 per sq.ft.) back in 2007 and have now dropped it to $1.825 million ($391 sq.ft.). Apparently, the market for somewhat dated homes with relatively low ceilings and a touch of highway noise is … limited. There was a time, not so long ago, when this price would reflect the land value: buy a lot, get a house free. Now, who knows?
I bought this why?
25 Dorchester Lane in Riverside was sold to its present owners for $2.150 May 3, 2004. It’s back on the market now and today, having failed to sell at $2.950 and various price points in between, it dropped to $2.290. That’s not quite back to its 2004 price (although it is if you consider commissions and taxes) but it’s close and of course, it hasn’t sold yet. Ouch.
Glenn Reynolds asks, if the big three’s total market capitalization is at most, $7 billion, why should we throw $50 billion their way? The government should buy ’em and run them itself. And wouldn’t that be fun?