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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Thursday, August 20, 2009

Mish Roundup

I have mentioned many times, Mish, of the blog "Mish's Global Economic Trend Analysis" to me is by far the best financial blogger on the internet hands down. His blog is a must read for everyone. If you don't have enough time to read Mish and this blog, just read Mish.

Some highlights in recent weeks.

Hussman on Post-Crash Dynamics - Great analysis on Hussman (another blogger) summarized by Mish. This shows through history of bubbles bursting, there the stock market is likely headed.

The largest Pension Fund, Calpers, walks away from it's ownership of Koen Center, in Oregon.
This is part of a much larger series by Mish, where he explains it is best to walk away from real estate you are underwater in. (owe more than worth). At the bottom of the article above, see the 3 links to read about Mish's thoughts.

Manhattan Commercial Real Estate Sales Plunges by 91% - ouch!
"Rep. Bachus: Social Security Could Face Default Within Two Years" - After reading these two articles, ask yourself, where in main stream media is this being discussed? Manhattan Real Estate plunge 91%? SS nearing default soon? Granted the SS story is just a politician pontificating, but I have to imagine the public thinks SS is fine until +20 years from now. That is plain wrong. Thankfully we now have the internet to get around the public media for information and discussion of issues.

Structurally High Unemployment For A Decade - I believe Mish, but I hope he is wrong.

Brace for a Wave of Foreclosures, the Dam is About to Break - Nearly ONE THIRD OF ALL MORTGAGES ARE UNDERWATER - My god. Green shoots? You got to be kidding me. The US banks are walking insolvent zombies.

Too Early For Housing Price Stabilization - Any new home buyers thinking of buying a house should read this.

As of Friday August 14, 2009, FDIC is Bankrupt - But the US government can just "print money" to back banks. That won't have ANY bad consequences......trust Ben Bernanke.

Mish on why inflation is not a threat - My spin is I agree EXCEPT with loose money from the government will cause inflation in certain sectors, like resources Oil, Gold, etc. However, at this time, I agree, deflation across the board....for now.

Government Bailouts and the Stock Market - The Seen and the Unseen - EXCELLENT article explaining why there IS NO SUCH THING AS A FREE BAILOUT!

Collapse Of The "Ownership Society" - Obama has come to the realization, for the banks to "sell" the properties they have, they will recognize losses and fail. The solution? Have the banks own the houses and RENT to the public. Ahhh, the American Dream, have the Banks own land, and the citizens rent from them.

Or just MAYBE The Founding Father, Thomas Jefferson was very wise when he said "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." -- Thomas Jefferson, Letter 1802 to Secretary of the Treasury, Albert Gallatin

Wouldn't be great if the US media would trumpet warning signs from our Founding Fathers about current events? Oh well, back to the Today Show........

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