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Does Your Broker Claim the Real Estate Devastation Is Almost Over? Statistics Say It May Be Half Over

Can you say PONZI? If you've wondered if the banks were intentionally gaming the system - cheating, to be blunt - you shouldn't wonder any more. The UBS fiasco should be all the proof you need - their release of a blunt report stating that they simply ignored risk management because they were quite sure "The Fed had our back" is about the most damning piece of evidence thus far. In any reasonable world this would have led to immediate criminal charges against the "bad actors." But we're not in a reasonable world, are we? So long as the people who steal are bankers and other "rich, monied people", and the people who get stolen from are either taxpayers or "less fortunate", its all ok. And before you turn this into a "Bash Bush" game, go study some history - the fact of the matter is that the seeds of this mess were sown during President Clinton's time in office, and have bridged both Democratic and Republican Congressional majorities as well. In short the politicians are more than happy to see you ripped off and have your money given to anyone who makes large campaign contributions to them. You, as a voter, appear to be happy with this state of affairs, as you keep re-electing them and sending them back to Washington, when you, not the lobbyists and corporations, are the ones who can vote. Part of this is unfortunately that people have become conditioned to "Vote For A Living" via entitlements, but what those who are doing so don't realize is that this isn't a zero-sum game - its a negative amortization game for the voter, in that these promises can't possibly be kept and what's worse, the promise and its "attempted" fulfillment winds up picking your pocket in the process. We are finally getting attention paid to the fact that many states are in recession - right now. Reality is that despite whether the NBER says "there's a recession" or not, the states have a much more sensitive gauge that is simply never wrong within its boundaries - tax revenues. Sales tax, in particular, is an almost-instantaneous response mechanism and provides immediate feedback on consumer spending and economic trends, and states are getting hammered from both sides - falling revenues and rising costs: "The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house." Read the rest of the article by logging onto http://market-ticker.denninger.net/ April 25th blog date
— April 26, 2008 10:49 a.m.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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