Comments on: California Sending out Approximately 475,000 Notice of Defaults for 2009 yet Overall Foreclosures Declining. Shadow Inventory, Q3 Defaults, Toxic Loans. The State of the National Housing Market.

By: Blindmessiah

Blindmessiah — Sun, 08 Nov 2009 18:43:39 +0000

The Doc’s post makes it abundantly clear that the real problem with the housing market is that it is not a free market – it is a market artificially upheld by the government bailout bucks and crony bank capitalism so that it cannot adjust as it should to meet current incomes, etc. We will now move sideways with neither higher or lower appreciation buoyed by the bailout bucks – keeping folks who gambled on there inflated mortgages in their McMansions while folks smart enough to not take the inflato-mortgage bet still looking into the California housing market from the outside.
Imagine if the government tried these shenanigans with a stock market crash!

By: dimwit

dimwit — Sat, 24 Oct 2009 23:04:16 +0000

hows this for a rude awakening? coupla days ago my 12 month old golden pup snatched a five dollar bill off my desk and proceeded to chew it up. before i could get it away from him, he had swallowed two thirds of it. kept a watch on his numerous craps, but to no avail. evidently his gastric juices are on overtime. the two thirds are gone, and im left with one third of an unredeemable fiat note. got to thinking in my non degreed mind that this could be a anology for the economy. think ill keep on renting. at least the landlord fixes stuff and when his name shows up on the nod realty trac list, i can be outa here in a heartbeat with joey the money desolving pup, instead of by order of a money desolving, depreciating investment……… like a cash for clunker,gubimint bailed out clunker.

By: Jerry

Jerry — Sat, 24 Oct 2009 18:03:10 +0000

I hate to be the bearer of more bad news but…housing will never return to the price levels of before for these reasons. 1. Less young people and more old people: Old people live collectively and youngens live independantly. 2. By 2025 are population will begin to stabilize or even decrease due to falling fertility rates. In 2025 and beyond you will clearing out old homes to make way for assisted living facilities. These are the facts before us and homes will be virtually worthless.

By: FYI

FYI — Sat, 24 Oct 2009 17:27:21 +0000

What Was The Gold Standard?
The Gold Standard vs. Fiat Money
By Mike Moffatt, About.com
http://economics.about.com/cs/money/a/gold_standard.htm
(excerpt): The Bretton Woods System, enacted in 1946 created a system of fixed exchange rates that allowed governments to sell their gold to the United States treasury at the price of $35/ounce. “The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed”. The gold standard has not been used in any major economy since that time.

Nixon Shock – Wikipedia
This article is about ending the gold standard for US dollars. … taken by U.S.
President Richard Nixon in 1971 including unilaterally canceling the direct …
http://en.wikipedia.org/wiki/Nixon_Shock

By: AnnS

AnnS — Sat, 24 Oct 2009 15:22:09 +0000

by Hunkerndown in San Jose
Just trying to shake my memory here. If I were to try to pinpoint exactly when this entire economic debacle began, I would have to say about 1970 or so whe Richard Nixon took us off the gold standard.
>>
________
>>>
Hunkerndown? Sorry but the US (and every other major country) went off the gold standard in the early 1930s!!! Britain went first and then everyone else. The asinine ‘gold standard’ was an idea only created in the late 19th century. Before that it had been silver, copper or whatever.
>>
If you want to blame something for subsequent events, at least make sure it really happened when you claim it happened.