HERE are some quotes on the subject:

“Some of the most frank evidence on banking practices was given by Graham F. Towers, Governor of the Central Bank of Canada (from 1934 to 1955), before the Canadian Government’s Committee on Banking and Commerce, in 1939.

Q. But there is no question about it that banks create the medium of exchange?

Mr. Towers: That is right. That is what they are for… That is the Banking business, just in the same way that a steel plant makes steel. (p. 287) The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. (pp. 76 and 238) Each and every time a bank makes a loan (or purchases securities), new bank credit is created — new deposits — brand new money. (pp. 113 and 238) Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt. (p. 459) ”

This is backed up by:

Testimony by Mr. Morgan, the bank’s president,First National Bank of Montgomery vs. Daly (1969)

Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, . . . did create the entire $14,000.00 in money and credit upon its own books by bookkeeping entry. That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note.

THE BANKERS ARE STEALING US BLIND. This is backed up by two more quotes:

“In 1976 A typical American CEO earned 36 times as much as the average worker. By 2008 the average CEO pay increased to 369 times that of the average worker.”

AND where does your tax dollar actually go?? To the BANKERS according to the Grace Commission report to President Regan:

“With two-thirds of everyone’s personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.”

NOTE: Since 1913 the US government has been “borrowing” newly created COUNTERFEIT money from the bankers and the American suckers… excuse me taxpayers have been serfs to the bankers ever since. Transfer payments by the way are the cost of transferring money between banks. The US tax payer got stuck with that tab too, not the banks.

As for the post regarding San Diego real estate, some of it is true, but skewed. The low end of almost every market/city is good, but not for attached housing. The middle markets in almost every city is slow and the upper end is still getting hammered. In the boom days back in 04 – 06, there was a trickle up effect where people were buying bigger and bigger houses. Now we have no reverse effect as there are too many other factors crushing the market. With the change Fannie Mae guidlines allowing investors to own up to 10 investment properties, it spurred the housing market a lot.But that will end. Interest rates are nearing a double bottom and one year from now I believe they will be higher. Tax credits will be gone and inventory will be higher. Banks can’t hide their inventory forever, but they will release it slowly. Free money gives them time. The goverment should have marked to market and let the chips fall where they may.

My opinion, 5-8% decrease in pricing overall for the next year and then we bump along the bottom for years with minimal increases in valuation. We won’t see anything significant until 2013. Be patient and wait for the right deal. Don’t let an agent talk you into jumping into anything that isn’t a deal.

From: Jane L.
San Diego Realtor – an expert in San Diego Real Estate – Lic # 01439083

“Is the San Diego housing market really going up as the news reports?
Our dearly beloved Union Tribune has consistently tagged San Diego as a downturned market, we were the first to hit the bottom and they have targeted that to buyers and sellers alike. In reality, the bottom hit early 2007, it is now 2010, we have seen a huge amount of short sales and foreclosures, mainly in the South Bay between the 94 and 54 last year, this year it is sporadic. We have a shortage of homes for sale, the Federal Tax break has gone, California has a $10,000 tax “credit” to first time buyers and buyers of newly built homes, the first bracket of first time buyers will be used up within a month or so, and they are anticipating the buyers of newly built homes to be used up in about 6 months or so.

So where are we exactly? Prices HAVE gone up, not much, and not like back in the day, they will continue to increase slowly, we are now in a regular market with a good sprinkling of short sales and foreclosures but everything is priced similarly – looking for a bargain here – that was last year, now everything is priced to sell correctly, no bargains anymore.

There is a funnel of foreclosures coming but it’s a funnel, there’s only so much banks can deal with so expecting a flood is probably not going to happen, it will be a stream not a tidal wave!

What does anyone else have to contribute, I’m just one opinion !!! “

You noticed that too?

I never thought I would see the day that the public took to the streets to protect the “Poor owners of commercial realestate” and don’t forget the recent outrage from the common folk when the “poor defenceless Insurance companies” were being attacked.

With a good portion of the public thinking that way we are doomed as a country.