This Bloomberg story is consistent with our current thesis: that despite the buoyancy of the stock market, conventional wisdom has it that a “recovery” is on and that the economy is on firmer footing than it really is. Note that the existing homes sale release fell below the low end of forecasts among the economists that Bloomberg surveyed earlier in the week. And this occurred despite the fact that some commentators though there was risk that warm weather early in the year led to an acceleration of the peak selling season, and strong looking performance in the spring would come at the expense of activity over the summer.
Home purchases slid 5.4 percent in June to a 4.37 million annual rate, an eight-month low, figures from the National Association of Realtors showed today in Washington….
The median forecast of 76 economists surveyed by Bloomberg News called for a 4.62 million pace of existing home sales. Estimates ranged from 4.42 million to 4.75 million.
Slower job growth, stricter lending standards and competition from cheaper distressed properties may be impeding the market even with mortgage rates at all-time lows. The drop in home values since the last recession has also left many owners owing more than their property is worth, limiting their ability to relocate.
“Given that hiring has slowed down over the last few months, I don’t think it’s surprising we’re seeing sales soften,” said Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “Buyers are hesitant because they didn’t want to buy a home and see it depreciate within a year.”…
More Americans than forecast filed first-time claims for unemployment insurance payments last week, reflecting volatility induced by the annual auto-plant retooling period.
“competition from cheaper distressed properties ”
Their economic ideas are a mite strange. Replacing the sale of the $350,000 house on one side of me with the much larger $150,000 mortgage repossession sale on the other side of me has no effect on how many houses are sold.
Also, it is usually the case that supplying low price items increases sales by making the item available to people who could not afford the expensive version. However, perhaps we have here another exception to the law of supply and demand, other than the famous example of involving potatoes.
Yeah, but when you don’t have a job, or are fearful of losing it, you aren’t going to buy a house at any cost.
GP, you assume all buyers can pay cash? Not much “loan” money out there for buying a house. Besides, who can get the clear chain of title on the property?
The Big Boyz have killed “trust” of the public. They have killed the goose that lay the golden eggs, because of their insatiable appetite for foie gras.
Red Queen says
The whole clouded title thing is the sting in the tail.
I wouldn’t buy a US foreclosed on property at pennies on the dollar. It may turn out that the former owner still legally owns the house.
Why buy or even rent? You can squat for months and years in florida!
Corrupt title records, FTW.
It’s a wonder that the Realtors didn’t mention that land title record corruption is rampant all over this country. And that title companies are writing exemptions regarding all these fatal title issues. Also—who is being indemnified by the banks upon issuing reconveyance without any evidence or extinguishing debt? That would be the title companies as well!!! Which part of the bank is providing the indemnification? That would be the LLC portion. Those title companies think that all of JPMorgan Chase NA has your back? Think again, that would be Chase Home Mortgage LLC that is providing you the indemnification, Buddies!
maybe realtors who care aren’t working
So much work to do but so few jobs. So many things to buy but so little money. So many laws and so little justice. So much intelligence but so little wisdom.
I think it’s safe to say there’s far more stupidity than intelligence out there. Though I grant that the amount of intelligence would seem immense when compared to the amount of wisdom.
Thus, Homo Not-So-Sapiens Not-So-Sapiens, with their foolish attemps at interfering with nature.
But Homo saps are part of nature, too — no?
“We were” gets my vote to replace “He wept” as tersely-worded wisdom.
$9/hour temps are not homebuyers – even with 96.5% financing from the FHA.
For the market to truly clear, we would need to see home prices decline by at least another 40% in much of the country. And the banks (along with our bank-controlled government) will do everything in their power to prevent that from happening. So here we are. In limbo.
Nobody knows what the true inventory is because the banks are holding huge numbers of unlisted forecloures. It is even difficult to estimate what the true “shadow inventory” is since banks haven’t even filed Notices of Default for many properties where no mortgage payments have been made for over a year. In a nutshell, the “official” inventory numbers are a complete joke.
This website makes the best educated guess of shadow inventory in Orange County, CA. And you can make a general logical deduction.
Over at Calculated Risk, Bill says the number to watch re:existing home sales is inventory NOT sales and inventory is coming down.
I think the question is, as mentioned above, do we really know what the true inventory is.
We’ve debunked that already. CR is looking at the wrong data. See:
350, 150… insanity. My 2200 sq ft 42.5 on an 8 yr mortgage sits on a beautiful clear green river with no visible lights on the night horizon for over 20 miles, has gone up in value at least 30 percent in this “down turn”… and I haven’t painted or fixed the roof yet. Wouldn’t sell tomorrow for triple. Peace of mind and an end to the bankster choke collar is priceless.
Despite my fellow Americans overwhelming lack of common sense, I still think the world surely needs a jubilee! What part of “walk away” do millions of people not understand?
I didn’t know how much my house went up when it was bubbling.
I did not want to know.
I don’t know how much it has gone down.
I don’t want to know.
I have been trying to lose myself in the flow of being.
The koan is this:
If the bubble inflates and deflates and no one is inside it, does it make an impression?
From Mid 1920s
The gloom is fading from the real estate situation. More nibbles during the last few weeks than the last three years. If January brings us good rains, this next year will open the door to the sunshine – a case of rain bringing the sun.
It is to be hoped, however, that there will never be another boom. The crash of the boom of 1923 was due to the same causes that wrecked the wall street stock market. People sold what they did not own. They made a payment down in the hope of getting the property off their hands before it began to burn. Real estate fell into the hands of sharp-shooting gamblers who had no interest in land. To them it was just a pile of blue chips on a roulette wheel.
Bam Man’s comments about inventory are worth considering. There is a foreclosed house 3 doors down from me. I have tried to contact the mortgage holder for going on 4 weeks now. 1st Tennessee foreclosed on the property but has no record of the property according to two departments so far. Nationstar is paying the property tax but has not record of the property according to one department and I am waiting to hear from their REO department. It is not listed on either companies list of foreclosed properties. So there it sits, rotting….
Yes, who are the parties paying the taxes on all these properties and why so readily as they generally seem to be doing?
Because add up the sums involved in counties and municipalities across the country and we’re talking about serious money being disbursed, when in many instances it might be easier to play games and skirt the laws.
“unexpected” : a measure of elite group-think and sychophantic analysis. AKA “Cluelessness.”
It should be reported like this:
“The US CluelessElite(tm) Index jumped 10 points today as the Policymaker reality-distortion field strenthened to all time highs. In other news, real income and the US standard of living continued to fall – as expected.”
The President, speaking at an undisclosed location after playing golf with undisclosed “buddies” commented: “no one could’a foreseen THIS.” He also announced that he planned to convene a committee to tackle cluelessness, adding: “We can’t allow the perception of cluelessness to get ahead of the reality of hidden agendas. Otherwise our economy might suffer a loss of CONfidence”
Have to love U.S. mainstream media, leaders and experts! Such innocents! The are always surprised! Often sad with disapointing numbers! Unexpected (fill in blank). They seem constantly unaware and seemingly in a state of constant bafflement! What will surprise them next? Unemployed people with no savings or benefits or prospects are unusually depressed? What ever poorer people don;t buy houses? What the poor do not want to buy a Chevy Volt–astounding!
“Unexpectedly”.. I like that..it completely changes any act of idiocy into the random but tragic consequence of a mindless and unfeeling universe.
“In other stories a NJ man was burned to death when the gasoline can he was dropping lit matches into unexpectedly burst into flames.”
idiocy or criminality
Guess people with 20% down, good credit and jobs are unexpectedly rare.
Especially when you’ve already financially raped much of the population.
How to explain rents?
Easy, people want to rent and not buy and there is a fixed supply of rentals in the bay area.
So people can afford ridiculously high rents, but since they have no savings and no credit, they can’t buy. That sounds like debt peonage, huh?
Well rent deposit is less than a house down payment and lease term is shorter than mortgage–plus no maintenance expenses. Plus you get to up and leave fairly easily and subletting easier than selling. What about this is a mystery?
Renters do NOT get a tax deduction, however.
To add to Capo’s comment;
Houses used to be Assets (for the most part)
Now, they are Liabilities
..why would someone invest in something that is losing its value (depreciating); i.e., Housing prices are not even close to bottoming out.
Amazing news. Especially considering just yesterday the news was the housing has hit bottom and was turning the corner. The facts simply do not support the main scream media’s attempts to make the OweBlameA regime look good.
Surprise is the strongest political force on the planet.
It had to be said.
There’s really no way anybody sane is “surprised” by bad economic news at this point. Just collapse already, you filthy late stage casino capitalism. We want to build something more healthy in its place already.
How long do our elite idiots plan on keeping this charade of an economy “running”?
Debts that can’t be repaid, won’t be repaid. Debt jubilee NOW.
Late stage casino capitalism to die..with debt jubilee?
Yes, if you take out private debts, you destroy most of the chips in the casino. (Government bonds and price fixing of goods notwithstanding.) The way the bankster scum leech off society.
Who are the biggest private borrowers and will stand to gain the most from the debt jubilee?
Steve Keen’s “A Modern Debt Jubilee” would give EQUAL amounts to every adult.
That doesnt extinguish all private debts.
The money should go first toward paying health care. You want 50-1 leveraged (i.e. borrowed) gambling casino capitalism to die, not needy patients.
Provide free health care for those who need it in addition to the universal bailout.
Not ‘in addition,’ but before.
It would be good if you start talking about subsidizing, check that, restituting a basic human right to health care.
If it’s both, you should talk more about both.
How about water? Restitution checks for water too?
Cleaner air, as clean as those by the best beaches in the world?
You’re not my spiritual guide so don’t presume to give me advice.
You appear to be just an obstructionist posing as a non-conformist free-thinker. A true cynic.
Does debt jubilee not pay off all private debts then?
You can remove any of the restitutions you don’t like. I hope most people find them desirable. Not sure how you see spiritual guidance there at all. You have your source. Does it help get you going with your response?
I try not to believe in absolutes.
I might have said, I don’t believe in absolutes. But this would an act of absolutism.
With that said, I think we all, at any single moment, are cynical in some areas and have faith in some other areas. And later, we might be cynical in areas where we had faith before and vise versa.
If that is conforming. it is what it is. Let’s not worry over that or whether you conform or not conform to some other people’s expectations.
And ideas are ideas. They live in a world of their own, whether you are a free-thinker or not. Let ideas be free, free to battle it out. We are just conduits for ideas to travel from one place to another.
To Mr. Beard actually,
Was My Less Than Prime Beef trying to give you spiritual advice? Or was he just trying to pin you down on just what your debt jubilee concept is actually good for?
I really hate to interrupt this torrent of bitching about the collapse of housing prices in America, but I really think you guys (and only guys) should watch this immediately:
All I’ve got to say is, “Mammmmmaa!!!”
I now return you to bitching about America’s housing collapse, already in progress (and not nearly complete).
Maybe she will date bolt and produce the next wave of aussie dominance in sports.
Skippy… lets just hope it doesn’t devolve into alcohol fueled rage events and shop lifting to replace that post high dopamine levels thingy.
PS. Housing… tis fun speculating… cough… gambling with ones shelter… can’t loose ever thingy.
“Maybe she will date bolt and produce the next wave of aussie dominance in sports.”
She can always bolt over here and dominate me!
Hey, let me know when housing prices down under get into single digit prices, so I can buy me an ‘umble abode by the ocean somewhere… and have this lady dominatress have her way with me. :)
Your comment is awaiting moderation…
Skippy… Yves can we have some – moderation muzak – installed on the site… pretty, pretty, please.
Hay, why not buy Clive Palmers Titanic II, after the descent.
Hes a *Royal Ass* see:
THE mining magnate Clive Palmer has said a casino on board his Titanic replica cruise ship should be reserved for those travelling in first class, with pensioners banned entirely.
At a news conference in Brisbane, where Mr Palmer unveiled the first designs of Titanic II, he said he had a social responsibility to ensure passengers wanting to visit the casino could afford to do so.
Mr Palmer, who is known for wild and spontaneous pronouncements, said third-class ticket holders could be screened before being allowed into the casino, and pensioners would be barred entirely.
”We’ll be in international waters, so we can probably stop pensioners from coming without breaching any legislation,” he said. ”If you can afford a first-class ticket … you can probably afford to go to the casino.
Skippy… the ‘Captains of Mining’ will save us all… amend… ommmmmmm….
Well now, give the man some credit for having some sort of conscience. Besides, I wouldn’t be a bit surprised to see his Titanic II replicating faithfully the role of the original. First class passengers travel in style. Say, from Sydney to Aukland and then on to Hong Kong. At Hong Kong, they pick up a whole passle of Chinamen, who travel in steerage, segregated, naturally, to the Americas where H1B visas await them. I would suspect that a lot of the second class passengers will disembark at Acapulco and try the perilous desert trail to sneak into America to join their huddled relatives and friends who preceeded them. Gambling? I suspect that’s a front. It’s really a human smuggling operation in disguise. As for the return trip, I’ll bet it will be filled with folks like me who are hoping to get out of the Empire before the Goon Squad kicks the door in.
Do they even have legal gambling in Australia? (No, I do not mean the stock market.)
ROFLOL… thought it was a link issue, chopped and changed links. Now its an abomination, OHHhhhhh… what have I wrought.
Skippy… at least I’m not an economist… sigh.
Painful prose Yves. Watch those tenses. Re-write this before the web bots enshrine it for all eternity.
“This Bloomberg story is consistent our current thesis: that despite the buoyancy of the stock market, conventional wisdom has it that a “recovery” is on and that the economy is on firmer footing than it really is.”
Are you a native speaker? There nothing wrong with the text. “Has it” is a colloquialism, from voting: “The ayes have it” . “Has it” is present tense for that usage.
This is what keeps catching my eye;
Am i mistaken in my attempt to proofread?
p.s. I think i saw others too, but …they’re all easily fixable little things. and i was able to get the full context at each instance.
Yves, it WAS a tough sentence to navigate, nothing to do with the tenses- the “despite the bouyant..” does not match to the non-opposing view that a “recovery is underway” but DOES match to the incorrect view of those who believe the economy is on firmer footing than it actually is…..”,
anyway, I think the commenter, like most of us, simply holds you in such high regard that he wants to make sure future historians who study you will not have to wrestle with any ambiguity :)
eek, I see the “with” omission, Yikes.
Awkward is not the same as wrong, but THAT was wrong. Probably should have been two sentences too.
While we’re at it .. ;-)
just that one little letter ‘T’, ..but it completely alters the meaning (as you know). Reminds me of the ‘bought v. brought’ dilemma seen quite often, heh.
p.s. I refuse to engage in the ‘proper grammar’ battles ..you know; the ones that state “Never start a sentence with a conjunction!” :-P
p.s.s. You, Lambert, Matt, Phil and countless many others work so hard (unlike the laughable clowns like W, Bankster Cartel, etc…) and disseminate so much good, relevant information (many times, overwhelming amounts of it) that ‘typos’ are always to be expected. Heck, it’s hard enough just to double-check the encoding (HTML, or otherwise) of text and formatting.
And now, it’s time for this:
(Both, girls and guys can watch this safely.)
Lends new meaning to: “Advance Australia fair”.
Do you think that there is a correlation between 94% of all new wealth created since Jan. 2009 to now has gone to the 1% and the stock market being up and there not being enough people to buy houses?
Maybe if that wealth was more evenly distibuted more people could afford a home.
It’s a question that has occupied me for a while.
Can the economy contract 5% with the 99% better off than before?
Can you achieve that with better wealth distribution?
Is that the way to lessen our attacks on nature and yet become more prosperous (for the 99%)?
Yes there is – abolish the counterfeiting cartel.
Before the arrival of that, there was inequality.
There will be wealth inequality after that.
There’s honest inequality and there’s dishonest inequality.
Why don’t you take your fatalism and leave?
I want to hear more about honest inequality.
Was there dishonest ineqaulity before?
“There’s honest inequality and there’s dishonest inequality.”… beardo
Skip… there’s – real – inequality and there’s – unreal – inequality, there’s real people and there’s unreal people, then there’s real *jesus* and and the unreal *jesus*… FFS lol.
Skippy… I’m sure some priests will sort it out one day… argh.
For example, skippy, you are probably more talented than me in certain areas and perhaps vice versa. That’s honest inequality. But if you steal my purchasing power via loans from the counterfeiting cartel, that’s dishonest inequality.
Am I going too fast for you?
Is feudalism honest or dishonest inequality?
“For example, skippy, you are probably more talented than me in certain areas and perhaps vice versa. That’s honest inequality.”… beardo
Whom instructs to delineate humans in such a way and why.
What talent is du jour day only to be unpalatable the next. Why is the time line of this observation increasing by orders of magnitude and the recompense afforded to a smaller sub set as speed increases approaching the singularity moment.
Why is the vertebrate pop in the global LPI on average one-third smaller in 2008 vs 1970. Yet its humans that need a bail out and better health care.
Skippy… why do people get thrown down wells when bestowed with fancy garb? Why do some fathers garnish more love upon some siblings than others and then wonder why there is a family feud. The accumulation of property confused with virtue?
PS. Too fast, nay, more like running in sugar sand.
I think you are confusing weatlh with money. There is an infinite amount of money to go around in the system, but only so much wealth available.
The 1% are long paper. When the ponzi crashes they’ll be the bagholders who are worse off than anyone.
If by ponzai, you mean our current form of globalized and industrialized civilization based around the availability of cheap petroleum and coal, then I’m afraid that I’ll have to agree.
If by crash, you mean economic collapse followed immediately by the four horsemen of the apocalypse, then I’ll agree with that too.
The currency itself is sick and it has to go. Let’s wipe out the dollar and all the phony debts/assets denominated it.
And for good measure, let’s also not let the government, and the private banking cartel that owns the government, anywhere near the new currency units that spring up. Economic control by the elites is a recipe for certain collapse.
FatCat here! Have you missed me?
Look, I don’t wanna hear no more stinkin’ bitchin’ about housing prices, food prices, gas prices, or whatever. Is that clear??
This is MY country now. I own it, and I own all of you little serfs. Got that?! I own you! You are my servants. All of you, you worthless peons. And I’ll have my way with you every which way I want to. Why? Because I can, that’s why! I am your master, and I love to see you squirm under MY FatCat iron boot. I own your homes, I own your cars, I own your jobs. I own your politicians, and I own your life. And I own the police, who serve and protect ME. Is that clear?!
So let’s get this straight: I don’t wanna hear no more bitchin, or else I’ll tighten the screw even more. Get used to your lives. And get ready for more ass kickin’. I got MY police, MY Army, MY Navy, MY marines, MY drones, MY TSA, MY FEMA camps, and I’m gonna set them loose on you real soon now, you worthless pieces of crap you. You just watch what I have in store for you!
Is that clear?!!!
I sense a lot of anger and sadness in your tone. What’s the matter? All that cash can’t buy you happiness? What a pitty. Why don’t you just try heroin next? Maybe that’ll do the trick…lol
Not even a ‘Qu’ils mangent de la brioche’ (let them eat cake) for the working stiffs?
Well, Fatcat, what if your “iron boot” causes those servants and peons to stop protesting peacefully and start welcoming you and your mercenaries with IEDs and explosively formed penetrators? Perhaps your callous arrogance will be brought back down to earth?
But now I’m a lady, and my social graces don´t permit such discussions :)
Welcome back Master! The gentleman above did bring up an interesting point about the desperation and sadness underlying your post. However, his suggestion as to palliatives is astute. You can find lots of the mentioned substance in the Langly area I’m told. Just tell your local HS representative to get you some.
Serf City Here We Come!
Our house was sold at a Foreclosure sale in January…after writing 2 briefs in opposition to Staying the sale pending appeal,the Plaintiff refuses to transfer title to itself…leaving me on the hook for taxes,ins, and maintenance. And worse…they have forced placed $ insurance on us and commenced billing us like nothing has happened! I don’t have a mortgage anymore…it was foreclosed.
Can’t live there because the Judge gave them a Writ of Possession…after they failed to pay the court fees or Sherriff…FDCPA suit to be filed this week in Federal court…
Do keep us appraised of developments. This system is becoming much like Alice in Wonderland, or Oedipus in Disneyland.
Houston Texas market was hitting new highs for pricing in June amid a relatively good economy and tight inventory. As I told one of the staff writers at the Houston Chronicle however, the record prices are a crock of shit!
CR keeps stating that inventory is the real story, but the inventory is being manipulated! Yves is correct that he’s looking at the wrong numbers.
I posted a few charts on what’s happening with foreclosure sales in our area. Banks are indeed holding inventory off the market to prop up prices. The spread between median price of foreclosures and that of normal sales shows a huge and growing divergence. Hardly a sustainable scenario. I’ll believe in the housing recovery when those two trendlines stabilize to a more realistic spread.
All we’re doing here in Houston is jacking up prices for what in many cases are sub-par homes.
Not that anecdotes are of any use, but after being listed for over a year, my brother’s house is *finally* under contract to be sold and it will hopefully close at the end of this month. :)
He’s not in a great neighborhood and I had thought his asking price (=$20k below his 2005 purch price = 10% loss) was high considering he bought near the bubble peak.
And so now they’re off to build a new & bigger house in an even more remote suburb… (SMH)
Listing prices this Spring are significantly higher and much of the closed sales data in early Spring/Summer were based on a high percentage of Short Sale Pending that worked its way to closing.
Overpriced inventory is not moving except in the most desirable locations. Two examples of friends who listed property and have not had an offer for over 90 days:
Purchased new home for 865K in 1999 and listed it for 1,250K
reduced it to 1,490K. Comps are running at 850K to 900K.
Purchased home for 835K and put 50K improvements 2006:
listed it for 845K and have reduced it to 799K. Comps are 550K to 600K.
Expectations for higher prices on residential RE will continue to be pumped by the mass media and various RE talking heads like CR. Those purchasing a home should not be thinking that it will be worth more rather view it as a place to live not an investment.
I WROTE IN 2007 ON LENDER IMPLODE THAT IT WOULDN’T MATTER IF RATES WERE ZERO AND PROPERTY FELL 50% (WHICH I ALSO SAID WOULD HAPPEN WAY BACK IN 2007)
THERE WOULD BE NO BUYERS BECAUSE 400,000 AMERICANS EVERY SINGLE WEEK FOR 4 YEARS HAVE LOST THEIR JOBS…………………
389,000 last thursday (waiting for the ALWAYS revision up by these thugs in the WH) are first time unemployment filers…….WHAT ABOUT THE PEOPLE LOSING THEIR JOBS EVERY WEEK THAT DON’T QUALIFY FOR BENEFITS – THAT NUMBER IS TOTALLY IGNORED – JUST BLACKED OUT. AND SO ARE THE UNEMPLOYED (they are the Jews of Obama’s holocaust – remember they killed millions of Jews and the MEDIA MADE ‘THAT’ STORY DISAPPEAR TOO….
…so 400,000 a week is 1.6 million A MONTH…………..FOR 3.5 YEARS PEOPLE, WALKING INTO UNEMPLOYMENT AND IT AIN’T THE STORY!!!@!!!!!!!!!
ADD IT UP………………..the media refuses to talk about it to SAVE BARRY (THEIR BOY)…………..but the bodies are piling up…………homeless are everywhere……………1.6 million a month WILL NOT BE BUYING HOUSES FOR AT LEAST 5-10 YEARS…(1.6 MILLION X 48 MONTHS)
…………the experts missed that one, didn’t they? and trying to tell this truth of course got me banned from the lender implode…………..THEY COULDN’T SEE IN 2007 HOW BAD IT WAS GOING TO GET SO THEY CENSORED ANYONE THAT NOTICED……………….but here we are…………..50% drop in values and strap in..(REMEMBER I SAID 50% – BOYS, LOOK AROUND AND DO THE MATH!!! WAY BACK IN 07)
SO BELIEVE ME WHEN I SAY THAT REAL ESTATE IS GOING TO DROP ANOTHER 35%…………(ITS THE UNEMPLOYMENT STUPID, ALWAYS HAS BEEN, NOT SUBPRIME, FREAKING UNEMPLOYMENT)
WE ARE GOING TO THE DEPRESSION……………..YOU CAN’T CREATE 700 TRILLION IN MORTGAGE BACKED SECURITIES AND THEN HAVE THE MORTGAGES (THE COLLATERAL) FALL 85% AND SURVIVE AS A NATION…………………THANK IMPEACHED STAIN SLICK WILLIE FOR GUTTING GLASS STEAGALL…………HIM AND RUBIN AND GREENSPAN AND CUOMO………………DESTROYED US AND THEN OBAMA UNEMPLOYED EVERYONE……………..TOTAL DESTRUCTION……………..OBAMA DEPRESSION……………FOUR MORE MONTHS……………..FOUR MORE MONTHS………OFFLMFAO BECAUSE THE EXPERTS CENSORED ANYONE THEY DIDN’T AGREE WITH AND THEY TURNED OUT TO BE WRONG ON EVERY FRONT…………….
Kill the caps, please.
The stock market is a clear indicator that the rich have so much money, they have no idea what to do with it. I mean how many yachts, mansions, expensive cars, and high priced call girls does one really need? The stock market just shows how must dumb money is out there. The rich are just chasing quick speculative returns on stupid shit. If you want another indicator of dumb money, come out here to the SF Bay Area where we are experiencing Dot Com 2.0.