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HousingWatcher
2011 Oct 24, 10:48am
My guess is that it is only a matter of time until we have another 2008 style crash. All the elements are there: European debt crisis, student loan bubble, Bank of America on shaky ground, high unemployment, higher poverty, more public sector job losses, the very real possibility of more downgrades of the U.S., etc.
student loan bubble
A student loan jubilee would be far more productive than giving a bunch of bubble-buyers yet another bailout. Might even be cheaper. In addition, politically it's the more responsible people that were trying to improve themselves and grow our economy that we'd be helping, as opposed to irresponsible "heads I win, tails you lose" speculators that were destructive to our economy by only really helping rent-seekers like realtors and banksters.
Huntington Moneyworth III, Esq
2011 Oct 24, 1:01pm
The Siegels' dream home, called "Versailles," after its French inspiration, is still a work in progress. Its steel-and-wood frame rises from the tropical suburbs of Orlando, Fla., like a skeleton from the Jurassic age of real estate. Ms. Siegel shows off the future bowling alley, indoor relaxing pools, five kitchens, 23 bathrooms, 13 bedrooms, two elevators, two movie theaters (one for kids and one for adults, each modeled after a French opera theater), 20-car garage and wine cellar built for 20,000 bottles.
At 90,000 square feet, the Siegels' Versailles is believed to be the largest private home in America. (The Vanderbilt family's Biltmore house in North Carolina is bigger at 135,000 square feet, but it's now a hotel and tourist attraction). The Siegels' home is so big that they bought 10 Segways to get around—one for each of their eight children.
Who could live such a paltry and impoverished life? The dummies who wrote this article don't even know about my house. It is one million square feet and I know it's not the biggest in America. That fucking cum stain, Frankston, has a home 1.5 million square feet.
Â¥
2011 Oct 24, 1:35pm
My guess is that it is only a matter of time until we have another 2008 style crash.
I think it's coming, yes.
2008 was the partial shake-out of the sketchiness of 2001-2007. There's still plenty of shoes to fall, and if the Feds and Fed stop intervening, hold onto your hats.
http://research.stlouisfed.org/fred2/graph/?g=2Ys
shows how the financial sector (olive green) levered up since 1995, households since 2000 (blue), and corporations doing their thing to some extent too.
Total fed debt is $15T now -- a year ago it was $1.3T less. That's $10,000 per household of fiscal intervention.
God help us if the Austerians take control. Just because Keynesians don't have a clue doesn't mean their ideological opposites necessarily do -- I think our problems are tangential to both of these schools . . .
This is precisely what happens when you give tax cuts to rich people, I mean job creators. They don't go out and hire people. They pocket the money. As they did in this case in building this monstrosity of a house. They can't make the payments on the house, so there is only one thing we can do: lower their tax rate by 30%!
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Jacqueline Siegel paces the floor of her unfinished 7,200-square-foot ballroom. The former beauty queen, with platinum-blond hair, blue eye shadow and a white minidress, clacks along the plywood construction boards in her high heels trailed by a small entourage of helpers and staff.
The Siegels' dream home, called "Versailles," after its French inspiration, is still a work in progress. Its steel-and-wood frame rises from the tropical suburbs of Orlando, Fla., like a skeleton from the Jurassic age of real estate. Ms. Siegel shows off the future bowling alley, indoor relaxing pools, five kitchens, 23 bathrooms, 13 bedrooms, two elevators, two movie theaters (one for kids and one for adults, each modeled after a French opera theater), 20-car garage and wine cellar built for 20,000 bottles.
At 90,000 square feet, the Siegels' Versailles is believed to be the largest private home in America. (The Vanderbilt family's Biltmore house in North Carolina is bigger at 135,000 square feet, but it's now a hotel and tourist attraction). The Siegels' home is so big that they bought 10 Segways to get around—one for each of their eight children.
http://online.wsj.com/article/SB10001424052970204346104576638981631627402.html?mod=WSJ_WSJ_US_News_6
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