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Everything and anything, real estate related and otherwise, in and around Toms River, New Jersey. Psychology, philosophy, sports, religion, politics; almost no subject is taboo. I am a firm believer in the freedom of speech and I thank each and every man and woman who served to protect that freedom! Please do not abuse that freedom by using this forum for advertising...thank you.
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"Crisis or Catastrophe"? How about Opportunity?
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He specifically quotes the following headlines from the New York Times over the last 30 days:
"Plunging Housing Markets . . . Down Again"
"Home Prices Suffer Record Monthly Drop"
"Bank Closures at All Time High in 2008" "Credit Crisis Waves Roll On"
"Growing Market in Foreclosures"
"Foreclosure Rates Show No Sign of Slowing"
"States Unemployment Funds Run Low"
And we wonder why we are on the verge of a "Crisis or Catastrophe"? If all we continue to see, read & hear is misinformation, and it is MISINFORMATION, then it manifests itself into reality because, "perception is reality"! So, what do we NEED to do? We need to dispel all the misinformation and broadcast the TRUTH:
"Bank Closures at an All Time High in 2008". Hogwash!
"Foreclosure Rates Show No Sign of Slowing". Baloney!
- During the Great Depression Foreclosure Rates were 50%
- Nationally today our Foreclosure Rates are 3% (1.4% in Utah)
"States Unemployment Funds Run Low". Ridiculous!
- During the Great Depression Unemployment ran at 25%
- Nationally today our Unemployment is 7.2%
Perhaps, our newly elected President, himself, should take the LEAD and inspire HOPE instead of FEAR!
Dear Mr. President,
You were elected on a platform of "Change". Please live up to your words and follow them with your actions! This is not the time for the "same old, same old". This is the time for LEADERSHIP!
I did not vote for you because I did not, and still do not, believe in you. Please prove me wrong!
Sincerely,
Jim Flanagan
I realize that I am but one voice in a sea of many but if anyone feels the same way I do, and Randy Eager does, please speak now, write now and let's FOCUS on the "reality" not the "perception"! |
Posted: 8:06 PM, Feb. 9, 2009 |
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RE: "Crisis or Catastrophe"? How about Opportunity?
Dear Jim,
FEAR is paralyzing which causes "helpless inactivity" or "to make ineffective" . We need to stay positive truthful and thankful that we are in our great country and work together in a forward manner to make all things the best they can be, and to see reality as it truly is.
Robin Bahr. |
Posted by Robin Bahr at 2:08 PM, Feb. 10, 2009 |
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RE: "Crisis or Catastrophe"? How about Opportunity?
From our lips to Barack's ears! Perhaps, if we all speak loud enough, the truth will set us free? |
Posted by Jim Flanagan at 3:39 PM, Feb. 10, 2009 |
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RE: "Crisis or Catastrophe"? How about Opportunity?
Jim, Jim, Jim. You just validated the old adage "Statistics never lie, but statisticians never tell the truth." Your use of 1989 to measure bank failures is highlighting the S&L meltdown that occurred when another Bush was at the helm and was basking in the bank deregulation actions under Ronald Reagan. For the youngsters reading this, rules were changed in 1982 to allow S&L's to invest in commercial ventures and directly in real estate (rather than via homeowner mortgages). When the real estate market tanked in 1986, the banks lost their investments and couldn't pay their customers who withdrew their savings in droves. The S&L bailout of 1989-1990 cost taxpayers $124 billion vs. the $700 billion we just dropped into TARP.
Most of the 1004 banks that failed in 1989 were one office mom&pop S&L's. I would bet that the combined assets of 2 or 3 of the 30 banks that failed in 2008 exceeded the total assets of all 1004 banks that went belly up in 1989.
The similarities of events of the 1980's and the 2000's is striking.
- Bank deregulation to allow banks to buy into riskier investments (like subprime mortgages)
- Declining real estate market
- Bank failures
- Recession
- Bailout
The biggest difference is that the Democratic Congress saw the need to save the banking industry in 1989 and supported Daddy Bush's S&L bail-out. Our new president tried to get Republican support through bi-partisanship. When that didn't work, he played the fear card. Same old, same old? Yea, I guess. It wasn't change. But it certainly was leadership.
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Posted by Charles Swope at 6:10 PM, Feb. 10, 2009 |
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RE: "Crisis or Catastrophe"? How about Opportunity?
Charles,
"Those who choose not to learn from history are doomed to repeat it"?
As for LEADERSHIP, I guess "time will tell"!
Thank you,
Jim |
Posted by Jim Flanagan at 1:57 PM, Feb. 11, 2009 |
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