Re: HDRkid
To Gonzogirl:
A store owner told me that he saw the slow sales coming, but there is one item that is selling like hot cakes - bullets.
To Darby:
Even back in 2005, I did not see how bad things are going to get. I predicted that house prices might fall 50%. Well, you said doom and gloom, actually reality is far worse. A friend who is a big trader on wall street sold his condo for 1.5 million in 2005. This year in 2008 that same condo was actioned off for $90,000. Even in my worst nightmare I did not see such a thing.
To
Numenorean7:
Hold on to your seat it is going to be a bumpy ride.
8 scary predictions
8 really, really scary predictions - Nouriel Roubini (1) - FORTUNE
I Still remember Darby back in 2005 when I predicted that the real estate market would fall like a house of cards. He said that I was crazy and that I should take medication.
Well listen to this.
TAKEN FROM
washingtonpost.com
"Housing starts fell in November to a seasonally adjusted annualized rate of 625,000 -- the lowest since the federal government began keeping records in 1960. That represents a nearly 19 percent drop from the month before, and a close to 50 percent drop from a year ago."
I also predicted that GM would go under and the stock market would crash.
The fall of Detroit
The Remains of Detroit - Photo Essays - TIME
TAKEN FROM
American economy is in freefall | Business | guardian.co.uk
"American economy is in freefall
The US does not have the generous welfare nets enjoyed by those laid off in Europe, so unless those made jobless can quickly find work the result will be hardship, poverty and the threat of disorder"
Two months ago this man saw what was coming.
We'd Better Brace for Massive Layoffs - Seeking Alpha
Former Comptroller General of US says 56 Trillion debt
WWIII is coming
Record number of foreclosures
Record 10% of U.S. homeowners in arrears or foreclosure - Los Angeles Times
Basically many college-educated pros are getting fired, so they can't pay their home loan. Therefore our current recession is feeding on itself. I predict that soaring unemployment numbers will fuel a new fresh wave of loan delinquencies in 2009, this will further depress property prices causing even more bank failures. Many small business owners tell me that things have never been this bad before. Well, they are going to get worse!
Lets look at what main stream media is saying.
TAKEN FROM
Job picture could get even worse - Dec. 5, 2008
"The economy is now deteriorating with frightening speed and ferocity - it's truly horrific," said Bernard Baumohl, chief economist at the Economic Outlook Group. "We'll see significant declines going forward."
"This recession will last through 2009 and into early 2010, and it will probably be the worst period for jobs since the Great Depression," said Baumohl.
Well, what can I say!
[image]http://www.businesspundit.com/wp-content/crisis-logos/dowjones.jpg[/image]