Anybody who's been around me the last 3 or 4 years has heard me rant about the absolute collapse of housing values coming due, and the brick wall the US economy is headed into because of securitized mortgages, liar loans, massive US borrowing and the vast spending on the alleged GWOT.
Well, I got called very bad things by a lot of people, many in the Real Estate biz, and all I can say is I TOLD YOU SO!
The assclowns like JJ Cramer are still calling it a buying opportunity, but this thing is called a depression. They are as inevitable in a market economy as tides in Nova Scotia.
Hope y'all are set for it. Put the plastic back in the wallet, or better yet, burn it. Here are some new truisms I've been laughed at for spouting:
The price of everything fluctuates. Stocks, real estate, everything.
Your credit score is bullshit. Money in the bank is important.
The market can be irrational longer than you can stay liquid.
Never finance a car. If you can't pay cash for it, get a bike.
You can afford something if you can pay cash for it. Just because you can make the minimum payment, doesn't mean you can afford it.
Minimize. People survived without Cable TV, cell phones, home broadband, new cars, vacations and plasma flat panel TV's for a long, long time.
If you have any debt, never eat out.
Buy real food and cook it. "Convenience foods" are hideously expensive in comparison.
Anyway, that's it for now from here at Smug Central.
1 comments:
I have watched a few talking heads, and it is amazing to see them dance around that word: no one will say Depression. I bet it is instant termination if they do.
Your blog needs wider distribution fast! I am sending it to all in the categories most affected.
Rant on, prophet dude!
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