MEANWHILE BACK AT THE RANCH
Home foreclosures are likely to keep climbing throughout 2010. We are at the highest level since records were started in 1972. Isn’t amazing we are being told in California the median price is rising so therefore things are improving. The median price is rising because the first affected were the sub-prime mortgage first time home owners. The entry level inland empire has been cleaned out and now as the recession further advances, defaults on mortgages are taking place in middle class neighborhoods where the home values are significantly higher. It won’t be long before banks will be selling Beverly Hills mansions on behalf of clients unable to keep up with the mortgage payments. When this happens, you smart ass economists out there give me a break. Don’t tell me because the median price is further climbing because the recession is over. Bollocks. When foreclosures return to just a trickle, housing as an economic indicator can tell us we are moving out of recession.
Last week I had plenty to say about Geithner and his band of libertarians who enjoyed signing Treasury checks for a $trillion to bail out Wall Street from last year’s financial meltdown. This week Congress is calling for his head. The fact is they have just discovered they don’t like him, they don’t like what he is doing, but moreover they don’t trust him. The whole thing has me beat. My life is about keeping a thirty two man company’s head above water, looking after my family and like everyone else – surviving. I started out as a freight clerk and not a good one at that, forty years ago. As my ex-wife said to me once, “The only way I get your attention is when I mention the word; FREIGHT!” and I think she probably is right. At least freight has done one thing for me; it has given me some common sense. No common sense was applied by the Obama administration appointing Summers, Geithner et al to be our economic gurus. Get rid of all these libertarian assholes now!
It looks as though it is going to be a bleak Christmas for much of America. Nearly twenty years ago I asked my family to forget about a present for me and quite frankly it never affected the Christmas spirit and how we enjoyed Christmas Day. Now most of Middle America will be doing the same for 2009 and I think it will herald a new era of celebrating Christmas. The Internet has all but destroyed Hallmark when it comes to buying expensive but worthless cards and thanks to the Banks screwing us on our credit cards with new penalties and high interest rates, maybe we will baking cakes for presents this year than wasting money on See’s chocolates. Our resolve should be if a present is necessary then make it a practical one. I will never turn down a pair of cotton sox or underpants! I am positive America is entering a new era, one where buying junk no longer appeals to the masses and friends and family are not rated by the amount of money they spend on junk for others, but by the thoughtfulness behind the gift.
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