Posted on 12/19/2010 3:25:56 AM PST by TigerLikesRooster
I think we’re at an interim “bottom” in the real estate market right now. I say interim, because another leg up in U-6 unemployment will chip away at more homeowners on precipice of mortgage default, and force prices downward again as people try to make geographic changes in order to find work.
Right now, it looks like buying real estate for rental purposes is at the point of profitability. That is the main demand in real estate now. Investors are starting to come in and make dough leasing out homes to young couples who have decent credit ratings but don’t have down payment money for a mortgage, and folks relocating to find work.
My 25 year old son came into $10,000 recently and he asked me where I thought he should put the money in light of the current business environment.
I told him that if it were my money, I would take it and buy some asset that would have some value no matter what, and at the same time, it should be something that would be very dear to me, now and in the future. As my son makes beer, I suggested maybe taking the money and buying equipment or inventory he didn’t think he was ready to purchase yet.
He wondered if it wouldn’t be better to save the money for a rainy day or some sudden emergency. I told him that QE1 already made that 10K worth less than it was before he got it. QE2 made it worth even less. There is no telling yet how much erosion we will see to the dollar.
Bottom Line: Spend the money while you can still buy something tangible with it. If I had $5 mil laying around, I would have bought the condo too. If it was dear enough to me.
It is also difficult to be successful if you play by the rules but there is a group of people who can subvert the entire economy through changes in monetary policy.
I someone earns $50k and buys a $5k used pickup truck camper, I doubt he'd be criticised for it.
This dour faced doom and gloomster is a notorious party animal. He’s laying out the big money to impress the babes. As I remember his last pad had some avant garde porno art embedded into its walls.
roubeeeni is a charlatan.
his “world is ending” views earned him a ton of dough in speaking fees and he even has a newsletter (like all of these nuts) (or so I believe).
so odd that he would put his money to work in the greatest country in the world....then again, he is IRANIAN (but you all knew that -right?)
Not only is he not kidding, I’ve never heard of him either.
Porno art at the wall? Well, that is the nice prop Roubini can use to start the conversation with some babes looking at it.
Don’t think he bought it to “flip”. He bought because he can. He finally made it to the top....until next time.
Quoted from Wikipedia.
He is a globalist. And a Muslim. Born in Turkey. Who funded his very fancy education, and how did he end up "spending some time" at the Federal Reserve? These people just amaze me. And we are the target country they all want to see subjugated to Sharia law.
Actually, he is an Iranian Jew.
Dear Nick, I work very very hard and I also enjoy life. My home is also partially a cultural salon where I host book parties, debate and election night events, independent film screnings, live music nights, theater/performance acts, fashion shows, dinner parties and even plain old fashioned dance parties.
I have this professional Dr Doom nickname but I am quite a cheerful person with a few close friends and eclectic group of friends who, like most New Yorkers, are members of the creative class. The innovations of lawyers and bankers can be as creative as those of visual or performing artists, at times too creative you may say given the current financial meltdown. So I live life to its fullest. To paraphrase Seinfeld; anything wrong with that?
http://gawker.com/5063337/the-secret-pleasures-of-dr-doom
From Wikipedia.
Iranian Jew? So what are you saying, he is our friend? I don't really care what he calls himself. My post still stands in its entirety.
Taqqiyeh, Taqqiyeh, Taqqiyeh. This guy sounds like a whole terrorist cell all on his own. A fantastic in-country funding/laundering resource. If I was DoJ I'd be all over this guy. A very cool dude. Up on the latest "twisted" American values, adopting the worst ones as his costume, fitting in with the artsy/academic crowd, an agent in place just waiting for his activation orders. And he has everybody talking international economics with him. Remember the professor from USF, Sami al-Arian. Open your eyes, these people are at war with us. It's not business as usual. In the late 1930's, Nazi agents in the U.S. had many effective disguises.
Dave Ramsey is on the radio and frequently appears on Fox News. He’s a Christian and applies Christian principals to his economic advise. He’s into getting out of debt and cutting up credit cards. I like listening to him. He’s sort of a male Dr. Laura who focuses on the finances but also goes into things like the caller’s relationship with his/her spouse. If the caller doesn’t focus on the issue at hand, Dave will try to bring that focus but finally let him/her go. I remember one caller who was stressing out because she, an older single woman, felt she was spending too much money rescuing animals and wanted someday to have a private shelter. He very gentle took her through her fears and phobias and gave her some tools to use so she could move forward. My initial reaction to the lady was somewhat negative but his was accepting and loving.
However, it may be a stretch to call him Muslim.
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