Tulipmania was much more bulbilicious then any housing bubble market in the US. Nevertheless, the bubble markets are in for significant price declines over the next few years.
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I was reading economist Dr. Irwin Kellner's coloumn at CBS Marketwatch yesterday, in which he said 'do not look for capital spending to pick up the slack with the housing market cooling' Mark Zandi of economy.com said almost the same thing yesterday- the 'Agent provocateurs' on Wall Street and their associated minions seem dead sure this will happen- and that we are on the cusp of a new world wide boom........funny how these kind of hopes in the past have been shattered. From Tulips TO Pets.com......
ReplyDeleteHope springs eternal-
I fully agree with Dr. Irwin Kellner that capitol spending will NOT pick uthe slack from the housing bubble.
ReplyDeleteAs the dollar slides this year, look for exporters to pick up a small amount of the slack. Not nearly enough to ofset the housing bust.
David, 10 years agao I had nearly a 10 IQ in regards to economics- in 10 years I have had to learn economics- from real estate to stocks, bonds, mutual funds, and even some commodities. I recently bought into Gabelli Gold (GOLDX) well its doing very well!
ReplyDeleteI think gold could rise another 100 this year- I have reduced my mutual fund holdings- mostly large cap growth and value- I have money in diversified bonds and the remaining 60% in CD'S-
Why did I learn? Survival- those poor souls out there who know less then myself-good luck. In order to survive in this ultra capitalist Robber Barron era- you need to learn. So many fools and buffoons paying these inflated prices for RE - will learn after they have been burned-hopefully.
People handle money in all sorts of ways. It is scary what is happening to the financially uneducated masses.
ReplyDeletePeople with no money down who earn 40K a year should not be given 350K mortgages.