I have to admit that every day I am looking for good news. Instead, I see crazy Larry on Americas Financial Channel talking about Green Shoots and I know that deep down inside that Pink tie of his is cutting off the blood supply to his brain. The media is scared and do you know why? Because their revenues are in the toilet and the CEO’s have see their friends commit acts that history may very well judge as criminal. Not much to worry about you know!!! And in the mists of this the Consumer is spent, wasted and over taxed. So it is time to get down to business and make some serious money.
Today, I read this article on the LA time site at http://www.blogger.com/www.latimes.com/business/la-fi-foreclosure4-2009jul04,0,5145254.story
"Another wave of foreclosures is poised to strike! " You think this is New Again!
This is madness the West Coast’s largest newspaper could not do any real reporting back in 2007 to see the bubble busting tell tales pouring out the seams of Government and Wall Street.
What is going on now!!
They write this today, "Few people would venture a guess on the magnitude of foreclosure increases. Part of that will be driven by the job market and the financial condition of so-called prime borrowers and homeowners holding adjustable-rate mortgages, both of which are showing more stress."
If times were not so tough I would be laughing. Then I read this, California puts 90-day hold on foreclosures.
“California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing.
http://www.latimes.com/business/la-fi-briefs16-2009jun16,0,7080086.story
I did a double take, didn’t the Californian’s already do this back in 2008.
Now that was with the help of Washington’s reality challenged Congress. This is preposterous! Every time the government steps in with direct action all that happens is, more delays, making the duration of this problem grow beyond all expectations. Every time!
Now that we have this on the table you must know that there will be more than 3 million new foreclosed homes in 2009-10 time frame. No government intervention can stop this fact. Bring on the Bad Bank it does not matter. We have a second wave of foreclosures and new major challenge in addition to the sub-prime mess (See last weeks posting below.
I remain optimistic and we will all have a great opportunity to make money. The Banks and Hedge funds will buy and sell and as they do we will see deal like never before. Just remember the golden rule. Everybody needs to win in business! The Zero Sum Game is trash. Find partners that know how to work their market and you will make money.
Also learn to laugh and be happy cause the government can not tax that!!!
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