Today will be my final post of 2009, but I'll leave you with some recommended reading on where we are now and one view of what 2010 may hold in store. First from The Huffington Post, The Cash Committee: How Wall Street Wins On The Hill. Excerpt:
Next, from Naked Capitalism, D.C. For Sale: Health Care and Financial Services As Case Studies.
Fianlly, James Howard Kunstler's Forecast 2010.
Happy New Year everyone. See ya Monday.
"In the fall of 2008, Democrats took the White House and expanded their Congressional majorities as America struggled through a financial collapse wrought by years of deregulation. The public was furious. It seemed as if the banks and institutions that dragged the economy to the brink of disaster -- and were subsequently rescued by taxpayer funds -- would finally be forced to change their ways.
But it's not happening. Financial regulation's long slog through Congress has left it riddled with loopholes, carved out at the request of the same industries that caused the mess in the first place. An outraged American public is proving no match for the mix of corporate money and influence that has been marshaled on behalf of the financial sector."
Next, from Naked Capitalism, D.C. For Sale: Health Care and Financial Services As Case Studies.
"It would be very hard not to notice, even if one is paying only cursory attention, how oversold the various "reform" programs underway are, and how they would be more accurately called, "Politicians Take Boatloads of Cash From Special Interests While Pretending They Help the Little Guy." ...We now have a destructive downcycle in progress, where companies...win regulatory breaks that bolster their bottom lines, which enable them to throw more dollars at lobbying, which enable them to profiteer even more.....all at the expense of the public at large that isn't directly benefitting from the scam."
Fianlly, James Howard Kunstler's Forecast 2010.
Happy New Year everyone. See ya Monday.
Keeping my ass out of the whirlpool is a full time job.
Carguy, I live in Friendswood and it is the same story. They just built several new strip centers and there are many more multiple vacancies. I just hope the commercial real estate crash coming does not drag our recent hard fought gains back down the drain with it.
In my neighborhood, Alief, they are STILL building new strip centers across the street from a totally empty (recently built) strip center. The old strip center down the street is 80% vacant.
My employer owns two commercial buildings and one office/warehouse complex. We're bleeding money to the tune of tens of thousands of dollars a month.
You are right, this "commercial real estate bubble" is primed to burst and the flack is gonna hit all of us in the butt.
The biggest problem is history repeats itself. The Wall Street white collar types will come up with a sure fire way to make a fast buck in the not so distant future. Prudence and sound tried and true business practices will be thrown out the window once again and the taxpayers will "eat the bill" yet again.
The "housing crisis" we are trying to dig out of is about to be made worse by a "commercial real estate" crisis caused by many of the same policies.
Drive around town and look at the amount of new strip centers that sit empty. They are going to remain empty for some time and the banks won't be able to keep it off the books for much longer.
loma, as always you are sage and wise.
I would like to give you ALL a bit of advice about where NOT to store money.
Long ago but really just down the street, my friend Dave and I found what was, at the time, a treasure for 15 year old boys. A huge stack of unsold PLayboy magazines outside the back door ot the local U-Totem. We decided to cut out the "articles" and save them. We buried them in a coffee can in the back of David's yard. We learned the hard way that, whereas coffee cans ARE airtight. They are, regrettably, not WATERTIGHT.
So, I strongly suggest you put your money in a mayonnaise jar in the back yard instead. "A word to the wise....."
There is even a plea on the Huffington Post web site for folks to take their money out of the big banks and return it to their local banks - ostensibly because they are hurting so singularly in this economic downturn.
To hell with them, I say! I have never had a local bank help me through bad times, and if I didn't need a bank at all, I wouldn't use one! Community banks suck even worse than the big ones - it's your damn neighbors who won't give you a break and are much more sniffy than the big guys!
Schush! Don't tell them I said that...
Hey, you're 100% as far as I'm concerned. and I consider myself an excellent "barometer".
You are absolutely correct. It IS our guys that are screwing up and letting this happen and we do need to get their attention.
I'm just not sure how, except at the voting booth, and then it might be too late.
You are so right Des. I think our country has become so much more angry. When and why did this happen? Tea baggers, birthers... I am with you on raising hell. This craziness needs to stop.
I’m right there with you, but I also think that sometimes we, me included, focus too much on the teabaggers, Palin, Cheney, and the rest of the Republicans. The Republicans did exactly what I expected them to do, which is to be nothing but a roadblock. Where we need to put our attention is on OUR people, the ones we sent to Washington to do the job they aren’t doing. They’re the ones who are screwing us.
Let’s be honest, the Republicans, in and out of office, don’t run anything but their mouths. It’s our guys who have dropped the ball and we need to let them know about it in no uncertain terms. This needs to be our message, “Do what we sent you there to do or you’re going home. And to those who replace them, do what we send you there to do or YOU’RE going home too." Eventually we’ll get it right. But it takes an informed and engaged electorate. If we just get pissed and stay home, we’re going to get a government of Palinites and that IS our worst nightmare
Maybe we need to become whatever the opposite of a teabagger is. Rallies, marches, raising hell, 2x4’s upside the head (figuratively of course) until we get their attention and make it crystal clear, You work for us, damnit. Start acting like it or take your worthless ass home.
Delezzia, from your lips to God's ear...and spot on about Cheney. He and Palin are my worst nightmares.
Well, 2009, Delezzia's summary - Obama will get no credit for probably saving the economy by the GOP and everyday working Americans. However, I think we would be much worse if not for his actions. On the other side, no more bonuses for greedy Wall Street elite. Let's get real. The average American receives NO bonus but we work 60+ hours and hope and pray we don't get canned in the next RIF or pray each time the quarter ends... who is next? Can the company afford me?
Afghanistan - I do not support the effort. We cannot fight an enemy that has numerous faces and is waging war on numerous fronts. I do support our troops and hope for a quick end to this fiasco. We need to stop being the world's 911!
Healthcare - it was a sell-out and I feel betrayed. Obama needs to win my trust again and not rely on his old hack buddies for advice.
2010 - JOBS, we need them bad.
Good point is we have gained back some respect in the world but still a ways to go. Finally, tell Cheyney to shut the f** up and go away. He is irrelevant.
Sorry for the rant but speaking my opinion. I wish everyone a Great New Year!
Carguy,
close enough...I think the government works a lot like the 'leaders' in the series "Lost". I've been watching it via netflix lately and I find it immensely entertaining if not a little 'miffsome' (my new word for Webster's) cause of the love shuffling...but it's cool. :O)
I read James Howard Kunstler's Forecast 2010.
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I'm not so sure that Carol doesn't have the right strategy. I must say, however, I think that America moves more slowly than Mr. Kunstler thinks. I don't see any of the catastrophes he "predcts" coming true in 2010 unless a series of events causes many more banks to fail or unemployment to rise beyond the 11.5% level.
Strangely enough, it seems that IF healthcare reform does pass in its current form, about as many people will be upset as will be happy. That MAY cancel itself out.
But, IMO, the major thing we have to look at is exactly WHAT this democratic congress DOES in 2010. IF they move to correct some of the ills that have befallen our nation and IF Obama can rise to the occassion and lead them to fulfill some of his campaign promises, I think we will see that ever important poll question "Is the country headed on the right track?" rise back over 50%. If the demcrats and Obama languish in the quicksand that has become Washington and more bad things happen...If that poll question generates a less than 40% positive return, I don't know what to expect. What happens when the people do not trust nor have faith in either politcal party???? Let's call that "the Gilligan's Island Effect".
I think it is irrefutable that Obama MUST take off the gloves where it comes to congress. And, he better not bring a knife to a gunfight.
Thank you Des for all you have done. I look forward to starting 2010 WITH you. And to my esteemed colleagues here at the Hurricane, I have enjoyed exchanging ideas with ALL of you during 2009 and look forward to more cerrebrial exchanges next year.
("cerrebrial" that spelling doesn't look right.)
From a twice removed point of view I might agree with Kunstler but I don't from a realistic standpoint subscribe to that kind of doomsaying. There are things 'out there' nearly beyond our understanding that are working on the behalf of all of us. We shouldn't give up our 'faith' so easily.
What started out as a year of hope and change has become much less. We thought that someone who not a real "career" politician would follow through and work hard to change the system. Instead, we got a man who, while still seeming sincere, has surrounded himself with those we didn't want to be a part of the administration, giving us more of the same. He has become the syncophant of those he selected to assist him rather than the reverse.
Ok, I want to just crawl into bed and pull the blankets over my head and stay there for the next year or so. Well, not really, but I am not looking forward to seeing how much more we will be screwed in 2010.
Nevertheless, Happy New Year to you Des.
That has beyond a doubt just scared the living crap out of me.
Happy New Year, Des.
Maybe.