I’m sorry about the ragged look of the blog today but A) it’s a bumpy road and B) the blog editor is second-rate.
Jesse over at Café American, who is always worth reading, has a great picture for today …
Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.
The percentage of “underwater” loans may rise to 48 percent, or 25 million homes, as prices drop through the first quarter of 2011, Karen Weaver and Ying Shen, analysts in New York at Deutsche Bank, wrote in a report today.
As of March 31, the share of homes mortgaged for more than their value was 26 percent, or about 14 million properties, according to Deutsche Bank. Further deterioration will depress consumer spending and boost defaults by borrowers who face unemployment, divorce, disability or other financial challenges, the securitization analysts said.
Thought for today: Most of the Massachusetts Visitor Welcome Center smells of urine, but not in bathroom. Why the heck is that? Stronger stomachs than mine will have to investigate.
We’re driving home today. Here’s what I’m reading over very bumpy roads …
Alabama’s most populous county, Jefferson County, is so broke it’s closing down courthouses and laying off so many cops that it’s now planning to <span style=”font-family: Times New Roman;color: #cc6600call in the National Guard to maintain order. It’s all too fitting that the county is going broke because it can’t pay the $3.2 billion in sewer bonds that the county borrowed, on bad advice from what’s now the biggest bailed-out bank in the land. They sold Americans sh*t, and now Jefferson County is literally eating that sh*t.
Interesting video of the Day: No Jobs = No Recovery
Do not click on this next video if you’re offended by gross profanity, violence toward Chinese-made electronics or economic statistics. I’m sure there are people who don’t take the guy in this video seriously because of hotis accent (anti-Southern bigotry is alive and well), the way he punctuates his commentary with a baseball bat, or the fact that he wears black socks with shorts.
But listen closer. He is an angry man who knows what he is talking about, and what he knows has driven him to the point of violence. I think this video fascinates me because it could be ME in six months or so. In fact, since he and I share the same general body shape and facial hair, and the interior of the garage he’s in looks like the garage at the house we just rented in Maine, for a split second I thought it WAS me.
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{ 1 comment… read it below or add one }
Well, he is mad, and I am scared. I see a facist/socialistic society emerging quickly. I don’t suscribe to conspiracy theories, or world dominating aliens, or anything but the greed, stupidity, and malaise of the general human being. Americans are the worst of it for a simple reason. While we have pleanty of food, clothing, and shelter, nothing really gets to us. We are pollyanaists and need a Pearl Harbor or 911 to get out attention. A slow buring fuse just does not get it done. I feel like I am watching a cartoon, where the fuze is buring close to the bomb, and everyone thinks when the bomb explodes the central character (Americans) will appear for a few frames with a blackened body with wide-blinking white eyes, and the next frame all is okay again, and on the next scene. Well, pilgrim, lemme tell you something: This ain’t a cartoon. In Detroit, where this social economic tsunami is going to be the epicenter, this depression coming is already there. ALL the big chain grocery stores have moved out of the metro area, and left only Mom and Pop stores, the convienence type, and all have armed guards, and all delivery trucks servicing those little stores have folks riding shotgun. A depression does not hit a country all at once everywhere. It is like a locust swarm covering this area and that leaving an area devastated and denuded of anything of value. Our Locust swarm/economic disaster is just now taking root. One must look at real numbers, not taking out [items of convienence] so things don’t look so bad.
Well, I say, buy k-ration type foods for a year, get two huge charcoal filters to make your own water, get together some real money, small denom silver and gold coins for trade, and get ready to weather the financial *hit-storm that is coming. How long will it last, I dunno, but I see some nasty social upheaval, and I hope our military is ready to keep things down to somewhere under an actual revolution. This time at the history books, read quick and keep your head down