You're a FOOL if you think for one second this economy is about to go 1930...It ain't happening...COMPLETELY DIFFERENT times....Completely different response to 2008's financial meltdown, completely different AMERICANS.
I agree that times are different, but the Depression is similar. The depression started in 1929 with a big stock market drop. Then, the stock market made a significant recovery, FOLLOWED BY A LONG SUSTAINED GRIND TO THE BOTTOM. The idiot “progressive” president at that time pushed a bunch of stimulus in the form of the “new deal” which worsened and lengthened the depression. Sound familiar?
The same thing is happenening this time with a couple of exceptions. This time, the country has been on a socialist/progressive spending spree FOR DECADES - promising entitlements that can’t be paid for. This time the country has HUGE debt and is accumulating new debt at an unprecedented rate. This time, we have shipped much of our industrial capacity overseas due to the over-taxation and over-regulation in the US. This time, we have a large and ever-increasing portion of the population that is too lazy to work. You’re right - things are different this time - MUCH WORSE!
You've sat on the sidelines during the GREATEST SALE in real estate HISTORY......YOU BLEW IT PAL.....BIG TIME....and NOW...you're PRAYING the BUST occurs so it doesn't look like you BLEW IT. You say you're not on the sidelines.....YOU ARE....If you're not BUYING PROPERTY during the biggest sale in HISTORY and CLAIM to be a REAL ESTATE INVESTOR?????
Ridiculous! I have a rental property business and don’t need to flip properties or go to a day job to pay the bills. If you want or need to keep flipping properties, that’s fine - but it isn’t for me. I greatly enjoy the free time I have and that’s the very reason that I worked to build my rental property business. I have no desire to run around chasing deals every day. As I’ve asked before - don’t you have a goal you’re working toward or are you going to have to work your whole life?
Ford stock has gone from $1.20/share in 2008 to $14/share in 2010.
Did you buy all your Ford stock at $1.20? It seems to me that I remember you buying some at $6 or $7. Have you sold it all at $14? I didn’t think so. The truth is that you haven’t made a penny on Ford stock yet because you haven’t sold. Are we going to watch you ride it all the way back down? Furthermore, your memory seems to be a little selective. If any of the newbies here had followed your advice and bought the QQQ puts, they would have lost their butts. Maybe you can tell us in the future which of your predictions are correct and which are busts.
One more thing, Ford isn’t anything special. If anyone bought any of a hundred stocks at the bottom, they would have equaled or even bettered the Ford play. BAC is just one of the hundred(s) of stocks that have outperformed Ford. The market went up so Ford went up. When the market goes back down, Ford will go back down.
I spoke with the owner of a HUGE furniture retailer here yesterday...
He HIRED sales people to keep up with demand and see's all the signs of a classic recovery after a steep recession. One BIG Difference......People are PAYING CASH!!!!!! They GET IT.....It's called a TURNING POINT...They got bit by the CREDIT DOG....Now after that PAIN.....They're getting their houses in order.
I spoke with the owner of a crane company a week ago. The company had been in business for decades. They shut down more than a year ago and the owner went to work as manager of crane operations for another large construction company. I needed to schedule a crane for the 7th. He said that he would get back to me that afternoon to confirm it. Two days later he called to say that he couldn’t do the lift because this company was shutting down their crane operation and laying him off. The pain is just beginning.
I'm not jumping on the bash Mike bandwagon but I too find his posts repetitive and annoying..Not to say that Mike isnt a good guy who I respect and like but I feel that he uses his power as a moderator to post anything,anywhere he wants on this site..
Rookie - if you don’t like my posts - DON’T READ THEM! Very simple! Furthermore, a moderator’s job is to delete spam and ensure the forum rules are followed. I don’t have any “power” as a moderator. FYI, anyone is free to post non-real estate related articles in the Random Ramblings.
For the most part this site is filled with beginner investors who come here to gain insight into making money through RE investing and what do they come across when they arrive?..A *moderator* who keeps spewing the end to the USA is coming...Its counterproductive to what this site represents imho...
If the newbies want to talk about real estate investing, that’s what the rest of the forum is for. As for my posts being counterproductive - hogwash! Since I am right about the coming collapse - I don’t think anything could be more important. Believe it or not, forums are about discussing issues - all sides of the issues. I can post what I believe and you can post what you believe. If you want to give newbies only one side of an issue - you are free to start a blog or a website and only allow rosey predictions of explosive growth.
but all the same the average new investor couldve made massive returns buying into the doom and gloom...Mike I ask you this does it ever occur to you how much influence you have over *non-informed newbie investors* with these doom and gloom postings..
Massive returns? Making “massive” returns has nothing to do with the doom and gloom of the recession. A newbie can make “massive” returns in every market just by buying low and selling high, or by buying low and renting at a profit. All businesses need to be able to make money in all market conditions. In the boom (in the bubble areas), you could make “massive” profits by buying at retail and selling a month later at a huge profit. Big deal. Now, you can buy low and sell for a profit. Big deal. Or you can sell properties with owner financing (as you always could). It’s all the same. Real estate investing hasn’t changed - it’s always the same.
I'll make more money this year than your entire NET WORTH!!!!
Isn’t that interesting that you can make a wild statement like that when you haven’t said how much you’ve made and you have no idea how much money I make. One thing’s for sure - YOU’RE THE KING OF BRAGGING! :bobble
I am ENCOURAGING PEOPLE to INVEST in Real Estate at the exact time NO ONE wants it!!
Another ridiculous statement. Of course people want real estate. If they didn’t, who would you be flipping your property to? My rentals are almost full. The tenants must want to rent real estate. The investors at my local REIA who are still trying to build their rental businesses are still buying real estate. The investors at my local REIA who are flippers, are still flipping houses. I operate a rental business EVERY DAY and I still want my real estate. Where did you come up with the idea that “NO ONE” wants real estate?