You are exactly right!!! PANIC is the watch word.
“Today… DOW plunges 387 points as French bank closes 3 MORE funds which are worthless”
It recently occured to me that the word FUND is probably causing some problems for REI’s here. These are NOT Mutual funds that you and I buy. These are BOND FUNDS that invested in MORTGAGES THAT ARE NOW WORTHLESS!!! Get it??? WORTHLESS, as in gone, nothing, nada, zip, and who owned these beautiful little gems??? Why the GIANT BANKS that FUND our Real Estate purchases, that’s who!
“But I deal with a little local bank, my guy’s name is Joe. I’ve known him forever.” That’s great!!! glad to hear that. I hope “JOE” has a lot of cash because the guy’s who BUY Joe’s mortgages are GETTING KILLED ON WALL ST AND ACROSS THE PLANET EARTH NOW!!!
Personally, I could care less WHAT brings this market down. All I know is IT’S COMING DOWN!!! Harder and faster than anyone (even me) can imagine.
And you should remember 1 thing…
REAL ESTATE LIVES OR DIES ON FINANCING!!!
Let me repeat that… Take away, or severely damage a financing market for real estate??
And I don’t care how much you know, your gonna see a SUBSTANTIAL slow down in your business. Unless your sitting on rentals you purchased in 1991 you WILL feel this.
FOX news is not telling you ANYTHING, it’s a sound bite. Maybe, just maybe, that little street in New York, you know the one, with the big BULL. Just maybe those guy’s know a little more than FOX news does. Because after all THEIR LOSING BILLIONS RIGHT NOW!!! But I’m sure anyday now they all simultaniously snap out of their lost jobs, lost businesses, lost homes and lost careers and just BUY BUY BUY!!!
Yea, Yea, I know, we’re all gonna be Millionaires because we’re all going to be BUYING during this mess. Mark my words…This is a financial DISASTER in the making. The foundation of our business is shaking and people here are calling me rainman??? I LOVE IT. THAT IS what contrarian investing is ALL about. DOING and THINKING the opposite of what the CROWD does!!!
I sit here sometimes and read these posts and actually laugh out loud.
It’s unbelievable to me that Real estate investors do not see a correlation between a bond industry’s “run on the bank” and the future of our business.
I glad your optimistic. Hold on to that… Your gonna need it VERY soon.
I’ll sit by, on a PILE of cash and wait until NOBODY wants to even talk about real estate, then the “Vulture will fly!!!”
It flew in 1990-94…landed in 2004-05 on a huge nest lined with MONEY!!
But what do I know???
Rainman… Beautiful, absolutely Beautiful!!!
Bluemoon, none of this is an attack on you. You know your stuff, and Ihave NO DOUBT you WILL do very well during this down turn.
Love the new nic name…RAINMAN, Sounds so much better than petemfa!!!