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dwot (99.57)

Household wealth

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December 24, 2008 – Comments (4)

Mish has a post that refers to a report on household wealth.

An estimate of $10 trillion loss of wealth works out to about $33 thousand for every man woman and child in the US.

There is quite a bit of information out there about how spending is somewhat related to the level of wealth.  People that can afford to spend, but have lost wealth clamp down on spending.  Add to that the uncertain economic conditions, well, it results in a significant reduction in spending from those who can spend.  Then there are those that are being hit.  They simply have no choice.

On another point, I have been very strong on my statements about Canada, and over the past probably 6 months my beliefs have been changing.  I suppose when I had a closer look at the degree of, well, morons, running in our last election and not an ounce of strength to do the right thing, well, each time one of the morons opened their mouth I was predicting a bigger deficit for Canada.  I did a distress post estimating $6 billion deficit about 3 and half months ago.  But since then, well, like I just said, each time these morons open their mouths and make a decision it is a disaster and now our idiot finance minister, who was saying balanced about that time, and even 2 months ago is saying $30 billion deficit.  Someone frame him for a irrecoverable scandle, please....  It would be the most patriotic move ever...

Anyway, I can no longer stand behind Canada being strong with the degree of incompetence out there and stealing yet another generation's financial future.

I am looking to avoid paying for this mess this time.

4 Comments – Post Your Own

#1) On December 24, 2008 at 4:30 PM, DemonDoug (98.84) wrote:

unfortunately deb, the only winners in this game of currency hot-potato are the people like the Rockefellers and the Rothchilds who own the banks.  They end up owning everything.  Your sentiment appears to match mine, although your rant is no where near as viscious as mine.

We all feel your pain.

As far as avoiding it, there is no way.  There is nothing safe.  Real estate, maybe, especially if it crashes hard enough.  But even that, I can imagine a scenario where the gov't could come in and just take your land and you would be f'ed.  Here in the US, the Constitution has become nothing more than kindling for the big bank gangsters to burn to keep their feet warm through this economic winter.  Meaning eminent domain laws are thrown out the window, gov't can take what they want.  It's already happened, in that small town where they took homes to build big box stores, so no reason why they can't do it to anyone, anywhere - it's as if we have no laws upon which our government is founded upon anymore.

And I agree - the degree of incompetence is astounding, however don't forget there is also large scale fraud and dishonesty somewhere in that chain that is profiting off that incompetence.

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#2) On December 26, 2008 at 6:17 AM, BGriffinFlorida (27.24) wrote:

Hey DWOT,

I tried to email you through CAPS, but it says the feature is not available, so I hope you don't consider it too rude if I ask you in your blog if you would review a possible solution to our current predicament, which does not involve spending billions and billions?

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=123296&t=01003122917038638145

 

thank you,

Ben

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#3) On December 26, 2008 at 6:42 AM, flojode (< 20) wrote:

Hey DemonDoug I'm not to worried about the Government taking my land. In our new fascist/socialist state I believe they'll just tax us in to submission, if we own anything.

Time for another Tea party anyone?

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#4) On December 26, 2008 at 3:31 PM, rocksnot (29.68) wrote:

@flojode:  You just missed the first little Tea Party, which is why McCain lost, and why fiscal Rebublicans have turned on Bush so severely.  Perhaps there will be another Tea Party a few years after the Democrats come to full power (January) and establish a track record.

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