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Report From Our Man In America

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I'm in Utah at the moment getting high on the white stuff. Today though there's so much of it I'm pretty much trapped in the hotel. Still, as a student of bubbles and crashes, the television here is unusually exciting. I've been watching CNBC (known affectionately as "Bubblevision" over on prudentbear.com, one of our comrades in arms). There's been a slew of angry capitalists frothing at the mouth about Bernanke's bailout of Bear Stearns and apparent favours to JPM Chase.

The President has been on TV to tell everyone that everything is hunky dory. He looked like a deer caught in headlights. My long-held theory that Bush junior will go down in history as Herbert Hoover II is looking more like a sure bet by the second. Chopper Ben is due to make a speech to the nation about housing soon. That's going to look like a guy with a foot on each side of the San Andreas fault during an earthquake shouting that it's OK, he's gonna hold it together personally.

Larry Kudlow is going to interview the Presient tonight. My impression is that the word has now gone out that they've got to do absolutely anything anyone can think of to reassure the public, keep thm going to the malls, and prevent a depression. Indeed comparisons with 1929 are now being opnly discussed on news features. Erstwhile freemarket capitalists are more or less calling for the entire housing industry to be nationalised. The Fear is evident.

The newspapers here are chock full of stories of economic doom. Brazilian hawkers won't accept Dollars from American visitors there any more because they drop in value too fast. That's seen as pretty shocking. Housing in Utah hasn't ben hit as hard as other states, but there's no optiomism to be had here either. Projections are that house prices will be down 17% by the end of 2008.

Meanwhile I picked up Bill Fleckenstein's book on Greenspan and why he's to blame for the mess. I'll post a review when I've finished it.

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I'm in Utah at the moment getting high on the white stuff. Today though there's so much of it I'm pretty much trapped in the hotel.

what is this? Scarface?

interesting post thanks!

Edited by JimmyMac

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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