Friday, January 20, 2006
The real estate market in the Northeast is DEAD. In January alone, I suspect business to be down 50-70%. The economy will slowly go into the toilet as the debt-laden consumer has no way out of his debts. The market is tanking today, the DOW is down over 150 points. Oil prices are once again on the rise even though its warm outside. Interest rates as a result should remain low, but there is no one left to borrow. Recession is almost a certainty as the Federal Reserve raised rates until the economy puked. Now its too late for them to do anything. The only thing that is working in investments is energy, gold and stocks of developing countries such as India, since they have all the computer jobs that workers in the US once had for $75,000, which Indians happily work for less than 1/10th the salary.
Posted by Steve at 1:23 PM