Its the END!
So Gary Fong is predicitng the end of the United States of America. And its going to happen in just a few months. Well either he is right or he is a freak of nature, trying to scare the crap out of everyone. Here is an excerpt from his blog..Now i do note that Warren Buffet, an investing genius, has been saying very similar things and Gary does use a lot of the same terms as Warren, so either Gary is a genius as well, or he simply reads what Warren says. Either way, i dont believe the end is coming just yet, but I do believe the economy isn't exactly what the Bush admin wants us to believe. I believe we live in a faux economy, I believe the majority of people are in debt up to their eyeballs including our country. Thanks to the republicans The US budget deteriorated from a surplus of $255 billion in 2000 to a deficit of $430 billion by the end of 2005. Total US debt (government debt, corporate debt and household debt) is now in excess of 200% of GDP. Last time the US had this much debt relative to GDP was during the Great Depression and the result was a sharp contraction of debt. So the government just prints more money, good? No, not at all. this devalues the dollar further and increases the price of goods like mad.
**Just a note for a thought** the United States has more billionaires than any other county, boasting 371 here leaving 422 in the rest of the world. Gary will talk about the interest rate kick in that will happen around June, the majority of idiots that I know that bought homes or refinanced with adjustable rates, have already or are currnetly refinancing with fixed rates. The combined net worth of US billionaires is $1.1 trillion while Europe's is $802 billion. With our own Bill Gates still the richest man in the world with 50 billion...hahaha to be him for a day..********* 1 more FYI Gary notes what CNN reports but heres the rest of the story.. 73 metro areas reported a decline in the 4th quarter compared to a year ago but 71 saw a gain. So obviously its certain parts of the country. Its not like 100% of the US sucks!
Garys Blog
Home prices dropped in the most widespread decline EVER. This is even before the mortgage resets which will kick in - mid 2007. It will take about six months before this ripples through, and then banks will be swamped with inventory. After this occurs, sellers will be competing with the bank's returned inventory - and honestly - well if this is the most widespread decline ever, after mid 2007 when the big bang hits, real estate will take a hit that will completely crush the U.S. economy. The writing is so on the wall.
2.5 TRILLION (2,500 billion) dollars in home refinancing went into stimulating the economy - paying for SUV's, reducing credit card debt (which was originally used to pay for things like eating out or handbags) and soon using the home as ATM machine will reverse, and pretty much everybody will owe more than they can get liquidity. It is absolutely going to be the biggest crash that will make the great depression look completely minor.
I am so convinced this is coming. Just go backwards in my blog and read what I've been saying about it, or for those of you who've frequented this blog for a while - you'll remember me shouting and screaming about this. Mid 2007.
So if I have any advice, it would be don't bother trying to sell your real estate because you probably won't find a buyer. I'd buy gold coins and save as much as you can. As they say, save for a rainy day because it's about to pour unlike ever.
lmao i had to ad this...watch it...hahahahaha
REM's song "its the end of the world"
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