Once again a Great Ticker KD!

RE House price declines:
According to Mellisa http://www.melissadata.com/lookups/index.... my part of Las Vegas is back to 2004 levels, and there is nothing that looks to provide support at even that level.
We ONLY have a year of houses on the market now, so it should work itself out in 3-4 years. Oil prices will kill this place.

I know the last time I inquired as to whether you read the Fitt’s link you stated "yes" or something equivalent in the next entry but I'm not sure as to whom that was directed, at any rate, others are now starting to assemble the events as I suspected they were playing out several months ago. I'm not sure if I posted here as to my suspicions regarding the timing of Spitzer's demise but I had in other forums.

http://www.financialsense.com/Market/dai....

http://www.dunwalke.com

Very interested in your thoughts regarding the origins of this spectacle, in the context of, ....that this has been purposefully engineered across three administrations of full blown collusion and corruption, the target being theft of pensions and savings.

Great Ticker. Somebody needs to call these congress critters on their baloney.

As for consumer spending... happy days are here in Florida with that free money from the gubmint, but $300 gets used up quick. I love how the paper claims that more production from Saudia Arabia will keep gasoline prices down... hello, the refineries are losing money at the current retail price so how is it going to go down?

Even the realt*****s are getting the message; two condo developments here came down 15% on price on Monday. It isn't nearly enough, of course.

40%, do i hear 50%? Mish noted that in Atlanta there were houses going for $10,000. Not in the nicest neighborhood maybe, but a drop of well more than 50% of the assessed value of homes in the neighborhood.

KNX news radio in Los Angeles noted this morning that home prices in Beverly Hills, which is a VERY nice neighborhood, dropped 13% in April. I am guessing year over year.

Mr. Thornberg wrote..

Savings rates should probably have to rise to five to six percent in the next year or two to get us back to a stable position

Under negative real interest rates?

yeah Ok

Gen, you gotta stop insulting those drunken sailors...

Quote:

We need to stop spending like drunken sailors as Americans.

... but you see, a drunken sailor can only spend the money HE ALREADY HAS in his pocket as he staggers around the streets.

We've spent a lot MORE than that! We are making drunken sailors look like THRIFTY PARAGONS of FINANCIAL VIRTUE!

Storm

FWIW I found the Pitts info facinating and very credible. I also think the pension funds are sitting on a ton of this toxic paper. KD and others have talked about several union pension funds that would appear to be in trouble. I also just have a gut feeling that things are very wrong at Calpers and maybe several other large funds. If that were to be widely know there is your black swan IMO.

Quote:

Great Ticker. Somebody needs to call these congress critters on their baloney.

I can promise you that Floridas' Martinez gets more than one copy of the ticker.