The world currency markets are in a free fall right now

[westkoast]

There are several reasons most people feel worse off.  

One has to do with drops in home value.  Although I doubt that JoMal's has dropped as much as he says in 10 years.

Actually JoMal's number sounds about right.  My mother's house lost a bit more then his did as well over the same period of time.    Even as the neighborhood improved (nicer homes went up, brand new school went up) and the upgrades she did to the house (kitchen, plumbing, landscaping, bathroom, drive way) the house has lost value.  Even if she wanted to sell it, she couldn't.

[Lurker]

There are several reasons most people feel worse off.  

One has to do with drops in home value.  Although I doubt that JoMal's has dropped as much as he says in 10 years.

Actually JoMal's number sounds about right.  My mother's house lost a bit more then his did as well over the same period of time.    Even as the neighborhood improved (nicer homes went up, brand new school went up) and the upgrades she did to the house (kitchen, plumbing, landscaping, bathroom, drive way) the house has lost value.  Even if she wanted to sell it, she couldn't.

But is that the loss from its highest value or the loss from 1998 value?   

My house is worth more than it was in 1998 but less than it was 2 years ago.  Although that may not be typical of other areas of the country.

[westkoast]

There are several reasons most people feel worse off.  

One has to do with drops in home value.  Although I doubt that JoMal's has dropped as much as he says in 10 years.

Actually JoMal's number sounds about right.  My mother's house lost a bit more then his did as well over the same period of time.    Even as the neighborhood improved (nicer homes went up, brand new school went up) and the upgrades she did to the house (kitchen, plumbing, landscaping, bathroom, drive way) the house has lost value.  Even if she wanted to sell it, she couldn't.

But is that the loss from its highest value or the loss from 1998 value?   

My house is worth more than it was in 1998 but less than it was 2 years ago.  Although that may not be typical of other areas of the country.

She got it in 1999 and it's actually only a tiny bit higher then it was then.  Even after all the things I mentioned above.

It did go up for a while like 2-3 years ago, similar to yours, but then dropped real fast.  She does live in the worst housing market in the country (Inland Empire)

[ziggy]

I am a bit surprised to hear about how bad it may get elsewhere in the world. As for China, when I kept hearing - around the Olympics - (and from Chinese monetary commentators, don't che know ) that the Chinese economy has had positive growth for an unprecedented twenty years now, the hair on the back of my neck rose up. That just SOUNDED odd - and besides being unprecedented - very dangerous for an economy predicated by complete government control.  

Here are some interesting articles on China.
http://www.rgemonitor.com/redir.php?sid=1&cid=271999&tgid=0
I am not necessarily always in agreement with Roubini, he is a bit to much of a Keynesian for me, but this article is very enlightening. I am not not one for hyperbole, but the implications could be cataclysmic in this case.  BRIC, is Brazil, Russia, China, and India, and GCC is the Gulf states (Dubai, Kuwait, Qatar etc).  I posted something previously about sterilized and unsterilized currency transactions.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aslo2E01QVFI
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/26/ccchina126.xml
http://www.nakedcapitalism.com/   (Stephen Roach: China Needs to Get Tough About Inflation)
http://moneynews.newsmax.com/streettalk/high_oil_killing_china/2008/05/29/99933.html
http://piaohaoreport.sampasite.com/china-financial-markets/blog/PBoC-falls-into-line.htm

http://piaohaoreport.sampasite.com/china-financial-markets/blog/A-better-rating-but-more-derivat.htm
this article has a very revealing example of some of the things that are happening in China.  Note the paragraph starting with
On a different topic altogether, in my June 29 entry I mentioned that one of my former students had called me up to tell me about growing worries in the derivative markets.  In my attempt to explain the problem on my blog I wrote the following:

If you are interested in a few others I can email them, I only have PDF copies, with no web link.

Recognize some of this stuff is pretty esoteric, and can get way over my head.

[JoMal]

Oh, I love when both sides of the aisle vote on whose more scandalous.

They both suck

How completely vanilla of you.

[Ted]

Oh, I love when both sides of the aisle vote on whose more scandalous.

They both suck

For the record, I believe it's all about timing. You just can't tell me it's all Elephants all the time. Whatever. 

1990's: Dems worst hands down, thanks mostly to two people. And what about all the dead people in Bill and Hilary's wake?
2000's: Repubs worst hands down, thanks to a whole shnit-load of people. The Dems did their best to even the scales with President Andrew Shepherd having premarital nookie in the White House, and Josiah Bartlett concealing the fact that he multiple sclerosis . . . jerks. But you just can't get past Tom DeLay and the yellow cake / CIA chick.

All-time: When all subsequent scandals are named, in part, after yours, you have to be the winner: so it's Republicans by a nose.

[jemagee]

Oh, I love when both sides of the aisle vote on whose more scandalous.

They both suck

Yes but since the 90s up until now I think we can agree that the Dem's sucked less 

All depends on how you want to look at it, personally, i'm with chris rock on the whole clinton thing, what i never understood is that while hilary is no prize beauty, all the women bubba supposedly cheated on her with are UGLIER than her...i mean dude you're the president, step up your game, JFK got marilyn monroe for gods sake.

I laugh at the politicians when all this stuff happens because it's so silly to think they aren't human and have foibles...and then people are SHOCKED when these foibles come out...seriously, if you want to go into politics on a national level you have to decide at like the age of 6 and never EVER do ANYTHING wrong...it's ludicrous...and this type of unecessary scrutiny is probably what keeps the 'best and brightest' away cause why the f would they want to put up with such nonsense

[Ted]

and this type of unecessary scrutiny is probably what keeps the 'best and brightest' away cause why the f would they want to put up with such nonsense

jemagee made a good point!

[Lurker]

All-time: When all subsequent scandals are named, in part, after yours, you have to be the winner: so it's Republicans by a nose.

Are you talking about the Teapot Dome scandal?  I have a hard time seeing the name relation in subsequent scandals.

Seriously, scandals can be identified all the way back to the circa mid-1800s.  It isn't party related...it is power related.  When you have the power long enough you begin to believe no one can stop you from doing anything.

[Ted]

Seriously, scandals can be identified all the way back to the circa mid-1800s.  It isn't party related...it is power related.  When you have the power long enough you begin to believe no one can stop you from doing anything.

Or when you have power enough, your opposition begins to do anything it has to do to get the power back.

[westkoast]

Seriously, scandals can be identified all the way back to the circa mid-1800s.  It isn't party related...it is power related.  When you have the power long enough you begin to believe no one can stop you from doing anything.

Or when you have power enough, your opposition begins to do anything it has to do to get the power back.

I blame god Ted.  He made man that way.  None of this blaming it on the devil crap either!!

Why is it that I just read that the jobless rate is at 6.1% but a few articles are saying it's not that bad?  I am def not on the Dem ship called "Great Depression" but we are hurting in this country right now.  I really don't see how anyone can say otherwise if they are in middle America.

[JoMal]

If the media of the current times were operational in Kennedy's day, with all the outlets and Cable channels vying for attention, no way Kennedy gets the free pass legacy he enjoys today.

On a side note, who assassinated him? 

[JoMal]

Seriously, scandals can be identified all the way back to the circa mid-1800s.  It isn't party related...it is power related.  When you have the power long enough you begin to believe no one can stop you from doing anything.

Or when you have power enough, your opposition begins to do anything it has to do to get the power back.

I blame god Ted.  He made man that way.  None of this blaming it on the devil crap either!!

Why is it that I just read that the jobless rate is at 6.1% but a few articles are saying it's not that bad?  I am def not on the Dem ship called "Great Depression" but we are hurting in this country right now.  I really don't see how anyone can say otherwise if they are in middle America.

You blame god Ted?

Ted, if I had known you were god Ted, I never would have doubted you.

Please refrain from hitting me with another lightening bolt. The first one took out my favorite pepper plant.

[Ted]

I blame god Ted.  He made man that way.  None of this blaming it on the devil crap either!!

Why is it that I just read that the jobless rate is at 6.1% but a few articles are saying it's not that bad?  I am def not on the Dem ship called "Great Depression" but we are hurting in this country right now.  I really don't see how anyone can say otherwise if they are in middle America.

Because, on the whole, 6.1% is pretty good compared to the rest of the world. The EU is always higher, except for the socialist countries I should say.

[Ted]

You blame god Ted?

Ted, if I had known you were god Ted, I never would have doubted you.

Please refrain from hitting me with another lightening bolt. The first one took out my favorite pepper plant.

Just be glad I've decided to overlook your recent hysterical rants against my anointed ones.