I've been as busy as a hen on an anthill - doing lots of reading, trying to figure out what the heck is going on in this world. I don't have much of a clue, but that is okay - nobody else does either. I could write about what I think is going on, but there is a shortage of tin foil, so I will spare you from that for now.
The $700 billion bail out package in the States is more like $2 trillion, and it is probably much more than that. Goldman Sachs is purportedly using $7 billion of the $10 billion that they received for Christmas bonuses for the big-wigs. WTF? Same band, same song. RE continues to unwind, but things are sticky on the way down, or are they? Now, the "Obama Factor" is going to save Vancouver RE! The credit card companies keep cranking up my credit limit, and offering me 2.99% rates for six months - to go on a winter vacation, or buy Christmas presents, or consolidate other debt (that I do not have). Credit Crunch my eye. Condo projects are biting the dust in Vancouver, Toronto, Calgary...and there are big holes in the ground where the buildings were supposed to go up. So reminiscent of the early 1990s. Garth Turner is writing about squirrel meat and canned beans, shot guns and ammo (he is sounding jaded). I was squawking about a Depression 5 years ago, and people though I was nuts, but now it is in the main stream of consciousness. Have a gander at this video - from Fox News, no less. You have to love such an interview taking place in a bar.
It is all getting terribly repetitive. Deck chairs and icebergs and sinking ships. Gaack!
Most poignant quote of the day - Forget about gold – the ONLY precious metal is lead.