15.9% of all houses in Michigan are in foreclosure, and in Detroit, there are approximately 700 houses for sale for every qualified potential buyer. GM, Ford, and Chrysler are all reducing capacity, shutting down production, and making or planning huge layoffs, because almost nobody can get a car loan. Yesterday GM's stock value was down to its 1949 level, and Ford's was just over $2/share. Morgan Stanley has lost 70% of its stock value in 10 trading sessions. HP recently bought out some computer company and has recently announced huge layoffs, including quite a few more in Michigan. Yesterday Level 3 was down to $1.62/share. Earlier DOW was within 23 points of my earlier DOW 8,000 buy order. Plus I heard that there are a whole bunch more ARMs resetting next year.
In Las Vegas some huge half-completed casino project on the Strip is dead in the water with over 1000 layoffs after they lost their financing recently. Even Citibank reduced the limit on my Heloc by $10K a few weeks ago. So far my credit cards are OK and I am working to reduce my debt too. I now have 5 credit cards with a zero balance and only one above a $900 balance, which only has an 8.9% rate.
Just last week I looked at 10 acres of property 1000 vertical feet up a mountainside a few miles outside of Cripple Creek, CO, which is a gambling and old gold mining town. It includes a seasonal stream, several small pond possibilities, an old abandoned gold mine, and is half treed with a gentle, buildable slope. The property is 300 feet away from a County maintained road and power, and a dirt access road is already in. The asking price was $33,500, and I could get a nice Arctic doublewide or a cabin kit new for $50K delivered. The property taxes on just the land are only $240/year.
Now if I could just sell my house and get my $100K in equity!!!
Wisely I got out of the markets at DOW 11,700 last summer. Would now be a good time to get back in with DOW at 8100???
What about my silver, gold, and Iraqi Dinars???
Why are most other currencies except the Yen falling against the Dollar?
Brazil shut down its markets today to stem a panic and Mexico made an emergency move to stabilize the peso from collapse.
One bright spot is that gasoline is down to $2.89 right down the street.
On the other hand, Walmart's grocery prices are up 20% in the last few weeks.
And here I was thinking retirement at 62. Now it's work til I'm 70 if I'm lucky, or just give-up and move to Cripple Creek.
"We stay here, we die here. We've got to keep moving". Trucker Mark