Have we been fair to Alan Greenspan? Is he the one to blame for the deterioration of our economy? Just few years ago Greenspan's reputation as a financial genius seemed unanimously agreed. Most economists were in total admiration and praised him as "The Maestro", the biggest mind of our times...
What went wrong?... or better say: What did he do so wrong and what is his crucial role in the ongoing global credit crisis.
Alan Greenspan is undoubtedly a complex and interesting man in his intellectual capacity. Long before becoming Federal Reserve chairman, Greenspan played the clarinet and shared Ayn Rand's philosophy... Lots of young intellectuals read and shared her politically incorrect hymn to selfishness. It was the 20th. century trend to politically incorrect view on individualism and laissez-faire -Let do ("allow to do")- capitalism. He never seems to move away from that. He later gave up on music as a profession, studied economics and became one of the most influential man of the century.
But recently his "statue" was shaken and was badly treated by the House Committee of Government Oversight and Reform. Under the enormous pressure he found himself in no other defense but to admit that he'd make some important mistakes... How important?... As per his own admission: "Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief,"
For many observers Alan Greenspan's legacy will be his contribution to one of the
biggest financial disasters in American history. Fair?
*******************************************
This is a comment I could not help but publish here into this post!!!
I had the pleasure of meeting Mr. Greenspan and his wife Adrea Mitchell when
I lived in DC a few years back. They were guests of an acquaintance of mine and
it just happened to be one of those random moments when fate crosses your path
with someone you would have never have expected to meet. As fate would have it a
secret service agent moments later whisked him away under the fecund call of GW
Bush. I thought to myself, poor fellow he hadn't even a moment to eat dinner and
off he was at the disposal of the President.
The impression that I received from this brief encounter was that here is a
man who suffers from intense melancholia. His demeanor was heavy and somber as
if his conscience had squished his soul down to the souls of his shoes.
Fed Bankers are an obsessive lot, entrusted with keeping our ignanomous
Fractional Reserve banking system greased and cranking. He and all Fed Chairs
since the Wilson administration have had one and only one directive: Keep
Americans in debt at any and all costs! Because Bankers Make Money from our
indebtedness. Trillions of dollars worth of unchecked profits go into the
pockets of a very select group of bankers who are the real power behind the
politics of this country.
The more the fed deregulates our banking system the more money they make off
the backs of Americans, who are in essence slaves to debt and the Banks that
hold that debt. Greenspan was only doing the job he was entrusted to do.
Unfortunately for us that job was to orchestrate the greatest financial collapse
this country has seen since the Great Depression, why because money in this
country is made from debt.
Have you noticed that virtually all the Investment Bank CEO's got paid
enormous sums of money even while they drove their businesses into the ground.
So what if you bankrupted your company when your "forced" into retirement with
billions of dollars in your severance package.
Have you noticed that the bail out funds have been used to pay for lavish
parties, corporate retreats, and end of year bonuses for the top executives
accounting for over $70 billion of the total bailout. Why are their "top"
producers getting paid bonuses when all they produced was the failure of the
their company? It's because these amoral bankers made trillions for the cadre of
banking elite that run this country.
Lake Las Vegas is one of the most unique luxury communities with beautiful custom homes, condos and golf resorts. Lake Las Vegas homes are designed in exquisite Mediterranean architectural style and divided into nineteen distinct neighborhoods.
Not long ago, Lake Las Vegas development's owners filed for Chapter 11 bankruptcy. For the past 16 month the homes value have dropped sharply at Lake Las Vegas and bank foreclosures are a significant component of the current market inventory.
Lake Las Vegas was affected by the general downturn of the residential market as well. If you're looking to take advantage of current market situation and get a great deal on a Lake Las Vegas property it is the perfect timing to do so. It would be in your best interest to work with a Realtor that is highly experienced... Experience counts, now more than ever.
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A promise is a promise... even in the White House! The new elected president Barack Obama has promised to get a puppy for his girls if he is elected president.
The new White House puppy will follow in the paw-steps of a menagerie of animals that have come and go in the White house. Now "Sasha and Malia," Obama are in the search for their four legged friend. Can anyone guess what dog breed would be the best for Obamas?
What kind of dog? Purebred or mutt? From a shelter or breeder? Puppy or adult? Are the girls going to pick their favorite one? Who will walk the dog?... What will be the choice of name?
There is a lot of buzz on the Internet and over the blogging net about what kind of dog the girls should get but not surprisingly Obamas say that is is imperative that they adopt the dog from an animal shelter or rescue group. Which is so awesome!
So it seems as for the first time in the White House the "first puppy" would be a lovely, ordinary, most probably a breed less dog but none the less a very anticipated pet friend by the two little girls. They only wanna have fun!!!
It is "first time" for everything in the White House!
Las Vegas Condos - Luxury Condos - Las Vegas High Rise
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Do you remember Robert Redford's movie "The Candidate? The film won a Best Writing Oscar-1972- It is more resonant now as the year it was released... a satire so spot-on modern day American politics, such as the importance of money and the emphasis on the image of political candidates... Yet, it is still funny.
A liberal lawyer named Bill McKay (Robert Redford), gets rolling and embarks on the quest to be a California Senator... With little chances to win Bill McKay is as honest and forthright as he likes in the campaign. That reverse the fortune and unexpectedly he wins.
Once the political machine, press and money rolles in there is no way to back-of. Funny and brilliant movie script.
I couldn't help but remember that movie and the last words Bill McKay, in total dismay of his own success, asking his campaign manager: "What do we do now?..."
It was a great presidential campaign and a young, charismatic, liberal candidate named Barack Obama won against all ods and the old Washington establishment... but he inherits a monumental task, to bring back to prosperity a country that is on the path to economical down-spiral.
After the honeymoon is over and reality kicks in, he might ask himself: "What do we do now?..."
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BOCA RATON CONDOMINIUM
Boca Raton - Las Vegas -
PRICE REDUCED - Condo
Unit #241
Address: 2455 West Serene Avenue, Las Vegas, NV.89123 /
Corner Las Vegas Blvd S. Price=$569,900.00 - Unit#241 -2bd./2ba. Guard gated Boca Raton Luxury High Rise Condo on the South Strip.
Private entrance and convenient access to amenities.
On Las Vegas Boulevard midway between the world-famous Strip resorts and the developing South Strip, Boca Raton is right next to the legendary excitement of Las Vegas yet offers a relaxing escape from it all.
*****************************
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Everyday impact A Fed rate cut may help the economy, but it won't do much for consumers, says George McBride, senior analyst for BankRate.com.
According to the latest polls the consumer confidence is all times lower. The housing market slump, the weak job market, inflation, the sell-off in the stock markets ... put the consumer in a somber mood.
Consumer confidence declined @ 9.1% from Nov.1987 (Post market crash) to Oct.2008. As bad as consumers think the economy is now, expectations are that it'll get worse before gets better. With job prospects becoming weaker and income staying stagnant the consumer confidence is expected to drop even further.
What is 'Buy & Bail" practice? Is the result of buying a new home with the intention of bailing on the old one...
It is considered mortgage fraud.
With the home price falling and inability to pay heir "old mortgage" some
owners find an alternative... Buy a new home with the new drastically reduced
price and bail out from the old home. A home bought few years ago in the range
of $500.000 today is worth little over $250.000. The home owner is locked into a
home mortgage that no longer can afford and more importantly doesn't reflect the
true market value. In Las Vegas this practice is quite spread.
To turn off the sound please click on
- II
- above
"Buy & Bail" practice? ... It is considered
mortgage fraud.
However, it does not change the fact that Buy and Bail constitutes mortgage fraud and is against the law. Read more >>> What is Wrong With Buy and Bail? By Elizabeth Weintraub, About.com
As a result of buy and bail practices, Fannie Mae guidelines now require
buyers to qualify for mortgages on both homes at loan inception, unless the
existing home has plenty of equity. That's because a home owner with plenty of
equity would be foolish to
walk
away from it.
All new FHA loan submissions must be considered excluding
any rental income on the current residence.
"The exclusion of rental income from property being vacated is
being instituted on a temporary basis while FHA further analyzes this situation
to determine whether permanent measures may need to be taken," the letter said.
"Although the property being vacated will not have a mortgage insured by FHA,
surrounding properties may and, thus, FHA may be indirectly negatively affected
should that property result in a foreclosure."
Borrower can make payments on the full debt service of both
mortgages.
"This will assure that a homeowner either has sufficient
income to make both mortgage payments without any rental income or has an equity
position not likely to result in defaulting on the mortgage on the property
being vacated,"
The government agrees. New rules will require future buy-and-bail suspects to
show real income to cover payments on both homes. Foreclosures also sting more
than they used to. Defaulters can't apply for a mortgage for five years. It used
to be four.
Las Vegas Casino's stocks fall ... anxiety about the softening economy! Las Vegas Casino's industry started to feel the anxiety over the declining economy and continuously down-sliding profits.
MGM Mirage told its workers Monday that this year's cash bonus program will be eliminated as direct result of lacking to achieve a certain level of profitability.
"We feel it is only fair to inform employees of this situation as early as possible, rather than wait until the end of the year and the point when they would normally receive a regular cash bonus," Absher said.
For Las Vegas the Casinos, Gambling and Entertainment industry is the major factor in the local economy. Any sign of slowing down or declining in profits is a great concern at all levels... but MGM workers were the first to take the blow... It the past it was a happy tradition in MGM company for receiving the bonus checks at the end of the year.
Interesting to mention: MGM Mirage Chairman and Chief Executive Officer Terry Lanni earned $12.7 million in total compensation in 2007,($2 million out of the total represents his salary). But he collected $10.7 million in stock appreciation rights award, nonequity incentive compensation and other compensation... A bonus was not included.
MGM Mirage has been hit by declining revenues and declining net income in 2008.
According to "Review Journal" Oct. 24, 2008 : " Shares of MGM Mirage slid $1.59, or 12.78 percent, to close at $10.85. The stock reached a more than seven-year low of $9.75 earlier in the session. The company's stock price has fallen from a 52-week high of $95.66 on Oct. 29 to Monday's close of $13.83. It fell $1.17, or 7.8 percent, Monday on the New York Stock Exchange." Read more>>>
On an other note check the gaming industry contribution to the Presidential Campaign for McCain's...
MGM MirageChairman and Chief Executive OfficerTerry Lanni, collected at least $500,000 for the campaign, according to OpenSecrets.org
Wynn Resorts Chairman and CEO Steve Wynn has raised between $250,000 and $500,000
Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson and company President Bill Weidner have each raised between $100,000 and $250,000
This complex is one block west
of the Las Vegas Strip. It's a couple
of minutes away from I-15. So not only can you
see everywhere it's easy to get to. The City
Center major project is being built within
close proximity of the Panorama Towers.
Panorama Towers is centrally located on Dean Martin Drive and
the Harmon Corridor near world class entertainment, fine dining, shopping, and
outdoor recreation. The elegant residences are located minutes away from
Bellagio, the future multi-billion dollar MGM Mirage City Center, and the
world-famous Las Vegas Strip.
Location: Las Vegas Strip 4525 S. Dean Martin Dr. Las Vegas, 89103
*
EXTREMELY MOTIVATED SELLER * Great Unit on the 24th. floor, 2bed+den/2.5ba. 1618 Sq.Ft
... Direct Strip View, 2 parking spaces included, Priced ONLY
=$625,000
This unit is ready for immediate occupancy
and in excellent condition.
* INCREDIBLE PRICE FOR
SELL *
Great Unit on the 21th. floor
2bed+den/2.5ba. 1192 Sq.Ft ... Direct
Strip View, 2 parking spaces included, Priced ONLY=$438,000
This is an $367 per square foot.
******************************************
Panorama Towers II features a floor to ceiling height of at least 10 feet, and each is finished like a penthouse; slab marble countertops, wood cabinets and doors...the attention to detail is nothing short of astonishing.
Panorama Towers Amenities include:
Pool &
Jacuzzi surrounded by sculptured lounging areas. Private cabana facing the pool area. Separate his and her spa facilities including individual massage, sauna and steam rooms. Fully equipped, state-of-the-art gym including Yoga Pilate area. Concierge ready to assist you any time of the day. Valet service focused on banishing everyday stress. 24-hr. guarded gate security with grounds and parking video monitoring. Conference room available for meetings or special functions. Conference room and business center. Spacious large screen theater room. Wine cellar...
Residents will also enjoy the Panorama Village Market, incorporating Canteen Gourmet Grocery and Provisions (designed by celebrity chefs Kerry Simon, Elizabeth Blau, and Kim Canteenwalla), the Gourmet Deli, and the Fresh Bakery.
Interested in the Las Vegas Condo Market?
Whatever your
needs, whether you are buying your first
Las Vegas home, are selling a home,
or are investing in
Las Vegas
real estate,
I can help!
I
look forward to helping you relocate to Las
Vegas. I can assist you with a variety of
property types: residential single family,
new homes, condos, townhouses, luxury homes,
golf course homes, gated community. I
can also help you with high-rise condos, and
investment property.
* * *
CALL NOW FOR * * * IMMEDIATE ANSWER TO ALL YOUR QUESTIONS! FREE INFORMATION! NO COST & NO OBLIGATION!
* * * REMEMBER * * * AS A BUYER OUR SERVICES ARE 100% FREE TO YOU! THE SELLER/DEVELOPER OF THE HOME YOU ARE PURCHASING PAYS OUR FEES
DON'T WAIT! GET PROFESSIONAL REPRESENTATION ABSOLUTELY FREE Call for private viewing or to view any other high rise rental properties!!
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Las Vegas Real Estate Blog on the ActiveRain Real Estate Network. Arina Hanciulescu Buy and Sell Real Estate. Las Vegas Real Estate, Las Vegas Real Estate Blog, Las Vegas Condos, Las Vegas Luxury High Rise Condos, Summerlin Homes, Summerlin Neighborhood, Las Vegas Strip Real Estate, Las Vegas Home, Las Vegas Realtor, Las Vegas NV. Real Estate, Relocating to Las Vegas, Las Vegas Nevada Real Estate, Las Vegas High Rise Condos, Las Vegas Life Style, Panoramic View Condos, Las Vegas Realtor, Las Vegas Real Estate Agent
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Consumer confidence
;)
;)
