Our Country's Not In a Recession Any Longer : America Is Facing a Seriously Tragic Depression

We're going to suffer as an industry, and as a nation, today, Charlie. It's very bad news.

I've always believed that success is waking up and getting your butt out of bed in the morning, Nancy. :-)

Yes He is, Chuck.

Good thoughts, Fernando. However, astigmatism rules today's economy.

The martini's are that silky stuff to drink all day until one's memory floats away, along with their assets. Thanks, Get Us a Home, it's the thought that counts.

Update:

Senate Leader Chris Dodd just announced at 8am central time this morning that more banks are about to fail.

Kathy, by remaining vigilant I am, indeed, a bundle of joy because I know what to avoid, and how to avoid it, unlike so many others that are losing their life savings. With that in mind, however, I feel a tragic sense of desperation for much of America. I burned the mortgage on my home while I was still going out with cheerleaders. The only real expenses that i have this day are my property taxes, utilities, groceries, an occasional night out on the town and the phone bill. With these things in mind, I do sleep very, very well.

However, it's not just the hideous thought that millions of distressed homeowners were robbed that keeps me awake.

It also not the thought of the extreme greed and cupidity that's been plaguing our industry for 10 years now. That scenario's been exposed.

It's not just the thought that hundreds of thousands of our friends were injured and are about to be injured because of the rapaciousness perpertrated on unsophisticated borrowers and the escalation of corporate fraud.

It's the thought that so much trust, which so many worked so hard for, is gone.

The nation isn't being exposed to a plethora, an extreme excess of unhealthy propaganda, as NAR and local boards profess.

It's the state of the world as it really is rather than as they might want it to be.

Think of a government lacking in inegrity or a corrupt bank as a super computer that your playing a game against called "Destroy the Economy", that the computer wants you to lose, has all of your opening moves programmed and takes you out of the game one move at a time because it can predict what your about to do next. It even gets stronger with each defensive move that you calculate and attacks you more fiercely with each attempt to deter aggression.. The challenger absolutely cannot, will not win.

Don't lose any sleep over it. I'll stay up for you and try to figure out the next move.

Turn off the TV, Barbara, and keep a close watch on your investments and the bank you do business with.

Roxanne, if I we're a physician and not a broker and you came to me for a diagnosis and I said, "Roxanne, your the picture of great health", even though I knew full well that your body was ravaged with tuberculosis or some other terminal disease, and you only had a few days left to live, would you want me to smile and say "everything is going to be alright" or tell you the truth so you could get your affairs in order?

There will always be a segment of the American population that will neither be affected by an economy in turmoil. a recession or a depression.

The JP Morgans, the Vanderbilts, the Chase family, the Hiltons, the Rockefellers. It didn't dent their treasury. To the contrary, they began capitalizing on opportunities to purchase failed banks at bargain prices, the same way investors are pouncing on WaMu, the same way Bank of America bought Countrywide, the same way Chase got Bear Stearns.

Tragically, some that fit this sphere of affluence wear their fortune on their chests and shove it in the face of the working class . These people are positive because they can afford to be.

It's time to face the music

Roxanne, the prognosis of bad news would have more strength in prompting one to get a second medical opinion before they died. If the doctor lied about the state of one's health one might just sleep on the good news and might not wake up, all the while believing that everything's coming up roses, just not that they're going to be the ones pushing them to the surface.

America needs vitality and new leadership, Roxanne. Most have lost trust in the banks, mortgage lenders and the government.

Scott, Grandma also said, "There's no fool like an old fool".

"It doesn't matter if your home is filled with Chippendale, Hepplewhite or early twentieth century Salvation Army; the important thing is that your comfortable with your stuff and what you are, whether or not I'd throw it, and you, out on the curb. Your birth can be either an 85 year long terminal illness or a party. It's your choice, although the environment and your grandmother might influence you during the journey".

-David Saks-