I watched a travel documentary this weekend, which spoke about the California Gold Rush, and the Nevada Comstock Load. According to what was presented, in TODAY'S dollars, the gold taken from the California Mother Lode would be worth approximately $13 billion, and the silver extracted from the Nevada Comstock would fetch $6 billion.
Now bear in mind that we just forked over an additional $20 billion as the second dip for Bank of America from bailout funds. That's more than the entire COMBINED current value of the gold and silver taken from the California Gold Rush, and the Nevada Silver Comstock.
Pretty amazing isn't it!
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC
Hi Myrl
Good like the banks have hit the mother load with the bail out. To date very little if any of the funds have been used for the original purpose.
Good luck and success
Lou Ludwig
Jan 19, 2009 02:27 AM
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs
Sacramento, CA
Greater Sacramento Realtor - Retired
Charles - Those stats got my attention too. A Trillion dollars is now the old Billion. I can remember when we were running deficits of a few billion, and we'd get excited about that. . .But, we are systematically becoming desensitized to the larger numbers, and that is worrisome, and likely a little dangerous too.
Mike - I guess I wouldn't mind so much if I felt that we had a REAL chance to see some of this money make it's way back into the treasury. That happened a number of years ago when we bailed out Chrysler. We actually made money. But, I'm not seeing a lot of structure, or strings being attached to these bailouts that act as security for the taxpayers.
Lou - You are right. The financial institutions have hit the Mother of ALL Loads with these bailouts. I also agree with you about original purposes. One earmark which got tagged onto the first bailout, was for Nascar of all things:-)
Pat - Yes, lots to ponder.
Jan 19, 2009 02:53 AM
NorthGroup Real Estate/www.TonyORealtor.com - Concord, NC
Realtor- Cabarrus County, NC
Hi Myrl,
that certainly is food for thought! Oh, how I would love to own a little piece of that land. : (
Jan 19, 2009 03:03 AM
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor
Hi Myrl - Good post. I guess the phrase that used to say "There's gold in 'them thar' hill" is now "There's gold in 'them thar' federal government." The bailout certainly will bring prosperity to some while most will struggle with a down economy.
Jan 19, 2009 04:23 AM
Sacramento, CA
Greater Sacramento Realtor - Retired
Don - Like Warren Buffett has said, "It's only when the tide goes out, you learn who has been swimming naked."
Jon - Yep, there's GOLD at the Federal Reserve - and they're raidin' it!
Jan 19, 2009 05:10 AM
Jerry Becker and Associates - Littleton, CO
Littleton, Colorado
A billion here and a billion there and before you know it you're talking about some real money.
quoted from former Illinois Senator Everett Dirksen
Jan 19, 2009 05:31 AM
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Myrl, amazing and scary. Nothing like a good old money making printing machine in the back room to keep our economy going.
Jan 19, 2009 06:36 AM
Sacramento, CA
Greater Sacramento Realtor - Retired
Jerry - Senator Dirksen said it so succinctly!
Gary - Only the Treasury has the luxury of such a sweet gadget! The rest of us can only dream:-)
Jan 19, 2009 08:02 AM
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast
Hi Myrl, Ugh, don't you hate even thinking about it? Why that's amazing? And what's coming next?
Jan 19, 2009 02:13 PM
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,
Sacramento, CA
Greater Sacramento Realtor - Retired
Sandy, Mike and Toula - I think we all hate thinking about it. Only in America do we reward irresponsible business practices.
Jan 20, 2009 01:57 AM
Colorado Springs, CO
That is really frightening! Hopefully Jan. 20th will be the inauguration of a new way of thinking...
Jan 20, 2009 10:22 AM
Home Crossings, P.C. - Davison, MI
Homes For Sale, Genesee County, Michigan
That is really alot of money when you put it in perspective like this.
Thanks for stopping by my blog, Myrl!
Shawn Davis
Jan 20, 2009 12:00 PM
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor
Myrl,
Look at the huge difference in effort and enterprise and the supporting economy in the former versus the latter. :)
Steve
Jan 20, 2009 12:05 PM
Sacramento, CA
Greater Sacramento Realtor - Retired
Cheryl - I certainly think that HOPE is what we have this day! I know I'm hopeful that the DREAM can translate into REALITY.
Shawn - I think we can't often relate to the numbers presented in these deficits; but when you can translate them into tangible past efforts, it's a simpler process.
Steve - Yes, A huge difference in effort and enterprise. We remember the huge effort represented during the Gold Rush and Silver Comstock. But to think that it's value in today's dollars, was blown away, and will likely be forgotten in a month, by one second dip to Bank of America, is quite astonishing. It represents how out of control we have become, and actually are.
Jan 20, 2009 01:05 PM
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Home Inspection and Investor Services, Clayton - Clayton, OH
Myrl, I am thinking very seriously about going to Wash. to get my fair share. If companies can get a bailout for lost business then companies that have lost Potential business should be able to get a bailout. I'm only going to ask for $1 million, so in relation to all the others I'm cheap.
Jack and Izzy
Jan 22, 2009 06:14 AM
Rainmaker
3,549,851
3,549,851
Myrl Jeffcoat
Greater Sacramento Realtor - Retired
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