I'm almost scared to say this out loud...er...put this in writing, but it looks like maybe our economy has turned the corner. Job creations have been getting much better lately, unemployment is inching down, even state budgets are on more solid ground. I realize a lot can still blow up in our face, but I'm genuinely feeling optimistic. I read this morning that lowly Michigan...basket case Michigan!...has a $450M state budget surplus. Texas has a $1.6B surplus, plus still has $7.3B is its Rainy Day Fund. Par-tay!
So where's mine? I read this morning that a settlement is near between state Attorneys Generals and the Axis of Evil II...that would be Bank of America, JP Morgan Chase, Wells Fargo, Citi, and Ally Financial. It's gonna cost them $26B to settle mortgage abuse claims against them. Some $$$ will go to the "victims", but who's looking out for those who kept their payments current and then saw their property values (their life savings?) fall through the floor? Actually I'm not due anything as I saw this coming and bailed before it hit the fan. I just feel better knowing the bastards (A of E II) got hit where it hurts, and not just a few measly million bucks, either. Twenty Six BILLION dollars. Shame it couldn't be a hundred and twenty six billion dollars.
I'm working from home today (if you call this work), waiting for it to rain. It's been cloudy for several days now here in Dallas. I'm almost feeling like a Seattlite. So does that make me an astronaut? (And here comes the big hook :)
S
We have early signs of recovery. It is evident in my business. Trust your instincts and get on board. Once everyone agrees then we are headed for another "bust" cycle...
ReplyDeleteOptimism is contagious. I try and spread it around as much as I can to create a self-fulfilling prophecy. I read about this 26 billion dollar settlement this morning and cheered.
ReplyDeleteRemember how you talked about being a basket case when you don't have work to do? I think you're heading that way with your Seattlite pun :)
ReplyDeleteTV ran story of guy who sold almost everything he owned, traded car for a motorcycle and STILL couldn't meet his mtg pmts and was foreclosed.
ReplyDeleteHe will get a check for $2,000. Maybe. Someday.
Wonder if it will buy him another house.
fin
Wells f---ing Fargo screwed my daughter over and I hope the government or whoever takes everything they own. But they won't. Damn them all!
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