More Turn Around Talk

You know, I said it first but John agrees with me :-)

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans - San Jose Mercury News

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans

Compiled by the Mercury News
Posted: 04/24/2009 01:50:43 PM PDT

This too shall pass: Cisco Systems CEO John Chambers said today he believes the global economy will begin to recover in December or January.

That view is based on the performance of the stock market and his personal experience, Chambers told reporters at a news conference in Mexico City. The remarks have no bearing on Cisco's financial results, he said.

The Rich Get RIcher...For a While

This last year i have been valuing property for the banks. The properties I look at are close to foreclosure or working a loan mod or short sale. When the economic instability began, I was valuing crappy litttle houses in scary neighborhoods. Lately, I have been valuing big gorgeous homes built within the last 5 years or in the older established "money" neighborhoods.

This anecdotal evidence seems to concur with the reports that this next wave is good folks that lost their jobs with the economic downturn or finally ran out of money as they went through their savings and credit cards and retirement accounts.


Despite downturn, 2008 was record year for sales of high-end homes - San Jose Mercury News

Nonetheless, in Santa Clara County more homes sold for $5 million or more than at any time since the dot-com-nirvana year of 2000. And in San Mateo County — home to luxury-home strongholds like Atherton and Woodside — it was a record-breaking year for sales of super-expensive castles.

Only in the final quarter of 2008 did the recession finally bite into the top end of the market, sending sales plummeting. While the super-rich weathered the early days of the credit crisis far better than most, experts say, fall's stock market crash drastically impaired their ability to snap up multimillion-dollar manses.


The tides have now turned and this market segment has dried on the vine.

Mixed Emotions

TEXAS BORROWERS RECEIVE RESTITUTION


DALLAS (Dallas Morning News) – As part of the largest predatory-lending lawsuit in history, Countrywide will use $8.4 billion to modify mortgage terms for 400,000 borrowers in Texas and ten other states who received unaffordable loans from the lender.

The settlement has reserved $7.5 million for Texas to distribute restitution payments worth $2,300 to help borrowers who already lost their homes or are near foreclosure — 120 days or more delinquent on payments.

About 3,260 Texans are eligible for restitution, according to a spokesman with the Texas Attorney General's office.

Under the settlement, borrowers could get the $2,300 payment if their first loan payment was due between Jan. 1, 2004, and Dec. 31, 2007, and they made six or fewer payments before losing their home.

For borrowers who can't afford to refinance their mortgage and have to leave their home through a foreclosure sale, the settlement provides relocation assistance of $2,000 per borrower.


My first impression is that we are a bunch of big irresponsible babies. We can't drive with coffee in our laps. We can't take responsibility for our MEGA consumption and ruin of the earth. Now we also can't be expected to actually read what we're signing. Who are these people that bought houses that they could only afford for 6 months?

I honestly don't know the extent of this lawsuit. I haven't read what the complaint was. I haven't done any research. All I know is that a few people that overextended without considering the consequences have now made getting a loan so hard that it's considered a heroic event!

I'm blaming it on all the Jocks in high school. The ones that would do anything to bed a cheerleader :-)

The BEST EXPLANATION of our current economic status

Bill Clinton was on Letterman on the 22nd. He gives a concise and insightful view of the instability in the financial markets.

Here's the youtube replay:

Inflation is up but oil is down

Inflation numbers are historical vs current oil prices are just that - current.

Oil drops again as US pump prices slip to near $4: Financial News - Yahoo! Finance

Have we seen the peak? Americans are trading in their SUVs for priuses - what's the plural for prius - thank god, I hate SUVs. Stocks are rallying today, after the media reporting this week has seen a "false rally"

What do you think?

Why The Worst May Be Over

I found this article interesting because it has some compelling arguments for economic recovery.

Also because, just like a depressed Seattle-ite in March that hasn't seen the sun for 8.67 months, I am dying for a little sunlight and cheer to break through all the grey economic overcast.