C-SPAN: 90% of home sales in June were distressed. 6 job seekers for every job. U.S. in liquidation.

[chimpymustgo]

Peter Morici of University of Maryland.

[Captain Hilts]

1. Ouch!

[mia]

2. I read this earlier and thought it was unbelievable...maybe not.

http://www.globalresearch.ca/index.php?context=va&aid=15393


The US Financial Structure is Doomed. Monetization, Crisis of Retail Trade, Decline of the Dollar

Nearly half the nation's 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren't counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year.

About 40% of stores surveyed across a broad swath of retailing, including consumer-electronic chain Best Buy Inc., teen-retailer American Eagle Outfitters Inc., and luxury-goods seller Saks Inc., told the Hay Group, a human resources consulting firm, that they expect to hire between 5% and 25% fewer temporary workers this year than last, when the recession forced many retailers to trim staff in response to falling sales. That's a grimmer outlook than the Hay survey found a year ago, when 29% of retailers said they would be slashing their holiday workforce.

Gross debt issuance will reach $7 trillion when the current fiscal year ends this month, Treasury Acting Assistant Secretary for Financial Markets Karthik Ramanathan, said on Wednesday.

In fiscal year 2009, which ends next week, Treasury will have issued $7 trillion in gross issuance that's in a 12-month period, Ramanathan said in a speech at a financial markets conference in New York.

[KharmaTrain]

3. He's Right...

The guy's a bit of a blowhard...but he is making some very valid points.

Last week I was scanning the home sales in my area and saw a lot that were in foreclosure...prices reduced, the banks want them off the books. Some banks have gone to bulldozing new developments that they can't sell and the list of properties still continue to grow.

I think his attacks on President Obama's policy is a bit premature. He uses Clinton as an example, but Clinton also came into an economic mess and it didn't turn around overnight. This situation is far worse than what Clinton faced and is gonna take longer and be more painful. Morici talks a good game but he's making it look like the economic can turn on a dime, it can't.

[izquierdista]

5. Clinton as an example

Clinton took two terms to turn around the effects of one Bush. Obama has TWO doses of Bush to repair.

[madrchsod]

8. my son is looking at homes in the carpentersville-streamwood area

the banks are basically giving away some homes in these areas. he`s looking at homes that sold for hundreds of thousands several year ago and now offered for around a hundred thousand.

[KharmaTrain]

9. One Around The Corner From Me

I'm not far from Streamwood...that area has been really hard hit as the homes were smaller and older yet harder to move...thus were fodder for "creative" financing. When the market crashed, these areas really took a big hit.

What caught my attention was a house around the corner that had just put up a sign. There are a bunch of properties nearby for sale but aren't moving. I went online to look at this one and saw it not only was under foreclosure but the sale price had been slashed to $160...at the peak the house would have gone for over $350.

Yep, banks are giving them away if you have the credit or the cash. Their inventory continues to grow. The fear for some around here is that there'll be a lot of dumping that will drop overall property values as well as mess up the tax base.

[chimpymustgo]

4. "Starting to think we're living in pre-Napoleonic France - a group of people (bankers) live well".

10 million a year to bankers. Call centers gone overseas forever. Hmmm...caller saying Morici is Bush lover. Morici says he was critical of Bush, Snowe and Bernanke.

[Democracyinkind]

6. As long as we can have our cake, we're fine.

Sorry for that bit of Rousseauan false history, I just like the saying.

[madrchsod]

7. the usa is having a liquidation sale.....

275,000 dollar homes discounted to 100,000 dollars!

my son is looking at some really nice starter homes that sold for 275 5 years ago that the banks are now offering for 100.

[JonQ]

10. Nope, the whitehouse says the recession is over

all is well, spend freely!