Put Economy on "Black" for all the Marbles

By
Real Estate Mortgage Broker with Social Media - Infinity Home Mortgage Company, Inc

put our economy on black


Feel like we are spinning our wheels? Is the economy like a yo yo? Should we just put it all on Black and hope for the best?

 

Now, keep in mind, this post is a slight rant, will be based on my opinion based on knowledge and some research, and mostly to just make everyone aware on what is going on.

Yes, this post will have a negative tone within, but we can turn that around, but it will need to be a collective group effort country wide.

 

 

 

Not sure if any of you saw this intereview by 60 minutes on December 5th, 2010 regarding an interview with Ben Bernanke.

 

This video is a little scary because it sounds like Ben Bernanke wants to tell us what he truly knows and thinks.  Listen to his voice at times, when he is trying to answer a few questions. His voice gets a little soft and you can hear some hesitation.

Now, by all means, this is not to throw Mr. Bernanke under the bus. I don't care what degrees a person has, the level of their intelligence, what school they graduated from, etc, etc. You can certainly figure some of these complex issues out with just plain old common sense and by working in the trenches. But please watch this interview, because it seems like some truth is coming out. 

 

 

My Rant :

This summer we were told that we were out of a recession. Please read my post below on this topic. When 60 Minutes sat down with Bernanke, such things as a double dip recession, deflation, and struggling economy came up during the interview. But Mr. Bernanke said that it's highly unlikely that we will hit a double dip inflation. hhhhhhmmmm.. Feel good words? Possibly to curb consumers fears going into the holidays? But if you listen to him, the recovery could take 3+ years. So couldn't anything mentioned above happen? Have you noticed certain food items increase in cost?  I have and I know many of you have.

 

Let's continue with my biggest pet peeve. Some of you have indicated that business is very good and some of you are making more money, and good money. Real Estate is local, let's get that out of the way. Not all regions are doing well, just ask around. The media certainly doesn't help with this, nor does the government or NAR (National Association of Realtors).  But I want to focus on two main topics regarding our up-tick economy.

1.)  I am making more money and I love handouts that don't cost me much. - I had written a post about the home buyers tax credit on October 15th, which is listed below. Here is what one person stated : 

Home buyer tax credit comment

Hey, I don't mind opinions and debates, but what is wrong with this picture? Maybe someone not understanding the basic concept of money? Hey, I love it when I make more money. But just because I am making more money, or my neighbor is doing the same, doesn't always mean that our economy is doing great and or recovering. Just my opinion, but where does this person think the money came from for the home buyers tax credit?  Answer :  The American Tax Payer.  And just because someone didn't knock on his door at the moment and asked for the money now. It will come in the form of tax hikes down the road. For right now, this just gets added to our deficit.

 

2.)  My other pet peeve?  Some are telling me that the economy is getting better now because we are spending more. Okay, back to common sense. In the last 2 months or so, couldn't this be greatly attributed because of the upcoming holidays, such as Christmas?  I truthfully think this is the main reason, because previously, consumer confidence and spending was down again. All after the news that we were out of a recession. But listen to the interview with Bernanke, he doesn't seem so sure that we are greatly improving. He has a lot on his shoulders, but don't we also? 

Another thing to add about our economy that isn't talked about much are the unemployment numbers that could be misleading. If you do the research correctly and understand numbers, we are actually at 16% to 17% unemployment. And ask the small business owners. I talk to several ones a week, many are breaking even, if not, losing money. There are many reasons of which I talked about in some of my posts below.

 

 

 

call to action

Ready for the positive stuff?

It can only get better, right? But I truly think it needs to start with those of us in the trenches, to where we see this daily. Yes, we elect those to represent us, but we need to be much better at it. We need to look at such track records, we need to get to know each individual better, and not just except promises that can be broken so easily. 

To add to this, we need to stay in touch with those that represent us, calling them and writing them often, and not just when a significant problem occurs.  We need to show that we mean business.  We need to educate, to be responsible, to form groups, and to start such movements as the Tea Party movement. 

 

 

 

Conclusion : In some cases, it sounds like work, in other cases, it sounds like a no brainer.  We need to make an effort and not just sit back. I love to educate others, to open their eyes on certain issues, and to possibly add to a conversation so as to give more awareness to a specific issue. We are Americans and we should be damn proud. But waiting for others to correct our economy for us hasn't really worked in the last several years.  I know this might sound like a speech, but we need to start somewhere. So...

 

Call to Action :

What can each one of you do? Thoughts? Opinions?  I can't give you too many details, but I currently have a client that is connected in several ways through a few relatives. One of them apparently is a Supreme Court Justice. And my borrower knows that I like to educate in my blog posts and said that she has already talked to someone to have a sit down with me. I am not pushing the envelope until we close her loan, but I am very curious to who I will be meeting with. She said it's someone that has connections on Capital Hill.

Seriously, I want all thoughts, opinions, and anything else. I don't want to be sitting around, waiting for "Black" to hit, do you? 

 

 

 

 

My recent posts on the economy and my opinions with solutions :

 







  

 

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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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  1. Lou Ludwig 12/13/2010 06:15 PM
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Gary Woltal
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Jeff, watch the JOBS number before putting all your money on black. THAT is the key indicator I would say.

December 13, 2010 10:42 PM
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Marilyn Boudreaux
Lake Charles LA Century 21 Realtor
Marilyn Boudreaux, Century 21 Mike D. Bono & Co.'s

Jeff I am afraid to comment because like you mentioned real estate is local and my neck of the woods is good with projections to get better.  So I cant go there in this post.  This is very informative but I dont think anyone has the answers inlcuding those on Capital Hill.  There are clearly other problems within our government, social security, health care etc.  All the news seems to be black these days but I am not ready to slit my wrist just yet.  As for the interview...politicians never answer the questions directly their voices do get softer and they skirt the issues.

December 13, 2010 11:26 PM
Rainmaker
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Gabe Sanders
Stuart Florida Real Estate
Martin County Residential Homes, Condos and Land Sales

It sure seems that we are in a seemingly fantasy economy.  If every one believes it's good and buys the economy gets better.  If not, then it doesn't.  What ever happened to sound fundamentals?

December 14, 2010 07:57 AM
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Jeff Belonger
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
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SUSAN... .  if we could have both black and red, we would win no matter what, but then pushing the economy into the black.. 

LOU... . I don't think that is the case all of the time.. I know many that have worked extremely hard, have played by the rules, and have planned accordingly for the future, .. and they are either struggling or hurting. I understand what you are saying, but if we use real estate as an example, we know real estate is local.. and in some cases, it's just bad and we need a whole economic recovery nationally to even help those local areas.. just my opinion.. thanks

GINNY... . I couldn't agree more and I don't see a true recovery until after 5 years. I do think with this last election, we have some better people that understand the real issues and will do their best and not their political best. But time will tell..  thanks for your input.

MARZENA... . this was most of my point for this post, was that not all are doing well, no matter what others say or what the media and or government says. I just spoke to a restaurant owner two weeks ago who is barely breaking even.. a good place. I know of one that filed for bankruptcy 1 1/2 years ago, when this all started to happen.. an excellent place with better than reasonable prices.. my point was just because you are doing better doesn't mean our economy is as a whole is doing better. And that the money that the gov't spends has to come from some where.  thanks

LARRY.. .  well, that is good news.. and this is an example of what is helping or hurting other states. Thanks for the info..


 

December 14, 2010 11:29 AM
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RENEE... . thanks for your true honesty.. again, I know some doing very well, some on the average side of things, and many struggling. And you bring up some good points about strategic defaults in areas that weren't expected to have this take place and a few other things. Thanks for your insight, opinion, and honesty.

 

JOHN... .   thanks.. i agree, that we need posts like this, even though they may be boring and or actually truthful and eye opening. I am all about educating, awareness, and actually showing the pros and cons about both sides.. and not just build one side up. You make an excellent statement when you said this...

" Those who aren't directly affected by the recession seem to ignore the crisis going on in the country.  It makes no difference what the stock market is doing or what the "experts" say about when the recession ended; for millions it's not over, and in fact, may be getting worse."

Spot on as usual and this could have been my whole post.. thanks for your input and feedback. 

 

GARY... .   I am not going to disagree... I think that is the main issue, in which I have talked about in several of the posts that I mentioned above. But I wonder why the gov't doesn't focus on this or think hiring so many gov't people is the solution. I think this is more of the problem, and we should be focusing on small businesses.. thanks

MARILYN... .  please, never hesitate to comment, no matter what.  I know some markets are doing very well, and that is excellent. That was part of my reason for writing about this, to say.. hey, just because you are doing good, doesn't mean this is happening everywhere or that the economy is getting better. And I actually think many on Capital Hill know, they just either don't care or have to many handshakes to cover, when getting elected.. or just for the fact that they are protected for a lifetime, because of their pensions and health care once they do another term.. Sad, but I bet has some truth to it.. thanks

GABE... . sound fundamentals?  It's out there, but many ignored them. And yes, fantasy.. but to elaborate on that, just for the fact that the gov't and media wants to curb consumer confidence with misleading and or false info.. hopping to spark the economy and spending.. Just my .02 cents.. thanks

 

December 14, 2010 02:03 PM
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