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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Thu Apr 09, 2009 10:31 am Post subject: |
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http://www.calculatedriskblog.com/2009/04/housing-bust-in-manhattan.html
The story that NY/SF et al are immune is absolutely no different than the story that housing will appreciate in Phoenix for ever because of year round golf. It rests upon useless assumptions. I don't believe the article you showed me. I know who the source will be, what their agenda is and what they'll say.
Every asset everywhere in the world is being revalued. This is not your fathers downturn. Deflation will affect even the monied hippies in SF. There may be a lag in that 30kmillies got it first in Miami, but Limo Liberals in SF will get fuc.ked too.
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I've really got nothing else to contribute at this point. I've lost faith in the Canadian and American (though, mostly American) governments to do anything but make this more severe and longer lasting. A Japan style 10 year recession would be a nice outcome at this point. Democracy has been bought. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Fri Apr 10, 2009 5:40 am Post subject: |
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| mises wrote: |
| Too many vested interests and crazy liberals who can't balance a cheque book running the show (Arnie included). |
Arnie is a crazy liberal now?
The term 'liberal' keeps ever-expanding...so all-inclusive. Whatever a person disagrees with now equals 'liberal'.
If it means 'cant balance a check book', than George Bush was the craziest liberal the world has ever seen...Rush Limbaugh, you can quote me on that, once Webster's Dictionary catches up on the slaughterization of the word 'liberal'. |
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OneWayTraffic
Joined: 14 Mar 2005
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| Posted: Fri Apr 10, 2009 6:05 am Post subject: |
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About the only thing I think when I see places like Vegas is how many people had to lose at the pokies to pay for the whole thing.
Those buildings certainly weren't built on the winnings. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Apr 10, 2009 6:41 am Post subject: |
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| Tiger Beer wrote: |
| mises wrote: |
| Too many vested interests and crazy liberals who can't balance a cheque book running the show (Arnie included). |
Arnie is a crazy liberal now?
The term 'liberal' keeps ever-expanding...so all-inclusive. Whatever a person disagrees with now equals 'liberal'.
If it means 'cant balance a check book', than George Bush was the craziest liberal the world has ever seen...Rush Limbaugh, you can quote me on that, once Webster's Dictionary catches up on the slaughterization of the word 'liberal'. |
Arnie increased spending by 40% over his term. Not much conservative about that. And Bush, well we all are widely aware of how much of a disaster he was. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Fri Apr 10, 2009 8:18 am Post subject: |
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| OneWayTraffic wrote: |
About the only thing I think when I see places like Vegas is how many people had to lose at the pokies to pay for the whole thing.
Those buildings certainly weren't built on the winnings. |
It makes me wonder if shitholes like Circus Circus will be the casinos that survive since they probably racked up the least amount of debt. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Fri Apr 10, 2009 10:30 am Post subject: |
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| I wish we could post pictures because, this one says it all. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Sat Apr 11, 2009 12:01 am Post subject: |
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| mises wrote: |
| Tiger Beer wrote: |
| mises wrote: |
| Too many vested interests and crazy liberals who can't balance a cheque book running the show (Arnie included). |
Arnie is a crazy liberal now?
The term 'liberal' keeps ever-expanding...so all-inclusive. Whatever a person disagrees with now equals 'liberal'.
If it means 'cant balance a check book', than George Bush was the craziest liberal the world has ever seen...Rush Limbaugh, you can quote me on that, once Webster's Dictionary catches up on the slaughterization of the word 'liberal'. |
Arnie increased spending by 40% over his term. Not much conservative about that. And Bush, well we all are widely aware of how much of a disaster he was. |
Agreed about that.
I'm sick of spending as well...but I adhore the 'liberal spender' as synonymous, when Republicans seem to bring spending to all new levels every single time they get in office.
I love the idea of limited spending, but Republicans are not that. Libertarians seriously need to separate themselves from the Republicans...as typical with Republicans, they just toss out electable words but have no history/background/foundation in ANY of the stuff they preach - from morality to spending (which are the only two things they actually speak about). |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat Apr 11, 2009 8:28 am Post subject: |
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I only said liberal because it is California. In Alberta, it is the right-wing that has spent the province into massive deficit, so the blame goes to them.
I totally agree about libertarians and Republicans/conservatives. They appropriated our ideas as a cover for their real political desires. In Canada, it is not different. Cons will talk about limited government and such and then stand behind Canada being in Afganistan, as if that in any way squares with limited government. It is just talk, but they're really big government conservatives. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Sat Apr 11, 2009 9:52 pm Post subject: |
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| Trim the fat / tighten the belt by 20% = no crisis. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sun Apr 12, 2009 9:33 am Post subject: |
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| mises wrote: |
I only said liberal because it is California. In Alberta, it is the right-wing that has spent the province into massive deficit, so the blame goes to them.
I totally agree about libertarians and Republicans/conservatives. They appropriated our ideas as a cover for their real political desires. In Canada, it is not different. Cons will talk about limited government and such and then stand behind Canada being in Afganistan, as if that in any way squares with limited government. It is just talk, but they're really big government conservatives. |
No career politician wants to fully embrace the libertarian movement because that would probably mean the end to his political career  .*
*obviously there are a couple exceptions such as Ron Paul |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Apr 12, 2009 9:49 am Post subject: |
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| For one, we could ditch the term "libertarian". I've always hated it. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Jun 09, 2009 9:08 pm Post subject: |
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| Gopher wrote: |
| mises wrote: |
| It is a total mess out there. |
I disagree. |
| Quote: |
The Fontainebleau Las Vegas filed for bankruptcy protection late Tuesday night, weeks after lenders refused to fund more construction at the $3 billion project.
The Chapter 11 filing marked the biggest setback yet for the Soffers, one of South Florida's legendary real estate families, and adds to the woes facing the project's namesake, the Fontainebleau Miami Beach. |
http://www.miamiherald.com/news/miami_dade/aventura/story/1090104.html
This is only one disaster. As I said, Vegas is a mess. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Tue Jun 09, 2009 11:06 pm Post subject: |
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And there is the mess that is CityCenter
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| Payments from MGM Mirage and Dubai World, which has invested more than $4 billion in cash in CityCenter, have so far funded construction of the 67-acre resort complex, which will open the first of its six towers, Vdara, in October. When CityCenter is complete, the partners will have sunk nearly $7 billion into the project. |
An earlier WSJ article about CityCenter. Bit dated since MGM was able to avoid bankruptcy, but still could easily happen in the near future. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Wed Jun 10, 2009 7:38 am Post subject: |
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Wow. Vegas... It is in worse shape than I thought. |
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