- President-elect Obama's (not pictured) speech is over, and what I got from it wasn't anything specific, but rather a sense of urgency. As RevShark noted (clip in last blog entry), he did seem to set expectations lower thus setting himself up for a nice pat on the back when the economy recovers.
- Biggest concern from visitors to Obama's website? The dog he plans on getting for his daughter. Tough economic times, indeed.
- Harry Dent calls for a 40% additional drop in home values. “ We’ve seen the greatest housing bubble in history. With low interest rates and wealth created by the Baby Boomers and so much speculation towards the end, that housing prices need to fall 50% or more to get back to normal and that is going to hurt a lot of people who own houses, and it’s going to be the greatest gift to the younger generation coming along where housing isn’t affordable to them. “ It will become affordable and the deleveraging process will happen, Governments can’t prevent it. They always think they can. They couldn’t prevent the Great Depression or any downturn since. So this is going to happen and the best thing people can do is prepare for it now.”
- On a positive note, this is the same Harry Dent who wrote the book The Roaring 2000's. It's nice to know that the guy who got it wrong in such a big way, is making a dire prediction. Check out the link and his 40,000 DOW prediction, etc. Riiiight, Harry.
Pic is of Nguyen Thuy Lam... Miss Vietnam 2008.