Our New Boss!

[IronFist]

We didn't get hit by the financial mess like most of the world has, our banking system is different. It was called socialist because it had safeguards . But if you folks aren't buying our meat and lumber, and our oil sands cost more than a 63$ barrel to extract, well it's only a matter of time till we decline as well. Our housing prices haven't dropped much, but they haven't gone up much either. I hope you new Prez does GREAT, but the cards are stacked against him. Chances are that the financial crisis is far worse than anyone has let on so far. There is always the 1% chance that everyone gets behind him and bunch of work gets done. Hope is the American way isn't it. Hope for a better tomorrow?

[Jim]

Originally Posted by IronFist

We didn't get hit by the financial mess like most of the world has, our banking system is different. It was called socialist because it had safeguards . But if you folks aren't buying our meat and lumber, and our oil sands cost more than a 63$ barrel to extract, well it's only a matter of time till we decline as well. Our housing prices haven't dropped much, but they haven't gone up much either. I hope you new Prez does GREAT, but the cards are stacked against him. Chances are that the financial crisis is far worse than anyone has let on so far. There is always the 1% chance that everyone gets behind him and bunch of work gets done. Hope is the American way isn't it. Hope for a better tomorrow?

Well I think we have, just not as much... Yet... However, our dollar that was recently on par with the US dollar, and even over it, has dropped and was down to about 79 cents US, not sure the current value. It seems a lot of industries are slowing down... Trucking locally seems slow, I hear construction is down. Lot's of condo projects going broke. I don't know what things are like in Ontario, but in BC, the last few years there has been STEEP rise in housing prices, it has pretty much stopped now, and listings are waaaayyy up... I think it is ready to pop. Just my $0.02

[TeamCheap]

As much as I distrust president elect obama we will just have to work to get thru it all but it is going to be a long haul.

Right now in michigan and in the city I live my house value has fallen way lower than I could even think of selling my home for and it IS NOT even mortgaged to the max so in short we are stuck here until the housing market spins around.

My 401K has lost money and that will hopefully rebound but since it is retirement and that is a long way off for me I should be OK.

Jobs around here are scarce and the pay is flat and in fact we havnt had a contract for almost 4 years now (yeah that means a pay freeze) but I'm hoping that is coming soon since they just changed our insurance and with a new contract my hope is it will bring a retro pay check with it.
(retro pay would = a new bike for me :wink: )

[Alaskan-Dad]

The two things here in the US that I feel have hurt our economy the most are inflated real estate prices and the energy costs.
For the last 30 some years we have been seeing that you can be a millionaire in no time buy buying, selling and mortgaging real estate. I remember seeing so much of those shows back when I was a teen. Now it has become even worse with tv shows like flip this house and others promoting the inflation of real estate.
The problem is that not everyone can be a real estate tycoon and you need buyers. Most of the buyers work jobs for their living and live off of wages that have not kept up with cost of housing.
Another thing about the housing market that is causing problems is homes are expected to go up in price. While doing carpentry/construction I learned most new homes will need major renovation after 20 yrs and at 40 yrs are trash. note some homes were built better but average stick framed minimum cost homes are what I'm referring to. Now a lot of cars can last that long but the second you drive them out of the dealership they depreciate.
This whole scenario has caused the housing crisis, add to that bankers who financed these house flippers and you can see how we ended up with the banking crisis.
Now we just added $700,000,000,000 to keep the housing market at this inflated state. Welfare for wallstreet!
Now the other problem has been energy cost and a lot of that has been the oil crisis. We need cheap renewable energy and those that have invested in oil and uranium do not want us to have it. They want to keep posting record profits and expect us to keep paying for it.
Well that was the recipe for disaster many have known it was coming we were warned but we went about our daily lives until it hit hard.
Will it change is the big question, lets hope it can be changed as were at the breaking point.
These are my opinions and take them how you will as I'm just a hillbilly that has no education :wink:

[IronFist]

Originally Posted by Jim

Well I think we have, just not as much... Yet... However, our dollar that was recently on par with the US dollar, and even over it, has dropped and was down to about 79 cents US, not sure the current value. It seems a lot of industries are slowing down... Trucking locally seems slow, I hear construction is down. Lot's of condo projects going broke. I don't know what things are like in Ontario, but in BC, the last few years there has been STEEP rise in housing prices, it has pretty much stopped now, and listings are waaaayyy up... I think it is ready to pop. Just my $0.02

Thats what I mean Jim. We weren't hit by the bad debt, but as the tide of the world falls so does our commodities. Zinc copper, nickle, oil sands, trees, moly, all of it dives cause no one is buying. Thus we fall too, but I don't think as far, or as fast, or as long. Ontario is now a have not province and will start getting cheques from your province next year, if you can believe it. Our manufacturing used to pay for canada 20 years ago. . Our housing is stagnate, but not falling. A lot has to do with location. I'm living 150 yard from lake Ontario, so the wife picked a good spot. Next year the out lying areas might fall a bit, but we weren't as over inflated as Van.

"These are my opinions and take them how you will as I'm just a hillbilly that has no education" --Alaskan-Dad

I do not think that way at all, Dad. Your post is clear, concise, truthfull and well layed out. One other thing might be added to your list. The dream of everyone owning their own home. Some people can't afford it. Our banks will not give loans to people who don't qualify. If you can't put 20% of the price down in cash you need secondary morgage insurance here in Canada. Thats why our banks were called socialist and draconian. I guess the people who can afford 20% down on a house don't default as much. Still, if you can't prove that you can afford the payments,(long term) you don't get a house loan here. I thought it was a great post, Dad.

[Jim]

Oh ok than I am agreeing with you

The banks won't loan money to people who can't afford it, but I don't think that was the case that long ago, everyone in BC seemed to be spending a ton of money, and I think a lot came from the bank, if things slow down I think they're in trouble... We had 0% down and 40 year mortgages to help people buy things they couldn't afford, but thankfully that has been done away with...

I know some people (about 30 ish age wise), with no down payment who are looking to spend I forget how much, 4 or 500,000 to buy their first property (or maybe it was 6...), the thing is, it's just bare land... No drive way even. Luckily I don't think the bank will let them do this anymore. Some people seem too eager to get in debt, in my opinion.

Sorry to be off topic. I didn't follow the US elections too much, but from what I saw I favored Obama over McCain... I don't trust most politicians though, and I didn't trust bush. Again, just my uninformed opinion.

[lego1970]

I like Obama. I hope he does well, but I'm not expecting an overnight turn around on some of the problems. Even he said that one of his biggest fears is failure. I was never a big Bush fan (like the guy, but didn't believe he had leadership qualities) and I didn't vote for him in 2000 but under the circumstances that have been thrown at him I think he's done ok . I was pretty disapointed how everybody pointed the finger at him when things didn't go as planned. I have high hopes with Obama and just as important, I have high hope for the American public. I think we've hit a breaking point, we will learn from it and do just fine. May not be as high rollars as we used to be but I think the quality of life will be better in America in the coming years.

[AZ200cc]

The problem Bush had is he would never admit he was wrong and kept on plugging away at the same failed plans...Obama is going in with very little know how or experience on how to handle anything and that scares me. The plans that the Dems have of spend spend spend and cut the military budget worry me also, We have no check and balance now, it's all up to one party with a leader that was barely a senator before he was elected.....I wish he would have wited to get into office about four years from now because he does seem to be a very very sharp young man, I wish he could have learned more and not from the oval office.

[IronFist]

Oh man, I wish Obama could run here! Just imagine a Canadian Prime Minister who can communicate??? 8O Its been generations. (Joe Clark does not count on so many levels. )

I followed the election closely for the past 18 months. I can't wait for the next 72 days to pass.(not a bush fan.) But I do think John would have made prez. too. I don't think people voted against him, but his party. The man is a true HERO. His story is fantastic.

I understand that the average American doesn't care what the rest of the world thinks. (I know that's a stereotype, but it may hold some truth) Nevertheless, some do care what others outside the US are thinking.

Your vote shook the world, KUDO's. What an amazingly grown up thing for a country to do. I never thought it was possible for the US to raise it's popularity, so much in 24 hours. The point isn't that, there is nothing a black guy can't do now in the US. The point is that over half your country stood up, simultaniously for the black guy. When Americans get together, you make history. Congratulations.

[Qingdao]

Originally Posted by IronFist

The man is a true HERO. His story is fantastic.

Agreed, I hope he runs in 12. I don't care how old he is.

[TeamCheap]

IronFist wrote:
The man is a true HERO. His story is fantastic.


Agreed, I hope he runs in 12. I don't care how old he is.

McCain is done I believe, I think he has already said he wont try again.

UMM............yeah................I hear today that our govenor is one of the many economic advisors to obama.(thats bad people)

She is worthless, my state has been in a recession long before the rest of the country even had a taste of the bad economy.

She does very little and has her hands out waiting for someone to help her.She taxes us to death here and cant figure out why the people/business's here are folding up and leaving in droves.She has done little to make my state a business friendly state.(she is no leader and the state of our state is proof of that)

My hope was that obama would give her a position, any position that would take her out of this area but now it looks like the rest of the nation will get a taste of what we have had around here for years.

[AZ200cc]

Originally Posted by Qingdao

Agreed, I hope he runs in 12. I don't care how old he is.

Although he won't I am proud he is my states senator, He is a good man and would have made a good leader.

[SpeedSouth]

Originally Posted by IronFist

The man is a true HERO. His story is fantastic.

I too, agree. I had/have a great deal of respect for McCain, but he didn't run a campaign based on his former self. He started pandering to get votes and lost track of his own opinion. The McCain cadidate of 2008 was not same McCain candidate of 2000.

I know a lot changed during that time, and voting in support of GW 90% of that time didn't help.



I was indifferent in 2000. I didn't care who won. I got behind GW after 9/11 like the rest of the country...but I didn't like what I saw. From warrantless wiretaps, Plame....well you know the list; it's long and embarrassing.

I'm usually about as cynical and skeptical as they come...but I have more hope today than I did last week. And I don't mind admitting, I didn't think he had a chance. I've known he was capable since before he actually started the campaign, but I expected he would have to run at least twice to give some people a chance to vote against him. In fact, on 11-8-05 I predicted Obama would be the 1st black US President....but in 2012.

Is that optimistic or pessimistic? :?

[Willys]

I know this is going to get me into a huge amount of crap...but....I wonder if he will make it to the first day on the job???

I heard they have already caught a few deadbeats thinking of doing the deed???? morons!

I hope he isn't another Kennedy...!

[TeamCheap]

Originally Posted by Willys

I know this is going to get me into a huge amount of crap...but....I wonder if he will make it to the first day on the job???

I heard they have already caught a few deadbeats thinking of doing the deed???? morons!

I hope he isn't another Kennedy...!

Well that fact is every president has a few nutt-jobs looking to off them and obama is no different.
I hope he doesnt get shot dead because that would tear this country apart.

I expect attempts to made on his life but they wont be the more successful state sponsored ones of years gone by since the WORLD loves him.
(I still dont know why :roll: he's like the pied-piper but he isnt playing a tune I'd blindly follow like so many others have )

I myself dont like him, dont trust him and cant wait until the next 4 years are gone so we can hopefully move on.(if we have a country left)
I fear we are going from one exteme bad end of the spectrum towards another extreme bad.

I dont think he loves this country as much as he feels he needs to fix this country.

I do hope he does some good and proves me wrong because in the end all I really want is a decent safe secure country to call home.
I also hope he takes being the first black american president very very seriously and does the absolute best job that can be done just to keep the progress that has been gained.

Right now I just have to sit back and watch it all unfold and just keep taking care of my own business like everyone else.