GAME UP
Treasury Secretary Paulson at the end of his tether opted not to continue his ongoing full-scale dispute with the obvious as he warned anyone still listening to his pronouncements that the housing market/industry's unchecked collapse continues to adversely impact the economy, the capital markets and, of course, those myriad millions facing the nightmare of foreclosure and job loss-- Future economic growth is directly threatened and DC, our proud but imperiled political echelon, is worried big-time despite the farcical spin of Paulson's ubiquitously 'strong economic fundamentals'-- Mr. Secretary, excuse me, but oil futures, unnerved by Turkey/Kurdish rebel dust-up, rocketed through the $88/barrel watermark overnight not exactly fortifying economic fundaments globally-- The Paulson assessment appears proverbially a day late and a weak dollar short--
The Homebuilder Index drops to a record low in October and big homebuilder DR Horton's near 40% quarterly decline in home orders does not, frankly, echo strongly any positive economic signals-- Euro central bankers, seeking to salvage easy export profits, are pleading for Paulson intervention to resuscitate the unabashedly ghostly dollar-- Shoring up the dollar to grease the palms of Euro competition (or is that collaboration) would crimp the budgets of those borderline-solvent Americans, though scarcer they become, still in absentia from the rosters of delinquency-- Fed Prez Ben also weighed in today with the solemnly sober outlook that Housing troubles create a 'significant drag' on the economy-- Another late-comer to the obvious, he has, at least and at last, ceased championing his 'containment' canard that the sub-prime morass would not spread beyond the low rent speed-bump employed to fleece the naively poor--
Neither man, however, has abandoned political reticence to inform, officially, the large swathes of the American middle class they no longer have the requisite bona fides to meet roster requirements for inclusion to the group-- Excessive commuting costs have seriously crimped the discretionary income stratas of suburbia and now the end of the month number crunch leaves the harried and the hassled with a damoclean dilemma-- Risk foreclosure for not meeting the mortgage bill or risk perpetually indentured servitude from the usurious late fees for failing to oblige their credit card blood-suckers-- Truth is that no matter how much cheap money gets funneled into the economy through the banking system, cash or credit, it is losing its power to pay the bills and succeeds only in ratcheting up the indebtedness of everyone involved-- The piper exacts his payment even of those who mis-dreamed they were so exceptional as to be above the laws of economic karma-- Capitalism's artful practitioners elsewhere have maneuvered the US, still believing that 'it can't happen here', into that proverbial spot between the rock and the hard place but did so not without our indulgent and fatuous acquiescence-- And for that, the feast of consequence is undergoing preparation-- Game up!!!
The Homebuilder Index drops to a record low in October and big homebuilder DR Horton's near 40% quarterly decline in home orders does not, frankly, echo strongly any positive economic signals-- Euro central bankers, seeking to salvage easy export profits, are pleading for Paulson intervention to resuscitate the unabashedly ghostly dollar-- Shoring up the dollar to grease the palms of Euro competition (or is that collaboration) would crimp the budgets of those borderline-solvent Americans, though scarcer they become, still in absentia from the rosters of delinquency-- Fed Prez Ben also weighed in today with the solemnly sober outlook that Housing troubles create a 'significant drag' on the economy-- Another late-comer to the obvious, he has, at least and at last, ceased championing his 'containment' canard that the sub-prime morass would not spread beyond the low rent speed-bump employed to fleece the naively poor--
Neither man, however, has abandoned political reticence to inform, officially, the large swathes of the American middle class they no longer have the requisite bona fides to meet roster requirements for inclusion to the group-- Excessive commuting costs have seriously crimped the discretionary income stratas of suburbia and now the end of the month number crunch leaves the harried and the hassled with a damoclean dilemma-- Risk foreclosure for not meeting the mortgage bill or risk perpetually indentured servitude from the usurious late fees for failing to oblige their credit card blood-suckers-- Truth is that no matter how much cheap money gets funneled into the economy through the banking system, cash or credit, it is losing its power to pay the bills and succeeds only in ratcheting up the indebtedness of everyone involved-- The piper exacts his payment even of those who mis-dreamed they were so exceptional as to be above the laws of economic karma-- Capitalism's artful practitioners elsewhere have maneuvered the US, still believing that 'it can't happen here', into that proverbial spot between the rock and the hard place but did so not without our indulgent and fatuous acquiescence-- And for that, the feast of consequence is undergoing preparation-- Game up!!!
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posted by William Clark at 1:34 PM
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