THE REAL ECONOMIST: FEDERAL REGULATORS TAKE IN MORE BANKS IN 2010 THAN 2009

Sunday, September 19, 2010

FEDERAL REGULATORS TAKE IN MORE BANKS IN 2010 THAN 2009

* REAL ESTATE, THE MAIN CAUSE OF BANK FAILURES
* LAWRENCE ( LARRY ) KUDLOW OF CNBC DID NOT ANYTHING ABOUT REAL ESTATE IN 2006
* NY REAL ESTATE IS THE BACKBONE OF THE US ECONOMY AS MORE PEOPLE LIVE OFF REAL ESTATE IN NEW YORK
ASTORIA, NEW YORK
With 125 banks taken over by the FDIC in 2010, we wonder what is happening to the United States Banking system. Last year at this time it was 94banks and we thought that was bad. This is worse and you use calculus, you will feel the marginal propensity of destruction of the free banking system. Larry Kudlow did not want to understand the importance of real estate. When asked the question " Are Americans borrowing too much aginst the value of real estate? " he made up the reasoning that valuations went up and that was okay. He refused to discuss real estate valuations and predictions. So, I asked myself " Who is responsible to answer that question? " A Real Estate broker? He told me that prices are going up and if you don't buy now, you will loose out. A banker? He told me that banks are giving out money and that you need to apply for a loan. A lawyer? He said that he was busy and that he has many closings. An Insurance agent? He said that you need to get insurance just in case something happens to you? A politician? I did not ask since the our chief in Washington answered that during his radio addresses. A seller of a property? After getting his price, he confidentially told me. I am happy what I got but I feel sorry for who bought the property. He is going to work harder than I did to keep up with the payments. An economist like LARRY KUDLOW??? Why didn't Larry understand the problem. From Economics 101 to International Trade to Economic Law to Calculus and Statistics, what was he thinking about Real Estate? He couldn't study the problem. Specializations is okay with Medicine, Teaching or Technical work but not with Economics. If you are a Senior Economist, then you have to be prepared to answer questions from A to Z. Larry apologized in 2008 for his mistakes but it was too late. The economy had gotten a real estate sickness that could last for a long time. Living off Real Estate is nice but eventually you will pay the price if you don't undersatnd the fundamentals of it.

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THE REAL ECONOMIST

Sunday, September 19, 2010

FEDERAL REGULATORS TAKE IN MORE BANKS IN 2010 THAN 2009

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