It’s not really in the sky, it’s actually in New York, but for those of us who only interact with the casino through computers or brokers, it might as well be on the moon.
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I believe it’s real and I plan to profit from it, but I’m not convinced it will be responsible for a major cataclysmic downfall of civilization, as some are predicting. If global oil production has peaked, that doesn’t mean oil will become scarce, it simply means oil will no longer be plentiful and cheap.
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The real estate bottom is so far in the future it’s not even worth attempting a prediction. Real estate is not a liquid investment. Selling a property is time consuming, energy draining and expensive. Most people can not afford to buy anything without a mortgage, most people require the assistance of an agent, most people live in the only property they own, most people simply do not bounce around too often.
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The recent pullback in gold prices has many commodity bears calling for a major correction in gold prices, possibly another $50 or more per ounce. While I certainly can’t rule out the possibility of a minor correction, the upward trend should continue over the next few years for the same reason it has been steadily trending upwards for the past several years — inflation.
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You will know we have entered the next phase of this American economic meltdown when individuals and corporations start to see their credit limits reduced without notice. It’s common knowledge that American Express, MasterCard and others are actively investigating ways to reduce their exposure to high-risk consumers and businesses.
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I realized a few years ago, after working on a project that generated millions of dollars for my employer, that it doesn’t make sense to work hard to enrich other people. If you have the skills necessary to generate all those dollars for someone else, you should find a way to use those skills for yourself.
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If you could trade your credit score for a nicer house, would you? Welcome to the new trend in American real estate. This could be interpreted positively, it would seem to indicate the number of future foreclosures will cause some to overstate the loss to actual revenue for lenders, but I would instead argue it’s more reason to be cautious when using the number of new mortgage applications issued or accepted as proof of some kind of recovery.
What’s that in the sky? A bird? A plane? No, it’s the price of gold!
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I watched Mad Money with Jim Cramer yesterday and was shocked to see how bullish he appears to be, all of a sudden. In the morning he released a video online saying the Fed is stupid, behind the curve and should be investigated. He also dropped a bomb on America’s largest bank, saying that if Citigroup had to mark-to-market their entire inventory they would probably declare bankruptcy.
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As stock markets around the world descend into oblivion on this joyous holiday, I thought I would take the opportunity to remind everyone that bankers will never let their empires slip away into the abyss.
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