Benny and the Jets!

The world’s bankers had a little meeting today in  Jackson Hole, Wyoming.  At the Federal Reserve Bank of Kansas City Economic Symposium.   The concept was to get together and  discuss the grand recovering of 2013!  Hey, the Global Recession/Depression is over!  We have declared global victory….and all is going to be well……”later down the road!.. A long process for sure…..”

Meanwhile back here in the hinterland….as we count cars like we did when were kids……..One in every eight cars equals another “foreclosed home in America”!  Kind of puts it all into perspective when you start counting those cars during rush hour on the 405!  In addition, California is broaching well into double digit unemployment…..right now 11.9%   Hey, when it costs an average family about three thousand bucks a month to live…in this hyperinflated 2005 CA/US Economy…..the reality in 2009 is biting everyone hard on their backsides!  A gallon of gas is not going down and a broiled chicken at Whole Foods is still $12 bucks.

What these world bankers aren’t saying is:  They had pawned off a whole bunch of worthless Adjustable Rate Mortgages/Sub-Prime/Credit Default Swaps/Toxic Assets into 2nd tier banks….which are going belly up faster than you can say:  “Brett Favre has retired again…..no, he has come out of retirement again!”   Whether we are talking about Eastern European,  Asian or South American….they all are getting hit quite hard.  Two biggies here in the US, Colonial Bank headquartered in the South and Guaranty Financial of Texas are both belly up while still being ranked right there in the top ten banks of the United States.  Bennie Bernanke and the European Central Bankers…..were not bringing that up today in Jackson Hole – not at all. 

Meanwhile, President Obama continues his Re-Allocation of funds to various communities around the country – trying to create a little inflation all along the way.  How effective that strategy is going to be….will be discoved, right about November of 2010…just in time for the next election cycle.  The harsh reality is……that the effort of the Administration may not be doing much harm in the short term.  The Cash for Clunkers deal has already gone through $3 Billion of that Stimulus Cash.  That gig is now officially over……but what will be the next Stimulus deal?   We are starting to sound like a Monty Hall Economic System:  “Mr. & Mrs. Smith……come on down!”  Joe Biden….continues his pilgrimage around the country…bringing Administration tidings of good will and renewal.

Should we discuss housing prices?  Or is that just too depressing to contemplate?  Well, the good news is:  The Real Estate Agents don’t care what you sell your property for….they are still going to get their Brokerage Fees.  The same goes for Stock Brokers, and the Wholesale Retail Trade!  The people that thought they could retire early by buying up……are in for a real reorganization of their retirement plans.  Those that continue to cling tenaciously to the old price structure…..are going to wind up in foreclosure if they are not smart.  Conservatively, reeducing their property value/pricing by 20-30% might bring them much closer to “reality”!   Especially, if your home or property is being sold for over $250,000. Remember?:   Every eighth car….is a foreclosed property!  We still aren’t talking about the Commercial Real Estate meltdown yet!  If in fact the Chinese do want to buy everything Comercial up now……they will be getting it – for pennies on the dollar.  Donald Trump –  “You are fired!”

So, to the little brain trust at the Federal Reserve Retreat in Jackson Hole…..why are there foreigners at OUR Federal  Reserve Retreat again?  Oh that’s right – we live in a Global Economy!  Yep, “it is so bad….how bad is it?” that the Government of Switzerland has sold all of its Union Bank of Switzerland stock….for about $1.53 billion bucks yesterday!  Guess they heard that two UBS Administrators are soon going to be serving time for helping US Citizens hide their investment cash…..and the fact that UBS has secondarily release the name of  4,490 US Account holder with “iffy” off-shore complicated money and bond transfers.  For those that missed the cut this time…….UBS still has about another 47,000 Account numbers that it can still negotiate with…..to get their bigwigs lesser  time in Federal Prisons.

Hopefully, they will be finding all the missing “Buried Bernie Madoff Cash”!… eventually:  if the Feds can stay at it!


About Ron & Anna Winship

Independent News Producers/Writers and Directors for Parker-Longbow Productions. Independent Programming which includes a broad variety of Political, Entertainment and Professional Personalities. Cutting Edge - a talk show...is the flagship of over 30 URL websites developed or under development. The Winships have been blogging for the Orange Juice since back when nickels had buffalos on them, and men wore onions attached to their belts, because it was the fashion back then.