Housing Meltdown: Why home prices could drop 25% more on average

Well, this is true for mere mortals like you and me, but for a government that embraces a fiat currency and a central bank that will multiply money at will, this is not a problem, and it never will be; they can get all the money the need, and all the money they want, anytime they want! Hell, they could pay off the national debt in one day if they wanted to! Hahaha!

For me, it's all about the money and how all of this spending will be accomplished by a brain-dead Federal Reserve creating the money out of thin air so that the government can borrow it, and how all of this money will drive the national debt up more and devalue the dollar even more, which makes consumer prices go up, and then I have to spend a lot more of my Valuable Mogambo Time (VMT) answering the phone and listening to my brothers and sisters and mom and dad and aunts and uncles wanting to borrow some money from me because prices are so high that they cannot afford any food, and I tell them, 'Well, sell some of your gold that I have been yelling at you to buy for years and years!' and they say that they didn't buy any, but they wish they had, and then I tell them, 'Well, similarly I am not going to give you any money, but I will wish I had! How about that, moron?'

But the worse news is that this 'military Keynesianism', which is 'a policy embraced with equal fervor by both parties in Congress', will not even work. read more

Consumers, officials seek credit card reform

Stockton, Calif., Detroit, Michigan and Riverside-San Bernardino, Calif., had the three highest foreclosure rates among the 100 biggest U.S. metro areas in the quarter.

Stockton's rate of one foreclosure filing for every 31 households, the highest of the metro areas, was a surge of more than 30 percent from the prior quarter. A total of 7,116 filings on 4,409 properties were reported in the metro area during the quarter.

In Detroit, the foreclosure rate of one filing for every 33 households ranked second and was more than double the number of filings reported in the previous quarter, RealtyTrac said. A total of 25,708 filings on 16,079 properties were reported.

Other cities in the top 10 were Fort Lauderdale, Fla.; Las Vegas, Nevada; Sacramento, Calif.; Cleveland, Ohio; Miami, Florida; Bakersfield, Calif. read more