Did a Short Sale On Hong Kong Stock Exchange Last Wed
Was assigned down in the belly of the beast--America and just returned to canada last week.
Spent time in Oakland California, Vegas for four days and two weeks in Cleveland. First, let me tell you, if ever the doctor tells you that illness has left you with only a year to live...move to cleveland. That 2 weeks in cleveland seemed like a decade.
Houses for sale (unsold of course) by the dozens on each street in every city i visited. Never an open house.
Why? Agent told me that no one shows up to buy, they all know that auctions are immenent, so why bother? Houses are abandoned, bank branches for major banks like ":WaMu: Washington Mutual" are being closed by the hundreds, a bank in the states is really no more than a store front. The millions of bad loans and credit card debts is impacting the capital reserves.
My family here in canada is in the building and real estate rental biz, things in canada are still steady to up. The entire city of toronto (city of 3 million) may have several homes abandoned and schedualed to be torn down. Cleveland has thousands of homes on backlog for demolishing due to abandonement on the sub prime mess. Realtors there do not even try to sell homes. As one put it to me, why bother? Banks are not lending and people are not buying, maybe in a few years at half price, but not now.
I sold my stocks. Sold my gold miners. The market is headed down bad, Bush and his men are lying, america IS IN RECESSION and if the do not agree to solve problems america will go into depression.
Be careful guys, i went short and am making big money, what the news says and what is really going on is completly removed. Get out of stocks.