Thursday, September 22, 2011

Obama, 99% of Stocks, Including Cat, Continues Plunge

And if I haven't added Democrats like Barney Frank, then add him to the list of "know_nothings who think Socialism is best for the U.S." and tar and feather him and ride him out of town on an used railraod tie. Did I leave out Maxine Waters?

These news items you need to read between the lines. One is "sold existing homes". Yes, sold, but nowhere near asking price in 85% of the sales; unemployment figures are actually much higher than published and will get higher when Obama pulls the troops from foreign countries; new homes are being built mostly by those in the public sector, especially those new hires for ObamaCare enforcement and the wealthy and some wealthy, arrogant elite and inflation is here and will grow. Many fees being charged by governments and public places, have risen in lieu of taxes. (think the City of Peoria's garbage tax)

Here's onother disturbing fact; over 6 million homes are owned by people who owe more than the home is worth. Note also, the the JS quit publishing bankruptcies of any kind in the Peoria Area and the County Board has forgotten the bad loans made to FireFly, Globe Energy, RiverStation, InPlay, etc. 90% would have made it without government loans or should or would have gone broke anyway. Credit me for trying to stop some of these loans in committe but was pooh-poohed by the likes of my friend , Bill Prather, Allen Mayer and Tripp O'Conner. I was able to help stop three potential loans to people whose personal wealth was in the millions.

In reviewing my loan file for the 28 years I was in business, I received one small SBA loan that was paid and not renewed. I paid an average of 12 1/2% on borrowed money (a low of 5% and a high of 22%) while I started and sold the business. At the time of sale, neither I nor the company owed anybody any money except in the normal course of monthly business blls. My D and B rating was 3A1 on March 1. 1992, the day I sold my business, the highest rating available for a $10 million dollar company.

It seems most everybody going into business today has their hand out for taxpayer dollars or other types of financial assistance. And we wonder why almost all government bodies are in financial trouble.

Didn't King (oops) Obama lend a California Company called Solyndra $535 million of taxpayers money; our "president" thought the name was "Pandoradra". Cost to everybody concerned, inccluding unpaid vendors, roughly $1,000,000,000.00 and counting.

Note also the number of high school and college graduates who never learned to work, but expect high paying jobs. Especially for those who did study and work during their school years, and those who can't read and compose. For the ones who worked and studied but still can't find a job, I have compassion, except for those who studied Golf or Journalism.

Unfortuantely, while I saw this mess building for many years, I stuck with the market and am paying dearly. Not to worry, my wife and I owe no one.

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