The title of this article speaks for itself. It has been one heck of a crazy month for me. I have been super busy handling motorcycle accident cases, car accident cases, truck accident cases, slip and fall cases, family law matters, etc. I am getting ready for trial and doing my thing! Welcome to all of my new clients, I am never to busy for you.
Sometimes you find yourself so busy that it is very hard to come up for air, but it is nice when you do. I am sure many of you can relate to that statement.
In the past couple of months we have seen the beginnings of the economic meltdown that I predicted when I wrote multiple articles about how the high price of gas was a national emergency, and that it would destroy our economy. Now we can see that the high oil prices were not a matter of supply and demand after all, but pure speculation by commodities traders. How else can you explain that oil prices have gone way down with the markets!
On a side note concerning the mortgage crises, I always wondered how a family with an average income could afford a million dollar house. I knew that everyone could not be getting rich around me, yet houses that were basically worth $200,000 in West Hills, California were selling for $700,000-$1,000,000. Now we all know why. It was a big pyramid scheme; nothing more, nothing less.
The mortgage companies and investors were artificially driving the prices of houses much higher than they were worth, by handing mortgages to everyone and their mother without any regard to whether they could pay the mortgage off. The result being that housing prices continued to artificially be higher than they were worth. The investors figured that if someone was foreclosed on, it would be no big deal because there would be some other sucker to come along and buy a house for 300% more than what it was worth! Well the bubble is bursting. I predict we have just seen the beginning. It could be a decade before the housing market recovers.
We all learned that the problem with the housing pyramid scheme was that in the end, there were not enough new suckers coming in at the bottom, to prop up the big wigs at the top who caused this crisis to begin with. What does our nation then do, we then give a bailout to the guys at the top who caused the crises, and let the poor suckers who were the actual victims in the pyramid scheme fall like the leaves of autumn.
We have been the observers of American history as we witnessed the United States of America elect our nation’s first African American President some 360 years after African’s were first brought to this new world as slaves. No matter who you voted for in the election of 2008, you must admit that it was sure something to see. It is truly amazing that in a nation where African Americans could not vote, sit at the front of a bus, or even own property in certain parts of this nation as little as 40 years ago, can now elect an African American to be President of the United States. Yes, we have seen American history. No matter what your political persuasion, maybe the dream that our Founding Fathers strived for can now be had by all Americans.
We as American’s will be tested hard in the coming months and years, both with the economic crises and the depression that we are in. Yes, it is beyond a recession, it is a depression. I am sure we will get through these hard times eventually like we have always done. We Americans will always prevail, it is in our nature to do so.
Tens of thousands of Americans have lost their jobs in the last couple of months. Over a million have lost their jobs on the last year.
We shall overcome. In these times of crisis, we will all need to help each other out to get through it. No man is an island alone.
God Bless America.
Welcome, my name is 
Makes me wonder if Harley will be in line next for a govt handout. I mean it was all that homeowner refinancing that drove motorcycle sales through the roof. I see a lot of bikes on the market now. No doubt our fraternity will shrink in the next few years as people cut back.
Excellent article Norm. Our new President is not African American…he did have a white mother. Gasoline is now $1.95 in central Florida on the Treasure Coast. Can’t tell you how many foreclosures…..record breaking for sure. Jobs at McDonald’s can’t be had in this area. I feel strongly that the bailout of the Big 3 is “wrong”. They need to file Chapter 11 or 7….whichever one is to reorganize. I saw that Toyota pays $38.00 a hour compared to the Big 3 paying on average $78.00. The gall of the CEO’s to fly to DC in private jets to beg for taxpayers dollars!!! This is a trying time and we need to pray for our country. I dread the “Fairness Doctrine” if comes to be.
Hey, our world isn’t as backwards as I thought it would be with our first black president. Glad your back with your blogs. I really do enjoy them.
Well the automakers are in line right now. They say 10% of all our jobs flow from the automakers. I have seen others predict that bailing out the automakers would be like putting money into a black hole. The money would soon disappear with no end in sight. Out automakers really have no excuse, take a look at all of the SUV’s and gas drinking cars on the road. We did not learn our lesson from the 70’s, and we are not competitive in a so called global market. Our competition does not have to give union benefits to its workers, etc. I am not against workers getting benefits but I am against allowing our competitors to play on an uneven playing field. This is why we are losing jobs! How can we compete with Chinese sweatshops that pay a buck an hour or less with no benefits in a global economy; we can’t. If we keep it up, we will have no manufacturing left!
As far as the used motorcycle market, we will see. Gas prices are a big factor in certain people buying and riding right now. In many parts of the nation, it is not a viable option during winter. Here in California, it is.
Everything is going to shrink in the next few years. The problem is that our economy is driven by consumer spending. Unless we spend, we will continue to go downhill. That is the paradox of how our economic system works! This too shall pass.
Norm.