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But ... things look so normal, Martha!
by Edgar J. Steele
October 22, 2007

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My name is Edgar J. Steele. 

So you look outside and you say that the world looks just like it did yesterday?  Take a few minutes to watch the YouTube videos linked below and then ask yourself whether looks can be deceiving.
 
This proves that the value of American housing now is down about 50% in many parts of the country ... and in just a few months, too. 
 
In my book, Defensive Racism, I pointed out that housing dropped to 10% - 25% during Depression I before the bankers really stepped in and started buying with both hands.  Depression II will be worse, I also pointed out.  Worse.  I took a lot of heat for that prediction.  Do you think it sounds quite so ludicrous today as it might have in the go-go years of 2003/2004, when I wrote it?
 
I also advised readers to buy gold when it was below $300 an ounce (now pushing $700) and silver when it was beneath $5 an ounce (now pushing $14).
 
Before this is over, the guys in these videos buying houses and condos for half their early-2007 value will be just as put off as the builders and sellers of those same condos and houses are today.  And those same builders and sellers will be saying, "I'm glad I got out when I did."
 
Central California Housing Crash:
     http://www.youtube.com/watch?v=QVFBojFJTZM 
 
Florida Housing Crash 50% Off:
     http://www.youtube.com/watch?v=10WoQZKZkNs
 
Miami, Florida Housing Crash 50% Off:
     http://www.youtube.com/watch?v=tkuW8bCjC6c
 
Housing Meltdown:
     http://www.youtube.com/watch?v=q4SHn-5d8IY
 
Mortgage Meltdown:
     http://www.youtube.com/watch?v=w-rEs_FofB4
 
US Mortgage Mess Goes Global:
     http://www.youtube.com/watch?v=mzuVG0xlq_A
 
Global Market Meltdown:
     http://www.youtube.com/watch?v=oajsYswDPQo
 
How Millions of Americans Will Lose Their Homes:
     http://www.youtube.com/watch?v=biP2JOf5euo
 
Bill Moyers Housing Market Meltdown (from June):
     Part 1 - http://www.youtube.com/watch?v=6q9dC7FQJ1U 
     Part 2 - http://www.youtube.com/watch?v=ZggRyJlD8X4
 
Many who thought I was crazy as a loon back when I wrote Defensive Racism today are grudgingly admitting that I was right on the money about every single thing I said.  What should really scare them are the yet-to-be-fulfilled predictions I made in that book that concern the near future in America.  Real estate falling even more, to 10% of its former value, all over again, is the least of it.

-ed

Copyright 2007, Edgar J. Steele

Forward as you wish.  Permission is granted to circulate both the written and audio version of this Nickel Rant among private individuals and groups, post on all Internet sites and publish in full in all not-for-profit publications.   The audio version of this Nickel Rant may also be freely used in its entirety by for-profit broadcasting entities, but is not to be included in any recorded format which then is sold to others.  The audio version may be rebroadcast, either live or archived on the Internet, either copied or linked directly to my web site, profit and nonprofit alike, so long as it is used in its entirety.  In fact, I encourage any and all radio hosts to use it freely.  Contact author for all other rights, which are reserved.

 

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