Something To Be Thankful For After All
I’ll admit that there doesn’t seem to be much out there to be thankful for. It’s difficult to ignore the latest round of economic news come just in time for the holidays.
- Jobless claims are indicative of us being in a recession
- Consumer spending fell again
- Home sales fell to almost an 18-year low.
Ouch!
Yeah, it’s bleak, but we can still be grateful all the same. For one, I read a report that said stocks might start going up again - instead of this constant up and down movement that demands at least a tums or two - within the second quarter of ‘09.
Yes, that’s anywhere from 5 to 7 months away, but have you noticed that it’s already the end of 2008? I don’t know about you, but I don’t know where the days went. To me - and countless others I’ve discussed this topic with - this year has been the epitome of the saying “time flies.”
So really, springtime isn’t that far away.
Crazy But True
And, here’s some positive news that’s flat-out shocking: The bailout bill might actually be working!
I know. I know. It’s difficult to believe. But so far, their latest change to the game plan looks like its working. One of the goals of the Trash Asset Removal Plan was to reduce mortgage rates with the government buying up mortgage-backed securities and Fannie and Freddie debt.
For all intents and purposes, it began working immediately, with yesterday marking the biggest mortgage refinancing activity in an entire year. If that can just hold up, we might start seeing foreclosure rates decline as homeowners will have a better chance of getting out of difficult adjustable rate mortgages gone bad.
So see? You can still enjoy your turkey, stuffing, mashed potatoes and pumpkin pie with a lighter heart… though maybe not as light a stomach. Because - even without all of those scrumptious dishes - there’s still stuff to be thankful for.
Oh, and a little something else: Mt. Vernon Research experts think we’re nearing a bottom. If you want in on the action and profits to come, Just Click Here. It’s completely free to read and only $49.50 to subscribe to. Forget Black Friday shopping… Now that’s a bargain.
Wednesday, November 26, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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