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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Zardoz who wrote (83516)	3/20/2002 10:50:39 AM
From: Ahda	Read Replies (2) of 116759

Hutch it appears to me we are deceiving ourselves in regards to inflation. In LA property has risen 21 percent this year. Wages have not risen in business that do not have a union representative. Wages have risen mostly by force here which means that the minimum wage laws here have forced increase on the lower scale as well as unions have on the moderate end. The increases are not in the 21 percent category and numerous companies have totally halted middle level employees raises. Somehow in this non bustling environment houses are still going up. In Japan numerous people are paying mortgage payments on houses that are overvalued by forty percent they do so as this debt is passed on to their children if they don't, so they are paying positive cash on a negative investment. This won't happen here. I lack street smarts but street smarts lack the thought process that thinks beyond survival today. The mortgage market is very lucrative but that market rests on peoples ability to pay and as Enron the loan market has to be very creative as incomes don't qualify. People are very creative, options and tech aided the boom in housing. Refinancing has solved some of the problems created by the lack of year end huge options bonus. We have however used to much creativity in accounting and I feel Enron is just an example of the accident that can happen due to the complexity of our creativity. The last property boom in California, Japans banks held a great deal of the debt. Our banks benefited by picking up loans for a fraction of the dollar value. This time around we have most of the debt, Japan does not. Now i have spurted a fountain will you kindly tell me when you feel we are in range?

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