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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: dealmakr who wrote (207214)6/16/2009 8:27:58 AM
From: ChanceIsRead Replies (1) of 306849
 
"but nobody was predicting the October collapse of the financial markets," said Michael Cohen, deputy analyst in the Legislative Analyst's Office.

Consider capital gains -- income from sales of stocks or other assets. In California, that income dropped to $52 billion in 2008 from $130 billion a year earlier. It is estimated to be $36 billion this year. "
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Yeah!?!?! And nobody expects the Spanish Inquisition.

From where I sit, everybody expected the October meltdown - it was a question of when, not if. Roubini was calling it for two freakin years.

How well I remember California getting wrapped around an axle back in the energy crisis. There had been a hot summer - no hydro power/drought and lots of NG consumed for air conditioning. Drilling for natural gas had virtually stopped so the supply wasn't there. Ken Lay was screaming at Grey Davis to hedge some electricity purchases by buying some futures. Grey decided to roll some bones and stay in the spot market. Oooooops. Quite the cold winter came. Who could have predicted??? I - a retail amateur - sure did. Not the California meltdown, but the NG price spike. Did quite well in the markets. I could never understand how the professional managers in California couldn't see that coming. I am real glad that none of my existence depends upon CALPERs.
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