Word: markets
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Dates: during 2000-2009
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...fact the rich are now losing their homes is a signal that the real estate market has further to fall and that the projections for receipts to the IRS from individual taxpayers used to create the assumptions for the budget are wrong...
...working on forecasts about the activity of home sales and home prices has any illusions about the severe problems at the low and middle segments of the market. Real wages are not rising and unemployment may reach 10% this year. Most of the people out of work will be those who earned between $25,000 and $75,000 a year, not the rich. Most homeowners are just that - regular middle class workers. People living on relatively fixed incomes usually do not have the resources to cover their daily expenses for a long time if they lose their jobs or suffer...
...foreclosure data shows that many high-end homeowners are running out of resources for keeping their homes. That means the portion of the home market with the most expensive houses is beginning to collapse. If it follows the pattern of the rest of the sector, prices will correct downward quickly and brutally. The housing crisis will have moved to upper tier property which will push down overall home prices even more. Banks will take back more foreclosed houses. Those that they seize this time will just be larger and more opulent...
...consequences of these problems at the top of the housing market cannot be underestimated. Congress and the Administration have decided to push more of the tax burden to the high end of the income brackets. Whether this is morally or economically defensible won't matter much if the total tax dollars that comes from people making over $250,000 a year is well below budget. Even if the federal government has a perfect track record of holding to its expense plan for the next two years, IRS receipts could be off by tens of billions of dollars. (See pictures...
Gordon arrived on Wall Street in time for the 1929 stock market crash. After leaving his first job at Goldman Sachs, Gordon purchased the stock brokerage firm Kidder, Peabody & Co in 1931 and led the firm through the Great Depression...