The freefalling buck, where will it land?

[slamlander]

Against the Swiss Franc, the US Dollar is now down to 83.4 centimes and dropping fast. This follows closely on news of the double-dip in the housing market and it is a not an inconsequential corollary.
The reason that it is called Real Estate is because land is the only real value. Given a sufficient a amount, you don’t need anything else because

Comments

[slamlander]

Bummer. The only good negotiating position on these things is to be completely paid up and having your lawyer threaten them with a bankruptcy if they don't change the loan value. Even that isn't that strong of a position because it isn't a legally bound one. Their counter would simply be to accept the losses and move on, unless there were a host of others in the same boat. That bit takes a certain amount of drive and political will, in the getting folks together in a unified front sense. It isn't easy. In fact, damned near impossible for most folks.

I'm begining to think that the TARP was a very bad idea and I was all for it at the time. I never considered the banks double-dipping the mortgage market this way. We should have let the bastards fail. I don't think it would have hurt much worse. Now, the banks get the TARP indemnity and still get to squeeze the homeowner for the balance of an unrealistic mortgage. That's double-dipping or getting paid twice for the same loan.

I wish both of you the best.

On a side note: I may have a friend opening up an office for a Swiss medical devices firm, in Cleveland. It is being negotiated now. He's a sales schmuck.