That's pretty badass, but just out of curiousity, what percentage of his net worth would you say he's got invested in the foundation of his summer home? I mean is he some filthy rich guy that this is beer money to, or is he some hardcore survivalist paranoiac? And he obviously cannot let too many people in on the secret.
As far as I know, I'm the only person that knows about it aside from his wife, and I've only seen him do one of those cinder blocks, but when I say "skinny" I mean probably half an inch wide. I don't want to guess about how much he has in there, but I know he has plenty enough guns to defend it. Hardcore doesn't even begin to describe him. Sometimes you need a crazy friend or 7 just in case.
That's got to be a pretty significant operation to produce those things. You ever read any of James Howard Kunstler's post industrial society fiction? Pretty cool stuff.
Most fair minded observers have concluded that financial deregulation and the failure to address abuses in the securitization of subprime mortgages in specific were hugely significant factors in both leading to the bubble and making the end of it far more damaging. These were acts of commission and omission that primarily occurred up to the crash of 2008 with the GOP in charge, pursuing its free market, minimial governmental regulation policies.
IMO, people taking on more debt than they could handle was a more meaningful cause that preceded any regulatory need. No one forced people to overextend themselves on housing and other property. Lots of folks don't need the government to regulate their lives so as to keep them out of trouble.
Many have recognized the effect much earlier legislation, such as the CRA of 1977, led to lax lending standards. In 1995 it was decided that by 2001 at least half of Fannie and Freddie's portfolio had to be made up of loans to low income borrowers. In 2001, Bush’s first year in office, White House’s chief economist, Gregory Mankiw, warned Fannie and Freddie’s loans to unqualified borrowers and other complications at the two institutions were creating a huge risk for the entire financial system. Of course Barney Frank and other democrats blocked any attempt to address this. In 2003 The Bush admin tried to push legislation for increased regulation on Fannie and Freddie. Meanwhile Barney Frank is oblivious saying, “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” Both parties contributed, it was only by chance a Republican was in the White House when it crashed. It comes down to the fact the government pushed for low income home ownership as a way to try and lift up the low income earners but loosened up too much. No it wasn't just low income loans, many jumbo loans tanked also because the middle class started thinking they could get their million dollar homes with stated income loans and flip them before the loan escalated.
How is gold a no lose situation? In the last 4 years, the price of gold has plummeted 39.7%. Worst investment you can possibly make.
Hehe, it's not as extravagant as you'd think, but he makes it look pretty easy since he used to work for Harley Davidson fabricating custom bike parts, he's handy making molds and dies, and a wizard with a grinder. The name James Howard Kunstler is completely unknown to me, but you just gave me a new author to check out. Thanks.
Pretty much. In 100 years..you tripled your money. (What's the compound interest on 4% over 100 years?) that 400 ounce wouldn't be 1200$ it would be between 19 and 21k..at 4%
It's certainly not as fluid as credit, but it has the added benefit of not disappearing like smoke when things go bad at Wall Street.
You have to look at gold, silver as insurance not necessarily as an investment to be held long-term. Even though the price of a silver 1964 dime is about 1.50 that's still 15x the value it had. An index fund outperformed it. But if the fiat currencies become worthless, silver or gold still have intrinsic value. In the case of a complete meltdown of social order, your dollars are worthless and your silver and gold will buy you and your family bread and water. Else you can wait in ration lines and rely upon the federal govt. to supply you with necessities.
I think you've been around long enough to know that I trust the government as far as you can make it down the street at 5pm without walking into a liquor store.
