Radio Free Wall Street 2/28/2008

Lee Adler and Aaron Krowne talk about the latest happenings in the financial arena, with a focus on the collapse of, local, state and especially US Government finances, and why the latest housing data is worse than the media is reflecting.

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2 comments for “Radio Free Wall Street 2/28/2008

  1. don
    February 29, 2008 at 12:57 pm

    Lee,

    I want to tell you of what is developing regarding housing/commercial development where I live. I live in a forest cabin ten minutes from a town of 1,700 people, the largest town in a valley of 17,000, in far SW Oregon, 10 miles north of the California border. Residents are of low/moderate income, with many on public welfare/disability. A housing development started about a year ago with roughly 40 houses being built. 1/2 have not been sold; 1/4 are being rented, 1/4 sold. Of those sold, the owners are suing the builder for shoddy construction. The builder has lost his license to build. A number of additional lots are ready but I doubt houses will be built on them. The development also includes two buildings for assisted live. This is next to a newly built health clinic. The clinic was built with the expectation of a state grant of over $400,000. However, the city failed to meet the grant deadline, so the money is no longer available. Across the highway is another housing development. It supposedly will include some commercial development. The number of houses proposed for building is 172. Three houses are now being built. However, since the builder has lost his license, the developer says he’ll do the building. Word is that the developer from California is now in trouble financially. The highway that separates the two developments has been in the process of being expanded to accommodate the development. However, due to failure on the part of the city, county and state to get the permits in order, the highway expansion is under litigation, so the highway expansion has been halted now for two months. Two miles down the road is a very small community from which the town with the development wishes to get some of their water pumped to the city to allow for housing developments. Building got underway to pump the water but the city jumped the gun and didn’t have its ducks in order. So the people in the very small community have put a halt to their water being pump to support the housing development. The mayor says that he believes business interests have been pushing this and its got the city in a mess. Ya think?

    Just FYI, no need to reply.

  2. Lee Adler
    February 29, 2008 at 1:23 pm

    Ooofa!

    What a mess.

    There are countless stories like this, and there will be countless more.

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