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November 14, 2007 at 23:10:42     

Standards for the New Depression

Diary Entry by Michael Fox (about the author)

 

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A lyrical approach to the New Depression. Michael Fox gives the collapse a musical score - from the great American Songbook.

::::::::

 We all have our own way of seeing the world.

This writer needs the news to have a score.  A musical score.

A Song for the veteran:                         

Once in khaki suits, gee we looked swell

Full of that Yankee-Doodly-dum

Half a million boots went sloggin' through Hell

And I was the kid with the drum

 

Say, don't you remember, they called me "Al"

It was "Al" all the time

Why don't you remember, I'm your pal

Say buddy, can you spare a dime?

                                    Gorney/ Harburg

CBS reports  that for the last fully documented year, 2005, in a survey of 45 states, “there were at least 6,256 suicides among those who served in the armed forces. That’s 120 each and every week, in just one year… One age group stood out. Veterans aged 20 through 24, those who have served during the war on terror. They had the highest suicide rate among all veterans, estimated between two and four times higher than civilians the same age. (The suicide rate for non-veterans is 8.3 per 100,000, while the rate for veterans was found to be between 22.9 and 31.9 per 100,000.)”   Indeed.

 

And, by the way, Brother, can you spare a Prozac?  Evidently, the VA hasn’t got it in the budget.

A Song for the displaced: 

A room is still a room

Even when there's nothing there but gloom

But a room is not a house

And a house is not a home

When the two of us are far apart

And one of us has a broken heart

Now and then I call your name

And suddenly your face appears

But it's just a crazy game

And when it ends, it ends in tears

                         Bachrach/David

Realty Trac, an online tracking survey of real estate statistics, is reporting that there are, as of the end of October, 650,000 current foreclosure and preforeclosure homes in the United States.  That number is growing every week, but right now, here are a few startling facts from a few random metropolitan areas:

In the Riverside/San Bernardino area, one in 43 homes is in foreclosure. Right now.

In Las Vegas, that number right now is one of every 48.

In Miami, the statistic right now is one out of every 60.

 

There are many communities throughout the nation where the statistics are worse, but anything less than one per 1,000 is worrisome.  One per 100 is a red flag.

 

At Foreclosurepulse,  an industry site, the following understatement caught my eye:

“As foreclosures multiply in Los Angeles and Orange counties, it is too early to gauge the effect these properties will have on home values there, said Patrick Veling, president of Real Data Strategies Inc., a Brea real estate consulting firm.”

I suppose, like every realtor or mortgage broker I’ve ever known, Mr. Veling must – in order to wake up and do their jobs - keep some degree of optimism.  But I’d bet that deep inside, he’s got to know the jig’s up, wouldn’t you?

 

And some ruthless banker is showing someone the door every minute of every day, taking the keys, and cynically suggesting that you remember what’s important, after all is being with your loved ones (even if that’s under a bridge).  

Song for the foreclosed-upon: 

The way you hold your knife

The way we danced till three

The way you changed my life

No, no, they can't take that away from me

No, they can't take that away

Can't take that away

Can't take that away from me

                  (Gershwin/Gershwin) 

Lyrics provided by http://www.songlyrics.com

 

                

 

Michael Fox is a writer and economist based in Los Angeles. He has been a corporate controller, professor, and small business entrepreneur. After a life-altering accident, he spent five years learning more about medicine and the healthcare (more...)
 

The views expressed in this article are the sole responsibility of the author
and do not necessarily reflect those of this website or its editors.

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