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November 14, 2007 at 23:10:42 Permalink 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 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...)
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