Wednesday, July 16, 2008

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George Soros: World Economy's Not Normal Bubble but Super-Bubble: We're in for financial destruction and a breakdown of world order

Today, let's turn our attention away from the seemingly unbeatable domestic economy and take a look at the bigger picture: The World Economy

Today, we heard President George Bush gave another of his rhetorical speech on how great the US economy is doing.

"I'm not an economist... But I do believe that we're growing,'' Bush said at a White House press conference this morning, asked when the economy might turn around. "I'm an optimist.''... "The bottom line is this - we're going through a tough time,'' the president said. "We can have confidence in the long-term strength of this economy... I believe we'll come out stronger than ever before. ''

Today, Bernanke gave his testimony in front of the Senate Banking, Housing and Urban Affairs Committee on how good the economy is 'NOT' doing:

"The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labour market, and rising prices of oil, food, and some other commodities."

Here's the response from a citizen World Economy Prove Bush Wrong:
"But there was a more pressing matter that occur today, which might have a lasting effect on the economy. One that can make the growing recession to last longer than expected. An irreversible downward spiral in the Stock Market effecting the world economy. The Dow Jones Industrial Average closed down more than 90 points, falling below 11,000 for the first time since July 21, 2006. By itself, it may not leave a lasting impression, but with the 'economy continuing to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food and some other commodities,' the effects could last longer. Leaving this generation to deal with something far worse than a recession. Add to that the 'ever-ending-U.S.A.-shrinking-dollar' that sank to a new low against the Euro."

May I quote George Soros:
"It is an idle dream to think that you could have this kind of crisis without the real economy being affected. We're in a recession that is slow in coming but the slower it comes, the more powerful it is. "

May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
When to Buy, When Not to by
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life
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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

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