Can everything you own be worth half?

As reported last evening almost 51% of all homes in America are now worth ½ of what the mortgage is. Have you tried taking that other major asset [your car] to a dealer for appraisal. Yes it is worth auction price or about 1/3 of retail. Now if we throw in the worth of your dollars, you are definitely poorer in all ways then you were last year at this time. Feel good?

So even the haves are reduced financially by a considerable number. You are as one car sales person said "tanked". Your friendly banker, well he is not so friendly any longer. Sales sliding, assets diminished, debt rising and low wage jobs, fuel prices soaring, no benefits and it all equals what? Well our Washington experts say everything has bottomed out and allw e can look forward to is going up. Well don’t be fooled when they talk about good. First of all we should expect such with an election off in a few months. Next they do everything they can to avoid a problem for Big Business and the haves and that will be a priority for them. As for the rest of us,w ell frankly as I have stated over and over, ask any good accounting person. Your in an acceptable category for write off's. For them that is not you.

So lets review where we are. We being the average Working Poor of America. That new expanding and emerging poor of this nations future. Yes when I say we I exclude the 85% of America that has, votes and is who in my opinion really counts in Washington’s perspective. Yes they can be seen on TV every evening and at rallies or social clubs.

In my opinion I have selected the words that best describe this economy and this nations situation for average Americans, which is fact not rhetoric, appeasement or guess work. Do these words sound familiar?

1- Outsourcing.

2- Unemployment.

3- Dead end low paying jobs.

4- Higher and higher debt.

5- Foreclosure.

6- Delinquency.

7- Bankruptcy.

8- No benefits.

9- No retirement.

Oh, too pessimistic? You prefer to be optimistic? Well if you have you certainly can always be. Tell that to someone with no electricity, no food, their home gone, etc, etc, etc. Oh sad I know, but their problem not yours, right? Yes, and I can say that in my opinion I understand well who and what you are.

So getting back on track, need I go on even while a great number of Americans still rally around this bunch, who in my opinion gave this to us. Like I say, evidently it does not impact the haves significantly enough? Perhaps because the haves can make money off of someone else’s sorrow? Its buy low sell high, heaven on earth.

Yet even with all this nations woe the percentage of have’s is high. High meaning grossing over $65,000 a year. Yes about 85% of the population. Do not forget that although not admitted by those who do have, it is demonstrated in their enthusiasm for this bunch.

The rest might ask how can they still be enthused when even their own children are impacted and certainly our nations future? Well in my opinion it is an individual thing. It is no longer for the common good. It has been supplanted by what is good for me. Profess all they want. Go to church all they want. In fact I know I can speak to "church" first hand as I am sure many can. Judging, only their works one has to stop and wonder why or how? Strange, perhaps they also approve? Perhaps it is more of the Easter Bunny?

No judge them by what they do or fail to do, the works of their hands and the fruit of their labor and if you find agreement then you are by nature of that acceptance, a bird of a feather. So be upset, profess, ignore but you are in my opinion what I have just stated, like them.

So even though you may have, know this, every thing that was a major asset is now worth about half of what it was or less. The man across the street in financial duress owes $165.000 on his dream home. He sunk a considerable number of dollars into it. The bank wants $125,000. He got an offer for $55,000. Hey there is always a helping hand, a smiling face, someone to be there for you, right?

So my friends only the haves go to Europe or outside the nation. Only the haves drive those big SUV type vehicles or live behind the gaurded fence. Only the haves, while complaining can still afford the better things in life. Yes even to throw away that stimulus. on things not needed or sock it away. yes and while claiming "we don't have".  As for the 15%, going, going, gone. Well you got what you wanted for you and yours. Just recognize everything you ever dreamed of having, obtained and financed is now worth ½ of what you owe the bank. Feel good? yes and many still owe for 30 years. Wow, don't you feel great.

Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio