Vinny’s Blog

I hate to spoil your day but news is of such type that I had no choice and have to take that risk. Anyway….you be the judge.This article (Below) was published back in 2007. I have only posted the headline (no extract) of the article I don’t think you need to read the whole article title itself is enough to scare even the strongest. This article has opinions of many educated and highly intelligent people on the subject.

Crisis may make 1929 look a ‘walk in the park’

 Last Updated: 11:21pm GMT 29/12/2007 << Published last year it’s dd/mm/yy date format>>

In case you do want to read this article here is the link

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/23/cccrisis123.xml

Few days later this article showed up and once again title itself is horrifying. This article has opinion from Bank of International Settlement. The BIS, widely known as the central bankers’ bank, in other words they know what they are talking about. And if the matter was not of a great concern I don’t think they would have issued such warnings.

BIS slams central banks, warns of worse crunch to come

Last Updated: 1:21am BST 01/07/2008

 http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/30/ccbis130.xml&page=1

A lot of changes have been made since then, interest rates were made lower, Central Banks provided more than sea water liquidity. None of that helped and major banks are still writing off bad loans and Bear Stearns wrote a new chapter for the history books.

Now we are almost 6 months away since that scary article (on top) has been published.

Question is - where are we now ? are we any safer than before ?

And the answer came up recently….

Central Bankers Warn of ‘Tipping Point’ - WSJ.com ·  added July 1, 2008

BASEL, Switzerland — The global economy may be close to a “tipping point” that could see it enter a slowdown so severe that it transforms the current period of rising inflation into a period of falling prices, the Bank for International Settlements said Monday.

In its annual report, the central bank for central banks said the impact of rising food and energy prices on consumers’ incomes, combined with heavy household debts and a pullback in bank lending, may lead to a slowdown in global growth that “could prove to be much greater and longer-lasting than would be required to keep inflation under control.”

“Over time, this could potentially even lead to deflation,” it said.

 Unless you’re smarter than these people who published their opinions and unless you know a thing or two more about economy I suggest you pay attention pal and pay good attention. Who knows you actually might make a smart move and save yourself from future troubles of some type. Or may be once again I am wrong because you’re untouchable you believe in American Dream, and as I know nothing can go wrong in that dream ever……..not until you wake up or woken up. Can’t say that other counties would escape they would have an  impact too. Probably significant if they are only export oriented and most of their exports are to US.

Here is link to full article…….

http://current.com/items/89064436_central_bankers_warn_of_tipping_point_wsj_com

Finally if you live in NJ…..here is additional sweetener for your American dream.

Energy Prices and Property Tax.

Let us look at your electric bill first.   by Tom Johnson/The Star-Ledger  Saturday May 31, 2008, 7:15 AM

At the same time, new electric rates take effect in New Jersey, beginning Sunday, that will increase the typical residential customer’s bill by between $11 and $18 per month.

Now let us look at your heating bill for this coming winter.

The state’s four natural gas utilities would boost rates for residential customers by as much as 22 percent, or an average of $32 a month, under plans filed Friday with the state Board of Public Utilities. The rates would take effect Oct. 1.

Public Service Electric & Gas, the state’s largest utility, is seeking an increase of 20 percent; New Jersey Natural Gas, 18 percent; Elizabethtown Gas, 22 percent and South Jersey Gas, 18 percent.

Bigger your American dream is more you’re gonna pay buddy………here is link to that article.

http://www.nj.com/news/index.ssf/2008/05/cost_of_heating_a_home_could_s.html

on top of that.

Corzine also signed bills to delay the phase-out of a utility tax that costs ratepayers $62 million in the coming year,

Here is a link for that…

http://www.nj.com/news/ledger/jersey/index.ssf?/base/news-10/1214886942327450.xml&coll=1

Any why stop here now….let us see where is your property tax going………first of all on average your property tax is highest in the nation.

New Jersey having the nation’s highest property taxes, at $6,800 per homeowner.

And if you are still now warmed up to the idea……where your dream is taking you…let me remind you budget for NJ for following year has been finalized, and this is what you’re probably going to see…..

“When people get their tax bills in August, they will see the pain that Trenton has put upon them,” said Assemblywoman Marcia Karrow, R-Hunterdon.

Democrats control the Legislature. They say they had little choice but to make tough decisions amid

And here is a link to that article as well…­­

http://www.newsday.com/news/local/wire/newjersey/ny-bc-nj-xgr–legislativepr0629jun29,0,7564411.story

But I saved the best for the last……….as you know state lottery well it’s run by that state Nj lotto is run by NJ state (or government) and look how desperate they are for money.

(June 30) — Feeling lucky today?

Then don’t buy a $20 scratch-off ticket for the New Jersey Lottery’s “$1,000,000 Explosion” game.

Your chances of winning the $1 million top prize are Z-E-R-O.

The six top prizes were awarded months ago, but the $20 tickets are still on sale. The best prize available today is $10,000.

This couldn’t get better than this……….there are other states that have done this too…and listen to this…..

About half of the 42 states that have lotteries - including Florida, New Jersey, Michigan and Tennessee - keep selling tickets after the top prizes are gone. The states say the practice is fair because lottery tickets and websites disclose the practice. Also, other prizes are available.

Get it..they keep selling lottery ticket to get your money even though someone has already claimed the prize money and if you don’t know about it. It’s your fault you should have checked their website to find that out…before you purchased the ticket.

http://news.aol.com/story/_a/scratch-off-lottery-tickets-under-fire/20080630075209990001

[These are my views and you need not agree with them...do your own research and form your own opinions ]