Episode-654- A Look Back to August of 2008

So today I am on the road taking the RV up to Arkansas so there isn’t a new show but there is a rebroadcast of a show from August of 2008, I did this to expose new listeners to some of the early days.  It is also in response to a lot of recent questions about how I was able to call the 2008 crash.

The reality is the writing was clearly on the wall already. This again was in August a full month before the September fall off of the cliff.

Warning – While the introduction was recorded in the studio the majority of the episode is from the time I was doing the show in the car and BEFORE I sorted out the audio to a reasonable level.  In other words the audio quality sucks, try to focus on the content.

Tune in today to hear my thoughts in 2008 about…

  • A surplus of 5 years worth of ready to go residential lots and what that means to the economy
  • How the real estate bust is slamming into other industries like the Title Industry
  • How banks are building less new branches despite the very low cost of commercial construction right now
  • The stated and REAL reason many banks are ‘getting out of the student loan business’
  • The harsh reality every business must face when revenue and business declines
  • What the decisions of banks tell us about what’s coming next
  • Our responsibility for the clowns in government running our country today
  • The declining work ethic of the American worker
  • How everyone is actually “self employed”
  • The impact of our migration to a “service based economy”
  • Why you really need to prepare for hard times NOW
  • How we let our government officials keep their jobs with a 9% approval rating
  • Why storing food, saving money and protecting your wealth is a hell of a lot more important right now then “main battle rifle” or a “survival knife”
  • Thoughts on how Americans could use the economy as a weapon in a “bloodless by not painless revolution” (just a sneak peak more to come on this later)

Additional Resources for Today’s Show

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7 Responses to Episode-654- A Look Back to August of 2008

  1. Has it really been over 2.5 years since this episode? The time is just flying…

  2. Jack,
    Great show, and I’m really glad you upgraded your recording quality:-)
    As yesterday’s GDP numbers came out, I think that there was a lot of surprise that we had a 1.8% growth at this stage of a “recovery” where priming the pump would be an understatement because it is more like the FED is pouring gasoline on the floor. Given that the numbers are baked a few percent one way and then the other, that means that after they cooked the numbers, they got a 1.8% growth. Reality, a .5% decline is more likely. My prediction, as an amataur economist, is that they will give it one or two more quarters, and if things don’t “Improve”, then they will open the spigot again, assumming that the cure is more of the same. Which means that the bubble of the day will continue to expand, and when they still get anemic or negative growth, they will work toward killing the patient by putting us “At Ease” with QE3 or QE4. We are one hiccup away from the flu, which can turn into pnumonia and kill the economy.
    My house is on the market. Hope to downsize about 40% or more. I wish none of this were happening, but even my optimist friends are turning doom and gloom. Best case, I’ll be out of Debt. Worst case, I won’t lose my home.

  3. Holy crap you weren’t kidding about the audio. I think I came in around ep 150. Big improvement in that amount of time.

  4. great to hear an old show and look in retrospect at how you came to your assessment of the situation at the time. everything happens in front of us, but oh how we dont want to see it.

  5. I remember this episode vividly. I was very worried at the time and was thinking of moving my investments to cash. But I was unsure of my pessimism. My friends at work were making fun of my concerns, etc. This episode “pushed me over the line” and I acted. Glad I did. Glad you spoke up. Sound quality? It was clearer and with less static than main stream media in HD!

  6. @Randy:
    +1 on the sound quality. It was crystal clear to me too, and in some respects, those were the better days of TSP. I didn’t subscribe to TSP until mid 2009, but I went back to listen to the vault, and quite frankly, a lot of those types of issues need to be periodically addressed.

  7. Jack, one thing I noticed is the passion and urgency in your voice. Not sure if it was the subject or just your stress level at the time. But you seem much calmer and more low key now. Just a random thought.