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October 30th, 2008 8:11 AM by David W. Welch
Apparently, someone forgot to tell Dwight Howard of the Orlando Magic that the economy is shaky, and that Orlando real estate is a questionable investment. He just paid a record $8 million for a new home in Longwood. You can read all about it in the Orlando Sentinel. There is even a short video showing off the home. By the way the Magic lost their first game last night. If only real estate agents made that kind of money without closing the deal.
On to banking. The Treasury has pumped billions into the banking industry, and the Fed has dropped the Fed funds rate by a point in the last three weeks to 1%. In a nutshell, money is cheap and there is plenty of it, so banks should start lending. Wake up guys, if you don't lend you can't make any money. The White House actually had to tell banks to start lending money. The faster they get out of cost cutting slash mode and back into profit mode, the faster we will get things back on track. Otherwise we just have a lot of cheap dollars laying around in vaults.
It reminds me of the guy that drowned in the flood. The flood waters started to rise, and the police came to his house and told him to leave. He said, he would stay and pray for God to save him. The flood got to his house, and a rescue crew arrived in a boat. He said, he would stay and pray for God to save him. The waters rose to the roof, and a helicopter came to rescue him. He said, he would stay and pray for God to save him. He drowned, and when he got to heaven he went to God and asked why? God looked at him and said "I sent the police, the boat and the helicopter." Banks, the helicopter is waiting.
www.DavidWelch.com, Orlando Real Estate Blog