David Saks: Our Country's Not In a Recession Any Longer : America Is Facing a Seriously Tragic Depression

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Our Country's Not In a Recession Any Longer : America Is Facing a Seriously Tragic Depression


I've was up all night the eve of July 14th and couldn't sleep, as I'm sure millions of our fellow countrymen were, as well.

I believe that the U.S. stock market, in addition to international investment capital, is about to crash because of failed U.S. banks, mortgage lenders, and the threat of the collapse of the Federal National Home Loan Corporation and the Federal National Mortgage Corporation.

The government and treasury leaders are deliberately lying and refusing to admit that America is in a recession and that oil companies are looting the country (and being allowed to, at that) .

Are NAR and local real estate leaders lying about the health of the real estate community with an overabundance of false positives and phony enthusiasm ?

It was announced by the network news at 7am central time this morning that 90 banks, in addition to IndyMac, are on the failed list.

It's more than recession, it's depression.

What do you think?


Senate Leader Chris Dodd announced at 8am central time the morning of July 14, 2008 that more banks were about to fail.

David Saks

Time&Temp Memphis

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Comment balloon 27 commentsDavid Saks • July 14 2008 07:29AM


David, Yes it is a depression.  But all we have is positive.  I try not to worry.  Just be positive!

Posted by Katie Evans (Keller Williams) about 12 years ago

Its a mess for sure. I sleep fine for now but that may change. Get out of the stock market unless you want a shaky ride. Invest in RE!

Posted by Chip Jefferson (Gibbs Realty and Auction Company) about 12 years ago

Well you are a bundle of joy this morning !! Figures you got no sleep last night. I do believe most of what you say in your post. The "fool on the hill" has really messed us us. Along with the other jesters.

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) about 12 years ago

David, you woke up this morning, right, one positive thing happened. Then you were breathing, how we are up to two. We all will survive, one way or another, but you got to be thankful for the things you take for granted.

Posted by Nancy Larson (I am a licensed referral agent in NJ) about 12 years ago

Thank you, Katie. Incalculable tragedy is about to emerge because of the lingering cloud of lies.

Posted by David Saks ((retired)) about 12 years ago

It is, indeed, Laura. I'm glad to hear from you.

Posted by David Saks ((retired)) about 12 years ago

Here is what I rely on...GOD IS MY SUPPLY...GOD IS MY ECONOMY. 

Posted by Chuck Carstensen, Minnesota Real Estate Expert (RE/MAX Results) about 12 years ago

in a world of chaos. . .the bigger your vision is. .the better for you

this is the only way we can survive

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) about 12 years ago

David, two words, Vodka Martini's. At least you'll get some sleeo...

Posted by Frank & Jodi Orlando (Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale) about 12 years ago

We're going to suffer as an industry, and as a nation, today, Charlie. It's very bad news.

Posted by David Saks ((retired)) about 12 years ago

I've always believed that success is waking up and getting your butt out of bed in the morning, Nancy. :-)

Posted by David Saks ((retired)) about 12 years ago

Yes He is, Chuck.

Posted by David Saks ((retired)) about 12 years ago

Good thoughts, Fernando. However, astigmatism rules today's economy.

Posted by David Saks ((retired)) about 12 years ago

The martini's are that silky stuff to drink all day until one's memory floats away, along with their assets. Thanks, Get Us a Home, it's the thought that counts.

Posted by David Saks ((retired)) about 12 years ago


Senate Leader Chris Dodd just announced at 8am central time this morning that more banks are about to fail.

Posted by David Saks ((retired)) about 12 years ago

David- Well you are a bundle of joy this morning !!  I loved this from Chuck.....it's not that what you're saying might not be true....but I like to start my week off the best I can with what I have to work with....and this....well I love Chucks saying :) :)

Try to get some sleep before posting tomorrow :)

Posted by Kathy McGraw, Riverside County CA Real Estate (CELLing Realty) about 12 years ago

Kathy, by remaining vigilant I am, indeed, a bundle of joy because I know what to avoid, and how to avoid it, unlike so many others that are losing their life savings. With that in mind, however, I feel a tragic sense of desperation for much of America. I burned the mortgage on my home while I was still going out with cheerleaders. The only real expenses that i have this day are my property taxes, utilities, groceries, an occasional night out on the town and the phone bill. With these things in mind, I do sleep very, very well.

However, it's not just the hideous thought that millions of distressed homeowners were robbed that keeps me awake.

It also not the thought of the extreme greed and cupidity that's been plaguing our industry for 10 years now. That scenario's been exposed.

It's not just the thought that hundreds of thousands of our friends were injured and are about to be injured because of the rapaciousness perpertrated on unsophisticated borrowers and the escalation of corporate fraud.

It's the thought that so much trust, which so many worked so hard for, is gone.

The nation isn't being exposed to a plethora, an extreme excess of unhealthy propaganda, as NAR and local boards profess.

It's the state of the world as it really is rather than as they might want it to be.

Think of a government lacking in inegrity or a corrupt bank as a super computer that your playing a game against called "Destroy the Economy", that the computer wants you to lose, has all of your opening moves programmed and takes you out of the game one move at a time because it can predict what your about to do next. It even gets stronger with each defensive move that you calculate and attacks you more fiercely with each attempt to deter aggression.. The challenger absolutely cannot, will not win.

Don't lose any sleep over it. I'll stay up for you and try to figure out the next move.


Posted by David Saks ((retired)) about 12 years ago

David, you've scared me immensely.  What do we do at this point?  What is your recommendation?


Posted by Barbara S. Duncan, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) about 12 years ago

The market and the economy has it's cycles, I believe we are at the bottom, for how long I don't know, but it has to get better eventually....it always does.  Be positive.

Roxanne Schilling, Realtor at Lake Tulloch

Posted by Roxanne Schilling (Coldwell Banker Lake Tulloch) about 12 years ago

Turn off the TV, Barbara, and keep a close watch on your investments and the bank you do business with.

Posted by David Saks ((retired)) about 12 years ago

Roxanne, if I we're a physician and not a broker and you came to me for a diagnosis and I said, "Roxanne, your the picture of great health", even though I knew full well that your body was ravaged with tuberculosis or some other terminal disease, and you only had a few days left to live, would you want me to smile and say "everything is going to be alright" or tell you the truth so you could get your affairs in order?

There will always be a segment of the American population that will neither be affected by an economy in turmoil. a recession or a depression.

The JP Morgans, the Vanderbilts, the Chase family, the Hiltons, the Rockefellers. It didn't dent their treasury. To the contrary, they began capitalizing on opportunities to purchase failed banks at bargain prices, the same way investors are pouncing on WaMu, the same way Bank of America bought Countrywide, the same way Chase got Bear Stearns.

Tragically, some that fit this sphere of affluence wear their fortune on their chests and shove it in the face of the working class . These people are positive because they can afford to be.

It's time to face the music

Posted by David Saks ((retired)) about 12 years ago

David......who would live a better life?  the fellow that knows he is going to die or the one that doesn't?  There, of course if positive and negatives to both.  I tell people what I believe is to be the truth.  It is definitely a buyer's market, the market has opened up for a lot of people who would have never been able to purchase because the market had gotten so crazy.  I think what has happened, (maybe not all of it) needed to happen to get us back to reality.

Roxanne Schilling, Realtor at Lake Tulloch

Posted by Roxanne Schilling (Coldwell Banker Lake Tulloch) about 12 years ago

Roxanne, the prognosis of bad news would have more strength in prompting one to get a second medical opinion before they died. If the doctor lied about the state of one's health one might just sleep on the good news and might not wake up, all the while believing that everything's coming up roses, just not that they're going to be the ones pushing them to the surface.

Posted by David Saks ((retired)) about 12 years ago

I still think there are a lot of people who would rather just go to sleep happy than to go through all of the tests, etc. and live a few more years in a lot of pain and suffering.  But I think we have gotten off track here.

Roxanne Schilling, Realtor at Lake Tulloch

Posted by Roxanne Schilling (Coldwell Banker Lake Tulloch) about 12 years ago

America needs vitality and new leadership, Roxanne. Most have lost trust in the banks, mortgage lenders and the government.

Posted by David Saks ((retired)) about 12 years ago

Grandma said don't believe everything you read and half of what you see. Try to relax my friend.

"Life is the sculptor and adversity the chisel that creates the masterpiece which is your character."

                                                                                                           J. Scott Patterson

Posted by Scott Patterson, Scott Patterson (Better Homes & Gardens Real Estate/Executive Partners ) about 12 years ago

Scott, Grandma also said, "There's no fool like an old fool".

"It doesn't matter if your home is filled with Chippendale, Hepplewhite or early twentieth century Salvation Army; the important thing is that your comfortable with your stuff and what you are, whether or not I'd throw it, and you, out on the curb. Your birth can be either an 85 year long terminal illness or a party. It's your choice, although the environment and your grandmother might influence you during the journey".

-David Saks-


Posted by David Saks ((retired)) about 12 years ago

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