CHESSNOID

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Flipping out, housing + stock market update 8-30-07 10:00 pm

Posted on Aug 30, 2007 by CHESSNOID in Uncategorized | 0 Comments

My favorite Flip your house show Flipping Out on Bravo TV is almost finished. The last episode shows Jeff basically doing well in a tough market. He actually sells two properties very quickly. The buyer was someone who already was waiting for the duplex to be finished and he buys it at $990,000. His houses sell fast and I think it has to do with the quality of workmanship his team of contractors put in it. He spends alot of money to make them look new, then he sells them for a lot more.

As far as his personality, he is still very quirky. He blows up at someone who used his computer to check his email. Somehow his bookmarks disappear and he goes ballistic like a crying baby. Then he has one of his assistants call up a computer help desk to try to recover this stuff. Really not a big deal, but he makes it like it is. He claims this will take hours of work and a waste of his time. He definitely is not appreciative of the people around him. I am surprised they are still around especially after being fired from 3 to 6 times.

I think there is one employee who is passively retaliating by bringing him his food with onions he knows Jeff will boil over. They showed 2 meals in a row where the same thing happens. I was laughing because it is funny to see Jeff get upset over nothing. He makes his employee pick the onions off because he is too lazy to do it himself. All the while, the employees talk to the camera under their breath talking smack about Jeff.

There is only one episode left on the series, but I hope Bravo makes another season with more episodes. I find it very entertaining.



The only news I read about the housing situation was that the Fed was adding another $10 billion of temporary reserves in two separate actions, after the fed funds rate opened near 5.5%, above the Fed’s 5.25% target, stoked liquidity concerns. This of course poured into the stock market and the 3 indexes were up and down throughout the day trying to gain direction. I think investors are waiting to see what Fed Bernanke will say tomorrow in some speech. He is definitely under a lot of pressure, and this is all happening on his watch after Alan Greenspan has left on a pretty much on a good note as far as the economy is concerned. Tomorrow will be interesting going into the Labor day 3 day weekend.

DOW 13,238.73 -50.56
NASDAQ 2,565.30 +2.14
S&P 500 1,457.64 -6.12

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