from Kentucky thinks things are not going as well as they seem. Joshua
I wanted to write you in regards to what I see in the economic landscape here
in Kentucky. I live in Hodgenville, KY (birthplace of Abraham Lincoln) and
work in Elizabethtown which is 40 miles south of Louisville and about 10
miles from Fort Knox.
For about 2 years, up until December of 2007, I delivered pizza for Papa
Johns here in the area and got to see many interesting sites. One feature
that always caught my attention, as it did when I lived near Frankfort and
Lexington, was all the “cookie cutter” neighborhoods that were
springing up. I wondered then who was buying these cheaply built houses 2
feet from their neighbors and why. I soon found out shortly after I started
reading your blog that it was everyone and because someone would give them
I have returned to delivering pizza as a second income to increase the speed
in which I can pay off my $9000 in debt I owe and become truly
“free”! I have noticed an ENORMOUS change in the landscape since
I am once again driving around. There are hundreds if not thousands of houses
for sale in this city.
I am amazed at the number of houses are for sale in this the worst housing
market in years if not generations. I went to one newly constructed
neighborhood (built within the last 10 years) and ONE THIRD of the houses
were up for sale and more than a couple looked empty. I do not know how many
of these are short sales and foreclosures, but Fort Knox is supposed to be
massively expanding and yet there is a glutton of housing, not to mention all
the retail space!
To top it off, I only see about half the town as another store covers the
rest, so I can only imagine the true state of housing here is much worse.
These are not “poor” neighborhoods and even the upper end for
this area have many for sale. I sold my house back in the summer of 2007 and
went back to renting because I saw this coming, and man am I glad!! Kentucky
seems to lag the rest of the country in nearly everything and this seems to
be no exception despite what our worthless politicians say (minus Rand Paul).
Thanks for your blog. I really enjoy it.
I am on the road for the third consecutive week. Tonight I am typing from a
hotel in St. Louis at a Sheraton Inn. I thought the place was reasonably
crowded, at least for a Tuesday night.
However, being the inquisitive type, I asked the restaurant manager how
things were and if things were getting any better. Based on the traffic I
saw, I expected to hear that things were getting better or at least
Instead, I was told things are deteriorating, that there are fewer customers
at both the restaurant and the bar (he was manager of both). He also said
that customers are spending less per person, and even business types staying
at the hotel are insisting on carrying their own bags so as to not have to
pay the doorman for hauling their luggage.
Finally, the restaurant manager is also a part-time manager at the riverboat
casino. He said the casino is doing just fine. High-roller traffic is way
down, however the average Joe who cannot afford to lose, is gambling his
paycheck away hoping to strike it rich.
Mish's Global Economic Trend
Thoughts on the great inflation/deflation/stagflation
debate as well as discussions on gold, silver, currencies, interest rates,
and policy decisions that affect the global markets.