Henry Paulson's Magic Act

This week Secretary Paulson did what many thought would happen and what many hoped wouldn't happen.

He changed the game.

In announcing this week that the bailout was not going to support distressed mortgage assets to stabilize the housing market, good old Hank picked up that giant crystal ball known as the American economy and shook it up. Now instead of having a bailout that our good friend Jim Cramer promised us could potentially pay us back in full, we have a quagmire that most certainly has encouraged every conceivable entity from the City of Detroit (and others) to General Motors to ask for a personal bailout. In essence our friend Mr. Paulson has taken the bailout and started moving it around under the three cups much like the carnival barker. Many had hoped for calm after the passage of the bailout. Many had hoped for stability. Nope. Now we have just about as much fear and loathing as a financial market could have. Pardon my curtness but what it in the hell were they thinking?

I have said numerous times over the last month I'd give anything for the stock market not to go up or down more than 100 points per day over an entire week. So much for that pipe dream.

In Today's New World of Real Estate stability sells. Fear and uncertainty do not. While many of us hoped that with the presidential election behind us there would be hope and a desire to move forward in our country, what we have is another step into the muck that will most certainly be with us for years to come. With the October home sales stats due out soon, we're going to get a first hand glimpse of exactly how far into the muck we've stepped.

Of course my national trade organization has smiled and sailed happily along with chief economist Lawrence Yun proclaiming this week that Indiana was primed for a quick turnaround based on housing affordability and good employement rates. This was the same clown that told us in January of '08 that things would be better by the summer of '08. Mr. Yun I'm begging you ....just stop talking. As our mothers told us often in our younger years, if you don't have something nice to say.....

Questions? Comments? Donations? Greg@GregCooper.com 317.848.GREG (4734)

Culture Anyone?

This weekend marks the 11th anniversary of the Carmel
International Arts Festival in Carmel, Indiana.

For starters, here's a hint: Get there before 10:00 a.m. on Saturday morning if you want to see the Chinese Dragon Troup in parade formation. It's a highlight.

When this festival began I remember buying a beautiful sweatshirt that had the festival's logo on it and sure enough when I wore it through Midway Airport, I got numerous questions about Clint Eastwood, Sony Bono and what other famous people did I see around town?

Sorry, that's the other Carmel. Pronounced differently with more water.

In fact, for a FREE festival that has come from nothing but a brainchild, this gathering is a great way to spend a Fall Indiana afternoon. With hundreds of
vendors exhibiting in watercolor, oil, 2D, jewelry, photography, 3D, wood, sculpture, pottery and more, it's a remarkably full art event. The Indianapolis area has Penrod which takes place on the grounds of the
Indianapolis Museum of
Art around Labor Day but for $15 to $20 a pop for admission, frankly it's gotten expensive. If you want a day of wandering booths, galleries
and stores with no pressure, great art, food and people watching, take a trip this weekend to the corner of Main Street and Rangeline in Carmel, INDIANA. While there may not be sand or famous celebrities (unless you count Sony Bono from BEECH GROVE), you will find a totally relaxing way to spend your time and possibly
diminish that credit line a bit.