As down as the financial and housing markets are right now, everyone knows that the best investors make money in up AND down markets.  Hitwise Intelligence just reported that the internet search term, "houses for sale," just reached its highest volume in 2 years.

Might this indicate that real estate investors are "timing the bottom," and preparing to re-invest?  

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"You tell me your precious markets will melt down without this? Why do I care? Your stock market can go to goddamn zero on Monday, and then you can come down here with me to find out how it feels not to be able pay the bills. More than half of Americans have no stake in these markets, no savings at all; and there is a political price to be paid for extreme inequality of income."

--Mortgage broker and syndicated columnist Lou Barnes on Friday, discussing the attitude many working class Americans have about the Bush administration's proposal to borrow $700 billion to buy troubled assets from banks and financial institutions.

The Dow fell nearly 800 points today after the House rejected legislation that would have implemented the plan (see Inman News story).

It was the biggest one day point drop in Dow history -- the index fell 685 points on the first trading day after the 9-11 attacks -- but the 7 percent decline didn't equal the 20 percent plus drops seen on "Black Monday" in October 1987 or the 1929 crash.

Barry Ritholtz, of the Big Picture, has an extremely comprenhensive list of links to various sources from around the financial and journalistic world that relate to the federal bailout plan.

If you want to go to just one place to get as much informaiton as possible about the plan and its impliacations, check out Barry's bailout linkfest. 

One refreshing consequence of the financial meltdown is Hollywood and athletic celebs taking a back seat to serious debates by well-educated economists and analysts.

Our consumption culture has been led by our celebrity culture in which bling and late-night antics in Las Vegas clubs define accomplishment. Wanting to be like "them" contributed to out of control consumption and more debt. 

Now, the news is packed with smart people trying diligently to think through difficult economic and political issues to forge a positive public outcome.

That is a nice change.

"The Mortgage Leader Cruise is being rescheduled due to current market conditions. Please look for an announcement in January regarding the date, new ship and exciting enhancements!"

Even back in April, before the SHTF, this seemed a bit of a stretch...

But hey, if the bailout goes through, who's to say there won't be a "new ship and exciting enhancements?"

Prices on Connect Registration go up next week, so if you register today you'll save yourself some dough.

We've been really busy putting together a great program for Connect and we have some really exciting news to announce next week, as we're starting to line up some fantastic speakers for all of you too. 

Buying a full-conference pass means you get in the door to one of our popular pre-conference workshops; this year we're running Bloggers Connect, our Internet Marketing Bootcamp and the brand new Digital Video Summit. Make the most out of your trip to New York and snag one of these workshops and seating is limited this year, so once the room is full the doors are closed. Book now and make sure you get in. 

"Good evening. This is an extraordinary period for America's economy.

"Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration..."

A tag cloud of the full text of the President's speech.

Via Wordle.

[h/t Paul Kedrosky]

***

What's your opinion? Leave your comments below or send a letter to the editor.

Film footage courtesy The Dark Knight.

Connect NY '09 is only a few months away; and you only have until Friday to save over $300 on registration. 

We've been working hard to make sure that this Connect is the best one yet.  Feedback has been gathered from attendees, vendors, speakers, anyone willing to give it, all so that a program could be put together that you'll find both informative and rewarding.  You should learn more, network more, and go home with more takeaways than ever before.  

Of course, it never hurts to get more input, right?  Now that the conference program is taking shape, and the workshops are coming together, we'd love to have some discussion about Connect NY 2009.  Check out the Connect NY 2009 group in the Community section.  There are a few topics there, but don't be afraid to start your own--  What are you looking forward to?  What do you want to see?  What works?  What doesn't?  It's all up for discussion in the Community.  

So, tell us what you think, and don't forget to register for Connect NY 2009.  You won't want to miss it.