With the world ending this weekend, I thought it would be a good idea to look back in history. The year was 1977 and this is what was happening.
Sports
NBA: Portland Trail Blazers vs. Philadelphia 76ers Score: 4-2
NCAA Football: Notre Dame Record: 11-1-0
Heisman Trophy: Earl Campbell, Texas, RB points: 1,547
Stanley Cup: Montreal Canadiens vs. Boston Bruins Series: 4-0
Super Bowl XI: Oakland Raiders vs.Minnesota Vikings Score: 32-14
US Open Golf: Hubert Green Score: 278 Course: Southern Hills CC Location: Tulsa, OK
World Series: New York Yankeesvs. LA Dodgers Series: 4-2
Popular Songs
1.”You Don’t Have to Be a Star” … Marilyn McCoo
and Billy Davis Jr.
2.”You Make Me Feel Like Dancing” … Leo Sayer
3.”I Wish” … Stevie Wonder
4.”Car Wash” … Rose Royce
5.”Torn Between Two Lovers” … Mary MacGregor
6.”Blinded By the Light” … Manfred Mann’s Earth Band
7.”New Kid in Town” … Eagles
8.”Love Theme from ‘A Star is Born'” … Barbra Streisand
9.”Rich Girl” … Daryl Hall and John Oates
10.”Dancing Queen” … ABBA
Popular Movies
1. Star Wars
2. Rocky
3. Smokey and the Bandit
4. A Star Is Born
5. King Kong
6. The Deep
7. Silver Streak
8. The Enforcer
9. Close Encounters of the Third Kind
10. In Search of Noah’s Ark
Academy Awards
Best Picture: “Annie Hall”
Best Director: Woody Allen … “Annie Hall””
Best Actor: Richard Dreyfuss … “The Goodbye Girl”
Best Actress:Diane Keaton … “Annie Hall”
Grammy Awards
Record of the Year: “Hotel California” … The Eagles
Best Song: “You Light Up My Life” … Joe Brooks
Best Album: “Rumours” … Fleetwood Mac
Male Vocalist: James Taylor … “Handy Man
Female Vocalist: Barbra Streisand … “Love theme from ‘A Star Is Born’ (Evergreen)”
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Fiction: Nonfiction 1. Laverne & Shirley (ABC) |
What got me reminiscing about 1977 was the chart below. On an inflation adjusted basis, the median home price in the U.S. today is exactly the same as it was in 1977. OUCH!!!
And that isn’t even the bad news. Home prices are falling rapidly and we should be back to 1972 in no time. Even a meathead could see it.
The US real estate market continues to struggle. For some perspective, today’s top chart illustrates the US median price (adjusted for inflation) of a single-family home over the past 41 years while today’s bottom chart presents the annual percent change in home prices (also adjusted for inflation). Today’s chart illustrates that, prior to the financial crisis, the inflation-adjusted median home price rarely declined more than 5% in one year (gray shading). It is also very important to note that due to a large number of distressed properties, a high unemployment rate and stagnant wages, the inflation-adjusted median home price has declined 7.9% over the past year — an annual decline larger than any that occurred during the 35 years prior to the financial crisis.
That chart from Chart of the Day is enough to give anyone the willieworts if they think about it.
Of course, Admin has to cheat on the DOOMSIDE, because the price in 1987 (or 1982) is the same as 1978 but the fact remains that — in the best case — price appreciation of housing has been wiped out for the past 25 years. For major Doomers (like Admin!) the wipe out is 35 years..
Major paradigm shift here. It will be another 20 years and more before anyone with any brains will look at housing as an investment even though Real Soon Now, assuming no TEOTWAWKI, a class act home in a good location would be a good investment _to_live_in_ as opposed to being flipped.
Remember to be greedy when everyone else is very afraid and be very afraid when everyone else is being greedy. (an old Buffettism that is very, very true)..
MA
Damn…1977 was a good year. I was 15, and Star Wars seemed to change my life. I learned to disco, and being one of the few boys at that age who could dance (or would admit to being able to dance), I had a new found popularity with the girls.
I could go for it being 1977 again. Even if it meant wearing Angel Flight polyester pants…
Ah, the 70’s, the decade before the baby-boomers started dismantling our beloved country. The decade before the boooomers discovered debt, started getting into positions of power and authority where they could do some real damage. The 70’s, before booooomers malignant greed, sloth, pride, envy, and gluttony destroyed our country and values.
You can also thank the booooomers for the DEA, a Nixonian reaction to those long haired fat slobs flaunting their drug use. Now, thanks them, we have 2.5 million people in jail, with the highest number of arrests being for drug possession. We have more people in jail than any other country in the world, and now have the same number of people in jail as the entire population of our country when it was founded (2.5 million), all thanks to ‘dem boomers.
During the ’80s, Meathead decided getting rich was where it was at, so got a job at a Wall Street bank, where he invented a derivatives that had no underlying value, then he invented sub-prime mortgages. He convince Archie to re-finance his house 3 times with ARMs, resulting in his house being foreclosed on by the bank where Meathead works, and now Archie lives in a trailer in Florida which he rents with his social security money.
Anyone remember that awesome movie The Deep? I have no idea about the plot, but as a 14 year old boy, I still loved it for some reason.
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Gosh, I loved that movie too. I can’t for the life of me remember why.
“class act home in a good location would be a good investment _to_live_in_ as opposed to being flipped.”-Muck About
Is that a house you build with you own two itty-bitty hands while you look through telescopes on Da Goobermint payroll or can you buy it at a foreclosure?
RE
’77 seems about right.
In this marriage I have found myself magically transported back to ’83/’84. Been married six years and since I’ve figured out that my life is actually regressing, that would put me right back in ’77 anyway.
Wow, I miss my white painter’s paints with my sparkly blue disco-halter top. Well, not really, what I really miss is my young, toned bod and as-of-then-not-yet-happened major adult f* ups.
My as well kill two birds with one stone…..
Florida foreclosure capital of U.S., yeah I know I am here. Know of a deal to buy 5300 sq ft house on golf course (partially built,with land, foundation, framing , rough ins) with land, in NICE neighborhood. asking price $125K…. neighbors would adore you for taking over (been sitting for 3 years)
cost to build yourself to the same degree of completion:
$150K dirt cost (adjoining lot)
learn to be a mason…. invest 800 man hours, cost of material $25K
do the carpentry another 250 man hours cost of material $25K
not counting plumbing/electrical roughs
Soooo if you do it all yourself it will cost you 200K and approximately a half of year full time.
conclusion: you loose 75K and a half year of your life.
Please don’t mention sweat equity again for a while.
Making me relive the 70’s on the night before rapture.
You are surely the debbil Jim.
Complete with the Prison Riots! Attica! Attica!Attica!
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RE
Riot among 150 inmates breaks out at Calif. prison
Posted 26m ago |
1 | 0ShareSACRAMENTO, Calif. (AP) — Seven inmates were taken to outside hospitals after a riot at a maximum-security prison in California on Friday, including two inmates who were being treated for serious injuries, prison officials said.
By Rich Pedroncelli, AP file photo
A guard tower is seen behind the wire fence that surrounds California State Prison, Sacramento, in Folsom, Calif.
EnlargeCloseBy Rich Pedroncelli, AP file photo
A guard tower is seen behind the wire fence that surrounds California State Prison, Sacramento, in Folsom, Calif.
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The fight among about 150 inmates at an outdoor recreation yard was broken up after guards fired a warning shot and used pepper spray at California State Prison, Sacramento, about 20 miles east of the state capital.
One inmate underwent surgery for multiple stab wounds, while a second was in “stable” condition for a broken left hand and broken eye socket, California Department of Corrections and Rehabilitation spokeswoman Peggy Bengs said. The inmate with the broken bones also was repeatedly stabbed, she said.
Two more inmates were released back to prison after they were treated, while two others were being treated for relatively minor injuries, she said. She did not have the condition of the seventh inmate. Other inmates were treated at the prison for minor injuries, she said, and could be taken to outside hospitals if needed.
No guards or other staff members were hurt during the skirmish, which began about 10:30 a.m. The fight involved inmates from several different racial groups, but it is not clear why it started, said Bengs and Terry Thornton, another department spokeswoman.
“That is, of course, going to be investigated,” Thornton said.
It took about five minutes to contain the fight, Bengs said. The prison, which houses about 3,000 inmates, halted most inmate movements while the riot was investigated.
The brawl was on the B-Facility main exercise yard at the prison, which opened in 1986. It is next door to the much older Folsom State Prison. About 1,700 employees work at the California State Prison, Sacramento.
It is not our physical self that what ages us but our minds which traverse outside this mass, which I love, we call Earth and then even outside this galaxy for our thought,that voice in our head, is truly timeless and travels, like a frozen rope, faster than light.
Car Wash, the song and the movie are classics.
“Torn Up by 2 Lovers”, sounds like a porn flick.
“Blinded by Bud Light” great tune.
Silver Streak-awesome.
Archie Bunker, my man!
Charlie’s Angels, schwiiiiiiiiiiiiiiing!
While you all were trimming your sideburns and snorting lines at the local disco and dreaming of marathons in striped tube-socks in ’77….
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(Yeah baby)
I was busy balling my baby brains out when my boomer parents were doing what made them happy… not being together and playing pass the baby while they found happiness, at all costs in strange places…
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(Aw shit, this aint no party, wtf?)
All I remember from the seventies, as a Son Of Disco, is anguish and a small corner of solace watching Battlestar Galactica, Buck Rogers and The Bionic Woman on my babysitter, Mrs. BoobTube…
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(Now why do you suppose I like starry-eyed blondes who can take care of themselves?)
So take the seventies and stick ’em.
Except for Black Sabbath. Despite the moronic revalations of their turd-brained front-man, Sabbath is pretty fucking awesome…
[img]http://t0.gstatic.com/images?q=tbn:ANd9GcTmoXS4ySCUWWqEwf7UV2P50SYeFgI3v1Xecw1zvmoOLpYAyczf4g[/img]
Their B-side wonder-bomb, “Children Of The Grave” will rock until the rapture:
http://www.youtube.com/watch?v=236Lquwq22A
Revolution in their minds – the children start to march
Against the world in which they have to live
and all the hate that’s in their hearts
They’re tired of being pushed around
and told just what to do
They’ll fight the world until they’ve won
and love comes flowing through
Children of tomorrow live in the tears that fall today
Will the sun rise of tomorrow bring in peace in any way?
Must the world live in the shadow of atomic fear?
Can they win the fight for peace or will they disappear?
So you children of the world,
listen to what I say
If you want a better place to live in
spread the word today
Show the world that love is still alive
you must be brave
Or all you children of today are
Children of the Grave.
Fuck the seventies. Talk about lost decades.
henry bibby
doug collins
julius erving
george mcguiness
caldwell jones
steve mix
lloyd free
darryl dawkins
joe ‘jellybean’ bryant (ok, a better stud than player)
how the hell did this team not win an nba championship? and what the hell is the problem with jewish girls? my two big mysteries of 1977.
howard
McGuiness choked in the Finals.
Answer to both:
Coaching?
This chart really tells the story of what is to come; deflation. We are in a contracting economy where job loses are increasing. The high paying jobs held by boomers that have been in their job for years and government employees are what is now holding up the prices of goods. I believe this is going to change.
During the construction boom the prices of construction materials went up because of demand. Since the housing bust have the cost of construction materials gone down? No. Why? Mostly it is because of military spending in the wars. All those bases that were built and continue to be built cost tax payer dollars and compete with our domestic construction materials cost.
What about the cost of copper that goes into electrical wire and cable used in construction? The military use much copper in ammunition and construction. Here again the prices stay up because of military use.
What about the cost of fuel? Again the military use fuel for its vehicles and aircraft. Compitition with domestic use keeps the cost up.
As I see it, the government is at the end of its financial rope. Right now it is tapping into pension funds to keep it solvent. But this is a temporary measure. If government taps into 401K pension funds and these people do not rise up against it to stop this practice then these same people have themselves to blame. What else do they expect from a corrupt government?
Anyway, I see a massive decrease in spending coming up from government on all levels with layoffs of government employees. When this happens prices on everything is going to drop inline with this chart on housing.
The reason why someone can purchase a $50,000 vehicle in these times is because these boomer and government high paying jobs have not been adjusted yet for deflation. Even the $50,000 vehicle has a price that has not yet been adjusted for deflation. The new reality is $8 dollar an hour jobs to start and dollar stores. Those that still have high paying jobs are on borrowed time. They should consider themselves lucky and prepare for the new reality; deflation.
What is so bad about paying 10 cents for a cup of coffee, $1 for a gollon of gas, and carrying silver coins in our pocket? When deflation kicks in this is what we will have. We will even have job growth again because government will be so small it will not be able to interfere with the growth of the job market. So what is wrong with this picture?
@Howie
Here is a Jewish Girl from 1977. What is the problem?
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RE
surly: i had worse than gene shue–i was coaching myself. the following summer, i roomed with two jewish dudes from new york (this was in santa barbara). they coached me up well, but it was after the fact. answered some of the mystery, at least.
RE: that wasn’t my playing weight. until about 2007.
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admin, re mcguiness. choked, had mo lucas sitting on his head for six games. tomato, tomahto.