A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
Who is the MOST screwed:HomebuildersRealtorsMortgage BrokersHedge FundsAppraisersHome Depot ClerksChinaBankersMexicansHomedebtorsStucco manufacturersPottery BarnAmericaOther _______
Other - Greg Swann!
That is not a screw but a bolt.As for the list, all of the above and Ben Bernanke, GW Bush, add Lowes clerks, walmart, and car salesmaen who have been relying on heloc borrowers to buy their overpriced SUVs.
gee keith you assume everyone who bought a house or works in that industry is screwed and has no money- man thats a little too wide a net dont you think- id bet that the average situation of homeowners etc (avg. not the people who overbought in las vegs or wherever) is generally better then renters, the statistics show thismaybe some overzealous greedy az investors got what they deserved, but dont lump every homeowner banker or appraiser in this category i would think
Whoever lives within the reach of the derivatives market. When that sucker goes the financial system goes with it.
I would vote for Realtors. In my part of the world, a big number have opted for leased luxiry cars, flashy clothes & jewelry and a fair number of them have never had to be anything other than an order taker.Without marketing skills, cash reserves or experience they're my candidate for most screwed.
All of the above
I'd say the so called middle class (Marx's working class) the hard working, God fearing, salt of the earth types - you know ... morons!
Home debtors who actually dreamt of ... equity. As in they bought early enough in the bubble or put down 20% ... they cant run if their 400K POS drops to 300K and they cant sit and take it either, they just lost a 100K.The ones who bought the POS for 400K, owe 450K on it, and its now 300K will not walk, they'd run. Cool.Cow_tipping.
The people who are effed are the ones who play by the rules. If you are young and want to get ahead, steal and lie like a big dog. It's the only way. The crooks are sticking it to the honest folks in so many different ways that they are running out of orifices. Go for it. Cheney does it, Bushies do it, Wall Street does it, Flippers and straw buyers do it, so should you!
Greg Swann, the other white meat. Bwahaha!!
Mexicans because they are one-half of the construction workers, and 75% in Cal. And the American people who bought houses in the last 2 years, especially with ARM and interest only loans!
Sooner or later we all are to varying degrees & depending upon our situation. Builders, realtors, over-extended owners now. Ultimately taxpayers when its all said & done. Everybody else in b/t and some twice.
Homebuilders: made their money now disolving companies to limit liabilityRealtors: See aboveMortgage Brokers: See aboveHedge Funds: A fund isn't a person. Fund owners? Pretty close.Appraisers: Sacrificial lamb if possible.Home Depot Clerks: Working poor has zero risk anyway.China: They are pretty deepBankers: Wrote off everthing already and cashed nice bonuses. See Lamb, Sacrificial above.Mexicans: Also Working poor. honestly how much worse could it get.Homedebtors: Soon to be former home debtors and flim flam artists.Stucco manufacturers: meh.Pottery Barn: How will we know its gone?America: Middle income tax payers that don't own a home will get screwed hardest through tight lending standards, bad stagflation, and other Democrat inspired bailouts. Otherwise not much happens.Other _______
I agree with the others. It's the folks who have to work for a living who will feel the pinch. I think the big question is how bad will it get? If it turns out to be some recession, some stagflation, I can weather that. If it turns out to be global great depression, that could get a little dicey.
Other - Those who don't read blogs.Apparantly, real estate may be in big trouble because blogs are now the new source of real estate news.http://www.blogger.com/comment.g?blogID=18675105&postID=116482803225739216
Metroplexual:Seeing that it is a bolt doesn't mean its going to feel any better when it gets inserted.
Who is the most screwed?? Those that make the most stupid decisions... like always.
The middle class Americans are most screwed.The rich will do fine in an imploding economy. They can buy up or sell off the national assets and make a profit.The poor have learned how to survive on the margins of society, and will do better than before. The fat, self-centered middle class will suffer, and the middle class, middle management white male will suffer most of all. His pre-eminence in the world will be shown to be a fraud, and the blow to his self esteem will probably lead to elevated suicide rates.
hard assets, Mexicans can always go back to Mexico, and hopefully they do.Mexico needs a proper Bolivarian Revolution to kick out the creole elite, and put the common man in charge.Please build that wall, America. The Mexican elite needs to understand that it's future is not north with the USA, but South with the Bolivarian states such as Venezuela, Ecuador, Bolivia, Nicaragua, and the leaning towards Bolivarian states like Brazil.Please send all the Mexican poor back to Mexico so the Bolivarian takeover can be completed... and those light skinned creole spaniard scum can be kicked out and sent back to Europe!
get a screw you bolt-head!!!
Technical nit pick. The picture -can- be a screw. The definition of a screw is when you turn the head to install. Who's screwed? • Larry Kudlow and Jim Cramer fer sure. • Greg Swann and the NAR most definitely. • Housing "investors" meaning those who based their decisions on factors beyond wealth presevation and housing needs. • Those who didn't save for retirement because of percieved home equity. • The Dems who will rearrange the deck chairs and take the blame.• The big cities who rely upon subsidies to remain competitive. • The inner ring suburbs who suffer from second tier desireability in a market glut. • Mexico as multibillion dollar annual repatriation slows to a tricke and that trickle is denominated in toilet paper. • 40somethings. Too old to start over, too young to have gotten vested. • Angry blogger who will have been proven correct, soot their load and flounder looking for the next stormclouds.
I posted a bolt again just to drive you home depot junkies nuts!he he he he
Robert Coté said...Angry blogger who will have been proven correct, soot their load and flounder looking for the next stormclouds.--------------I know you are not supposed to predict the bottom of a Manic Movement, but, just for fun, Robert, when will HP meet the floor? Will it be a long gradual decline, or like that (snap fingers)?What do you think will happen to HPers? What will be the next Y2K be to save Keith?hehehehehe
I believe that the folks here reading and looking at the overall landscape for housing and the economy are in the minority. This is a part of an article about the considerations many potential house buyers have when deciding about when and where to buy:When asked to rate the importance of several factors that might affect their decision to buy or not to buy a home, survey respondents put the home's price at the top of the list, with 80% citing its significance.That was followed by: the potential for the new home to appreciate in value, 71%; the prospect of selling their current home at a fair price, 70%; the level of mortgage interest rates, 69%; and personal life changes, such as a new job or an addition to the family, 60%. On a list of eight items, news stories on real estate market conditions ranked second from the bottom, with 28% saying that it was an important factor behind their decision to buy.When further asked about the influence of the news media on their decisions of when to buy a home, only 19% of the respondents said it played an important role; 23% indicated that it had some importance on their decision; and 7% said it played a minor role. A full 48% said it had no influence whatsoever.
Keith,Bolt you! LOL! It just does not have the same poetry.
ARM"ageddon resetting of over 1 Trillion dollars maybe 2 trillion pending those who refied..those are the one who will be in a lot of pain come the new calander year...with values cratering...i see no outs for these people. I told my borther inlaw just last week, " Guy I said, you see rates they are down get the "F" out of that IO-A.He says..ya I am going to wait for the first of the year...I'm like do it now I am telling you, your place is going to crash in equity..not that he has non..not to be a dick...but the place is not worth $332,000..appraisal fraud at its finest I am telling you. I figured it out $332,000 @ 6.4% to be taxes and insurance, $2100, first ajustment.. 6.4 plus 5.75 basis points plus whatever the Libor rate is..12% +- $2900 big jump and that is only the first 6 months wait till the next...i told him to contact his lender and see what he can work out...2 weeks later he still has not.
Well, i would say realtors...but I don't care about them so, anyone who bought in the last year or has an ARM about to readust!
America as a whole is the most screwed by far. Nice pic by the way flying monkey, a woman passed out in a drunken slumber, I can't think of a better representation of America today.
Don't forget porn stars!
bork:you've got to love your brother-in-law.lol.
bork:you've got to love your brother-in-law.lol.---------I do we hang out every weekend, family friends our own circle you know...and I try, I try, I try..to no Avail. He has a good job great income, not drinking the Koolaide...he just is a stubborn bastard.. wait till he sees that Sept.07 mortgage statement. :(
Can you friggin belive the dollar is down 60 today so far...82.75 zzzzz!!
bork:i can relate to that. my brother-in-law is also in the same predicament as with yours. i have do it in a subtle way since he is sensitive and takes it personally. i think what will help is to show them those jaw dropping charts & graphs of the housing bubble.
The American middle class.
Anonymous said... gee keith you assume everyone who bought a house or works in that industry is screwed and has no money- man thats a little too wide a net dont you think- id bet that the average situation of homeowners etc (avg. not the people who overbought in las vegs or wherever) is generally better then renters, the statistics show thisSure if you bought pre-2002, I'll say. And aslong as you didn't refi it in 2005 for a used Corvette.....
Hard assets said... Mexicans because they are one-half of the construction workers, and 75% in Cal. And the American people who bought houses in the last 2 years, especially with ARM and interest only loans! Wednesday, November 29, 2006 9:14:42 PM -------------------What happens when all the Mexican nationals loose their jobs and can't or won't flee back to Durango or wherever? Will they be jealous of all the lazy black welfare surfers? Wil they demand LINK cards and Set 8, and SSI?
Well that has to be the biggest copy and paste job we have ever seen here on HP. Congratz Anonymous you take home the covenant Copy and Paste Turkey Award...Speech!! Speech!!
Any home market that is capable of locking people out is not a healthy one. "Buy now or you'll rent forever" is not a ringing endorsement of our economic system nor a harbinger of good things to come.
This new platform Sucks!!!!
That's a bolt Keith.
"that's a bolt keith."maybe they call it a screw in UK.lol!
It's got to be Realtwhores. Once this pig has fully collapsed, all of the Realtwhores and their henchmen (David Liar-eah, etc.) will get exactly what they deserve: a completely discredited and destroyed RE marketing and sales system that will virtually guarantee the dissolution of the NAR and the end of the entire Real Estate Broker/Agent system. Realtwhores (and appraisers and mortgage brokers for that matter) will go the way of travel agents, stockbrokers, and insurance salesman: basically replaced by the internet. Anything that honest Realtors used to bring into the sales transaction will now be viewed with much skepticism and most people won't even consider it a real profession after this. I'm surprised that the NAR doesn't realize this and fire David Liar-eah now and set him up as the stupid fall-guy.
The crashing dollar....http://tinyurl.com/y5xscqConsequence #2 A New Surge in EnergyA barrel of crude oil — and virtually every other major source of energy — is measured in U.S. dollars. So if the value of each dollar declines, the number of dollars per barrel must go up accordingly. For example ...Approximately one year ago the U.S. Dollar Index was at 92, while crude oil was in the high $50s. Today, the U.S. Dollar Index is at 83.66, down 9% in value, but crude oil is trading near the same levels as one year ago. Even assuming no increased oil demand ...Even assuming no new threats to oil supplies ...That means the price of crude oil needs to quickly adjust upward by about 9% just to compensate for the dollar’s decline. And, as I just explained, that dollar decline has barely begun.
whAT's up with the monster posts?
Richard,Some A-hole Realtwhore spammer trying to make the posts basically unreadable and hard to follow. It's probably that guy in Phoenix that hates Keith. What a loser...
If s/he is like the other trolls - they will loose interest and leave...just like clock work -
Richard,Keith ignored his own advice about ignoring trolls, and picked a fight with this Phoenix realtor and his minions.Looks like they are competing to find out who is the biggest jerk...
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