Someone get my gun...
Oh, wait, I don't have a gun.
Well, someone get a pie...
December 29, 2006
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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.
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25 comments:
The U.S. housing bust is worse than people expected. But Bob Nardelli has a plan for survival.
A housing collapse is under way, and that means terrible things for the economy in 2007. Or does it? To assess the damage we dropped in on the Home Depot (nyse: HD - news - people ), the retailer that gets a large chunk of its $90 billion sales (2006 estimate) from the building or remodeling of houses. A canary in the coal mine. Conclusion: This canary is a little short of breath but will survive.
Chief Executive Robert Nardelli says that a year ago Home Depot envisioned a housing decline of 5% to 7%. Would that it were so. Construction of new homes in October was 28% below the year-earlier figure. Mortgage financing giant Freddie Mac (nyse: FRE - news - people ) says proceeds from cash-out refinancings are set to drop 40% this spring compared with the volume last spring. That's bad news for people selling houses and also bad news for people selling hi-def televisions.
"We haven't seen the worst of it yet," says Nardelli from his Atlanta headquarters. "Seventy-five thousand construction jobs are gone. We see these guys in our stores, competing with [established] contractors."
ITulip.com has some good stuff o' record on Jim Cramer's past calls.
then go get a gun ya spineless wanker!
C,mon give Cramer a break, he's funny and his stock picks are way better than Keiths.
He's calling the end of the housing bust and telling people to buy home depot. One year from now he'll do a mea culpa on that one!
C'mon, what about his brother, Larry Kudlow?
Final Score - Gold Vs. Dow
Here are the two "final scores" that we find most interesting as the last day of investing for 2006 passed Friday:
Gold $516.60 to $636.00: 23.1%
Dow: 10,717.50 to 12,463.15: 16.3%
GOT GOLD?
GLD and SLV will outperform the DOW by 15% in 2007.
Cramer says the end of housing downturn is imminent.
Keith says a 50% crash in housing is still coming
Who should I rely on? Let's see he history of the two.
Cramer:
- magna cum laude from Harvard
- trader at Goldman Sachs
- managed his own hedge fund with
24% average return after fees
- co-founded thestreet.com
- is worth $100 million
-
Keith:
- sold a house in Phoenix
- rents an apt in London
Hmmmmm......
Cramer:
- magna cum laude from Harvard
- trader at Goldman Sachs
- managed his own hedge fund with
24% average return after fees
- co-founded thestreet.com
- is worth $100 million
===================================
With the accent on "cum". Yes Keith is right, not Jim Cramer. Cramers a spokesman, so what do you expect.
No doubt when Cramer was managing his own fund he'd be way more careful than on his TV show.
He is completely cynical about the game---on the web-only interview he discussed all sorts of little hedge fund tricks to paint the tape in order to get good numbers before the quarter.
He knows very well that his actual job on CNBC is to get ratings, which gets money. He isn't responsible for actually making money for any viewer.
Keith sold a house in Phoenix and runs a blog.
Cramer worked at GS and ran his own hedge fund.
You are right, Keith is to be listened too above all.
ohhhh wait a minute. What was Keith's prediction for equities in '06? Keith? Keeeiithhh?
No answer, OK I'll tell you. He predicted a crash in 2006.
Keith sold a house in Phoenix and runs a blog.
Cramer worked at GS and ran his own hedge fund.
You are right, Keith is to be listened too above all.
ohhhh wait a minute. What was Keith's prediction for equities in '06? Keith? Keeeiithhh?
No answer, OK I'll tell you. He predicted a crash in 2006.
=================================
Keith is right in the sense that the Dow(n) Jones will collapse. It doesnt matter if Dow is inflated to 20,000. The real issue is that it is self doomed. This crash has been ongoing for years. And what isnt in question is that the real productive economy has collapsed. The rest is just meaningless symbols and numbers.
I'd put all my trust in the Wall Street guy. After all, Wall Street exists to help the average American obtain wealth.
No. Keith predicted 2006 would see a crash. Keith was wrong.
Real economy has collapsed? How? Who? What? When? Jezuz you are insane.
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Keith is right in the sense that the Dow(n) Jones will collapse. It doesnt matter if Dow is inflated to 20,000. The real issue is that it is self doomed. This crash has been ongoing for years. And what isnt in question is that the real productive economy has collapsed. The rest is just meaningless symbols and numbers.
Has anyone ever met Keith? I have a feeling he's a 17 year old running this thing from his momma's rec room.
Does it matter how old he is or where he runs it from? He is correct that housing in many parts of the country is overpriced and due to fall. When less than 14% of the potential buyers in California can afford to purchase a home using a traditional 30-year fxed rate mortgage, then something is seriously wrong.
i predict 2007 is the year that keith will leave us... he is too anxious to party with saddam & his 72 virgin girls...
No. Keith predicted 2006 would see a crash. Keith was wrong.
Real economy has collapsed? How? Who? What? When? Jezuz you are insane.
=================================
You mean we still produce physical goods? Please name something that this country produces, exclusive of porn, entertainment, paper stock, stupdity etc.
40 years ago we were a producer nation. That was out indentity.
"That was out indentity."
40 years ago we could also spell a little better.
Oh no!!! Our $6 an hour "produce things" textile jobs are gone!!
And they've been replaced by $40 an hour "service jobs that don't produce anything" like entertainment, legal, financial, technical, biomedical.
Yeah what a fucking shame!!
No you're right. His idiocy is the same whether he's 17 or 47. When less than 14% of the blah blah blah can do blah bah blah....ok statistics boy whatever you say.
California is a unqiue beast. People are willing to pay a premium to live there. Companies are willing to pay a premium in salaries to be there too That is why google is in California and not in Kansas. It's also why google employees are willing to pay $600,000 for a home that they could buy for $80,000 in Kansas. They all feed off one another. If google employee Joe Shmoe decides to go to Kansas there are 10 others willing to take his place.
That is also why people are willing to pay $2000 a month rent to live in a shitbox NY studio apartment. They are paying a premium to live in New York City. It is also why Goldman Sachs is there and not in Boise.
You can't analyze NY or Cali in the "traditional" way since these places are nothing close to traditional. And if you look outside these two areas and maybe a few othrs like Boston and WashDC which is are also unique, you'll see the vast, vast majority of real estate is not overpriced.
-----------------------------------
Does it matter how old he is or where he runs it from? He is correct that housing in many parts of the country is overpriced and due to fall. When less than 14% of the potential buyers in California can afford to purchase a home using a traditional 30-year fxed rate mortgage, then something is seriously wrong.
Yes, California is unique. Incomes don't matter and starter houses will be worth $5 million while incomes stay at $50K and those little statistics won't matter because people will pay a premium to live in unique places. They will change the state's name to Wonderland and Alice will move there and be your neighbor.
We will all have $40/hr legal jobs by filing lawsuits against each other and selling real estate and all become millionaires. Nobody will ever have to really work again. We will all just fill out forms, file lawsuits and massage each other for a living. Who needs to produce things? When we run out of people to sue here, we will sue other countries.
We will also become entertainers and the entire world will pay Americans $40/hr to entertain them.
We all know our $40/hr IT and financial jobs cannot be outsourced to China and India.
Oh no!!! Our $6 an hour "produce things" textile jobs are gone!!
And they've been replaced by $40 an hour "service jobs that don't produce anything" like entertainment, legal, financial, technical, biomedical.
Yeah what a fucking shame!!
================================
Stated like a true prostitute. What's your charge for a blow job you stupid hack!
We are the most technologically advanced country in the world. We're mapping DNA. We're creating the next generation of the web. We're developing 80% of the word's software. We develop the world's leading medicine. We have the world's leading hospitals.
All this and you are worried about low paying, low skilled jobs going to China. Why?
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