In a few years, after the devastation, who will people hate, scorn, deride and distrust the most?
December 08, 2006
HousingPanic Stupid Question of the Day
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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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40 comments:
These guys, who are building the American dream.
Themselves
and their wives.
real estate agents, developers, mortgage brokers, themselves, Greenspan
The Govt.
And when they start to RIOT in the streets--- the now empty and unused Federal prison work camps, will start to fill up!
in five years it won't matter - 80% of us will have perished.
Greg Swann of course!
Eskimos
Bloggers.
The rioting in the streets will happen when all those illegals get laid off.
C'mon. Obviously it's David Lereah.
They'll be too busy praying for a reversal of financial misfortune to hate anyone.
They'll just sit there, staring off into the distance with tears welling up in their eyes.
The jews that have destroyed this once great nation hopefully.
In addition to Lereah they will hate anyone who embodies what they despise in themselves and can't or won't accept. Like the way we rail against the super-rich because of repressed guilt over our own lack of charity.
We will hate the poor and unemployed for stealing what we should be giving them out of charity.
We will hate most the opportunists who profit from this downturn because it was our greed and avarice which drove many of us to try to profit from the bubble. Those who tried to be 'investors' and were burned by this bubble will absolutely despise anyone who is able to succeed where they failed.
That's a warning to all of us who have judiciously saved - keep your success to yourself. If you feel the need to brag then come to housingpanic and brag here and nowhere else.
Bush will be to blame
I'm sure the country music-Jesus Christ-military-intellectual wing of the Republican Party will explain why it is all Bill Clinton’s fault. Then they will tell you about personal responsibility.
I think we should blame Mad Magazine and Alfred E. Newman for all this.Or maybe Dude Richard too.
Don't count chickens yet, the actual CA price declines are still fairly puny (<10%) and people continue to exhibit exuberance fueled by even lower rates of today. What keeps me up at night is what if the current landscape doesn't change? What if 0.1% negative amortization ARMs really catch on, prices continue to climb, and the median house price in the US soars over $1M? Unlikely true, but still *possible*. What would life be like then? The only home owners would be those that bought <2003, inherited the same or founded something in the common lexicon. 50% of all housing units where I live are now rentals, and that could change to >99% with a few land owners controlling all the rents in a winner take all fashion. At what point will the masses rise up against the feudal system? Call me alarmist, but if anyone on the transatlantic boat a few hundred years ago knew how taxation and government evolved today, well lets just say the bill of rights might be a little longer. I bought <<2003 and sold 2006 and now have more cash than anyone my age should really have. My parents and countless others even more so. What will my son do? how will he be able to afford a $1M home? I read this site with guarded optimism, and bear arms for the unthinkable.
BOOMERS- the most selfish generation this country has ever seen. They manipulated everything to their advantage and sold out this country for their own benefit.
Idiots like Richard will be the first to go under his scenarios. He'll die all alone in his little cabin in Montana never completing his manifesto like his hero the Unabomber...Theodore Kaczynski
Most people will blame the governement, it worked in the past why not in the future.
Blame the Indians. They should have seen it coming, emigrants with their trickery money and trinkets.
Its no use:
''Any frontal attack on ignorance is bound to fail because the masses are always ready to defend their most precious possession -- their ignorance.'' -- Hendrik Willem van Loon, Dutch-American journalist and lecturer (1882-1944).
Total Pandimonium Fire and brimstone will fall from the sky..rivers will run with blood, dogs and cats will be sleeping togeather...
and all that time ill be laying in bed with Borks Bitches Wife..ahh life is good!
What do you call broke retirees?
Ans: Loyal democrats
"the median house price in the US soars over $1M"
As you said, not likely. In fact, I'd put this as next to impossible. In order for the bubble to re-inflate at this point a couple of things would have to happen:
1.) Momentum and psychology would have to swing to the up side. This is a virtually impossible feat as housing is a nortoriously slow-moving cycle (almost glacier-like) and it takes MANY YEARS to establish a cycle and/or trend shift. Clearly we have topped and the cycle is headed down. We are in the bottom of the 1st inning of this trend shift and we won't all of a sudden reverse course. There are many reasons for this including the shockwaves that any RE depreciation sends through the entire economy and how this feeds back into the housing cycle itself. Also, no RE cycle has ever bottomed without a large pile of foreclosures factoring into the comps and the foreclosure effect hasn't even been felt yet (bottom of 1st inning remember?)
2.) Greatly inflated personal incomes could theoretically re-inflate the bubble. This is also not in the cards do to global labor arbitrage. Yeah, the FED can TRY to reflate, but this will only lead to higher prices for goods and won't lead to higher wages.
3.) If the concern is that some new mortgage product can somehow "save" housing, I wouldn't worry about that either. All of the stops have already been pulled out with the No-Doc, Neg-Am, I/O, option ARM. This is the ultimate suicide loan and the only kind of financing that could somehow best it would be free money (manna from heaven) where no payments need be made for several years, if at all. Hell, if that happens even I will buy a house right now. Somehow I doubt the bankers of the world would go for this.
Suzanne...
and that's not MY opinion...
she researched this.
Is the picture you chose an homage to the FB's as per anotherf'dborrower blog? If so SoCal would be so pleased.
Keith, how is living in your Mom's guest room? Still treating you ok? Do you still have to take out the trash or ask permission to use her computer?
"Your a freak. "
www.dieoff.org
cheers
Keith's living in a sweet pad in London realtor troll
Homedebtors don't seem to understand that the bitter renters have taken over the world
http://www.informat ionclearinghouse .info/article158 34.htm
The Roman Empire is falling - so it turns to Iran and Syria
By Robert Fisk
12/07/06 "The Independent" -- -- The Roman Empire is falling. That, in a phrase, is what the Baker report says. The legions cannot impose their rule on Mesopotamia.
Just as Crassus lost his legions' banners in the deserts of Syria-Iraq, so has George W Bush. There is no Mark Antony to retrieve the honour of the empire. The policy "is not working". "Collapse" and "catastrophe" - words heard in the Roman senate many a time - were embedded in the text of the Baker report. Et tu, James?
This is also the language of the Arab world, always waiting for the collapse of empire, for the destruction of the safe Western world which has provided it with money, weapons, political support. First, the Arabs trusted the British Empire and Winston Churchill, and then they trusted the American Empire and Franklin Delano Roosevelt and the Truman and Eisenhower administrations and all the other men who would give guns to the Israelis and billions to the Arabs - Nixon, Carter, Clinton, Bush...
And now they are told that the Americans are not winning the war; that they are losing. If you were an Arab, what would you do?
If I were an Arab, what would I do? Well, first I'd take that ridiculous towel off my head and get a real f-ing job, that's what I'd do! Then I'd shave my wife and tell the kids to get the pipe-bomb out the goat's ass and learn some f-ing english, you lazy rug merchants!
Richard...once again you prove you don't have any original thoughts of your own....just cutting, pasting and posting the rantings of another lunatic to validate your paranoid hatred of America.
Loser...
Christian, republican, skeptics.....
The variety of responses in this thread indicate the utltimate answer to Keith's question. People will blame anyone but themselves. Nobody will say "I should have known better." Or "I guess I shouldn't have been so greedy." This has become the American way, and it is a shame.
Moslem terrorist extremist jihadists. Don't we hate them already? What will change that? I don't see the communists making a comeback. I think that all schoolchildren should pledge an oath of hate everyday -- that will free up more headline space for other government public relations.
I am to blame.
I tried my best to re-populate America by sleeping with the wives of Republican Redneck Retards but have failed.
I have taken my seeds to London and am now trying to liberalize Muslim immigrants.
Dude Richard,no matter what anybody says,I like ya,keep up the good work.
Alfred E. Newman
THERE IS A LEFT-WING BACKLASH UNDERWAY, JUST LOOK AT LAST MONTH'S ELECTION. ALSO, 3 LAWYERS SHOT TO DEATH IN THEIR OFFICES THE OTHER DAY.
WILL MORTGAGE BROKERS AND REALTORS BE NEXT??
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