February 08, 2007
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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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19 comments:
And now this is happening!
“The biggest problem: Its mortgage portfolio is packed with risky loans known as option ARMS. All of FirstFed’s mortgages are for homes in California, where prices have cratered and foreclosures have skyrocketed. Also, 80% of its loans have little or no documentation to prove the borrower’s income or assets, according to a recent company presentation.”
“The bulk of FirstFed’s income is derived from noncash earnings, largely from the deferred principal on its option ARMs. That so-called negative amortization constituted $223.9 million, or 68.4%, of the bank’s income before taxes in 2006, compared with 1.3% in 2004. In essence, FirstFed is booking profits on money it hasn’t collected.”
There's NO bubble in CA real estate?!?
ENRON accounting is B-A-C-K!!!
Looks like First Fed will be on the government's assumption list before too long...
Time for a "First Fed" watch!
(maybe make that one a code muave???)
And not so long from now this will happen...
Clinton, McCain Tops In Granite State A University of New Hampshire poll of likely New Hampshire Democratic primary voters shows 35% back Sen. Hillary Clinton, while 21% back Sen. Barack Obama, and 15% back John Edwards. On the GOP side, Sen. John McCain leads with 28%, followed by Rudy Giuliani, 27%, and Mitt Romney, 13%.
snip
GOP Insiders Said To View Clinton 2008 Victory As Inevitable The Washington insider publication The Politico, in an article tiled, "GOP Views Clinton As Virtually Unbeatable," reports, "What many conservatives regard as the nightmare scenario -- President Hillary Rodham Clinton -- is increasingly seen by veteran Republican politicians and strategists as virtual inevitability. In GOP circles, the Democratic front-runner is seen as so strong, and the political climate for Republicans so hostile, that many influential voices -- including current and former lawmakers, and veterans of President Bush's campaigns -- have grown despairing."
hey, someone change Richard's id to "Buzzkill"...
Businessweek exposed this last year. This is just a follow-on piece. They list several banks that are booking the deferred portion of exotic mortgage loans as income. See the section entitled "Camouflaged Losses" however the entire article is enlightening.
http://www.businessweek.com/magazine/content/06_37/b4000001.htm?chan=search
Richard Daughty
Is All About The House Panic Bubble and The Fed this Week:
http://tinyurl.com/93na6
or
http://www.321gold.com/archives/
archives_authors.php?author=Richard+Daughty
I think that should have been a noose around his neck.
Construction of new homes is still going strong and is still highly profitable, even after price reductions, shtick promotions and longer carrying costs.
Around these parts developers are still snapping up undesirable lots off major roads and putting up rows of el-cheapo townhouses. So what if they can only get $700,000 per townhouse instead of $1,000,000. They are still turning a $650,000 lot into $20,000,000 of "luxury" housing.
Those are good numbers, Toll will do fine for a while to come!
Ahh yes, A symbolic photo of yet another treasonous president lavishing one of his jewish masters with an award.
Every one sings the praise that Sir Alan is so great. But let's face facts, he is just another banker type and his policies while in power led to the present melt down. He allowed the Interest only, and ARM loans! Remember when he said they were good as an option for the consumer!
He is going to go down with Herbert Hoover in the history books of American disgrace! No wonder the Queen made him a Knight! Just wait until HSBC goes down like Barrings! Is Nic Leeson working for Sir A.
Two peas in a pod.
It is so painful to gaze upon that image.
The head of a private corporation (central bank) that has been raping our country since 1913 being honored for making great profits at our expense.
Astounding, agonizing.
http://www.themoneymasters.com/
http://www.freedomtofascism.com/
Ripe, you're absoulutly right. When will we American's wake up to these parasites? How low will we let this once great nation sink before the "many" overtake the "few". How much more pillaging will we allow the jews at the federal reserve to do?
Man oh man, I hope that little jew commie Greeny the sheeny lives long enough to recieve proper justice. What a glorious day it will be when we are lynching and machine gunning to death those who have wronged America.
Honica I think you are wasting energy hating Jews over this.
Hate the system, change the system.
The people benefiting from the Central Bank system (i.e. taking the power to create currencies away from governments and placing it in the hands of private corporations) across the world are from all sorts of backgrounds. What they have in common is not a religion it is a worship of Greed and Power at the expense of others.
He had bad inflation data!!! Will we ever know the real truth?
To honica,
I do not want to be anywhere near you during a lightning storm!
love ya Rabbi Schifrin
Honica is an anti-semite..........
DUH!
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