July 19, 2007

Been traveling the past couple days, what'd I miss?

I did read in the Financial Times that Bernanke gave some interesting testimony, something about subprime crisis spreading?

Gee, go figure. What a shocker

Meanwhile the US dollar is now officially worthless. I think a roll of toilet paper is more expensive in dollars, than dollars

Ugh.

12 comments:

Batman said...

We can have one of those condo opening cocktail parties when the DX index drops below 80.

Might be today...

Shakster said...

What did you miss?
Ok,There very well may be no Alt-A(Prime) meltdown.Whah?Yeah,you read right,because there was so very little Prime in the first place.Nobody seems to know exactly but the questions are being asked now.In all probability it was all trash paraded as prime AAA,AA,BBB.
20 to leverage on a Trillion dollars of real value.The real trillion is lost now,and the carrot on a stick 20xtrillion has been borrowed against again,and doesn't even exist.This means that the 20trillion+ whatever isn't in the system yet but will be.OH SHIZZLE Snoop Dog.Bernanke is said to have his Check Book ready to bail out this big Momma.Taxpayers Taxpayers Taxpayers.
20 trill in promises to be paid by sheep? Better to let the investors ,and Wall street fend for themselves. What a fascinating time we live in.
Hey,here's a question.How will the Fed cover up the bail out?How will they explain away "inflation" this time?War,Terrorism,No oil?

Shakster said...

Oh yeah,almost forgot,Housing is tanking H-A_R-D HARD.
The Banks ,and Brokers are getting killed too,and WALL St is absorbing liquidity.
Best of all GOLD,SILVER ,PLatinum Copper,Moly,Cobalt,and the rest are looking really good.

Anonymous said...

....a date with my momma!

Anonymous said...

I thought Uncle Ben and Paulson said it was contained? Housing has bottomed. It's Goldilocks time. how could this be? WaMu's CEO said that subprime stabilized during the 2nd quarter.

How could it be?

bg said...

In the future toilet paper WILL replace the dollar as currency.

Start stockpiling now!

Anonymous said...

well at least you could post some pics from your travels.........

borkafatty said...

Can i Ask a question? So at what point do i tell my Mortgage company to go to Flippin, flying Hell.

Don't get me wrong I am not a Sub prime Borrower, Infact I have owned my home 15 years on a 30 year fixes @ 5.75 and live very cheap...but hell if everyone else is not going to pay..why should I ....WHAT IS MY MOTIVATION!!!..other than than the obvious, living in the street.

Anonymous said...

Dear Borkafatty,

I don't have an answer for you but there better be a damn revelution if they bail this jackoffs out.


I say mail your keys everyone screwum

sequoia512

Anonymous said...

Well, Casey Serin is visiting Phoenix for some sweet deals!

That's gotta be newsworthy, huh!

Anonymous said...

What Will Happen to the Dollar? Iran Asks Japan to Pay in Yen for Its Oil
Increase DecreaseJuly 18, 2007 (LPAC)--Iran nicked the U.S. dollar and the carry traders on July 13 when it asked Japan to pay in Yen for the oil it imports. Iran has sent a letter to Japanese refiners, signed by Ali A. Arshi, the general manager of crude marketing and exports for Iran's National Iranian Oil Company, according to a report by Bloomberg. The announcement is considered not fatal for the dollar because Japan only imports $10 billion worth of oil from Iran.

On the other hand, the news drove down the dollar against the yen to 120 from 122.40, but it later recovered somewhat, still remaining above 121. But observers point out that whether the action is symbolic or not, three big oil producing nations--Iran, Venezuela, and Russia--have all been moving much of their foreign currency reserves from dollars to euros in recent months. The latest move by Iran can only add to the long-term pressure on the dollar, already hit by worries about the U.S. economy based on the crisis in the subprime mortgage market.

Also, the responses to Iran's request indicate that many nations are concerned about the imported inflation that the weakness of the dollar has brought to their own countries. Subsequently, Kuwait announced that it was going to allow the dinar to appreciate by 0.4 percent in order to lower inflationary pressures.

Mammoth said...

Bork,
You’ve got the little red guy with the horns on your left shoulder, and the little guy in the white cloak with the halo on your right.

The guy on your right is telling you that since you AGREED to pay back your mortgage, it is your obligation to do so. And the one on your left is saying that since other people are cheating, then you should too.

Inside, everybody knows what is right and what is wrong; it is their own personal choice as to whether or not to do so.

And no, I am not some sort of Holy Roller; just a person trying to go though life without screwing anyone over.

-Mammoth