August 10, 2007

Been running around all day. I miss anything?

Dow Sinks 387 on Renewed Credit Concerns

Dow Plunges 387 on Deepening Fears About a Spreading Credit Crunch

NEW YORK (AP) -- Wall Street's deepening fears about a spreading credit crunch sent stocks plunging again Thursday, with the Dow Jones industrials extending their series of triple-digit swings and falling more than 380 points. The catalyst for the market's latest skid: a French bank's announcement that it was freezing three funds that invested in U.S. subprime mortgages.

53 comments:

Anonymous said...

Nothing that we all did not know was in the offing!!

Orangzillo in Trouble!! said...

I posted this in the other thread, but will repeat it here...Countrywide is in deep Do-Do!!

Item 1A of our 2006 Annual Report presents risk factors that may impact the Company’s future results. In light of recent developments in the mortgage, housing and secondary markets, those risk factors are supplemented by the following risk factor:

Debt and secondary mortgage market conditions could have a material adverse impact on our earnings and financial condition

We have significant financing needs that we meet through the capital markets, including the debt and secondary mortgage markets. These markets are currently experiencing unprecedented disruptions, which could have an adverse impact on the Company’s earnings and financial condition, particularly in the short term.

Current conditions in the debt markets include reduced liquidity and increased credit risk premiums for certain market participants. These conditions, which increase the cost and reduce the availability of debt, may continue or worsen in the future. The Company attempts to mitigate the impact of debt market disruptions by obtaining adequate committed and uncommitted facilities from a variety of reliable sources. There can be no assurance, however, that the Company will be successful in these efforts, that such facilities will be adequate or that the cost of debt will allow us to operate at profitable levels. The Company’s cost of debt is also dependent on its maintaining investment-grade credit ratings. Since the Company is highly dependent on the availability of credit to finance its operations, disruptions in the debt markets or a reduction in our credit ratings, could have an adverse impact on our earnings and financial condition, particularly in the short term.

The secondary mortgage markets are also currently experiencing unprecedented disruptions resulting from reduced investor demand for mortgage loans and mortgage-backed securities and increased investor yield requirements for those loans and securities. These conditions may continue or worsen in the future. In light of current conditions, we expect to retain a larger portion of mortgage loans and mortgage-backed securities than we would in other environments. While our capital and liquidity positions are currently strong and we believe we have sufficient capacity to hold additional mortgage loans and mortgage backed securities until investor demand improves and yield requirements moderate, our capacity to retain mortgage loans and mortgage backed securities is not unlimited. As a result, a prolonged period of secondary market illiquidity may reduce our loan production volumes and could have an adverse impact on our future earnings and financial condition.

Anonymous said...

Go check out Countrywide...

Anonymous said...

Countrywide Hit by Credit Market Woes
By JAMES R. HAGERTY
August 9, 2007 7:31 p.m.

Countrywide Financial Corp. faces "unprecedented disruptions" in debt and mortgage-finance markets that could hurt earnings and the company's financial condition, the Calabasas, Calif., lender said in a regulatory filing. (Read the SEC filing)

The company, the largest U.S. home mortgage lender in terms of loan volume, said reduced demand from investors is prompting it to retain more of its loans rather than selling them. The company also has been shoring up its finances. "While we believe we have adequate funding liquidity," it said in a quarterly filing with the Securities and Exchange Commission, "the situation is rapidly evolving and the impact on the company is unknown."
See the SEC filing from Countrywide Financial.

Payments were at least 30 days late on about 20% of "nonprime" mortgages serviced by Countrywide as of June 30, up from 14% a year earlier. Nonprime includes loans to people with weak credit records and high debt in relation to their income, as well as to people who don't document their income or assets. On prime home equity loans, the delinquency rate was 3.7%, up from 1.5% a year before. For all loans, the rate was 5%, up from 3.9%.

In a sign of the growing difficulty in selling loans, Countrywide said that it transferred $1 billion of nonprime mortgages from its "held for sale" category to "held for investment" in the first half. Countrywide marked the value of those loans down to $800 million. It also decided to retain as investments, rather than sell, $700 million of prime home equity loans, marking them down to $600 million. Countrywide has said many of those home equity loans were second-lien mortgages used by people who put little or no money down in buying a house.

Anonymous said...

Orangzillo sells lots of shares on Wed. Bad news comes out today. They are in deep dookie.

Orangzillo might be Crapzillo soon if he turns brown. He's up to it now.

HauspocalypseNow said...

Did countrywide just announce a 300 million write down on loans nobody wants they now are 'keeping'?
wow!

even for them thats A LOT!

Funny how how NOBODY is funding subprime loans now that they have to KEEP them (no more chumps, i mean buyers of mbs)

if they are such good loans why is no one still writing them? hahaha

Batman said...

So the Bank of Canada has tried to "reassure" people here that they will intervene in the market to provide liquidity when needed... gulp ...

More gasoline over here, this fire is getting out of hand!!!

http://tinyurl.com/2cs3st

Frank@NeverColdCall.com said...

So much for the daily trolls who post "The Dow went up 2 points today so there's no bubble you idiots!"

robert said...

Impossible!

DOPES sez iphone sales are great!

Anonymous said...

Breaking news from Countrywide!

Very Important- Guideline Changes Effective August 9, 2007


* All borrowers must have one blue eye and one brown eye to qualify.

* LTV > 65% SIVA requires minimum credit score of 849.

* For all LTV > 65%, 360 months of payment reserves are now required.

* Borrower's must have no previous bankruptcies in their family history
going back three generations.

* A minimum of 25 years self-employment history (at same location) now required for all NIV
Programs.

* Minimum credit score for Subprime Loans raised to 720.

* All non-arm's length transaction borrowers (mortgage, real estate
professionals, family members) will be required to provide full-documentation,
subject to criminal background checks, wire tapping, strip-searches, and a
minimum of 12 hours of interrogation by the Department of Homeland Security.



Please note that these changes will go into effect within the next five minutes. So
please lock you existing loans immediately. All existing loans in your pipeline must
fund by noon tomorrow, sorry no exceptions.

We apologize for the inconvenience. We realize these are tough times in the
mortgage industry for all of us. We ask for your continued understanding and cooperation.

Anonymous said...

From the CFC message board on Yahoo!

-------------------------------

BREAKING NEWS FROM COUNTRYWIDE (Not rated) 12 minutes ago Very Important- Guideline Changes Effective August 9, 2007

* All borrowers must have one blue eye and one brown eye to qualify.

* LTV > 65% SIVA requires minimum credit score of 849.

* For all LTV > 65%, 360 months of payment reserves are now required.

* Borrower's must have no previous bankruptcies in their family history
going back three generations.

* A minimum of 25 years self-employment history (at same location) now required for all NIV
Programs.

* Minimum credit score for Subprime Loans raised to 720.

* All non-arm's length transaction borrowers (mortgage, real estate
professionals, family members) will be required to provide full-documentation,
subject to criminal background checks, wire tapping, strip-searches, and a
minimum of 12 hours of interrogation by the Department of Homeland Security.

Please note that these changes will go into effect within the next five minutes. So
please lock you existing loans immediately. All existing loans in your pipeline must
fund by noon tomorrow, sorry no exceptions.

We apologize for the inconvenience. We realize these are tough times in the
mortgage industry for all of us. We ask for your continued understanding and cooperation.

Anonymous said...

Countrywide Hit by Credit Market Woes
By JAMES R. HAGERTY
August 9, 2007 7:31 p.m.

Countrywide Financial Corp. faces "unprecedented disruptions" in debt and mortgage-finance markets that could hurt earnings and the company's financial condition, the Calabasas, Calif., lender said in a regulatory filing. (Read the SEC filing)

The company, the largest U.S. home mortgage lender in terms of loan volume, said reduced demand from investors is prompting it to retain more of its loans rather than selling them. The company also has been shoring up its finances. "While we believe we have adequate funding liquidity," it said in a quarterly filing with the Securities and Exchange Commission, "the situation is rapidly evolving and the impact on the company is unknown."
See the SEC filing from Countrywide Financial.

Payments were at least 30 days late on about 20% of "nonprime" mortgages serviced by Countrywide as of June 30, up from 14% a year earlier. Nonprime includes loans to people with weak credit records and high debt in relation to their income, as well as to people who don't document their income or assets. On prime home equity loans, the delinquency rate was 3.7%, up from 1.5% a year before. For all loans, the rate was 5%, up from 3.9%.

In a sign of the growing difficulty in selling loans, Countrywide said that it transferred $1 billion of nonprime mortgages from its "held for sale" category to "held for investment" in the first half. Countrywide marked the value of those loans down to $800 million. It also decided to retain as investments, rather than sell, $700 million of prime home equity loans, marking them down to $600 million. Countrywide has said many of those home equity loans were second-lien mortgages used by people who put little or no money down in buying a house.

Anonymous said...

Payments were at least 30 days late on about 20% of "nonprime" mortgages serviced by Countrywide as of June 30, up from 14% a year earlier.

=============================

Holy FUCK ME batman!!

Anonymous said...

Orangzillo in Trouble!! said...

+++

I won't repeat your post, but companies also disclose worst case scenarios. Only MORONS think that a worst case scenario is a FORECAST.

Americans really are stupid. No wonder the Chinese are taking over.

Anonymous said...

Drudge top four headlines

DOPES?!


DOW DROPS NEARLY 400...

World stocks slide...

FRENCH BANK FREEZES FUNDS...

European Central Bank scrambled to head off potential financial crisis...

Anonymous said...

What the hell is countrywide saying? Can someone break it down into non-financial mumbo jumbo for me please? I really have no idea what i read.

Anonymous said...

Not much, Keith, just this:

"(FT) - Japan’s watchdog set to curb hedge funds

Japan’s financial regulator, the Securities and Exchange Surveillance Commission, is concerned that the growing influence of hedge funds is encouraging insider trading and undermining the integrity of the country’s stock markets.

“We believe there is [a] risk . . .that hedge fund managers are involved in market misconduct . . . such as insider trading based on information obtained from prime brokers, or market manipulation,” says Kiyotaka Sasaki, director of strategy and policy co-ordination at the SESC. “Investment banks can’t survive unless they do business with hedge funds. The relationship between investment banks and hedge funds is too close.”

The SESC is poised to crack down on hedge funds and other funds when the Financial Instruments and Exchange Law is implemented next month. This will require hedge funds with more than a certain number of Japanese investors to file or register with the FSA. Currently, hedge funds are not regulated in Japan.

The new rules have raised concern in the investment community that hedge funds will be driven out of Japan by heavy-handed regulation."


My Yen ETF is on fire..ooohoooo

Anonymous said...

naaaah... its just a normal day during the meltdown... expect many more like it... if yuo are short or out of the market yuor only worry is bank failures... get at least 3 months of cash at home and be sure yuor bank accounts are under $100k...

Anonymous said...

One more thing for all of you putting stupid money on "emerging markets":

Hugo Chavez had to "lend" oil money to Argentina because they couldn't pay the debt to the IMF.

Helloooo, does anyone see red flags here?

Anonymous said...

The Yen carry trade may be in trouble folks.

That could really deliver a nougie to the market tomorrow.

Anonymous said...

Nikkei down over 400 points! Going to be a BAD BAD DAY TOMORROW!

Anonymous said...

the troll must be filling his diaper right about now.

Oompa Mozilo-loompa said...

Damn!
Will the disgruntled, recently laid-off Mortgage Loan Officer please stop taking out their angst & anger on Countrywide?! LMAO

Hate to break it to you, but if anyone is left standing, it will be CWL-

XOXO,
Angelo

Anonymous said...

Ooohh, too bad, the Krispy Kreme doughnuts didn't help:


"Retailers Report Sluggish July Sales
Thursday August 9, 6:15 pm ET

Retailers Report Disappointing Sales in July As Shoppers Delay Back-To-School Shopping

NEW YORK (AP) -- The sluggish sales that have dogged the nation's retailers this year are the result of two quite different sets of problems: Consumers are cautious -- they're paying more for gasoline and watching their home values fall. And, the stores just don't seem to have the merchandise that people want to buy.

As retailers reported generally disappointing July sales results Thursday, it was clear that the weakening housing market and more expensive gas had shoppers limiting their trips to the mall and, when they did go, buying tentatively, following a pattern that began back in February.

Wal-Mart Stores Inc. also said its profit margins were being squeezed due to heavy discounting."

Cramer and GS = RIP said...

Goldman pounded by hedge fund losses
Thursday August 9, 7:10 pm ET
By Joseph A. Giannone


NEW YORK (Reuters) - Goldman Sachs Group shares fell nearly 6 percent on Thursday after another of its hedge funds posted losses and reportedly sold positions.
North American Equity Opportunities, which started the year with about $767 million in assets, was down more than 15 percent this year through July 27, a person familiar with the situation said.

Declines at that fund follow a 12 percent drop in the last two weeks at Global Alpha, Goldman's flagship $9 billion macro hedge fund. That fund is down 16 percent for the year and traders have said the fund is selling parts of its portfolio.

Goldman denied talk on Wednesday it was liquidating the fund and declined further comment. On Thursday, the bank declined to comment on the North American Equity Opportunities fund.

Equity Opportunities is a market neutral stock fund that takes long and short bets. The smaller fund, like Global Alpha, relies on computer-driven "quantitative" trading models.

Goldman shares fell $11.05, or 5.7 percent, to $182.25 on Thursday. Since June 13, Goldman has fallen 22 percent.

Anonymous said...

"Orangzillo sells lots of shares on Wed. Bad news comes out today."

The Orange Man has been selling stock off systematically, so unless this is a non-planned sell it's nothing.

But if it is a non-planned sell, he could pay big-time.

SPECTRE of Deflation said...

Congrats on your CFC puts. They dropped a bomb tonight.

Anonymous said...

Two things:

1) Bush your presidency has been a vacation thus far by comparison

2) Can you imagine the crap troops on the ground are going to hear now about the markets crashing and Great Depression 2? Isn't it tantamount to saying the leadership at home has let them down by allowing such a mess to occur?

Anonymous said...

today

fast money traders

CNBC

7:00 PM Central Time


what a bunch of sour pusses....geez, what good are these bozos in a severe bear market??? my statement to them is this:

HA HA HA HA HA HA HA HA HA HA HA HA

Anonymous said...

mozillo is playing games with insider trading......he buys some to make it look good , then he sells it and sells more........

yeh mozilo we got your number and you are going to the joint before this is over pal....

08/08/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 92,000 $14.69
08/08/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 92,000 $28.74
08/07/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 110,000 $9.94
08/07/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 110,000 $28.06
08/01/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 30,000 $9.94
08/01/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 30,000 $28.16
07/31/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 46,000 $29.89
07/31/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 46,000 $14.69
07/27/07 ROBERTSON OSCAR P Sell 12,000 $29.70
07/27/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 46,000 $14.69
07/27/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 46,000 $29.59
07/25/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 32,580 $10.89
07/25/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 13,420 $14.69
07/25/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 46,000 $30.52
07/23/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 70,000 $9.94
07/23/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 70,000 $34.22
07/20/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 70,000 $9.94
07/20/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 70,000 $34.12
07/19/07 SAMBOL DAVID President & Chief Operating Officer Buy 4,250 $13.24
07/19/07 SAMBOL DAVID President & Chief Operating Officer Sell 4,250 $35.26
07/18/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 46,000 $10.89
07/18/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 46,000 $34.32
07/16/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 70,000 $9.94
07/16/07 MOZILO ANGELO R Chairman & Chief Executive Officer Sell 70,000 $35.83
07/13/07 MOZILO ANGELO R Chairman & Chief Executive Officer Buy 70,000 $9.94

Anonymous said...

At least Bush won't let Fannie and Freddie bailout the mortgage industry. He did something right.

Quagmire said...

OHMYGOD Is that helicopter Ben!... Wait Is that Dick Cheney manning the door machine gun?
We're all screwed!

Anonymous said...

Funniest Housing Panic headline in a while.

Anonymous said...

"My house is still worth $500,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

more on cfc's 10-q said...

Something I found within CFC's 10-Q I thought was interesting...

From Note 13—Deposit Liabilities:

(1) These accounts represent the portion of the investor custodial accounts controlled by Countrywide that have been placed on deposit with Countrywide Bank, FSB (“Countrywide Bank” or the “Bank”).

From Note 16—Regulatory and Agency Capital Requirements:

On March 12, 2007, the Bank converted its charter from a national bank to a federal savings bank. As a result of this conversion, the Company became a savings and loan holding company, and is no longer a bank holding company. As a savings and loan holding company, Countrywide Financial Corporation is no longer subject to specific statutory capital requirements. Countrywide Bank’s capital is calculated in compliance with the requirements of the Office of Thrift Supervision (“OTS”), which are similar to those of the Office of the Comptroller of the Currency, the Bank’s former regulator. The Company is also subject to U.S. Department of Housing and Urban Development, Fannie Mae, Freddie Mac and Government National Mortgage Association (“Ginnie Mae”) net worth requirements, which are lower than those of the OTS. Management believes the Company is in compliance with those requirements.

From Wikipedia:

It is possible for a savings and loan to be stock-based and even publicly traded. This means, however, that it truly no longer is an association and depositors and borrowers no longer have any managerial control.

So CFC is a savings and loan now? Can someone shed light on this?

andy in NZ said...

bank shuts in second life.

http://tinyurl.com/2qcyp4

new containers needed!!

cyberponzi scheme, 44% interest WTF!

wawawa said...

Many people have been saying that Countrywide is the biggest and the strongest.


Well, excuse my language. "biggest and strongest" my A$$.

Where is my beer ?

Anonymous said...

Tarragon, in Credit Crunch, Expresses Doubts on Future

Apartment and condominium builder Tarragon Corp. raised doubts about its ability to remain in business amid weak demand and an inability to raise new financing, in the latest fallout from the spreading credit crunch. It also disclosed that the wife of the company's chief executive sold stock the day before Tarragon shares lost two-thirds of their value.

Tarragon's shares plunged $1.88, or 67%, to 94 cents at 4 p.m. in Nasdaq Stock Market composite trading. The shares hit a 52-week high of $13.50 in February.

Dale said...

My BF is a big player, with a company valued at 60 million+. He HATES the fact that I'm so negative on the market, so we don't talk about it.

He took out a 20 million dollar loan linked to LIBOR a few months ago, even though I told him that it was a BAD idea.

I fear that these problems will spill over into our otherwise wonderful relationship. If I lose the man that I love more than life because of a market meltdown, I will be PISSED!!!

DOPES...not said...

DOPES...Not!

Last 15 days the market has had 11 days of triple digit swings. Every down day you DOPES are jumping with glee. Every Up day... nothing from you.

DJ is 5.85% off it's high. Yeah, we are in the middle of a worldwide crash. Time to jump off a ledge! You First...

You DOPES!

DOPES...Not; stand-in for DOPES

CFC_is_boned said...

More about Countrywide's problem from Bloomberg:

Countrywide Says Market `Disruptions' May Hurt Profit (Update2)

Countrywide Financial Corp., the biggest U.S. mortgage lender, said ``unprecedented disruptions'' in the nation's home-loan market may curb its ability to lend, leading to an erosion in profit. Shares fell as much as 13 percent in after-hours trading.

Countrywide may be forced to retain more of the loans it makes to homeowners rather than selling them to investors, the Calabasas, California-based company said today in a filing with the U.S. Securities and Exchange Commission. It also said it may have difficulty obtaining financing from creditors.

``The secondary market and funding liquidity situation is rapidly evolving, and the potential impact on the company is unknown,'' Countrywide said. ``These conditions may continue or worsen in the future.''

Last month, Countrywide cut its 2007 earnings forecast after net income tumbled 33 percent as an increasing number of borrowers fell behind on home-equity loan payments. At least 70 mortgage companies have halted operations or sought buyers since the start of 2006, according to Bloomberg data.

Shares of Countrywide, which have lost a third of their value this year, fell to $25 in late trading from $28.66 at the close today in New York Stock Exchange composite trading. The stock had dropped 1.6 percent during the trading day.

Amber Cousins, a spokeswoman for Countrywide, didn't return a call seeking additional comment on the filing.

Rest of the story here:

http://tinyurl.com/2khzxd

6%Realtor said...

Countrywide is trying to get me to handle a chunk of their REO's. Got them coming out of their ears. Frankly I don't have the time - just closed two more sales today. Very happy clients, and received a referral for a new listing. Not desperate enough to move into that niche!

It's unfortunate that Co's like Countrywide aren't working more with the borrowers - it's still hard to get them to approve short sales. They don't seem to realize that taking over the REO and selling it for less in 90 days is more costly to them than negotiating on a short sale now. They would rather postpone the loss. Coutrywide is going down hard.

Anonymous said...

to:
more on cfc's 10-q hat gesagt...

I have read the game with the change to S&L status is that the regulation will be looser and the capital requirements smaller...

John S said...

"I won't repeat your post, but companies also disclose worst case scenarios. Only MORONS think that a worst case scenario is a FORECAST."

Of course, sometimes the worst case scenario is overly OPTIMISTIC. Ask Joe Nachio. (Or his new cellmate.)

GringoDOPE said...

Dear HP-people:
I have been surfing this site for over a year. our predictions have come true. i am smiling from ear to ear. i just wanted to say that i love you all, love your humor, love your insight.

Anonymous said...

Yes. The governenn wont ever let it go under. It's as safe as US Tresuries

Dive Markets, Dive! said...

Where, oh where have the market cheerleaders gone?

Oh my!!!!!!

Dopes!!!!

Dive Markets, Dive!!! said...

Hey dopes...RIDE IT DOWN!!!!

YEEHAW!!!!!!

LOL.

Anonymous said...

>>> DOPES...not said...

DOPES...Not!

Last 15 days the market has had 11 days of triple digit swings. Every down day you DOPES are jumping with glee. Every Up day... nothing from you.

DJ is 5.85% off it's high. Yeah, we are in the middle of a worldwide crash. Time to jump off a ledge! You First...

You DOPES!

DOPES...Not; stand-in for DOPES

August 10, 2007 5:22 AM <<<


amd this is what i have for you. you hear things and yet you do not believe. you see things yet you do not believe. what else can be said to you? you are blind and you are deaf. you are not dopes but you are a dope....

Mark 8: vs 1-4


1 ¶ The Pharisees also with the Sadducees came, and tempting desired him that he would shew them a sign from heaven.
2 He answered and said unto them, When it is evening, ye say, It will be fair weather: for the sky is red.
3 And in the morning, It will be foul weather to day: for the sky is red and lowring. O ye hypocrites, ye can discern the face of the sky; but can ye not discern the signs of the times?
.4 A wicked and adulterous generation seeketh after a sign; and there shall no sign be given unto it, but the sign of the prophet Jonas. And he left them, and departed.

Anonymous said...

Two things:

First, a crash is not really much to celebrate- it is going to hurt a lot of people, including many on this board;

Second, we haven't seen nothing yet, so anybody patting themselves on the back would be doing so prematurely.

Anonymous said...

Anonymous said...

>>> Two things:
First, a crash is not really much to celebrate- it is going to hurt a lot of people, including many on this board;

Second, we haven't seen nothing yet, so anybody patting themselves on the back would be doing so prematurely.

August 10, 2007 3:18 PM <<<

firstly I would have to say that I don't think anyone is celebrating this coming crash. But after years of being told that you are crazy because you think something like this will happen and then , it finally does happen, one can only surmise that a bit of pentup frustration is released around here. For that, I offer no apology. What we will witness is the death of a nation. How can anyone want such a thing? This is a very similar scam to the savings and loan scam that was pulled off in the late 80's and the same people who did that one, are doing this one. So, to those that are hurt by all of this, I say, you were warned numerous times, yet you told those who warned you, to go away. Now, you sow what you have reaped. To those who are prepared, I say, well done and good luck. Keep your powder dry. For this thing will continue perhaps, and then we shall suffer another terrorist event as a convenient distraction, and on this wild card, also be prepared. For many here do not know the forces at work behind all of this and what they are capable of.

Anonymous said...

bush loves it

Anonymous said...

Hey where are of those people who said we are all crazy because the market was up last week? I guess they're all jumping from their roofs with the recent crashes.