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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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27 comments:
Oh the humanity!
Nouveau Riche University makes money by getting its students to buy investment property - no matter how scary the market gets.
By Patricia B. Gray, FSB contributor
August 8 2007: 4:34 PM EDT
(FSB) Scottsdale -- Several months ago Silvia Cuevas took stock of her life, and it was a profoundly unsettling experience. At 40 she had a solid job with a modest salary at the public library in Santa Ana, Calif. She'd carefully squirreled away some savings and bought herself a little house. She was financially secure - and utterly dissatisfied. All around her, Santa Ana throbbed with the feverish energy of recent immigrants eager to cash in on the promises of America. A short drive from Disneyland, Santa Ana boasts one of the highest concentrations of Latinos of any city in the U.S., and these days it is a hotbed of entrepreneurial activity. Cuevas, though, felt as conservative, meek, and, well, dull as a church mouse in Vegas. "I was going nowhere," she recalls. "How was I going to find my fortune?" Then a girlfriend introduced her to Nouveau Riche University.
Not exactly a university, Nouveau Riche offers real estate investment classes -and a host of related products and services - to would-be tycoons. In April, Cuevas plunked down tuition of $16,000 and attended a weeklong program in Phoenix. Two weeks later, emboldened by her instructors and an advisor assigned by the university, she refinanced her home, taking out $200,000 - a large share of her equity. She used the money for down payments to buy - sight unseen in one case - three investment properties through a real estate agency controlled by Nouveau Riche. By midsummer Cuevas' portfolio of investments had grown to include a condo in Colorado, three acres of undeveloped land in the Smoky Mountains, and a three-bedroom house in San Antonio. Her debt load has grown too, thanks to the hundreds of thousands of dollars in loans she took out on the properties, but she doesn't worry. "I learned how to be bold at Nouveau Riche," Cuevas says. "They're the market experts, so I trust them to help me buy. I can't wait to make my next purchase!"
http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm?postversion=2007080706
How 'bout a warp core breach?!?
The reporter from another era cries out "oh the humanity" and "I can't talk". He is crying for the people burned up, his overwhelming emotion hampers his ability to continue speaking.
Compare and contrast to today where the reporter tilts the head for best camera angle and looks directly at the camera with the steely eyed gaze and no emotion while informing you that 100 civilians were incinerated in a bombing.
GOP trying it's hardest to ensure Democratic leadership for the next 20+ years.
Wow, David Lereah is admitting right now on CNBC that real estate is in the toilette, especially California.
I tried to get on to Greg Swain's bloodhound blog today.
All the links are gone and disabled.
Is he just reconstructing his web blog or is there more to it?
Yeah Learah just said the real estate recession began summer of '05. Who knew?!?
Wait, what did that former NAR chief economist say???
C O M E T H
T H E
B U S H
B U S T
!!!!!!!!!!!!!!!!!!!
oh the idiots...who bought overpriced homes. Oh..no..the idiots.
Proven fact that the Hindenberg did not explode into flames because of the hydrogen.
It was caused by the aluminum sulfate igniting in the skin because a portion of the airship had not fully been grounded upon landing.
Of course the "Official US report" stated German engineers did not know what the F they were doing using hydrogen as a fuel.
Yes - once the skin caught on fire the hydrogen ignited, but it was not because of the hydrogen.
Wonder if any other "Official US Reports" have told out right lies about other "air ships" recently??
Any guesses class?
Need a title here!!
Thank you Keith - I've been requesting this clip for a long time - but this is the week for sure!!
The fed is using a lot of ammo now and most mortgages haven't even started to reset. When the reset sh!t really hits the fan they won't have anything left in their arsenal. Today the fed did things that haven't been done since the depression, yesterday Bush said everything will be OK. I guess he can add that to "mission accomplished" and "bring em on".
If this was a boxing match between Hank Paulson (of the PPT) and Keith (the HPers), the ref would have called it long ago. How many times do you bubblesitters need to get knocked on your asses before you realize the Fed and the PPT can't be beat?
Yes, there will be inflation, and yes there will surely be a fall in the USD, but no way in hell are these guys going to allow a major economic meltdown like you've been predicting.
Don't fight the Fed!
He's Baaaaack!
What do you need to get rid of this guy? A wooden stake!?
http://tinyurl.com/28ae5v
Got hydrogen?
The FED will keep pumping this thing full of Hydrogen. That will fix it!
LEND just blew up. They reported 2nd quarter losses of $60 million on only $1 billion of subprime toxic that they are holding. That paper will end up selling for 30 cents on the dollar
I prefer Trump University over Nouveau Riche U.
Two weeks seems like an awefully long time to get a degree.
That reporter was voicing a human emotion and not a troll speaking scripted material loaded with spin as on CNBC. CNBC makes me ill, I quit watching them at least two years ago and have had a steady diet of good blogs ever since. Been better informed and alot happier. It is shameful how the media spun all this housing/mortgage disaster. I see them as Daffy, Sylvester and the other Looney Tunes characters. Shame on them passing themselves off as credible reporters. I have a masters in psychology and not economics and yet I saw this coming, what were the reporters on CNBC...idiots!?! By the way Keith, ask your blog readers about their backgrounds, I bet it will prove very interesting what all of us say. Economists are for the most part greedy players and reap what they sow. (By the way, I put all my investments into a money market 3 mos. ago, and I am sure happy to day.)
Bank collapse in t minus 3 business days. cfc will not be able to pay back the fed for the temp loan with mbs collateral.
Everyone now get into to your bunkers.
What do HPer's think CNBC is going to do now? They can't act like nothing is going on. Also, what does the new on the horizon FOX business channel believe they can do to quell all the benefits of so called "trickle-down econimics" . The neocon agenda has laid one big fat "GOOSE" egg, how can they spin that to the angry masses. And the NOVEAU Riche will get theirs!
Hi, DE Underwriter here. No work for four years for a human. Imagine that.
Roccman said...
“Wonder if any other "Official US Reports" have told out right lies about other "air ships" recently??
Any guesses class?”
Hint:
This “air ship” did not use hydrogen.
It used hot air.
"The fed is using a lot of ammo now and most mortgages haven't even started to reset. When the reset sh!t really hits the fan they won't have anything left in their arsenal."
What are you talking about? The Fed, along with other central banks, have no limits in the amount of credit and liquidity they can create. The only thing that might stop them are the politicians, and since '08 is an election year, yeah, that's really going to happen. Better dump those bubblesitter dollars fast because in the last two days alone they lost 1.2% of their value.
Sorry, no big housing crash, just $5 gasoline and $2.50 iced tea at you local sandwich shop. Oh, and the DOW? It's going to 17K by the end of the year.
Don't fight the Fed!
GOP Greedy old party
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