Note the one-day new title above.
Waddaya think?
Any suggestions for honorary one-day titles in the future?
August 07, 2007
In honor of today's Fed meeting, and the mortgage panic underway, HousingPANIC changes its name for a day
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49 comments:
Murst!!
Why do this Keith?
You were a leader, ahead of the times.
This puts you about 6 months behind them.
"Keith has no idea what is going on out there. NONE. No idea."
Oh wait yeah he does actually and he has been saying this for a long time now.
SusannePANIC!
Fed highly unlikely to ride to markets' rescue
Ex-Fed official says FOMC may not even mention recent volatility
WASHINGTON (MarketWatch) -- Participants in financial markets shouldn't get their hopes up that the Federal Reserve will intervene to alleviate the current market turmoil, a former Fed governor says.
"I think it is too early right now to think about any kind of intervention by the Fed," said Susan Phillips, now the dean of the George Washington University business school in Washington, in a telephone interview.
Phillips said that the financial markets' volatility is a painful but healthy "reality check" and that this has led to an overdue repricing of risk.
"We're in the middle of that process," Phillips said. "The Fed wants the market to find its own right place," she said
http://www.marketwatch.com/news/story/investors-shouldnt-expect-much-fed/story.aspx?guid=%7B70B9E9E9%2D1107%2D4F6F%2D8B2D%2D98A3D1581F03%7D
Don't worry, I won't move your cheese, back to HP tomorrow...
Any bets on the Fed today? They're not gonna move. They're not gonna give the markets what they want. Bernanke is going to show today that he's not Alan Greenspan.
FED is already too late whatever they decide to do. They should have acted a few years ago to try to stop the rampant housing market speculation but the worst kind of political hack of all times, Alan Greenspan did exactly the opposite.
There would have been a lot of bitching but that would have been nothing compared to all-out screaming now. Credit crunch has started and it cannot be controlled anymore.
Hate the name change.
Anything short of "HP troll takes load to the grill, must find beach towel to remove" is inadequate.
Or, just go back to the original title.
By market close today, yesterday's rally is undone by +125 points. We flirt with a 12,000 handle for the first time in a while today, possibly an 11,000 handle by the end of the week.
Mormon Daily.
Mitt Romney will be the next US President, why?
Romney is a Mormon, and thus believes that when he dies, he and his wife will inherit a planet in outer space, where they will have celestial sex and bear many space children.
The beats the George Bush Jewish-Arab-Christen middle east armagendon death match crowd any day.
Mitt will have invading Mars with 3 years to protect against extraterristrial terrorists, the evidence is overwelming, just say another reported UFO on Fox News!
HousingPANIC---We ****** told you so.
FedPANIC---No free money for you!
How 'bout, "Orange Jumpsuit Day", to celebrate Mozilo, Toll, and other crooks finally getting their butts thrown in the can?
Just had my first 2 good laughs of the day. Love the SuzannePANIC suggestion. And the troll searching for a beach towel caught me by surprise as well - good stuff.
This one's not funny but how about one in honour of 'the maestro' who started all this: GreensPANIC.
DollarPANIC?
FiatPANIC?
PanicPANIC?
Don't Panic?
lol
We have known all along.
dow up up 175 today
enjoy the 5% cds
The great Ponzi Scheme
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Great read here..one big enormous Bubble...I will jump on the next one for sure...if there is a next after this mess.
http://www.debtdeflation.com/blogs
/?p=32
AL-QUAFFER:
I like the new title, mix that shit up some. However your tinfoil hat gang members get spooked very easily. They will see this as a Bush/Cheney/PPT/Black Helicopter conspiracy and start freaking out.
And I'm not sure how but I think China and Walmart are in on it too, all orchestrated of course by a Jew in the secret sub-basement office of the White House, the same office where Bush created Katrina.
PS: Prices in Orange County set yet a new record...but
Keith, did you see todays article by Irwin Kellner on Market Watch. The credit crunch is self-induced by lenders but as a precautionary measure to avoid taking unnecessary risk for their investor's sakes. Nice spin on it don't ya think!
http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm?postversion=2007080706
Found out who the idiots still buying houses are. Read article above and tell me you don't want to barf!
Feds will hold the rate steady.
Wallstreet will react and close 150+ lower.
http://tinyurl.com/2rgeya
TINY URL GOOD
Suggestion for header...
"OMG!!!!...Richand (aka Roccman) was Right!!!!"
A.R.M.aGREEDon PANIC
GreensPANIC
Yes!
RAMENPANIC!!!!!!!!!!!
Luminent Mtg Capital (LUM) just crashed a burned after their dividend cancellation stunt yesterday. $6 to .45 in 2 days.
Looking like alot of serious denial and delusion still going on. People loading up on Bear Sterns, CountryWide, and IndyMac. They honestly believe there is going to be a rate cut.
HomePwned
some of the positive action for Indymac could be b/c rumors are circulating that the OFHEO is going to relax the cap on Fannie & Freddie so they can buy distressed loans and provide liquidity to struggling lenders like Indymac.
definitely RamenPANIC!
troll/load/beach towel was hilarious, thanks!
Come on Benny, do the right thing and punk Goldman Sucks. Raise rates to the moon!
Wow, Did you see the report on Productivity coming in below expectations??? This is big news because this is THE data point they hang their interest rate strategy on.
I am shocked they allowed this number to come in below estimates. This means that is the FED does drop rates in the Fall/early Winter, the dollar will go through the floor. The FED is really in a tight box.
They might not be able to lower rates with this backdrop; however, they might just accelerate money supply growth instead while holding rates steady. Either way, the dollar will fall and gold will rise. Stagflation, here we come...get out those platform shoes and polyester leisure suits
The New York senator, on the campaign trail in New Hampshire, also proposed a $1 billion fund to supplement state programs that help homeowners catch up on mortgage payments, renegotiate loan terms or provide financial counseling.
Additionally, Clinton said another $1 billion should be set aside to help state and local trust funds that help subsidize low-income housing. The New York lawmaker did not offer details on how she would pay for the programs if enacted.
You have at one end, the yen carry trade, which is the generator of this leveraged credit which is used; you have the U.S. housing market, the British housing market, and so forth, which have been used for the same thing; and other things, collateral things, used the same way. And what this means is that now you have an institution of deposit which is relevant somewhere along the line, which turns the MBS, and things like that, into a monetary asset. This thing is then channeled from the banks into Wall Street and similar types of operations, which then goes into a hedge fund, or hedge fund-like operations.
House debting (no matter how ridiculous the payments may be) signifies "status and wealth" in our society.
This was also (and is) a driving force for many to "move up" (in their minds) the economic ladder.
Now, reality is hitting many of these folks square in the pocket.
They'll have to "move down" the economic ladder now and where that "tin foil hat" for awhile.
I noticed a constant factor in the Trolls' entertaining contribution to this Blog:
1) Short sentences.
2) Large caps.
3) Obscenities.
4) Usage of derision instead of argumentation.
5) Anonymity.
Any person confident about his point of view, even if in disagreement with those on this blog, does not require using the above. Makes me wonder what some of them are in real life. If some are wealthy and as smart as they claim, why be so childish and insecure about it.
RE: MortgagePANIC - Watching Lenders Implode, Speculators Get Roasted, and Bernanke Hold Firm
MortgagePANIC does indeed seem to be the most appropriate name change for this excellent blog because, without a huge mortgage market, there would be no housing bubble. The runaway growth of the housing bubble can only be maintained if home prices are pushed up. Home price can only go up if there are mortgages to purchase homes at the rapidly increasing prices.
Easy mortgage lending standards have allowed people with low income, lousy credit and no savings to enter into bidding wars with other people who had higher income, better credit and enough money for a traditional down payment.
Lax lending standards made it easy for unqualified buyers to "purchase" overpriced homes that they would never own. As a result, most unqualified as well as qualified home debtors who signed loan agreements in the last 3 years are now upside-down in their mortgages.
Not everyone who owns a home is experiencing HousingPANIC. However, an increasingly-large number of people who desperately need mortgage money are experiencing big-time mortgage panic. As the mortgage market tanks, it will take down a lot more than just the housing market. The entire world economy is at risk.
If this site retains the title of MortgagePANIC, it won't bother me.
V.L.
No rate cut!
housingsmash
"Although the downside risks to growth have increased somewhat, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the outlook for both inflation and economic growth, as implied by incoming information."
How this part of the FED statement makes the Market feel better is beyond me. I do believe the trap is being set. Poor saps.
Dopes R Us
Ponzi Panic
For one day only you should use the name "BUBBLES ARE FOR BATH TUBS - HAVE YOU TAKEN A BUBBLE BATH LATELY?"
Let's face it this housing crash will be the biggest bubble bath in recorded history. With interest rates now at 8% and buyers now required to substantiate their income this will be a huge, huge BUBBLE BATH for many FBs.
OK I'm getting ready to throw in the towel. We have a 3rd bear sterns fund collapsing. We have nothing but doom and gloom stories financially speaking. We have a dollar in the toilet. We have a Fed that seems to have a clue and won't drop rates. And yet for the past two days dow jones is up over 500. And now I read that Congress is seriously talking about a federal bailout to save people from losing their homes.
Seriously everyone, what the fuck are we doing here? Saving, renting and for what? To watch illegal alien strawberry pickers get our tax dollars to keep their $700K home while we rent apartments all the while watching the dow go to 15,000 or 16,000 or who knows where?
I'm just so damn sick and tired of this shit.
I wonder if Mr. Cramer is still waiting for old B.S. Bernanke and the Fed cavalry to come riding to the rescue in their helicopters.
"Any suggestions for honorary one-day titles in the future?"
I was wrong. There is no housing crash. There is no stock crash. I am a renting loser and will always be.
Soylent Greenspan....is made of people......people's money!
The House of Shame
Lereahism
graphrix said...
"Keith has no idea what is going on out there. NONE. No idea."
Oh wait yeah he does actually and he has been saying this for a long time now.
August 07, 2007 8:31 AM
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And he has been wrong for a long time.
If you recall he was calling for a 7000 Dow just a few months ago.
i told you so...
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