September 04, 2007

HousingPANIC Thought of the Day

"Right about now I'm guessing that millions of homedebtors wished they hadn't cashed out their "equity" and spent the loot like it was real."

(Get ready for the sale of the century on eBay...)

83 comments:

Anonymous said...

I have been watching high end car prices lately. They are falling faster than condo prices in Miami. Glad I lease my car only 12 months to go then I get a 75% off something. Hmm BMW, BENZ, Porsche,
ZO6, Oh hell maybe a couple of three I just can't make up my mind.

keith said...

Must suck to think you're free and clear with no debt and big equity only to realize you owe $100,000 because your "equity" went poof in a market-to-market deflation

I agree on used cars - just like the dot-com crash, lots will be full of used lexus, porsches and bmw's

And pick up trucks the homebuilders used to use

Frank@NeverColdCall.com said...

I never understood that. "Cash out your equity" never was cashing out, it was just taking out a secured loan against the house. All loans must be paid back. I never understood how people think they actually "made" money on their house when it was just loans all along.

And the worst thing about a secured home loan? You don't pay, they take the house! The idiots would have been better off with credit cards they could have just blown off.

Anonymous said...

I also follow the car market and see the inventory of Porsches both rising in number and falling in costs on the 99-04 models.

I expect to see ebay listings of mid and high end watches such as TAG, Rolex, PP, VC, and AP to rise with few bidders.

High End audio classifieds are on the rise also.

The wives are gonna throw a tizzy fit when their husbands want them to give up their jewelry, handbags and shoes.

I think that some of these companies will make great shorts sometime in the future. The ones that catered to the wannabe poseur rich guys such as BMW, Harley Davidson and others as the spending slowdown catches up with them also. Mercedes will fare better as they have the Smart Car that might end up being the alternate transportation and still need a modicum of status.

Maybe you should start a thread regarding which companies people think would be good future shorts.

Anonymous said...

have a bunch of you noticed used cars for sale in parking lots at grocery stores lately? we have for the past few months.

Anonymous said...

also spotted:

open house & for rent signs where none were before

open house & for rent signs at stranger hours (previously weekends only, but now during business hours and at night)

huge builder ads along the freeway between CA and AZ for new housing tracts -- almost every other sign along the freeway

Anonymous said...

Why is it that no one here quotes Lereah's statement from two years ago: "If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years... It's as if you had 500,000 dollar bills stuffed in your mattress... very unsophisticated."
(http://tinyurl.com/7aap6)

The stupidity of this statement alone should have made the MSM question Lereah's agenda.

But it is amazing how many people bought into this line of thinking and showed how financially unsophisticated they were.

Anonymous said...

saw a beauty today at the dealers that seemed reasonable. although I do not need a new er car yet as my old one has only 100.000 miles on it and is running (knock on wood) fine yet has gotten very little use since gasoline went past 1.50 a gallon, as none of the places I was going to seemed worth that price, which may have a mistaken idea as idleness is very unhealthfull

Anonymous said...

should have said a dollar and placed more value to the dollar>....

Anonymous said...

Notice a lot of boats we never used this summer - guess gas was too much and there was not enough money for that toy.

Anonymous said...

“Lenders, for their part, say it’s a two-way street. Staffers often find people unwilling to give up cell phone service or satellite TV to finance strategies to save their houses, Ed Delgado, a senior Wells Fargo executive, told the California Senate Committee on Banking, Finance and Insurance last month.”

“In Citrus Heights, Tracy Trammell said she knew she might have trouble with refinancing the loan her husband took out in 2005. But a Countrywide representative told her early this year not to worry, her loan would only go up a little.”

“As June approached, she called again. This time a different representative said she faced a major reset on her two-year adjustable loan, the payment would rise $1,000 a month.”

“‘I called the original girl and said, ‘I need to know what’s going on,’ Trammell said. ‘She said, ‘Fax me the stuff, and I’ll get back to you.’ Then her first words were, ‘Oops, I missed that part.’ I said, ‘What do you mean, oops? This is my home.’”

Anonymous said...

The number of Harleys for sale in the Denver Post has quadrupled at least in the last year or so. Didn't follow it closely but remember there used to be 10-20 for sale now more like 80-100.

Also their inventory is bloated to 4X normal for new ones. 2.9% was used this summer which was a far cry from 6 month waiting list a few years back. I am short Harley and have been. Hopefully the Chinese don't buy them out and screw that up. I am still mad at the fed for messing up my CFC PUTS.

Anonymous said...

RE: used luxury cars

I recently bought one myself, a BMW 5 series. Dealer had it listed for $17K. I offered $11K and after about 2 weeks of back and forth paid $11,700. This is a high end used car dealer, BMWs, Porsches, Audis, the odd Ferrari here and there. Lot is literally overflowing with cars. They have cars parked on the grass and the showroom so full you can barely move inside.

I probably could have waited another few weeks and paid my original $11K, but I needed a car quick.

Anonymous said...

Why is it that no one here quotes Lereah's statement from two years ago: "If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years... It's as if you had 500,000 dollar bills stuffed in your mattress... very unsophisticated."
(http://tinyurl.com/7aap6)

The stupidity of this statement alone should have made the MSM question Lereah's agenda.

But it is amazing how many people bought into this line of thinking and showed how financially unsophisticated they were.

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

He did have a valid point. If someone could get a fixed mortgage for 5.25% as was the case 2 years ago, then paying off a mortgage was financially stupid when inflation alone would make you better off in 5-10 years just buy putting the money in a CD.

Of course what most people heard was cash out equity and go on a shopping spree.

pon raul said...

Home Despot in central TX was relatively dead saturday. Motorcycles coming out of the woodwork for sale, prices dropping, and it's the good part of the riding season coming up!

Sad thing is - as tempted as I am to buy one, I'm going to stay as tight as possible because I don't have a good crystal ball and I might really need all my pennies.

John S. said...

Personally, I like to cruise the neighborhood lookng for FSBO signs. Often you'll also see a shiny new Harley in the yard at a very attractive price. (Although the price will be better in a couple of months when there is an inch of snow on the seat.)

Stuck in So Pa said...

Unfortunately, at least for the present, when the FB's dump their junk on Ebay, they are holding out for the price "they deserve." Then Joe (non FB) Six-pack sees the new increased asking/starting prices and jacks his opening bids up as well.
The wife and I have varied collecting interests. We enjoy it, we can afford it! Not enjoyable any more. We stopped all Ebay "shopping" back on Jan 1.
The starting bids and final prices are way out of whack. Vehicles may be coming down, but other categories are skyrocketing!

Ebay, the next bubble?

They are not making any more stuff to put on Ebay. Bid now or you will be priced out forever!

Anonymous said...

I love ramen.

For some, it's the heady aroma and subtle flavor of a finely aged cheese. For others, it's the enticing sizzle and juicy goodness of a T-bone steak.

For me, it's gotta be ramen - Nature's most perfect food.

Anonymous said...

Good morning tinfoilhat gang. I was away on the beach for a couple of weeks and missed you guys.

I rented a beach house on the outer banks of NC and every single house in the area was full of renters as well. I mean I didn't see 1 house without a couple of cars in the carport. I wanted to go handgliding in Kitty Hawk. Sorry, it was booked solid they said. How about dinner Friday night at a non-descript bar and grille? 45-60 minutes wait for a table for the privilige of spending $15 on a platter of calamari. Wife wanted to go horseback riding. Did that, again having to book 3 days out as it was booked solid. Everything and everywhere was just wall to wall people.

Yessir I tell you it was like 1933 out there.

christiangustafson said...

IIRC, Harley Davidson was an early sign of the crisis in subprime. They sell the debt on their motorcycle sales, which is then packaged and resold to investors. I agree, it will be fun to see if the Chinese buy them.

I don't see the appeal of their bikes at all, or of the people who ride them. BMWs are much nicer.

What is this about every old US company transmogrifying into a finance beast? Think GM and GMAC. Or H&R Block ... they used to just do your taxes, then they got into payday loans in your refund, and now seven circles of subprime mortgage hell.

Anonymous said...

FYI - Gold down about 4% so far this year...

Muni bond funds weren't the worst performing category last month -- that place was reserved for precious metals funds, which lost an average of 8.22%, leaving them down 3.61% for the year. Muni bonds might seem like an unusually staid investment for high-flying hedge funds. They tend to yield less than comparably-rated corporates, but their tax-free status tends to appeal to wealthy retirees. -- Lawrence Carrel, TheStreet.com

Marky Mark

flush republicans (and dems) said...

It was the only method to keep the economy running at maximum speed (after the GOP implemented their fake attacks on 9/11) otherwise, it would have made bush and the republicans look bad (and now we know they destroyed America every step of the way.)

I'm not so sure if such toilet sex members could destroy a nation as well as the bushies have. But yes, they did. Although, the democrates who watch them screw-up, lie and cover-up over and over again (without impeachment) are no better. Maybe they should flush the toilet first - as a sign to have toilet sex with.

hendry said...

It's fun to see all these realtrolls, floppers and mortgage brokebacks suffering their just desserts for years of running a ponzi scheme.

constipator said...

"paying off a mortgage was financially stupid when inflation alone would make you better off in 5-10 years just buy putting the money in a CD."

Um, inflation doesn't increase the purchasing power of money held in savings accounts, it destroys it. Inflation does increase the selling price for assets like housing, so your argument is ass backwards. Think it over and try again.

Anonymous said...

Um, inflation doesn't increase the purchasing power of money held in savings accounts, it destroys it. Inflation does increase the selling price for assets like housing, so your argument is ass backwards. Think it over and try again.

September 04, 2007 3:03 PM


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

Douche,

Inflation destroys the value of the loan, CD or no CD.

Get a clue and try again.

Anonymous said...

Harley Davidson's stock (HOG) is up 2.5% today.

BMW is up about 10% over the past year

Yep nobody's buying BMWs or Harleys anymore.

devestment said...

If you’re going to sell on eBay, do it now before the flood. I am in the buy and sell business. In the 91 crash I had to buy cheap and sell immediately as to not loose money to the falling knife.

Budvar said...

Some Anon bozo said..
"We went on holiday to a resort town during the Labour day holidays and it was packed!!
The economy must be booming".

Well Duh!! Give it another 2 weeks for everyone to get back to work and kids back to school and it'll be a f*ckin ghost town with everywhere all shuttered up and tumbleweeds blowing through the streets same as every other resort town once the season closes.

Anonymous said...

I just placed my wife silicon implants for sale on e-bay.

If the don't raise enough capital for next month's mortgage then I'll put my wife up for hire.

constipator said...

"Inflation destroys the value of the loan, CD or no CD."

Put away the bong, it's too early. Inflation in the real world (not the government's BS statistics) is running at 10%. You're trying to tell us that keeping money in a CD is good because it earns 5% interest, but putting that money in a mortgage is bad because the price of houses increases with inflation? I won't even include the benefits of tax deductions and capital gains exclusions because asking you to think about those might pop a vein.

Must be some good sh*t you're smokin'.

Anonymous said...

Harley Davidson stock is down 26% and the chart is heading straight down for months

http://finance.yahoo.com/q/bc?s=HOG&t=1y

trolls are really dumb

keith said...

Just give up on the Trolls folks. They're beyond our help. Sad little fellas. Obviously have no idea what's going on, and never set one foot in an economics class.

water sports fan said...

I wish I had sold my pets.com when it was skyrocketing.Too many people got greedy once again.Most will be holding a bag of rocks as the market tanks. I have proclaimed today as hug a realtor day.Go out and give some lovein to these pathetic fools.

Mammoth said...

"Vehicles may be coming down, but other categories are skyrocketing!"
----------------
Maybe for late-model lux toys like BMW, BENZ, Porsche, etc., but they sure are asking crazy prices for the classic American cars.

That Sprint-Six '66 LeMans I paid $2400 for 10 years ago could probably sell for 4X that amount today.

If you are in the market for one of these cool old classics, or for one of the late-model lux toys for that matter, wait until mid-winter.

Go out and scope the market, take some test drives and decide on what you want. Then on a really crappy, cold day, dress yourself up nice & warm. Revisit the seller, drag him or her outside, then haggle and haggle and haggle.

With patience, you will find a desperate soul who will almost give away the car just to get rid of you and to get back inside where it is warm.

Try this - it works!
Mammoth

Anonymous said...

In the 91 crash I had to buy cheap and sell immediately as to not loose money to the falling knife.

Why not buy and hold? High quality goods will always be liquid, and increase in value over time.

Anonymous said...

Well Duh!! Give it another 2 weeks for everyone to get back to work and kids back to school and it'll be a f*ckin ghost town with everywhere all shuttered up and tumbleweeds blowing through the streets same as every other resort town once the season closes.

September 04, 2007 4:03 PM


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

The HP mantra to perfection. The crash is just around the corner. It's always next week or next month or next quarter.

Anonymous said...

Put away the bong, it's too early. Inflation in the real world (not the government's BS statistics) is running at 10%. You're trying to tell us that keeping money in a CD is good because it earns 5% interest, but putting that money in a mortgage is bad because the price of houses increases with inflation? I won't even include the benefits of tax deductions and capital gains exclusions because asking you to think about those might pop a vein.

Must be some good sh*t you're smokin'.

September 04, 2007 4:07 PM


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

You may be the world's stupidest person.

Read carefully....inflation eats away debt. Paying off debt in an era ofhigh inflation is stupid, idiotic, moronic...in other words something an HPers would do.

GT said...

dont forget to vote in today's poll
http://www.readexpress.com/

Should the government offer help to people who took out risky home loans?

Happy Homedebtor said...

Love that crash - market looks to top another 1% rise today, woohoo! Go go deflationary spiral!

Awe, why's nobody commenting on the fact the markets are shooting up lately still on track for 10%+ annual returns, DESPITE some of the worst economic news in a decade? :O

"Reality" is in the eye of the guy spinning it, eh Keith? ;)

Anonymous said...

http://www.cnbc.com/id/20586788

Good post on the meltdown at Countrywide

Anonymous said...

Why do trolls think the stock market is the housing market?

Happy Homedebtor said...

Anonymous said...

Why do trolls think the stock market is the housing market?

September 04, 2007 5:50 PM
------------------------
Maybe because people have been treating the housing market like the stock market the last 6+ years?

Maybe because the stock market is moving in relation to housing-sector news lately?

Maybe because "buying" an asset such as a house with 0-20% down is akin to buying stocks on margin?

Given the nature of this blog and the amusing negativity, I think referring to those providing alternative views as "trolls" is a bit backwards, no? :D

Anonymous said...

I`m waiting for the January "Barrett-Jackson" auction to see if prices really are going to fall on restored muscle cars. There had to be people that were qualified to bid only because they had used their home as a piggybank. Time will tell.

Anonymous said...

Here's an interesting thought:

Right now, many communities are still taxing/spending based on overvalued property values. Goven the nature of government, they probably have overspent that inflated amount.

Many municipal bonds are probably eventually headed for junk status, which will make them attractive at the increased yield sometime in the coming years.

Anonymous said...

Someone paying $250K for a Shelby doesn't need heloc money. Believe it or not Cletus, there are millions of people in this country who are wealthy.

Stop buying the demoRAT propaganda that everyone in the USA is starving and needs a handout.

stuckinthecity said...

Anonymous said...
The number of Harleys for sale in the Denver Post has quadrupled at least in the last year or so. Didn't follow it closely but remember there used to be 10-20 for sale now more like 80-100.
--

ya, so what? we dont live in a free market in America. We live in lala land where every JSP that can sign a dotted line is self-made Econ PhD. THEY know what items (Houses, Harleys, etc) are worth and will not budge!

Lost Cause said...

McMansions Turn 'McApartments,' Stirring Ire

I predicted that these montrosities would be subdivided into multiple units.

Anonymous said...

devestment said...
If you’re going to sell on eBay, do it now before the flood.



can you really trust ANYTHING on ebay???

Anonymous said...

I flipped houses up until Feb 2007.

I paid off my primary residence and all other debt.

Now, I am flowing the exact amount my monthly mortgage payment (2850.00) was to an IRA account.
I have been buying money market type investments at 4.8%.

I am staying away from most stocks except energy.

So far, I am confident.

Waiting for a big drop before I move back into stocks.

Anonymous said...

"can you really trust ANYTHING on ebay??? "

I have sold 2 cars and bought 3 cars on ebay. Last car I bought was $28,000.

Stop being so paranoid.

Notsocommonsense said...

"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years... It's as if you had 500,000 dollar bills stuffed in your mattress... very unsophisticated."

This a true gem.
My grandfather taught me to be financially unsophisticated. Finance in two parts;
Business: Don't buy anything that won't pay for itself in two years. The third year goes into your pocket.
Personal: Your wallet should be tighter than a frog's a$$.

Oh I forgot to mention, he made it through the depression supporting nine children with a sole proprietorship. Wall street should be run by unsophisticated guys like him.

hendry said...

BMW is up about 10% over the past year


Maybe because they are selling more cars in Asia? You didn't think BMW is an American company did you, trollboy?

Anonymous said...

I should have followed the tinfoil monkey sheeple herds to resorttownville and not tried to save a few bucks as they trample me on their return and pick my pocket anyway, at keast the saved dollar might have bought a laugh

Anonymous said...

pop a vein redoux thinks the winter tourist season is bue in the ever warm and seductive desert hells of phoenix??????? early

Anonymous said...


Good morning tinfoilhat gang. I was away on the beach for a couple of weeks and missed you guys.

I rented a beach house on the outer banks of NC and every single house in the area was full of renters as well. I mean I didn't see 1 house without a couple of cars in the carport. I wanted to go handgliding in Kitty Hawk. Sorry, it was booked solid they said. How about dinner Friday night at a non-descript bar and grille? 45-60 minutes wait for a table for the privilige of spending $15 on a platter of calamari. Wife wanted to go horseback riding. Did that, again having to book 3 days out as it was booked solid. Everything and everywhere was just wall to wall people.

Yessir I tell you it was like 1933 out there.


How did you get to be so f*cking stupid? Let me guess: your father and brother are the same person.

You have never even been to NC and no woman would ever marry you, except a fat ugly one. You're not fooling anyone, dumbshit!

Anonymous said...

"The HP mantra to perfection. The crash is just around the corner. It's always next week or next month or next quarter. "

The troll mantra: "Good times are just around the corner". You probably are not even aware that Hebert Hoover said that in 1930 (Hoover was the 31st president by the way).

Th crash is already here, you dumbass. Get your head out from your own pile of shit!.

Frank@NeverColdCall.com said...

This a true gem.
My grandfather taught me to be financially unsophisticated. Finance in two parts;
Business: Don't buy anything that won't pay for itself in two years. The third year goes into your pocket.
Personal: Your wallet should be tighter than a frog's a$$.


Or as a friend and I were discussing the other day, if you can't afford to pay cash for it, you don't deserve to have it in the first place, so don't buy it.

Anonymous said...

Anonymous said...
Someone paying $250K for a Shelby doesn't need heloc money. Believe it or not Cletus, there are millions of people in this country who are wealthy.

Stop buying the demoRAT propaganda that everyone in the USA is starving and needs a handout.

September 04, 2007 6:12 PM

I`m not a Democrat or a Republican, but if you think the bottom is not going to fall out of the "$250,000 Shelbys" one day, I beg to differ. Looks like a bubble to me. If these "wealthy" people think so highly of these cars, why do they hardly ever drive them? I`ll tell you why, because it would decrease their bubble value. Not to mention that every car that goes over the block is not a high dollar Shelby, some are just your basic first generation Camaros that the "boomers" have just got to have again. (If it made all their dreams come true back then, why did they sell it in the first place?) And these "boomer Camaros" are priced right in line with a heloc.

devestment said...

In the 91 crash I had to buy cheap and sell immediately as to not loose money to the falling knife.

Why not buy and hold? High quality goods will always be liquid, and increase in value over time.


Cant keep it all , only the premium quality. If you can sell the chaff and keep your head above water you are doing well.

devestment said...

devestment said...
If you’re going to sell on eBay, do it now before the flood.



can you really trust ANYTHING on ebay???

Half home runs and half rip offs.

Anonymous said...

http://phoenix.craigslist.org/car/413742685.html

IT IS A REALTOR`S CAR!!!



Date: 2007-09-04, 11:52AM MST


****** MAKE YOUR CASH OFFER ********* OR SEE MY TRADE OFFER********** ***TRADE(YOUR CAR+CASH)YOUR VEHICHLE(TOYOTA,HONDA,LEXUS,BMW,PORSCHE,MERCEDES) OR MAKE YOUR CASH OFFER!! PLEASE BE REASONABLE!!THIS CAR WAS $97K+TAX=$120,000 **MAKE AN OFFER** I NEED TO SELL THIS SUPER CLEAN S500 BY OR BEFORE 9/10/07 **THIS ONE IS LOADED WITH TONS OF OPTIONS,LIKE SPORT PACKAGE,STAGGERED TIRES PAID OVER $3500, 2001 MERCEDES BENZ S500 WITH 83630 MILES,IT IS IN EXCELLENT CONDITION WITH WARRANY TILL 100K MILES,PRIVATE PARTY NO SALES TAX,IT IS A REALTOR`S CAR!!! VERY CLEAN.BRING $31900 CASH(OR YOUR BEST OFFER) AND TAKE IT!!THIS CAR WAS $100K WHEN BOUGHT FROM DEALER!!!!PLS CALL IF YOU ARE SERIOUS BUYER!!!TRADE IN IS AVAILABLE WITH YOUR CAR + YOUR CASH!!! OR TELL ME WHAT YOU HAVE....NEED CASH... ASAP...WHAT IS YOUR BEST OFFER??

Budvar said...

I remember the classic car boom of the 80s, when they fetched stupid money.
I pointed out the fact they could build a car buying brand spanking new parts from the factory for a third of what a complete "old" car fetched at auction.
I was told that a Shelby or Ferrari GTO built from brand new parts isn't a proper Shelby or Ferrari???
It was complete and utter bullshit back then, and its no different now.

Anonymous said...

9:17,

You need to relax dude. Seriously so much anger. Must be the realization this crash you've been waiting for will never appear.

I don't give a rat's ass if you think I've never been to NC. I know you spent your Labor Day weekend holed up in your shithole apartment. Maybe you drove you 15 year old car to the thrift store too. What a life you lead.

Calling you a loser would be an insult to losers.

Anonymous said...

I personally think muscle cars are a waste of money. Be that as it may, my father in law and my best friend both own 1960s restored cars that are both worth - according to them anyway - in the $100K ballpark.

My father in law is a retired surgeon. My best friend own his own company with about 75 employees and is a millionaire many times over. It is people like them who spend money on those cars and helocs are not part of the equation whatsoever.

Personally I think spending $100K on any car is insane, but that is beside the point.

John S said...

Happy Homedebtor is thrilled because the Dow is up 0.68%. And why is it up? Because all the economic reports today were so bleak that Wall Street thinks it will get a Fed rate cut! Some boom.

hunkering woofer said...

Stuck in So PA said:

Ebay, the next bubble?

They are not making any more stuff to put on Ebay. Bid now or you will be priced out forever!

Bush called it the great EBAY economy.

All I can say is good rifle scopes are being bid outta sight. Must be some pholks that think homeland defense may mean hunkering down like the Mogambo Guru in your bunker and warding off the masses of angry, hungry FBs.

Anonymous said...

Anonymous said...
Good morning tinfoilhat gang. I was away on the beach for a couple of weeks and missed you guys.

I rented a beach house on the outer banks of NC and every single house in the area was full of renters as well. I mean I didn't see 1 house without a couple of cars in the carport. I wanted to go handgliding in Kitty Hawk. Sorry, it was booked solid they said. How about dinner Friday night at a non-descript bar and grille? 45-60 minutes wait for a table for the privilige of spending $15 on a platter of calamari. Wife wanted to go horseback riding. Did that, again having to book 3 days out as it was booked solid. Everything and everywhere was just wall to wall people.

Yessir I tell you it was like 1933 out there.

September 04, 2007 2:37 PM
--------------
I think you mean August of 1929!

Anonymous said...

Anonymous said...
Well Duh!! Give it another 2 weeks for everyone to get back to work and kids back to school and it'll be a f*ckin ghost town with everywhere all shuttered up and tumbleweeds blowing through the streets same as every other resort town once the season closes.

September 04, 2007 4:03 PM


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

The HP mantra to perfection. The crash is just around the corner. It's always next week or next month or next quarter.

September 04, 2007 5:36 PM
----------
And the Mantra of the troll is to always wait for the next "selling season" for the market to rebound/recover/come back. What's your point dumb@$$

turdly said...

oddly I just got back from Michigan. We rented all ten scuba tanks the guy had, no big deal he hadn't done a rental all month.

We were the only ones for 7 houses on either side of us on Grand lake.

perfectly restored 1942 jeep, a really really nice fresh job, $3000 no buyer.

We're the only group in a ruby tuesdays on a payday saturday night.

Went to the ford museum in Detroit, not 1000 people there including the school kids. 8 of us in the restaurant and table for 800.

I guess it's all relative. We saw less than 10 boats on the lake all week.

turdly said...

My father in law is a retired surgeon. My best friend own his own company with about 75 employees and is a millionaire many times over.

It's these guys that will pull their money out of the system and put it in a mattress if the fed cuts the rate again. I'm going to. I worked too damn hard to make a lousy 35k a year on a 1mill cd. I'll never do that again. I'd rahter keep it at home. And I'm not the only one. Tohether we don't make a diddly ass dimple. But they'll piss of buffet or someone with a lot of cash.

Anonymous said...

It sure costs a lot to be a wannabe. Pay up suckers:


"An Aventura man was arrested after an argument over a condo assessment turned violent Sunday afternoon, a police report shows.

Richard Lee Meuret, 71, was released on $5,000 bail Monday on a felony charge of battery on an elderly person, according to court records.

May Frank, 79, was hit in the head during the argument about 5 p.m. Sunday, police said.

Meuret was passing out election fliers on the 18th floor at the Coronado condominium, 20379 W. Country Club Dr., when Frank asked him not to place a flier under her door, police said.

''There was some exchange of words, and then all of a sudden he hit her with a fist to her head. He knocked her down,'' said George Silverglad, who said he witnessed the fight.

The building has been split by an argument over assessments, mostly for damage from Hurricane Wilma. Ballots are due Wednesday on a plan to finance $15 million in repairs over 15 years, with interest estimated at another $10 million.

After the fight, however, a new $10 million assessment plan was floated, according to Frank.

Resident Barbara Brighton said she wants Meuret removed from the board."

hendry said...

Even duringt the Great depression when 25% of the country was unemployed, there were rich people. There will always be rich people to buy luxury items and take expensive vacations, but that doesn't mean the economy is good. You don't judge the economy by what the top 10% are buying and doing. You judge it by what the middle 50% are buying and doing.

Anonymous said...

Amazon.com stock is up so home prices are sure to follow. People don't buy things on the internet in a recession

Anonymous said...

My sister just came back from the Outer Banks - it's actually a fairly cheap place to vacation as the prices are much better than anywhere from Mass to Virginia. The last 2 weeks of August are a notoriously busy time for any vacation area because kids are out of both school and camp. I can't wait until the kids are grown so I can take a vacation that isn't based on a school holiday. I went to the Outer Banks a few years back but didn't like that there were so few restaurants which maybe why there was a 60 minute wait. In any event my sister was in Duck and said she saw plenty of houses that did not appear to be rented out. They had no problem renting waverunners.

Kenduffelsniffenspotzen said...

Anonymous said...
have a bunch of you noticed used cars for sale in parking lots at grocery stores lately? we have for the past few months.
September 04, 2007 10:28 AM
===============================
I've noticed a lot of cars like that parked at the Mall.

Anonymous said...

September 04, 2007 1:33 PM
Anonymous said...
I love ramen.
For some, it's the heady aroma and subtle flavor of a finely aged cheese. For others, it's the enticing sizzle and juicy goodness of a T-bone steak.

For me, it's gotta be ramen - Nature's most perfect food.

September 04, 2007 1:45 PM
==============================
Do you guys ever read the list of ingredients for that stuff? It's loaded with MSG.

Anonymous said...

A co-worker of mine was bragging about taking out home equity loans after he bought a house last year. His phrase was, "Why not? It's free money!".

He's now 100k in the hole and getting deeper every day, got a new job and has to move. He's forced to sell but can't. Now he's got to pay mortgage on a house he doesn't live in while renting a place where he moved.

Stuck in So Pa said...

"Budvar said...
I remember the classic car boom of the 80s, when they fetched stupid money......."

"Anonymous said...
I’m waiting for the January "Barrett-Jackson" auction to see if prices really are going to fall on restored muscle cars. There had to be people that were qualified to bid only because they had used their home as a piggybank. Time will tell."


I remember that too in the eighties (old car buff, guy thing,) but then it turned around in the early to mid nineties and antique car prices really tanked bad.

Out of reach old relics actually became affordable again.

I didn't know housing then (Thanks HP,) and I didn't realize at the time that we were just coming up from the bottom (1989-90) of the last housing cycle.

It would be nice to see old car prices really plummet to hell this time, once that HELOC money evaporates.

I've got ready cash; I can easily afford it, and TOYS ARE NICE (again, guy thing)!

Anonymous said...

It would be nice to see old car prices really plummet to hell this time, once that HELOC money evaporates.

I've got ready cash; I can easily afford it, and TOYS ARE NICE (again, guy thing)!

September 05, 2007 2:28 PM

Amen brother, toys are nice when you can pay cash for them. Not as good as playing ball with your children, or spending time with the family, but they are fun! Just don`t heloc your home for one. (or get a loan of any kind for one)

the other trader said...

Things to sell...

Anything with a large engine which requires alot of gas to operate.
(Harley Davidson should probably not be shorted, since the demand for motorcycles/mopeds are about to skyrocket Mopeds remeber them? LOL).

Any ill-liquid asset which becomes "up-side-down".
Mark it LOWER than the rest and pray it works, be aggresive to sell it. First TOYS then cars (try buying down to older, more economical vehicles think 4 cylinder), then houses;
in that order.
If you are not up-side-down yet, lucky you; sell it for maximum profit NOW if the conditions call for it!!!

Mamoth @ 4:18 (ish)
GREAT idea!!!
I LOVE the cold, hate the heat.

Question;
Anon said,
It is great to hold debt during inflationary cycles, but how so if you cannot pay that debt back???
Question is;
How did the "people" in Weimer Germany get their "wheelbarrel full of "Reichbanknote's"???
Was it the ultra rich carting around such numbers?
I do not see an expansion of payrolls, I see a contraction; even if the dollar stays level.
(Any dollar drop acts as lower wages, if you think about it)
Again, let me ask the question,

"During the Weimer Inflation, where and when did the rises in income occur?"






Things to buy;

Old American coins.
Silver and gold content only.
(Do not buy bars, that may be frowned upon as hoarding.)

Old baseball cards.
The older and more rare the better.
Baseball cards only. Think Japan.

Stocks (ADR's) that are of BRIC status. But be careful; the decoulpling might be longer off than we think, but when it happens, gains will be enormous!!! (Buy LEAP'S, out of the money, as cheaply as possible to your agreed upon risk exposure. If it is not a 2009/2010 LEAP, forget it.)

Look at ENERGY, COMMODITIES, ALTERNATIVE POWER (solar/geo-thermal), (not in that order)



A motorcycle/moped!!!
(There's that moped word again.
Remember those that had the pedals? You could ride it like a bi-cycle, or jump start it {If you had the gas and spark plug}?)
Buy one while they are still cheap.



And, if you gots lots of cash;

Buy OLD American relics.
This country will be legendary in the "History-of-the-world".
Your great great great great great great great great great great great great grandchildren might thank you for it; if you have any.....

Anonymous said...

i went to a local Walmart yesterday a superstore one and counted the number of credit card and cash buys
i saw 123 people 102 charged
i was thrown out watch and see

Anonymous said...

never has the world been allowed to watch such a large bubble burst
in such a slow speed

thank you internet

Loyal Reader said...

1:33 PM stuck in so pa asked:

"Ebay, the next bubble?"

As I understand it, FeeBay/FleaBay is doing a free listings *month* right now (September 2007). In the past, when times were better there, the greedy b*stards who run FeeBay were loath to announce a free listing *day*. I guess their shareholder returns are in the toilet and so they're giving away stuff at what used to be the core business (PayPal is now the cash cow...at least until more people adopt alternatives like Google Payments).

Can it be that Joe and Jane FB can't even come up with the few pennies to dollars listing fees to liquidate their stuff? If that's true then wow!

Also being a collector of a few different kinds of things, I can safely say that anymore getting a good buy (actual stuff as advertised at a realistic price) from FleaBay USA is becoming more and more like playing your state's local lottery. Consumer Reports magazine a few months back said that getting a good deal was a a 50-50 proposition given all the fun and games with nondeliveries or items arriving damaged or different than described.

I do however see a lot more Craigslist listings and yard sales in the FBs future :)