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.
EMERGENCYEMERGENCYEMERGENCYFULL SYSTEM MELTDOWNFULL SYSTEM MELTDOWNFULL SYSTEM MELTDOWN
Northern Crock is a goner. I wonder which major US bank will be the first to collapse.
In a related story did anyone here catch the news about some myster trader who bet something close to $1 billion that the stock market would drop my about 30% before Sept. 21st?I have a feeling Greenspan is purposely timing this crash that would have occured anyway so insiders can profit from it.Sept. 21st is the date to watch.
WOW!!! Shades of 1929 if you ask me!!
Heaven help us all
CFC will be the first to collapse. They have already been "bailed out" to the tune of 26Billion (first 12 billion draw down, 2Billion from bofa, and recently another 12Billion).
Even REALTORS got to be scared now
A rather large crowd in front of that bank. Nice pic there. Talk about stampede ... If that were the US it would be a riot.
It's Bush's fault. Just like the time I got a flat tire on the way to work.
Why do people stand outside a bank with the internet?I haven't been to a real bank in agesSheeple.
That picture does not look real. Could you provide some reference (url)?If it's real, then.... wow...
Enjoy the dieoff.9-11 was an inside job.Iraq was about oil.Afghanistan was about heroin.Iran will be about oil.Martial law is next.A detention facility (read gas chamber) awaits you.Cheers.
"Why do people stand outside a bank with the internet?"Uhh, Because the system is down. Nice condescending tone though.
Whats the big deal? Northern Rock isnt going to collapse. The loan they got from the bank of england is more than enough to cover them even if every customer withdrew their cash. Its a pretty small bank anyways, they dont have much in the way of deposits relative to other bigger banks.This is not the end of the world financial armageddon type of thing. Every week you post "The shit has finally hit the fan! Here we go!" and then the world doesnt end. It will be interesting to refer to this a week from now and see if this, finally, really was the week.
keith..your too good mangulp gulp...cheersgonna have me some woobbly pops tonightlike a stake plunged right through the heart ,the ponzi game comes crashing downsheer panic is going to be in full view by this time tommorrow
(Yawn)No, the meltdown isn't here, Keith.It's a slow, ongoing process. It's like draining an olympic swimming pool with a garden hose.Northern Rock is just another level on the way down.
When the S&L's collapsed it was one small, insignificant institution at a time.The point is that most financial companies look like each other.There are but two ways to make money in banking, and this hasn't changed in millenia. 1) borrow short, lend long, lever up2) charge out the wazoo in fees to "customers" who are naive or have no alternativesThe loan they got from the bank of england is more than enough to cover them even if every customer withdrew their cash.OK Sherlock. After that, how are they going to make money to pay back the loan and the interest? Depositors mean a higher denominator in the reserve ratio. No capital, no lending. No lending no income. No income, but with interest due == bankruptcy.
Why do people stand outside a bank with the internet?I haven't been to a real bank in ages.---------------------------------you are not serious, are you? Try transferring 2 Million dollars via your account internet access, either by account to account xfer or by writing an online check...
So, I hear the US corporate paper market has a little problem this week.What? I might not get my pay check?
BRITISH mortgage lender Northern Rock has become England's biggest casualty in the global credit squeeze with customers queueing in the streets of Newcastle to withdraw funds.British newspapers showed pictures of long queues and carried reports of fights as people jostled for places outside branches across England's north-east.The rush on funds, more than pound stg. 1 billion ($2.38 billion) was withdrawn, caused the Bank of England and Britain's Financial Services Authority to intervene in the affairs of the bank which trades on the London Stock Exchange.The British central bank's support - the first time it has acted as lender of last resort since becoming independent on interest rate policy in 1997 - puts a prop under Northern Rock. http://www.news.com.au/heraldsun/story/0,21985,22427536-664,00.html
Somebody needs to tell the people of Orlando, Florida, because they obviously didn't get the memo.There was an auction of 60 townhomes, condos and villas from two different projects.Here's the kicker:NO MINIMUM BID OR RESERVE REQUIREMENT on the first twenty units.Approximately one thousand people showed up with cashier's checks in hand for between $4000 and $12,000.The first two properties (both 3-2 condos) were quickly bid up to $150k.Trust me, they aren't worth $100k on their best day--I saw BOTH complexes.At that point, I left the auction.Clearly the fools in Orlando don't yet understand that the housing bubble has burst.
Three more words for this week - you heard it here first:First Data debt'nuff said
A little of Topic, but Bush and these other guys are going to make everyone forget about this Housing Crash.I truthfully think The attack on Iran is in the works. How would this all add up? Housing Crash and equities crash world wide, all assets a bubble incl. gold. And a possible WW3 on top of it? This truly will be The Great Depression of The 21st Century.
"First Data debt"OhhhHHOOOhh. Fun
I would say we are defintely aproaching ORANGE.
you are not serious, are you? Try transferring 2 Million dollars via your account internet access, either by account to account xfer or by writing an online check...Good point, last year I did a mere $49,000 transfer and Bank of America made me come into a branch personally.
I am going to go bolistic if bearnake cuts rates. How far do you minions think the market will drop if he doesn't cut rates?I am burying all my cash in the backyard tonight.I'm also melting down my b@tches gold jewelry so I can use it to buy gas soon.She doesn't need it as she is about useless in the sack these days.
Dear CustomerMay I begin by offering you my sincere apologies for any inconvenience you have suffered in dealing with Northern Rock during the last few days. Customer service is of paramount importance to us and due to the circumstances that surround us, you have been let down. Thank you so much for your patience, particularly when using our website which has been running very slowly due to the number of people working online.Let me now reassure you. Your money is safe with us and if you want some, or all of it back, then you are perfectly entitled to it. Whilst you may have to wait a little longer than usual to receive it, you will get it. However, your savings are secure and there is no need for you to withdraw your money based on our recent announcement, and the widespread media coverage that has ensued. The Bank of England has agreed to provide a funding facility to enable us to manage through the current global liquidity crisis. They would not have done so, if we were not a solvent, adequately capitalised, well run bank. I hope this helps to reassure you.Your custom is very important to us and I sincerely hope you choose to stay with us along with the vast majority of our customer base.Yours sincerelyAdam J ApplegarthChief Executive16 September 2007
So does this mean there's no Easter Bunny, Santa Claus, or Tooth Fairy now?
I wonder if keith had his checking account at this place? :)
Northern Rock... that's like a British Walmart, right? Must be a good sale on spotted Dick.
"A detention facility (read gas chamber) awaits you."Don't forget the guillotines-Look it up!
The Democrats will win the white House and save the housing industry from disaster.
The first two properties (both 3-2 condos) were quickly bid up to $150k.How much did similar homes go for back in 2005?
We're all DOOOOOOMED!!! Git in yer bunker, ma.Chill out folks. Mankind survived the great Depression and much worse. Maybe some of you folks should join the Raelians or some other end of world cult.
"At that point, I left the auction.Clearly the fools in Orlando don't yet understand that the housing bubble has burst."They're called shills. Their job at the auction is to make sure that nobody lowballs the bids. Illegal? Hell yes, but hard to prove.
"OK Sherlock. After that, how are they going to make money to pay back the loan and the interest? "The interest rate the bank of england is charging is lower than the rate Northern Rock is charging their borrowers. Duh. And no, their borrowers arent defaulting, Northern Rock actually has a pretty good loan portfolio compared to a lot of these subprime lenders.It is actually fairly common for banks to borrow from other banks and then lend it out at a higher rate and has been common for over a century. The only reason they had to go to "The Lender of Last Resort" was because of problems in the credit market, it wasnt because of problems with their own loan portfolio.Before flaming again, I suggest you learn about the topic you are hoping to criticize someone elses understanding on.
i dont understand why the fed wont cut rates by 500 basis points?most people agree the fed cut rates too low for too long, so how does it make sense to cut them now?
As if there isn't enough fuel on the fire for the market next week, talks between the corrupt UAW and the equally corrupt GM management are at a "critical point" with preparations being made for a possible workers strike on Monday.
C'mon Keith.This is a bit over the top, even for you. How will people know when the real shit hits the fan when you keep crying wolf like this?
First Data...but wait...didn't OJ just get arrested?
I hope that discount window is open?
KEITH YOU HAVE TO WATCH THISSSSSS!!!!!!!!!http://tinyurl.com/35attz
A New Jersey judge allowed a winning bidder to wriggle out of paying for a foreclosed property because 142 dogs and cats (some alive, some not) were found to be living in the $2.6 million home. http://tinyurl.com/22mpzp
Comments may be a bit slow today as I'm off to the airport to head to housing-crash-central Las VegasI'll blog from the airports though during the dayCheersKeith
KEITH YOU HAVE TO WATCH THISSSSSS!!!!!!!!!http://tinyurl.com/35attzI agree...this IS mortgagePANIC!!!only hours old also.
Anon September 17, 2007 5:31 AM Said-"C'mon Keith.This is a bit over the top, even for you. How will people know when the real shit hits the fan when you keep crying wolf like this?"Answer: The mierda has ALREADY hit the fan dude! It just takes a little moment for it to fly back into your incredulous face. Oh...remember to shut your mouth...tastes bad.
They always say NY Times is a democrat propaganda rag. Now here's proof.The NY Times turns this situation into headline, get this...A ‘Disappointed’ Greenspan Lashes Out at Bush’s Economic Policies.Nevermind that the value of your house is going to crash. Not important to them.
Isn't every week THE week the panic is here?
This is not the end of the world financial armageddon type of thing. Every week you post "The shit has finally hit the fan! Here we go!" and then the world doesnt end. It will be interesting to refer to this a week from now and see if this, finally, really was the week.September 17, 2007 12:11 AM==================================Good luck getting anyone here to admit they were wrong.
Man I hope those idiots at GM go on strike. This may be the final nail in GM's coffin. Then Ford and Chrysler can finally go away as well.Only people that would notice would be Avis and Budget. Aside from rental cars nobody buys those POS cars.
It's Bush's fault. Just like the time I got a flat tire on the way to work.--And the day you were born...screw!!!
annon 1:05 AM - WWII was FDR's way of getting the US OUT of the Great Depression - he was out of socialist tricks used in the 1930's and let the Japanese bomb Pearl to get the US geared up for war.So maybe the WWIII you fear is just Bush using the FDR playbook.
I woke up today at 5:45 as I do every morning.I had my coffee.Turned on TV. Same old bullshit.Went for a 2 mile run in the park, saw the same runners I see every day.Drove to work. Same traffic as always.Arrived at work. Parking lot full as always. All my co-workers alive and well and as I can tell none are homeless.Nope, world hasn't ended just yet.
"right of way said... "At that point, I left the auction.Clearly the fools in Orlando don't yet understand that the housing bubble has burst."They're called shills. Their job at the auction is to make sure that nobody lowballs the bids. Illegal? Hell yes, but hard to prove." Shilling! Illegal, immoral, and as American as apple pie, and you are right, damn hard if not impossible to catch and/or prove.Don't ever expect a bagholder, be it bank or FB, to let a POS go for fair market value (translation: WHAT SOMEDODY IS ACTUALLY WILLING TO PAY FOR THE DAMN THING,RIGHT HERE, RIGHT NOW, TODAY!) Sellers cannot afford that kind of a loss. Shilling occurs so often at the estate and farm auctions that I attend, that it’s become an ‘accepted’ practice. You just have to know the value of what you are bidding on, and set an ironclad limit in your mind as to how much you are willing to bid.
oh no, get your guns up fellers.i can only imagine what most of you creeps look like right now, spanking it to delusions of bread lines and rich wall street types throwing themselves out of windows.isn't there a word for people who get off on others' misery?oh yea, HPer.
Anon said:"A New Jersey judge allowed a winning bidder to wriggle out of paying for a foreclosed property because 142 dogs and cats (some alive, some not) were found to be living in the $2.6 million home."http://tinyurl.com/22mpzp--------The buyer used this precedent dating back to the Great Depression as an example to get out of the purchase of this forclosure...and the judge agreed.To support the ruling, Doyne referred to a 70 year old precedent, Karel v. Davis, 122 N.J. Equity 526 (E&A 1937):
.......I POOP MY PANTZ!! I POOP MY PANTZ!!
Keith said:"Comments may be a bit slow today as I'm off to the airport to head to housing-crash-central Las Vegas"Enjoy your stay in Vegas!If you have time, check out CityCenter. It's the biggest project ever in Vegas. http://www.citycenter.com
Wow, the queues look really long today! I think I may stash a little more cash in my mattress.
*** NEWS FLASH *** 50% OFF!!!!Basic, 1-Bedroom Condos in Grand Haven, Michigan are now listed for sale at $59,999 each! Thats 50% off from $120,000!Moday, September 14th, 2007
Greenspan is basically saying that the Republicans had their little war and tax cuts and soon it will be time to pay the piper in the form of inflation and high interest rates. karma can be such a bitch! Interesting that Ohio put Bush over the top in the last election...I wonder if Bush feels their pain now...
keith anon 9/17 5:31 am is right. These captions discredit your overall message and you come off looking like a doomsdayer crazy person and chicken little. HPers know you are not but it is a turn off and takes away your credibilty. This is just the tip of the iceberg that is melting like it landed on the beaches in Miami in August! It won't melt overnight, it will take a lot of time and you know that but these crazy captions remind me of that guy that hangs out on the busy downtown street corner yelling THE END IS NEAR. This is a financial cleansing not THE END OF THE WORLD.
The current situation, housing, food, jobs, etc. all seem to be geared to the slow boil of the middle class like a lobster in a pot of gradually increasing water temperature that does not realize he is going to be future dinner. This is a war against the middle class. You can't make a move in housing because prices are unstable, food is up, costs for everything is up and jobs are on the line. Several people I know are either unemployed right now, plants have closed or are in the process of losing their profession or sitting on the fence getting ready to lose their jobs. It is all coming to a head. Something must give and if the rich think they are going to escape this wrath they are sadly mistaken. Yet, the mafia that controls real estate is still asking 6 times your salary for an average house. This is crazy. It is as if this destruction has been very deliberate. It probably is.
It's Bush's fault. Just like the time I got a flat tire on the way to work.September 16, 2007 11:41 PMAlso just like the massive flooding.Good job, Bush
Orange County median price UP 1.9% YOY.Good luck renters.
Northern Rock isnt going to collapse. The loan they got from the bank of england is more than enough to cover them even if every customer withdrew their cash. Its a pretty small bank anyways, they dont have much in the way of deposits relative to other bigger banks.a. Who's going to do business with that bank? So what that the BoE bailed it out, that bank still need customers willing to put their money there.b. Pretty small? Northern is the 5th largest lender in England. In a country that has one of the biggest housing bubbles in the world.c. Let me guess, the next thing you are going to say is that you are voting for Giuliana...dumb the way you sound.
I am burying all my cash in the backyard tonight.Don't forget to vacuum sealed it first, otherwise it will get rotten. At least that's what the drug lords do with their money in South America.
I'm off to the airport to head to housing-crash-central Las VegasI can't believe that you are spending your money to support that cesspool. Nation, you need to learn how to patronize. For instance, many people throw money at rappers who will spend it in ho's, stupid rims, and $2,000 Cristal bottles at strip clubs. I wouldn't buy the new Greenspan book either. I'm not even getting started with Wal-Mart. You need to control where and in what you spend your hard earned money.
They're building about a dozen homes in my neighborhood, all of which have been sold/have 10% or more deposits on them. Each one of them, after incentives/etc, sold for more than we paid in March. My county is the most affordable DC suburb that is safe, clean, and has ALL new schools, with a massive sci & tech program for mulitple high schools. Yep, tin foil hat is definately needed...Back in reality, we're painting some of our walls - looks much prettier than the plain white/offwhite they used.
Chill out folks. Mankind survived the great Depression and much worse. Maybe some of you folks should join the Raelians or some other end of world cult.Good luck driving or walking on the street when thousands in your city are in despair, unemployed, hungry, angry, packing guns. You are a big candidate to get whacked with that classic baby boomer careless attitude of "I have money(credit), nothing else matters or can go wrong with me". You guys are the same Americans that keep getting whacked/kidnapped all over the world. Totally clueless with your surroundings or real life...just like Kudlow and the other idiots in this administration. So keep whistling pass the graveyard...
"There have been threats of physical violence""the manager at the Cheltenham branch was barricaded in her office."http://news.bbc.co.uk/2/hi/uk_news/6998507.stmThey are getting restless...
Shares in Alliance & Leicester plunged in the final 20 minutes of trading in London as investors fled the banking sector.The stock ended the day down 273 at 600p. The collapse came despite a spokesman for the the lender reassuring the market earlier in the day that "there's nothing unusual to report." www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/17/bcnalliance1.xmlBehind Northern Rock, this is the second most possible bad loan exposed bank in the U.K.They had a straight-down sell-off of their stock, down 31% on the day (Monday). If this one piles on with a run at the same time as Northern Rock, saver-investor confidence will go completely flatline. After that there's no guessing where it will all go next however a good guess is that things will speed-up dramatically.
"The Democrats will win the white House and save the housing industry from disaster."Sarcasm notwithstanding, as it happens, the Democrats have repeatedly "cleaned up" after the self-procalimed fiscal genius Republicans many times over the course of American history. Read it and weep, friend. Also, after a war, there is always an economic downturn. History is repeating itself in more ways than one.
Hey Dopes!:Probability of PANIC in USA 94.8 REAL!Central bankers warn sub-prime crisis could hit the WHOLE US economy: 9-17-2007 ASN NEWS: The crisis in the US housing market risks spreading to the WHOLE of the nation's economy, European Central Bank chief Jean-Claude Trichet said on Monday on behalf of world central bankers. Trichet was speaking in his capacity as head of the G10 group of central bankers from industrialised and emerging economies, who met at the Bank for International Settlements (BIS) here. "There is a probability of fallout on the real economy in the USA," Trichet said. "We will have to follow very carefully what happens particularly in the USA. We will remain ... alert, (there is) no time for complacency," he added. * * * * * * I tell you what, with bush and cheney running this country, things can only get worse. And they have, and they did and they will continue to... just as bush-co planned. You can NOT screw-up America and the world as bad as these clowns have - without a plan or secret agenda. They jumped over all the US and UN laws, regulations, checks and balances in this great country and have seized America, its citizens, it's wealth and freedoms. And man, oh man, you just cant make this stuff up. I cant wait to see what these bafoons have in store for us next.It's obvious the outside world has turned on bush and cheney for their acts of aggression, rape and murders. Hell they've only wasted $2,000,000,000,000 (trillion) dollars here at home, so far, but thats what the bushies wanted. It will all blow-up in their face (and effect it's citizens) and it is well under way. Just toss'em in prison - under the patriot act - with no lawyers. The most failed crime of the century: Bush and Cheney et all.
Nah, nothing to see here, move along...........Spread of banking panic forces ministers to guarantee savings· Run on Northern Rock escalates· Fears over other banks· Intervention too slow, say critics The government last night issued an emergency pledge to Northern Rock savers that their money is safe, after a third day of queues outside branches threatened to spread across the banking system.Northern Rock's shares shed a third of their value yesterday and the sense of crisis heightened as shares in rival mortgage lenders dropped sharply - Alliance & Leicester by a third and Bradford & Bingley by 15%. The falls raised fears that the contagion from Northern Rock was starting to spread through the financial system.http://www.guardian.co.uk/frontpage/story/0,,2171546,00.html
I can't believe that you are spending your money to support that cesspool. Nation, you need to learn how to patronize. For instance, many people throw money at rappers who will spend it in ho's, stupid rims, and $2,000 Cristal bottles at strip clubs. I wouldn't buy the new Greenspan book either. I'm not even getting started with Wal-Mart. You need to control where and in what you spend your hard earned money.I do believe he is going there with more of an interest in checking out ground zero of the RE crash rather than ordering $2000 bottles of anything in a strip club.He might get some spinners though.
The SYSTEM said... ".......I POOP MY PANTZ!! I POOP MY PANTZ!!"LOL, don't worry, Ben has some dollar bills you can use. That's all they will be good for soon anyway.
i can only imagine what most of you creeps look like right now, spanking it to delusions of bread lines and rich wall street types throwing themselves out of windows.I only spank it to porn. While I would love to see some high definition video of a Bear Stearns broker's skull impacting the concrete from 50 stories, it just doesn't arouse me. I am just funny that way.
The Democrats will win the white House and save the housing industry from disaster.You poor misguided fool. It was the demoncrats, until Clinton, that made the changes in the housing laws that encouraged lending to people who could ill afford the terms. the housing bubble only brought this stuff to light.
The bigger rocks are starting to roll down the hill now. E*Trade just announced massive layoff in its mortgage business and $100M-$250M in write-offs to cover losses and bad loan reserves. Just last month the CEO stood up and said everything was A-OK.Like Enron, all of them are trying to hide the weenie, but eventually the truth will come out.
Post a Comment
Enter your email address:
Delivered by FeedBurner