Here's Seth. Couldn't have said it better myself..
Answer us this, Mr. Paulson. How do you propose to encourage liquid lending markets while simultaneously relieving overstretched homebuyers of their contractual obligations to the (regrettably) lousy ARMs they took out in order to buy those overpriced McMansions?
Someone's gotta pay. And if it's not going to be the debtors leaving the homes, and if it's not going to be Hank's buddies on Wall Street, who does that leave?
Us. The responsible majority of Americans. Remember us? The people who didn't go out and do stupid things with our money?
Naw, of course not. We're not the ones making all the noise.
October 17, 2007
HP'er Seth Jayson at Motley Fool has a message for Wall-Street-Insider Hank Paulson and the monkeys running our government today
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26 comments:
I can answer for Paulson:
"That's right, Seth, you sucker!!!
You, and 299 million of your friends and relatives WILL be paying to bail out my buddies on Wall Street. In fact, my Treasury Department and the Fed--not to mention my colleagueas in congress--have been VERY busy behind the scenes destroying the currency, quietly propping up the banks and mortgage companies (like Countrywide) and passing laws to "Save the Homedebting Sheeple", while you guys work your little jobs, watch the World Series, eat your junk food and suck down your beer, and generally pay NO attention to what we are doing here in DC and on Wall Street.
So, what'cha gonna do about it?
Nothing, that's what.
Yeah, there are a few hundred crybabys on Internet Web and Blog sites b*tching and moaning about what we are pulling, and there are a couple of hundred thousand tin-foil-hat-wearing Ron Paul supporters (and also a bunch of skinheads, fruitcakes, and lunatic fringers too!!!) across the nation who naively believe that "things will change", but my Pigmen buddies and I know better.
Now, shut up, run along and keep posting to your Motley Fool readers (Boy did you name THEM correctly!) to buy GOOG stock."
Sincerely,
Hammerin' Hank
It will be fun watching those homedebtors get kicked out in the streets and the realtors mtg brokers and builders panhandling on the sidewalk. HAHAHAHAHA!
"We're not the ones making all the noise." Well maybe we should be.
Blogging away in the anonymous ether is only going to get us so far. It's time to take this to the streets. It's time for our voices to be heard.
We need to organize and we need to get active. We need to be the ones marching on state-houses and congress, wearing matching t-shirts and carrying placards instead of those stupid home-debtors.
We hold the truth - we will not be heard unless we shout. It is time to shout as loud as we can.
Heard the word "panic" used today in a news piece to describe the housing bubble. Thought you would like to know.
No crying if you don't do anything to stop it. I've been faxing and calling my senators trying to get them to do something, but we need more.
Here's a site that will let you fax your senators for FREE! All it takes is a minute or two to fill out the form at the bottom.
http://financialpetition.org/
"There is rampant, outright fraud in our financial system. Through a number of schemes various institutions are sacrificing the markets’ integrity and financial strength while undermining the credibility of The United States as the world’s leading economy."
I think the pains should be spread around. Folks who can't afford to make the payments - even if they had normal fixed rate loans - are out of their depth and have to go. Investors eat it. And somehow the originating banks should eat some of this too, though I don't know how that is accomplished.
Anyone that lied about their income additionally goes to jail. Especially Casey Serin and slimeball speculators like him.
I think there is a strong argument that folks who *could* make it if they had fixed rate loans at current rates (not the teaser rates) should somehow be refied into that - yes they screwed up, but nowhere near as badly and it's probably in the common good to keep these folks in their houses - again that is the ones who can actually make the payments. Oh and the investors and originators just have to eat it. Sorry boys.
And as for the big banks and wall street swine who sold this toxic sludge by "securitizing" it (which is to say making it so complicated that we still don't know what is good and what is bad) - don't fraud laws and SEC regulations apply?
What I can do is move investments out of the US dollar to show some displeasure with the current leadership. So can all of us.
That will get their attention.
Peter Schiff has been remarkably consistent .. and his advice has been profitable (would have been). However I think it is still timely. Diversify out of the USD.
It's funny how anyone who "owns" is someone you all hate/mock. It's one thing to hate the tools that drove up prices via lying/manipulating, but your generalizations just demonstrate that you're spiteful and jealous.
Motley Fool has been limping along since '99 - I had a friend who got offered a job there and a ton of stock and turned it down - good guess on his part.
Financial planners/experts/etc are all tools running a less-intentionally-deceptive scam like good oddsmakers/bookies:
Tell 256 people A is gonna happen, tell 256 people B is gonna happen. Whichever is right, then split that and repeat. Eventually you have a pool of 4-32 people who think you're God and will do whatever you want. Experts are the same thing - guess on 10 things, and tout the 3 you got right.
US housing construction fell to its lowest level in more than 14 years while consumer prices rose at the sharpest rate in four months, according to fresh figures that are likely to stimulate debate at the Federal Reserve about the need for further interest rate cuts.
pwnd
Every man for himself now. No help in D.C.. If your are honest, you better get un-honest, or you will be screwed.
If only someone had bailed me out of my bad investments over the years...here's a list:
1) vacant lot...lost $10k
2) sold house in 1994...lost $25k
3) TWA
4) Ascend Communications...didn't ascend
5) Ferrovanadium...Aussie mining stock
Please make me whole.
Buy gold, silver and lead
I think the people who owned home and were never part of the sub prime mess are already paying big time. Here it is how, lets say if their value in house doubled in last 4 years, so will be their property tax and when the house price depreciate so will be their property tax will depreciate. So lets give an example if a $250,000 house goes to $500,000 their property tax will go from about $2500 to about $5000 a year. And lets say in 4 years their house value goes back to $250,000 then that means the owner of that house paid $10,000 extra just for nothing and their house value is back to same place where it was before.
"Heard the word "panic" used today in a news piece to describe the housing bubble. Thought you would like to know."
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Congrats Keith... HP is hitting main street!
WSJ NEWS October 17, 2007
NEW YORK --
Morgan Stanley said it laid off about 300 bankers today in its credit trading, structured products and leveraged lending areas as a result of the freeze in activity in global credit markets.
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RE: "as a result of the FREEZE in activity."
I believe FREEZE means SHUT DOWN!
Those dark funnel clouds are getting bigger Keith. This may be the big crash week!
Weeeeeeeeeeeeeeeeeeeeeeeeeee!!!
"Here it is how, lets say if their value in house doubled in last 4 years, so will be their property tax and when the house price depreciate so will be their property tax will depreciate."
In California, property tax doesnt go down automatically. Homeowner has to first pay for an appraisal, then, it takes about a year before the tax base is re-evaluated.
Not an instant fix by any means...
meanwhile, the property is still depreciating. Who's going to have the time and money to keep reapplying for a property tax reduction?
Morgan Stanley said it laid off about 300 bankers today in its credit trading, structured products and leveraged lending areas as a result of the freeze in activity in global credit markets.
Wow, this is big news. Who's going to be next?
Errr...50% reductions? Yeah...maybe where the people buying were all speculators and/or fraudulent and there's no underlying support/logic.
Trends are trends - but as evidenced by the overall #s, the effects vary greatly from region to region.
My friend bought a 1000 sq ft 2br condo in an area in DC that's "revitalizing" for $500K. I bought a 3100+ sq ft SFH within 30 mins of the heart of DC and Arlington, where you're 10 mins from any food/retail imaginable and great schools. Who's going to see a higher % drop? Now take my house and toss it into Scottsdale or Vegas or FL vs where it is near DC.
BTW, Ruth's Cris is overrated - I make a better steak, and it doesn't cost $100+ for 2 people before booze. :P
I don't know Keith, I think Market Ticker is saying it pretty clearly!
http://market-ticker.denninger.net/?ref=patrick.net
No one needs to buy matching T-shirts and hit the streets to make the definitive point here. What we all need to do is STOP SPENDING! (sorry abt the caps)
Seriously ... Stop Spending! The only message 'they' hear is the tinkle of cash registers. Stop buying anything except absolute necessities. That will get their attention!
If the plan is to stop transferring our salaries to Richistan's pockets, then stop doing it! Don't pay them! Stop Spending! They need us way more than we need them!
Like all political decisions you can be sure that:
i) the innocent will be punished
ii) the foolish will be praised
iii) and the guilty will be rewarded!
Nothing rewards failure like government!
I like how one of Motley Fools portfolios disappeared one day. It wasn't doing too well, so they just erased it. It boosts their stockpicking average!
Talk about survivor bias!
Motley Fool was fun in the 90's.
You want to buy stocks when these yo-yo's are out of business!
>It will be fun watching those >homedebtors get kicked out in the >streets and the realtors mtg brokers >and builders panhandling on the >sidewalk. HAHAHAHAHA!
Dude your sick with hate. I'm sure you will be laughing seeing young children and babies panhandling.
Sick F*ck.
Kudlow says
"High oil prices, high gold,
housing crash, middle east unrest,
credit crunch, etc."
Then why is the stock market taking off? Goldilocks is alive and well!!!
Does anybody hate this cheerleader
more than me?
BTW, Ruth's Cris is overrated - I make a better steak, and it doesn't cost $100+ for 2 people before booze. :P
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Amen to that!!
Does anybody hate this cheerleader
more than me?
October 18, 2007 6:03 AM
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I believe I do. I freakin hate the term goldilocks.
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