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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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24 comments:
I blame the appraisers first, the ratings agencies second
Appraisers were only a small part of it. Appraisers do not create value, they reflect value. The real culprit is cheap credit which was supplied to all of us by the banks via the Federal Reserve. They are the real culprits.
"well audited" is a joke right?
The real culprit are the buyers.
Great choice of pics Keith - I forget the title but it's of Rome burning. It's also the cover picture on Tainter's great work "The Collapse of Complex Societies".
Bet people in the USSR didn't think it could fail either
RE: The possible collapse of America's strong financial system...
America's debt, currency and obligations are "backed by the full faith and credit of the U.S. government."
Apparently, this assurance has a hollow ring to it, because many countries are abandoning the dollar, while many Americans are investing in foreign currency and gold.
The fact is that the fiat dollar is backed up by nothing but promises. Eventually, all fiat currency inflates itself into oblivion.
The hyperinflation of the dollar is currently underway.
V.L.
Today's PIG is tomorrow's BACON!
Oink Oink!
http://business.timesonline.co.uk
/tol/business/markets/united
_states/article3042940.ece
From The Times
December 13, 2007
Credit crisis worsens as Alan Greenspan says the Fed is powerless.
Don't forget to read the comments
Next tumble - commercial real estate. . .here in San Diego (which has been one of the centers of speculation - and the first to come crashing down) I am seeing more and more retail space empty. . . not just RE, Title and mortgage companies going belly up or consolidating, but small retail stores are folding. After this very slow Christmas season (I did a bag count yesterday at a few shopping centers) we will see a lot of marginal stores fold. This is going to put a lot of commercial owners in the red and default. And we haven't even begun to talk about California's 14 BILLION deficite. . .Arnold is calling an emergency meeting this week. . . look out below!
Merrill Lynch spent $17 billion in salaries and bonuses last year. It had 64,200 employees as of Sept. 30.
That makes an average salary of $264,797
"well audited, squeeky clean financial system"? You've got to be kidding. The entire system is made of of ficticious values and symbols.
Good independent audits, efficient government oversight with timely and accurate ratings by private, government certified companies are just some of things the US financial systems offers the foreign investor.
Let's not forget President Bush speaking about ethical standards, confidence, trust and transparency in 2002. Here's the speech if you care to review: http://tinyurl.com/3dwcnq
It all comes down to confidence...
Mark is right on track.
A friend of mine who specializes in commercial real estate mentioned his concerns awhile back.
It's now beginning to happen in real time.
As residential realestate steadily looses value , commercial realestate will also experience increasing losses.
Mark in San Diego said...
Next tumble - commercial real estate. . .here in San Diego (which has been one of the centers of speculation - and the first to come crashing down) I am seeing more and more retail space empty. . . not just RE, Title and mortgage companies going belly up or consolidating, but small retail stores are folding. After this very slow Christmas season (I did a bag count yesterday at a few shopping centers) we will see a lot of marginal stores fold. This is going to put a lot of commercial owners in the red and default. And we haven't even begun to talk about California's 14 BILLION deficite. . .Arnold is calling an emergency meeting this week. . . look out below!
heard an ad on radio yesterday for Toys For Tots, they said it was "struggling" and they need more toys.
toys for tots links:
http://tinyurl.com/3cesz2
http://tinyurl.com/3ctewj
Appraisers are rubber stamps and need to be removed from the Real Estate transaction - they ad zero value.
Anonymous said...
Merrill Lynch spent $17 billion in salaries and bonuses last year. It had 64,200 employees as of Sept. 30.
That makes an average salary of $264,797
December 17, 2007 4:55 PM
---
High average, concentrated at the top with the $10M bonus types grabbing a lot of the money.
Median salary is far less, well under $100K. And given that a substantial amount of their employees are in NY/NJ that's not a lot of money.
For every star making $1M there are 10 nobodys making $75K a year doing the grunt work for him.
The way it was or oughta be:
1.People view houses as places to live, not "investments"
2.People put 10-20% down.
3.People get 30 yr fixed rate mtg.
4.The bank qualifies and lends them the money and holds the mortgage themselves.
5.No capital gains exclusions, just regular rollover to another house or reg. longterm capgain rates.
6.No mtg interest deduction.
The parties responsible for changing the above rules and regs are responsible for this shitstorm.
I've always maintained that with this White House/Administration that America was burning except it was a "smokeless" burn. You can't smell it, taste, it, hear it, but sure in the "hell" can see it happening around you. The collapses are invisible almost sureal, in that the buldings are still standing but just not habitable.
The real culprit was 911, false flag to secure middle eastern oil.
Fed slashes rates
Realtors and Mortgage brokers lie
Media hypes
Greedy Sheep buys
They were all a part of it.
You can thank 30 years of conservatism for the impending bad times.
Do the country a favor. Run over a republican with your car.
HOUSE2008 said...
>>I've always maintained that with this White House/Administration that America was burning except it was a "smokeless" burn.
December 17, 2007 7:35 PM
Yep, that just about sums it UP! GREAT analogy BTW.... I hope you don't mind, but I'd like to pass it on in conversation.
ZZwcck said...
>>Here's the speech if you care to review: http://tinyurl.com/3dwcnq
It all comes down to confidence...
December 17, 2007 5:20 PM
Thanks a bunch for that link referral! It just so happens that Bush was the topic on my blog today. It was so hard for me to listen to him give that speech, so I read it instead... and I still couldn't believe that he uttered those words! Argh!
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