January 16, 2008

HousingPANIC Quote of the Day


"American financial mismanagement has brought us to this economic meltdown. Asian stock markets are all suffering - nobody has escaped."


-Francis Lun, Fulbright Securities in Hong Kong, January 16, 2008

38 comments:

Anonymous said...

I guess it takes someone with some distance from us to tell us what the hell is really going on here

Anonymous said...

the BLAME GAME. Then why did you LOAN US ALL THAT MONEY!

cobra2411 said...

We Americans don't mess around... When we decide to Fudge up, we do it RIGHT!

Now somebody pass me a beer and a cheeseburger... Cops is on.

Anonymous said...

Yeah but he thinks it is only temporary. If only he knew the true state of affairs here he would be getting his money out real fast.
What I don't understand is why Amercians are tolerating this organized meltdown of a "company per day" announcing they are having a shortfall.
Don't they know that all the companies involved in the mortgage racket will report a hugh shortfall?

Anonymous said...

We have to have a new name for this economy: Any suggestions?
The "meltdown"
The "Ghost"
The "Sub-Prime"
how about just plain "Horse Dump"

westwest888 said...

I have the quote of the day. The Washington Post writes and article about housing and uses the words CAPITULATION and suggests we are entering a PANIC. HousingPANIC is here, finally.

http://tinyurl.com/2wy4a2

Roccman said...

.
.
.
.
.
Karl Denninger at TickerForum predicts a 1:3 chance of the markets crashing today in his video ticker last night.

Anonymous said...

Just when you thought the world couldn't hate us more, we lead to their economic destruction

Marky Mark said...

You think the bubble and fraud are bad in the USA - Europe makes us look like pikers!

Marky Mark

Brian said...

I love Peter Schiff - let me repeat that:

I love Peter Schiff.

BUT, he has not sold me on the decoupling thing. When the US economy goes down, I think that we are going to take every else along for the ride. There is too much interdependence economically.

Brian

Anonymous said...

Economic meltdown while Congress hold hearings on Baseball Steroid use!!!
F@#$&^% Amerika.

keith said...

IndyMac just axed 2,400 more of their mortgage fraud enablers. While I feel bad for anyone who loses their job, I don't feel bad when companies who committed crimes like IndyMac go belly up. Their employees will be better off finding honest ethical work in the future. Life is too short to screw people for a living

http://www.theimbreport.com/

To all Indymac employees:

Indymac has five key execution priorities for 2008, which I sent out at the end of last year to all Indymac employees and which you can review by clicking on this link. The fourth of our five priorities speaks directly to our profitability and cost efficiency and states that we must “right-size our costs and implement process changes to make our new production model profitable ASAP”. Related to this priority, I am writing you with some tough news, which should come as no surprise to anyone. Today, we are announcing a reduction in our global workforce of 2,403 people, or 24% of our overall workforce, spread throughout the company, including a 27% reduction in staff with our outsourced and temporary vendors, mainly in India. This action is clearly painful, but it is necessary in our drive to return Indymac to profitability soon.

Anonymous said...

Keith: no comment on Greenspan's being retained by housing shortie Paulson yesterday (latter whom I admire for having the guts to call it *and* put money down on it)? AG has shriveled to the lowest of the low.

Shakster said...

One of the spinheads at KNX LA radio is suggesting a Market bottom.Another one of the dicks is Advertising a get rich investment scam centered around RE in Scottsdale AZ.
CBS(KNX)Los Angeles.....I used to think they were just uninformed,then I thought is was incompetence,but it is True Crime over there.
Then to top it all off,and get this,they run a few minutes of air time with some man named Michael Josephson who is an ethics guru.

Anonymous said...

"financial mismanagement"? Man, talk about POLITE!

Watchin' c-span just now (congress is back! hide the wife and kids!), there's lots of talk about helping HPers.

Anonymous said...

Everyone will be negatively affected. We sat and did nothing when Iraq was bombed, homes destroyed. So many chldren became orphans.

If you believe in GOD, you know what goes around comes around. God answers the prayers of the oppressed ones, the ones that cry daily for their loved ones...and raise their hands high up to heavens begging for justice.

it will hit us where it hurts the most.

Anonymous said...

Wells Fargo made a profit in Q4 and still has AAA rating...

Time to take off the tinfoil hat, unstuff the cash and gold from your mattress and put it back in the bank.

Randy said...

Anonymous said...
‘Just when you thought the world couldn't hate us more, we lead to their economic destruction’

Oh No!!!
The world doesn’t like us..waaah.. waahh wahh *sob*

peoples of Africa, pweese like us..

peoples of South America, pwetty pweeze, like us..

peoples of Asia, we beg of you, if you don’t wove us, we are nobodies..

peoples of Europe, ummm.. just stop copying us,.. its fun on the way up, but you’ll find out it sucks on the way down.

Anyway, nothing ticks me off more than this notion that we need approval from the majority of losers..

I say F#$%k em and feed em fish heads.

keith said...

Watch it - stocks are oversold right now and the Fed is about to drop the hammer

It's gonna get even crazier out there, but I'm buying this week at the same time I'm shorting

Meanwhile, housing is just gonna keep going down and down and down and down, for years, until we get back below the mean and it's cheaper to "own" than rent

pwnd said...

oh the fu@king irony...

Greenspan Will Join Paulson as an Adviser
By GREG IP and GREGORY ZUCKERMAN
January 15, 2008; Page A10

Former Federal Reserve Chairman Alan Greenspan, whom some blame for fueling a housing bubble, is signing on as an adviser to hedge-fund firm Paulson & Co., which has profited handsomely from the collapse of that bubble.

miley said...

Anon said:
‘If you believe in GOD, you know what goes around comes around. God answers the prayers of the oppressed ones, the ones that cry daily for their loved ones...and raise their hands high up to heavens begging for justice.
it will hit us where it hurts the most.’

Are you referring to the innocent victims that went to work that sunny morning in the world trade center in NY?

Or are you referring to the barbaric carnage the millions of Arabs (who are occupying just about an entire continent, with 25% of the worlds energy) have been consistently implementing against a tiny country on the edge of the Mediterranean for over 50 YEARS.

Or are you referring to the innocent victims found in mass graves and torture chambers all across Iraq

I can go on and on..

Those who don’t value life can’t expect others to value theirs.

Andrew Hac said...

Go Americano !

The greatest fooker of the world !

Andrew Hac said...

Quote:
####
Randy said...
Anyway, nothing ticks me off more than this notion that we need approval from the majority of losers..

I say F#$%k em and feed em fish heads.
#####

I say Randy is a pure white-trash trailer Americano and needs to be excremented.

Haaaaa..... Heeeee..... Arrrrr..... EXCREMENTED !

tom said...

Um Randy... Ann Coulter is not an ideal role model... I can think of another reich that thought the way you do...

Honest Abe said...

Hong Kong was under the control of the British for a century. That they would point their finger at the US rather than the British oligarch is predictable.

Anonymous said...

a get rich quick scheme in scottsdale is a 35,000 condo...............with a yearly controlable keep cost of 2000 dollars??????????????????????????

eric in vegas said...

Looks like wall st. couldn't hold on to their phony rally and is down 35 points to end the day.

Anonymous said...

It's not America's fault that all of this is happening. The rest of the world was stupid to lend money and credit to America and now they won't get shit. They will get their money back in devalued dollars. Ha, ha, ha, lol, lol, lol and the joke is on them and not us. We live lavish lives (i.e. nice electronic gadgets, big cars, big houses, etc...). Thanks foreigners for all of the great stuff.

Anonymous said...

The world enabled this ponzi scheme with their cheap, easy credit. They have no right to complain. If you lend money to a junkie, do you blame the junkie for not repaying? They can cry me a river. I'm waiting for China to pump $100B into MBI and ABK

Anonymous said...

Randy said...

Oh No!!!
The world doesn’t like us..waaah.. waahh wahh *sob*

peoples of Africa, pweese like us..

peoples of South America, pwetty pweeze, like us..

peoples of Asia, we beg of you, if you don’t wove us, we are nobodies..

Anyway, nothing ticks me off more than this notion that we need approval from the majority of losers..

I say F#$%k em and feed em fish heads.

January 16, 2008 5:25 PM

We don't need em to wove us Elmer. We need em to pay r bills. That's why Bush is suckin face with the Saudis on the front pages of all the world's newspapers & Citi is suckin ass with the Saudis & Singapore.

Hate us but pay us.

Beggars R Us.

Anonymous said...

The world is going to hate us...
Because it was a fraud, those CDO's,SIV's, ABCP's. They had little
value the original peddlers knew it
--at least I think they knew it...
Oh, boy...

I was born in 1944, and when I was
not quite 4, my Mom was telling me
about the war, and how we won, etc.
and were a powerful country..I dreamed of the world being very
angry with America....I'd say this
would do it.

Why did they loan us all that money? Because they TRUSTED US.
%$#@&^*!!!!!! We are the ones
always going on and on about
"transparency" ....so they thought
we WERE!!!!! They BELIEVED in us.
So did WE....We didn't know banks
weren't behaving like banks anymore, and that quasi banks were
skirting banking regulations by
looking like banks, loaning as if
they were banks, but subject to none of the regulations and requirements of banks...and then
taking those tidy little bundles
of faux AAA (FFF) loans and peddling their little bundles
of **** around the world....Tanks
for nothing...as the Titanic slides
into the sea...(I've always felt
the Titanic was a metaphor for
the aspirations to grandiosity of
Western Civ...)

grandma PKK

Anonymous said...

tom said...
'Um Randy... Ann Coulter is not an ideal role model... I can think of another reich that thought the way you do...'

Um Tom…
The problem with that reich you are referring to, is that it was the bad guys murdering the good guys.

The problem today is, that the good guys are knee deep in PC crap and are loosing integrity.

If the US would go into Iraq flatten village after village intentionally target civilians, (play by the rules of the bad guy) not stop until the Iraqis fall to their knees, cry surrender and sign a declaration that never again will they initiate aggression against another people; its own as well as foreign.

The good guys would have integrity, and the world would be a better place.

Randy said...

Well, quite a response.
Let me begin with this.

I am grateful that I was raised to always do the ‘right thing’ no matter what people say.
I teach my children to always do the ‘right thing’ no matter what others say or think.

I am the person that picks up a banana peel off the street so others don’t accidentaly slip even at the chance of being laughed at.

When the pressure was on for all you FBers to buy RealEstate,
myself and fellow HPers where not liked by the REIC the MSM and most of the sheeple population.

Yet we stood with the truth until the winds shifted in our direction.

As a Country it is the same.
The US should never ever make choices based on who ‘likes us’
There are incredible powerful forces, that would love to see us fail, they use every tool at their disposal, including the “the world does not like you” silliness..

If you all think this great adventure called individual freedom is not worth fighting for,
please articulate your case.

If your argument is that ‘the world does not like us’ then you are beyond losers.

Once again I proudly say, stick it to those who intend to harm us,
pre-emt and take em out, before they have a chance to.

and if you all super losers suggest not to; because “the world does not like us”

I say,

F%$&K EM AND FEED EM FISH HEADS!!!

Anonymous said...

I just had a huge argument with my dad - he thinks all of the people that took out loans that they couldn't afford should be helped because after all they were told they could afford the loans by professionals so of course they believed them.

Anonymous said...

Nobody made them lend money to deadbeats and liars. You could even say they destroyed our economy by flooding it with easy money.

Anonymous said...

"Hong Kong was under the control of the British for a century. That they would point their finger at the US rather than the British oligarch is predictable."

Don't forget communist MFing China, too! (of course you can't point the finger at them or they'll nuke your sad a$$!)

Anonymous said...

These stupid idiots are talking now that they are taking a beating. But how come they didnt talk when they were ripping the profits.

Bunch of loosers. What did you expect.

macdundas said...

randy and supporters,
The Destabilization of Pakistan and
Pakistan and the 'Global War on Terrorism' might explain something about what's going on in the world apart from the immediately financial.

and if you think those browns, blacks and towelheads are expendable if it allows Americans and the rest of the West to maintain their lifestyles, you don't understand that the oil-based world economy won't be sustainable for much longer, regardless of how many non-Americans are sacrificed.

you should be very worried that the US sees world domination as the answer to peak oil - not because the world mightn't like America, but because it would be more effective to pour those dollars into research to achieve an energy breakthrough.

don't you just love the guy who explains in one of the articles above how it's been right to sacrifice generations of the youth of the West to drug dependency, so the CIA and other criminals could win the fight for their freedom? Thanks fellas!

You might find this explains a few things as well - it's a while since Martin Luther King was assassinated, but the lessons to be learned have as much to do with current affairs as they do with history.

What's been going on and is going on in financial markets is all about wringing every last dollar out of ordinary Americans - those browns, blacks, yellows and WHITES who aren't rich. You've been sold down the drain and you can't see it.

If you want to find out more about the US elites' scamming of their own people, you could try Catherine Austin Fitts at solari starting with "Tapeworm Economics".

Google "disaster capitalism".

And read the first two chapters of this book
by Garret Garrett - written in 1932, but those two chapters will tell you more about what's going on at the moment than any of us would gather from the next five years of the Wall Street Chronicle.