January 21, 2008

HousingPANIC Stupid Question of the Day

You do realize that some will blame us for this financial collapse underway, and their own deteriorating situation, right?

I'll remind people again that we simply reported the truth, and what was to come. Somebody had to do it. Take the threats and aggression to where it belongs - that would be the bankers, the politicians and the REIC of course.

And you should have known too. It hath been foretold.

The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.


42 comments:

Wonky said...

I think we will see more stories like this:

http://ap.google.com/article/ALeqM5jarJONkRDuGUYQm3JHM-b2Yz22KAD8U8L2400

MARLTON, N.J. (AP) — An executive of a collapsed subprime mortgage lender jumped to his death from a bridge Friday, shortly after his wife’s body was found inside their New Jersey home, authorities said.

The deaths of Walter Buczynski, 59, and his wife, Marci, 37 — the parents of two boys — were being investigated as a murder-suicide, according to the Burlington County Prosecutor’s Office.

Prosecutor Robert Bernardi said Evesham Township police went to the couple’s home in the Marlton section of the township around noon after a male caller asked them to check on Marci Buczynski. Her body was found in a bedroom.

Authorities would not provide further details on her death, saying only that she was pronounced dead at the scene and that the county medical examiner’s office would perform an autopsy Saturday.

About 20 minutes after her body was found, officers from the Delaware River and Bay Authority Police Department received reports that a man — later identified as Walter Buczynski — had parked his car on Delaware Memorial Bridge and jumped from the span.

Crews were searching for his body Friday night.

Anonymous said...

OMG its 1929 all over again

Anonymous said...

The Dow futures are currently 500 point down due to the deteriorating markets in Asia and Europe. 500 points. Tuesday could be the worse day on Wall Street in a long time.

happy homeowner in the stix said...

People don't take responsibility for anything these days, so why should this be different?

Really, why would you care if they blamed you? They were all adults, and if they wanted to do something stupid like pay 800-900k for a fixer-upper shitbox when they only made 50k a year, didn't do the math to find out just how much their mortgages could go up someday when they signed the ARM paperwork, thought their house was going to be a foundation of their retirement plan and didn't put money into other investments, bled out every bit of phantom equity over the past five years to buy stupid crap or expected the 10% or more annual gains to go on forever, well....piss on 'em.

Anonymous said...

Read your 1929 - 1933
\

U.S. stock and bond markets are closed for Martin Luther King Day today, but Canada’s will be open, and there’s a tidal wave of selling heading this way from Asian and European stock markets. Also discouraging for Canada’s resource-heavy market, commodities are suffering today with oil falling more than $1 (U.S.) to less than $89 a barrel and gold down nearly 2 per cent to about $870 an ounce.

Investors in Europe and Asia there have given an unmistakable thumbs-down to the package of proposed tax cuts designed to stave off a recession in the world’s biggest economy that U.S. President George W. Bush unveiled Friday.

In Asia, Bombay’s Sensex 30 index plunged 7.4 per cent, Japan’s Nikkei fell 3.86 per cent, Hong Kong’s Hang Seng lost 5.49 per cent and Shanghai plummeted 5.14 per cent. The picture in Europe is so far no brighter, with the Dow Jones Euro Stoxx 50 down 5.86 per cent, London’s FTSE 100 off 5.3 per cent and Germany’s Dax down 7.2 per cent.

“Getting pummelled,” Henk Potts, equity strategist at Barclays Stockbrokers, told Reuters about the rout in Europe. “A mixture of weak global economic data, poor corporate data, increasing fears about the possibility of a recession ... have left investors drowning in a sea of red.”

http://www.theglobeandmail.com/servlet/story/RTGAM.20080121.WBmarkets20080121080722/WBStory/WBmarkets

Anonymous said...

asian markets tank....get ready for slaughter on wall st tomorrow morning, followed by a 100 point cut at 11:30....if you want to make money, buy shit up at 10:30

LauraVella said...

I have heard from two perfect strangers they got out of the stock market because they had lost money. One person mentioned 30k...

My husband has two associates who lost 15k, the other 36k (so far)in the stock market.

Havent heard yet of anyone complaining about their home losing value. ..

It's not easy to tell unless a neighbor's house goes up for sale, it's appraised, or researched on zillow.

By Spring, there will be a lot more homes for sale, then people will figure out what's happening to house values... but for right now, the stock market is catching their attention...

Anonymous said...

i have a good friend who bought a house 4 years ago,was bragging how much it was worth 2 years ago and is now crying in his beer every night he didn't sell it as it's worth less now than when he bought it. i begged and pleasded with him to sell when i did. he knew better thought, thought i was crazy.

i told him to get his 401k out of the funds he had in the summer and get into MM funds. he thought i was crazy and didn't listen.

you can only help people if they want to be helped

Anonymous said...

money.cnn.com is leading the page with "Why Bernanke shouldn't cut rates".

http://tinyurl.com/yrjcm

Anonymous said...

Metro Phoenix Inventory (Sales) 2008
Tracking Maricopa & Pinal Counties, Arizona

Population 2007: 4.1 million
01/01/2007 Listing per population ratio 1:85
10/31/2007 Listing per population ratio 1:63

01/2007: 51,913 (4,520)___01/2006: 32,512 (5,260)
02/2007: 53,598 (4,280)___02/2006: 36,176 (5,460)
03/2007: 57,615 (5,385)___03/2006: 39,852 (7,265)
04/2007: 59,616 (4,855)___04/2006: 44,290 (5,980)
05/2007: 60,800 (5,220)___05/2006: 47,187 (6,870)
06/2007: 61,876 (4,910)___06/2006: 50,974 (5,460)
07/2007: 61,877 (4,330)___07/2006: 52,662 (5,545)
08/2007: 63,655 (4,240)___08/2006: 53,253 (5,685)
09/2007: 64,552 (3,050)___09/2006: 54,731 (4,875)
10/2007: 65,048 (3,610)___10/2006: 54,629 (4,985)
11/2007: 64,521 (3,280)___11/2006: 53,264 (5,040)
12/2007: 61,431 (3,290)___12/2006: 50,477 (4,620)

Population 2008:
01/10/2008 Listing per population ratio 1:69

01/10: 59,882
01/20: 61,302

All-Time Record high inventory: 65,179 homes, Oct 2007.

Buzz Saw said...

You do realize that some will blame us for this financial collapse underway, and their own deteriorating situation, right?

They can kiss my a$$. I am perfectly capable of defending myself too. Screw 'em, they took the money, not me.

Anonymous said...

BRICPanic now in full effect!

http://tinyurl.com/2ge658

I never had the time to get BRICPanic up and running, but now the REAL pain will be understood to US equities and the economy!!

U.S. Housing bubble bursting alone will not cause a run on the markets, but a world wide recession will!! The noww starting U.S. Recession now to be immediately joinede by world wide 'emerging' markets as well.

I wonder if CNBC will have another DOW 10,000 party on the way down.

Oct. 1929 now upon us! Thank GOD I'm all cash!!

Anonymous said...

My Realtor says

NOW IS A GREAT TIME TO BUY

Anonymous said...

http://bp3.blogger.com/_pMscxxELHEg/R5OJoVX1mqI/AAAAAAAABfU/JN3USdtQ3vk/s1600-h/HousingStartsTotalSingle.jpg

Anonymous said...

The fix is in, folks - again.

As some of you have already heard, the currency that will supersede the Dollar is the Amero.

And guess what?

Like the Dollar, it's not backed by gold or anything else of value.

The governments and bankers of the US, Canada and Mexico have seen to it that after the coming financial collapse, they'll be able to stick it to the citizens ALL OVER AGAIN for the NEXT 100 years!

It's clear that a lot of you posting on this blog are actually looking forward to the collapse under the false belief that everything will be better (ie. fair and just) after the collapse.

Guess what? The slavery will continue, the deflation/inflation cycles will continue, the bear/bull cycles will continue.

Same shit, different currency.

We're more fucked that any of us know.

Anonymous said...

HA!!!!!!!!

It looks like us anonymous cowards were right!

You were warned... at some point the government is going to hunt down all the people who wrote the truth on this board as well as other boards and 'waterboard' them for the next couple of decades.

Now where did I put that tinfoil hat?

...

But seriously, when mortgae bankers kill their wives and then jump off a bridge... it's going to get alot crazier as things get worse and I'm glad I didn't leave my name and address on here for them to find. Although a tin foil hat might not be what you need, a Dragon Skin (tm) vest couldn't hurt. Especially if you work close to the same people who are sinking in this morass.

Desparate people will do desparate things.

Anonymous said...

8:50 PST MON 1-21

World financial markets Crash Hard.

Whenever Bush speaks, the markets crash knowing whatever comes out his mouth are lies, lies, and MORE lies. If not a bold-faced lie, then craziness, like a "bail-out/stimulus" package. The jig is up, George. The world is on to your corrupt fraudulent ways... There IS NO more confidence George, you F*cked up.

Say nUUU clEEE Orrr George and take your medicine, you imbecile.

American markets will tank Tues.

Will this be Oct. 1929 all over again? Are YOU prepared?

Anonymous said...

My bunker is stocked with lots of food,water,GUNS,AMMO,gold coins, and silver coins (have to be able to make change) so I say bring it on.

Burn Baby Burn

k.w. - southern, ca. said...

It's important to remember that many wealthier people (doctors, laywers, etc..) did the same thing, just at a higher level - so they too will face the same problem.

The nasty secret still being buried as much as possible, is that wealthier citizens who also took out these toxic loans are (and wiil be) responsible for the mortgage collapse as well.


happy homeowner in the stix said...
People don't take responsibility for anything these days, so why should this be different?

Really, why would you care if they blamed you? They were all adults, and if they wanted to do something stupid like pay 800-900k for a fixer-upper shitbox when they only made 50k a year, didn't do the math to find out just how much their mortgages could go up someday when they signed the ARM paperwork, thought their house was going to be a foundation of their retirement plan and didn't put money into other investments, bled out every bit of phantom equity over the past five years to buy stupid crap or expected the 10% or more annual gains to go on forever, well....piss on 'em.

Anonymous said...

"Desparate people will do desparate things."

so ture

Burn Baby Burn

no more payments said...

PANIC NEWS Flash ***
Monday Jan 21, 07

100-unit over-priced condo community set on fire in Michigan!

See live video and images:

http://tinyurl.com/3936ty

Anonymous said...

I sure as hell hope that cash will be king, as long as the Banks don't fold!

Where's a person to put his proceeds from selln' the house in '06?

Any suggestions???

Anonymous said...

The Asian central banks are prepping the USD for Bernanke's big cut tomorrow. Dollar index is jumping 1% on all this wonderful news. Tomorrow it will fall 2%.

Anonymous said...

Political Correctness is a doctrine, fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

Anonymous said...

The people that I blame for this housing market bubble is all of the minorities and illegal aliens in this country. They are responsible for creating the housing bubble. It sucks, but I wish we can kick out the illegals and tell all of the minorities to go get a job and don't expect the government to bail you out!

Benjamin Franklin said...

Gold (and other commodities like oil) are dropping, when many might think they'd rise on a day like today.

I guess people need MONEY to buy them, and with a recession looming, they might not have as much: duh! So much for these asset classes surviving the bear market!

Fred Flintstone said...

I'm picking up more shares of SKF (ultrashort financial) tomorrow.

It made a nice return last week ($114 to $130 in a week, not bad).

edd said...

Sometimes I think Keith yells
"fire" in a crowded theater.
But if anything, he helped to
hasten exposure of some rot
and vermin in the foundations
of America.

In non-combat situations in VN,
I often was disgusted by the lack
of maturity and moral fiber in
many of my fellow soldiers, both
in their debauchery, and in their
serious abuse of "local nationals" that worked for us everywhere.

Air Cav/infantry did well enough
in combat situations, but back at
the bases and towns, I was embarrassed to be American.

Events since then have confirmed
my feeling that too many of us are
not raised well, lock our minds
at an early age, lack values, have
a distorted sense of superiority
and entitlement, and lack a true
sense of community obligation.

The abilities of the Vietnamese I
saw in VN, and then their success
in America, confirmed my sense
that America and the World were
not what we thought then, or
even now.
.
.
on a related issue ...
MLK was a flawed man, but he more
than compensated; using passive
resistance in the "old" South
(which lives on); knowing that
assassins would eventually get
to him or his family.
There are many things more
important than life, and he
chose wisely. Too many of us
persisit in predatory life, as if
justified by survival and security.

Anonymous said...

edd, you are an arrogant retard and a liar. the only place you served was at the local mcdonald's

edd said...

Dearest anonymous American:
After basic at Dix, and infantry
at Polk, I was D/1/7/1st Cav,
Bein Hoa(Brig Gen.Hamlet),
garrison at Pleiku's Arty Hill.

I then worked in a payroll office
in Nha Trang's Camp McDermott.
Then with 198th light infantry brigade, Blues company, attached
to 25th Air Cav at Tan My near Hue.

Where did you serve ?

Anonymous said...

You silly people, don't you realize that I am personnally responsible for ALL of the bad things that happen in this world? This morning when you found you were out of milk? THAT WAS ME!

Anonymous said...

Yes, it's the same with those of us who warn against islamic immigration into Europe.

When something happens, we're blamed for having using words to create a divided society....

Killing the messenger, it's called!

Anonymous said...


In non-combat situations in VN,
I often was disgusted by the lack
of maturity and moral fiber in
many of my fellow soldiers, both
in their debauchery, and in their
serious abuse of "local nationals" that worked for us everywhere.

Air Cav/infantry did well enough
in combat situations, but back at
the bases and towns, I was embarrassed to be American.


You sound alot like that sleazebag John Kerry. Everyone there was a blood-thirsty war criminal and rapist, except for the two of you, of course. Americans were so murderous, barbaric, and abusive that millions of Vietnamese boat people risked their lives to flee to America after the war ended. Why do you suppose that they would risk their lives to go to a country full of low-lifes who had abused them so badly? You are nothing more than a scumbag and a liar. You are likely a coward who got a dishonorable discharge for being a coward and now you take your anger out on the honorable soldiers who stayed and fought.

legal immigrant said...

I grew up in Vietnam during the War. I've talked to my parents and grandparents about the war. From the Vietnamese point of view, the Americans were the best of the groups that warred over Vietnam in the 20th century. The worst, according to my parents and grandparents, were the Japanese, who were chopping off heads and limbs with their samurai swords. The next worst were the Viet Cong. They were nice as long as they got what they wanted. When they didn't entire families or even villages were slaughtered. The next worst were the French, who routinely tortured villagers whenever there was a VC attack on one of their bases. The Americans were actually well-liked by the Vietnamese people. That is why if you ever decide to visit, they will treat you very well if they know you are American. They still do not like the French and everyone in Asia still hates the Japanese for what they did during WWII.

edd said...

Corrected link where German
"analyst" says there is
a selling panic.
.
http://tinyurl.com/2w2sc7

Wreal Tore said...

Now is the best time to buy a house!!!

Nickel Bagger said...

As they said, things would crash only after end of year for big guys to quietly exit/short the market and collect those sweet end of year bonuses.

Nice! I'd hate to be holding public retirement accounts that are full of CDO, SIV, MBS, HIV, etc. You will never retire now, Wall Street guys bled you dry and left you for dead, huh?

tanker said...

Blame us my ass! We tried to prevent this mess. Had people listened to us there never would have been a tech bubble or a housing bubble. The U.S. economy would have been exposed for the shell that it is a long time ago.

We would have been midway through rebuilding our manufacturing base by now, with the world's most modern factories churning out goods. Instead, we just gutted it more over the last 12 years by living off of bubbles.

Anyone who has a problem with us trying to alert our country about this disaster, while they sat there with their heads in the sand, can go f*ck themselves!

Anonymous said...

Another thing that hath been foretold by HP:

NYT - Feeling Misled on Home Price, Buyers Are Suing Their Agent

Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.

What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault.

Ms. Ummel claims that the agent hid the information that similar homes in the neighborhood were selling for less because he feared she would back out and he would lose his $30,000 commission.

Real estate lawyers and brokers say the case, which goes to trial in North County Superior Court on Monday, is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase.


http://tinyurl.com/2vlhcw

Anonymous said...

To Edd: Ya we had to take a lot of gooks in my home town. No tax payin gammin low lifes. They gamed the system from day one. See ya Carey, I mean American hater, I mean Hitlery lover, I mean communist oh to hell with it why don't you just take a hike. Go live in asia, after all they are superior to Americans.

Princess Mononoke said...

>>>This morning when you found you were out of milk? THAT WAS ME!
January 21, 2008 7:29 PM
===================

You silly Anonymous person... this is NOT a drill nor is anything that is happening in the World right now a laughing matter!

Anonymous said...

Backlash will be an issue here and abroad. We can pretty much count on America being vilified for our lead role in wasting more resources than the combined nations of the world have over the rest of history. Not fair to most of us HPers, but overall a bad move on America's part.

As someone with an Asian-American spouse, I worry about an American backlash against the Chinese. As in Weimar, a group of people could be assigned to take the blame. I fear the intolerance that my family could face and even more so, the possibility of internment.

Tin foil hat time, maybe. But it has happened here before. Fascism thrives when people are desperate. One can only buy so much ammo.