February 21, 2008

Bernanke and the fools at the Fed lower their economic growth rate while raising their inflation & unemployment projections. HP calls for pitchforks.


America is gonna be pissed when it wakes up.

I am seriously sick of these fools at the Fed and the NAR and their stupid bullsh*t forecasts.

Here's a message to both:

YOU CAN TAKE YOUR F*CKING FORECASTS AND STICK THEM WHERE THE SUN DON'T SHINE. YOU CAN FOOL MOST OF THE PEOPLE MOST OF THE TIME, BUT NO LONGER. YOU'RE A BUNCH OF DISCREDITED HACKS, YOU HAVE BLOOD ON YOUR HANDS, AND IT'S TIME FOR THE PITCHFORKS AND TORCHES TO COME OUT IN AMERICA.

The Federal Reserve on Wednesday lowered its projection for economic growth this year, citing damage from the double blows of a housing slump and credit crunch. It said it also expects higher unemployment and inflation.

"With no signs of stabilization in the housing sector and with financial conditions not yet stabilized, the committee agreed that downside risks to growth would remain even after this action," minutes of the Fed's Jan. 29-30 closed door meeting showed.

25 comments:

Princess Mononoke said...

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I totally ECHO your sentiments and am shouting over here right now using very vulgar language TOO!

~ OFF with their HEADS ~

Princess Mononoke said...

'They' should be legally prosecuted for mis-representing the data, basically lying to the SHEEPLE the last two quarters!

Shame should be brought to ALL of them!

brian t said...

HP calls for pitchforks... what has Hewlett Packard got to complain about? (Yes, I know what you mean, but "HP" is already taken.)

Deep Thought said...

A bit off topic here but...

I was just thinking about something I read here that Clinton/Obama would not have done anything different that W with regard to the housing bubble. On the surface, I accepted the proposition, but now I’m not at all sure.

As has been mentioned here, housing needs to fall back to where it is AFFORDABLE – the average person can purchase an average house. This sort of affordability it typically an issue for Dems. So then my question became “would any of the candidates, were they president for the last 8 years, have recognized the problem and take up the issue?”.

Clinton – doubt it. Too much of a boomer getting rich on real estate. Although on the positive side, she does try to pander to the working poor.

Obama – perhaps. I’d expect housing affordability to be an issue for minority populations, which is a group he should be in touch with.

Edwards – Almost certainly. With his roots and making the working poor the centerpiece of his campaign, he should have seen affordability as a big problem. Too bad he dropped out.

None of this is meant to imply they would have recognized the bubble and economic impacts, but it seems to me that for other reasons they may have taken some sort of action.

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Tangelo Mozilo said...

Deep Thought:

I'm glad you brought this up because it gives me an opportunity to bash the Democrats.

Short answer: No. None of them would have recognized the housing bubble as an affordability problem and allowed the market to self-correct. Most Democrats, including Obama, HRC, and Edwards, are socialists who, instead of putting faith in the free market, will try to manipulate the free market through subsidies and incentives.

You can bet your sweet ass that if any of the three were president during the past eight years, the housing problems would have been the same; even if they had recognized the affordability issue, there is no way they would have promoted affordaility by allowing the market to self-correct.

This is highlighted by the fact that they are STILL CLUELESS, and still fail to refer to the issue as one of affordability. Deep Thought, how can you speculate that any one of them would have dealt with the affordability issue as president? They were all senators during this time, and I think being a U.S. senator provides a pretty good platform for addressing any issue. Yet they still failed to address this one. Furthermore, as presidential candiates, they again have failed to deal with the issue in a constructive, free-market manner.

From either Obama, Clinton, or Edwards, we would have seen more housing subsidies, more mortgage interest tax breaks, and more cheap Fed credit. In fact, I predict that when one of these Commies finally takes office, you will see concerted efforts to prop up housing prices. To the Democrats, "affordability" means having access to plenty of cheap mortgage credit; it does not mean having reasonable, market-driven home prices.

I used to be a Republican. Now I know that they are as bad as the Democrats with their economic idiocy.

Anonymous said...

Keith wrote:

America is gonna be pissed when it wakes up.

Yup, and they will take those pitchforks and go after the gays, the atheists, the homeless and everyone who does not share their backwards, hillbilly, family values.

Only a thorough gene pool cleaning will solve the problem that we have here in the U.S. of Arkansas.

Anonymous said...

tangelo,

I don't want to get into a worthless argument with you, but give us a couple of "Democratic economic idiocy" examples here.

This way can either agree or disagree on this board.

Republicans, we dont even have to go there.

Danny

Princess Mononoke said...

How on earth can ANYONE from here on out have ANY confidence in anything these idiots say or do?!?!

The 'PTB' are supposed to be in CHARGE, RESPONSIBLE, LOOKING OUT FOR OUR WELFARE ETC......

We ARE sooooo screwed!

Anonymous said...

I was just thinking about something I read here that Clinton/Obama would not have done anything different that W with regard to the housing bubble. On the surface, I accepted the proposition, but now I’m not at all sure.


They wouldn't have done anything about it. There was too much money being made. If anything, they would have thrown fuel on the fire with more government "affordability" programs by increasing GSE loans limits and lowering the required down payment to 0% for FHA loans. There would be closing cost grants for the low income.

Edwards – Almost certainly. With his roots and making the working poor the centerpiece of his campaign, he should have seen affordability as a big problem. Too bad he dropped out.


You're dumber than I thought. Edwards was a snake oil salesman.

Anonymous said...

Hey, it's a photo of a demonstration (a rough one, but it's almost certainly not a riot) in S. Korea! Can't tell the demonstrators are students, union workers or farmers. Yes, in S. Korea, even farmers pull off spectacular demonstrations in opposition to gov't policies and especially WTO.
And the media duly report (most of the time) the events.

In the U.S., I feel all those lobbyists and obliging politicians have killed the fun of politicking. So much so that I once thought it's deliberate.

Anonymous said...

Small town broker says:

Would the dems have done it different?

Irrelevant!

Anybody but W would have reacted with some oversight to control the RECKLESS, irresponsible lending and the loan packaging and securitization excesses.

But no, W's pals were too busy looting and pillaging. Take treasury secratary Paulson for example. When he was at Goldman Sacs he was all over the MBS game.

Now, after 7 wonderful years, what do we have? War without end that creates people who hate us? A war based on lies? The biggest debt ever? Economy on the brink of depression?

BTW Keith, listen to what gold and silver has to say when banks start failing...

If W's goal was to distroy us I would say "mission accomplished".

If the goal of this president was to help the US of A then I would say W has failed, totally and completely.

How there can be anyone on this planet that can remotely defend or support W is beyond me. Why they have not been removed from office is beyond me.

God help us all.

Josette said...

I JUST heard some idiot on CNBC attributed what is happening in the markets and the economy to somebody working voodoo on them!

LOL! I guess it will NEVER occur to 'them' that they brought this entire mess upon themselves. They WILL reap as they have sown...

It's LIGHT that is exposing everything. Thank goodness for a higher Authority!

Anonymous said...

The USA has been in a recession for quite some time. real inflation numbers way above bs growth numbers = recession!

Princess Mononoke said...

josette said...
It's LIGHT that is exposing everything. Thank goodness for a higher Authority!
February 21, 2008 4:01 PM
===========================

EXACTLY! I couldn't have said it better myself ;)

Anonymous said...

You sheeple are NOT going to do ANYTHING. So bend over !!!

The DUMBING DOWN of America has been a GREAT SUCCESS !

SUCKERS !

Anonymous said...

"Shame should be brought to ALL of them!"

Shame? These people do not sense guilt or shame.

These people need to be rounded up and tortured for the rest of their days - their cries for death should fall on deaf ears.

Seriously, if they still put people in stocks in a public square, I would take a deuce on each of their heads everyday.

Isn't it really amazing that our forebears really knew how to take care of things?

global investor said...

That picture looks like post Olympic China

Anonymous said...

"How there can be anyone on this planet that can remotely defend or support W is beyond me. Why they have not been removed from office is beyond me".

Dick Cheney and Dick Cheney AKA "Doctor EVIL"

Anonymous said...

Just curious--what real estate does Hillary Clinton own? And the others, what do they own?

We can't blame everything on the Fed because they didn't cause much of the problem. Even lowering interest rates shouldn't have made lenders lower criteria for loans one whit. Common sense should have continued. They could have loaned to the well-situated,and well credentialed, just as before. The Fed had nothing to do with the bundling of ill-considered mortgage loans; it wasn't their purvey. The SEC might be the proper oversight to have put the brakes on that. Who is responsible for buying into the computer models for risk/derivatives without question? Anybody know who might have been in charge of that? Certainly thinking people should have raised questions, but the media would have cut anybody raising red flags or asking doubting questions right off the air.Or maybe it was as simple as this: very few people understand derivatives, even the Fed. If you don't understand something, wouldn't you think it was being handled by somebody out there who did? But in a vacuum, probably nobody dealt with that except the traders.

It would be nice if this rats nest belonged only to the Fed; there might be hope of repair..

And of course the fact that only one family out of what? a 100 , 500 , a 1000 seems to know how to tell if they can really afford something..Fuzzy math, creative accounting,broker/ regulator lies, and advertising seem to have clouded and crowded out basic common sense, which would be something like: if it doesn't add up, it doesn't add up. If it doesn't add up, it isn't going to work....

Grandma PKK

tater said...

josette said...
It's LIGHT that is exposing everything. Thank goodness for a higher Authority!


I agree with that, also. I'm just afraid that there is still a lot more bad economic stuff that is still in the economic cellar, waiting for the light of day.

Anonymous said...

You're sadly mistaken if you think the gov is capable of doing something to make ANYTHING affordable. After years of talk, is college more affordable? Healthcare? The irony is housing is headed towards more affordability (getting cheaper), and the gov thinks that's a problem.

Anonymous said...

tangelo's deep thought absolutely NAILED it!

tangelo mozilo said...

Danny, you need look no further than these candidates' websites to discover their economic stupidity.

Edwards:

1.) Wants to "increase the reward for working by raising the minimum wage to at least $9.50 an hour." Ironically, Edwards also notes that "some willing workers cannot find jobs because of where they live, a lack of experience or skills . . . ." Instead of making it less onerous for business to hire people, he proposes to somehow "create a million short-term jobs to help individuals move into permanent work." I wonder where these jobs will come from.

2.) Wants to "create a million vouchers over five years to help low-income families move to better neighborhoods." Aren't these types of subsidies part of what drove up housing costs in the first place?

3.) Wants to "enact a College for Everyone program to pay public-college tuition, books and fees for students who agree to work part-time during their first year at a school." Again, subsidies that drive up the cost of education , and are funded in part by taxpayers who decided to get into a useful trade instead of going to a crappy public college for a comparative religions or queer studies degree.

I could go on, Danny, but you get the idea. The Democrat mantra is "if people can't afford it and you think they should have it, then subsidize it."

Democratic economic idiocy.

http://tinyurl.com/2umfqs

Newport Coast Renter said...

Now, after 7 wonderful years, what do we have? War without end that creates people who hate us? A war based on lies? The biggest debt ever? Economy on the brink of depression?

Anon: Dude, they hated us before - now they merely have an articulable reason for their decades of irrational hatred. Thats all.

TM said...

Man, nobody can throw a riot like Koreans can (photo). They don't fool around.