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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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41 comments:
Laugh at who? My reflection? How many of these speculators will get to walk away with no real repercussions other than bad credit?
The FEW that may have felt some guilt by walking away are having those pangs sooted by adopting the victim title.
The illegal aliens skirt the law avoid fees and inconvienience. They are given moral dispensation by our elected officials while laughing at the suckers who stand in line, pay the application fees and rearrainge their lives to come here legally.
HOW is this any different? The speculators lived large and are now walking away. Those of us who played by the rules and did not leverage ourselves beyond our means are left with abandoned houses in our neighborhoods and probably higher property taxes, assessments or worse on the way.
Sorry for the cynicism. Must be my cabin fever here in the great lakes.
Bwhahahaha Bwhahahaha Bwhahahaha
Bwhahahaha Bwhahahaha Bwhahahaha
FU%K you Failed Flippers
Fu%K you Real Estate Agents. Good luck in the job hunt!
Fu%K you HELOC biaatches driving your Fu%king Hummer from fake money that your POS House was NEVER worth to begin with!
Bwhahahaha Bwhahahaha Bwhahahaha
Go to Hell- I hear real estate is HOT over there!
I have always wondered where this is going to lead to (or play out)..
Given that all financial markets are interconnected to a degree not seen in human history before, it would be foolish to believe that the secondary and tertiary effects of this unraveling are not going to have some very unexpected effects (black swan events).
My personal favorite is a collapse of the chinese economy and widespread social unrest in china (about 2-3 years from now). Many US bears see china as the next great investment, however I see it as a insolvent and unstable system that works because everyone is happy with it's current rate of growth (like housing).
There dollar value of bad investment/debt in China which is still kept on the books is over 3 trillion. That is over twice their US dollar holdings. Moreover their current financial laws/system and behavioral patterns cannot sustain a strong market economy. Either they change very dramatically (unlikely) or the system will come apart.
No one is asking any questions because at the moment almost everyone is happy with the levels of growth and think they will remain at the same levels in the medium term future (like housing). I think that is a very speculative assumption.
You have to remember than China's growth is unique in that it has come predominantly from export trade as opposed to internal consumption. In Contrast to this, internal consumption has been the driving engine behind the growth of US, all large European countries, Russia, Japan, S.Korea, India, Brazil.
Banks May Need to Shrink by $2 Trillion on Subprime Losses.
Saw this on "War Street Journal" website.
MAX
That Fortune cover makes me gag....
Don't ya just want to smack that guy hugging his "home sweet home?"
Get a life, as*hole!!
Let's see some more of these covers!
Kieth,
Can you do a thread on how to get into shorting?
TYIA
Keith, your earlier post was:
"Have you come to terms yet with how f*cked we are?"
You tell us. How about a post on the present and future of housing and U.S/Global economy?
We need to stop laughing at them and start helping these victims of the bankers. Open your wallets to the taxman so that these people can keep their homes.
The only fair solution is to send every taxpayer in the middle and lower class a check for $20,000. Those on welfare get nothing since they don't pay taxes and will likely spend it on booze, drugs, lotto, and smokes. People who want to keep their homes should be able to hold on for a few years, easing the pain or maybe finding another job. Those deeply in debt can start paying it down. People not in debt can use the money as they please, saving or spending it. Anyone making over $250K doesn't need it. Since we are going to see massive inflation anyway, at least keep the system from collapsing so people can keep getting their food and medicine.
Plan B is to flog all the reckless lenders and borrowers.
Bend over and meet mr banker.
I was reading CNN.com right now, a story about how high gas prices are hitting people hard. Here is a good one...
Jesus Cepero of Andover, New Jersey
I'm a Realtor and I'm suffering from the Real Estate disaster. How can I drive customers around to show properties with the gas prices the way they are. I'm being hit from all sides with the economic slowdown and higher prices due to the oil price increases. We need Bush out of Washington now!
Answer: STOP driving people around, get a respectable paying job
Can't wait til we see a cover with over extended homeowners eating a steaming pile of S**T!
The land of the Americano is slowly decaying away like a putrid carcass of a rotten whale washing up on a crowded beach for all the world eyes to see, view, commentate on the state of the once almighty nation, the land of the Snapper Turtle.
Who can we blame on this retro-deed except ourselves ? The mentality of the current Americano is just amazing if not stupefying. Empty of feeling, duty, obligation, morality, honor, sense of self-worthiness, the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick, all sizzling nicely, fat popping, juices dripping over a bed of white hot charcoal.
A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee. An excellent display of this specimen is "BORKAFATTY" AKA The Pig.
Such is the fate of the fat-ass Americano. What a lowdown stinky shame for such a great nation once !
George Washington must be feeling real sad in his tomb by now !
Don't forget
Flip This House
Property Ladder
MTV Cribs
Sell That House
What else?
People made their own (bad) decisions - but the MSM sure helped them along the way
I remember reading that Fortune article when it came out. I was living in Las Vegas at the time and thought to myself this is insane. You had KaliClowns, buying houses in LV, flipping them and then taking the proceeds to buy even more houses in Phoenix. Yeah that wasn't doomed to blow up eventually.
I guess it will time to sell my commodities when Fortune extols the benefits of gold and agriculture speculation.
for the Time Photo: "but suzzane told me you were my lucky rabbit's foot!"
.
I wish they would show those same people today, see if their still smiling!
.
more forclosures than buyers of the supossed "cheaper distressed housings for feburary
if we were not so stupid we might think that those exports we get from china are needed by the chinese peasants
"the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick, all sizzling nicely, fat popping, juices dripping over a bed of white hot charcoal."
I used to despise Andy but now find him the funniest dude on the 'net.
My wife and I bought our home in 2000. A quiet, upstart community.
growth at first was mild, then brisk then Outrages! Buying and selling! Price wars, Bidding wars! Prices skyrocketed, we couldn't believe it, we should have sold, but we liked this area.
It was also Painfully apparent that those moving in didn't belong here. They have come and gone, leaving a trail of rather new homes in states of damage and disrepair.
The noise, trash, traffic in the wee-hours loud music, dead landscaping, thefts and influx of 'Ilk' almost drove us from our own neighborhood.
We stayed and survived a almost surreal time for a few years. Things are back to quiet, a lot of empty homes, rather eerie, but we'll take it!
the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick, all sizzling nicely, fat popping, juices dripping over a bed of white hot charcoal
Isn't that how they roast dogs in China?
"My personal favorite is a collapse of the chinese economy and widespread social unrest in china (about 2-3 years from now)"
I think the same thing is a possible Blackswan one way to profit would be through ProShares UltraShort FTSE/Xinhua China 25.
Does anyone know where those articles can be found? I should have saved that edition of Time, but I threw it away it disgust.
Keyser Soze said...
I used to despise Andy but now find him the funniest dude on the 'net.
He just tells the truth in an obscene, pornographic, cannabilistic sort of way. Killing Fields maybe?
"Who can we blame on this retro-deed except ourselves ?
The mentality of the current Americano is just amazing if not stupefying. Empty of feeling, duty, obligation, morality, honor, sense of self-worthiness"
You think he is disappointed in us?
Anonymous said...
the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick,
Isn't that how they roast dogs in China?
Nope GenX/Y that is how Pol Pot & Friends roasted human beings in Cambodia, Laos & Vietnam after we left. Millions of them.
Andrew Hac is not Chinese. Got it?
I've been laughing at and mocking this crap from day one.
How the hell did no one recognize a mania as it was happening?
DOPES.
the only way to go for the Americano is to be roasted slowly skewered from mouth to ass on a green Chinese bamboo stick, all sizzling nicely, fat popping, juices dripping over a bed of white hot charcoal
Anybody else got a craving for a bucket of wings and a tub of slaw?
anonymous said...
That Fortune cover makes me gag....
March 01, 2008 1:05 AM
I read that issue. It reminded me of the dot-com days.
So when is it time to BUY?
1. Does anyone have a magazine or paper cover that shows the demise of housing?
2. How about the demise of debt?
Then its time to buy.....not yet
Indeed, Anon...I now see that Andy is trying to guide us in the right direction, using apocalyptical metaphors.
Andy is a patriot!
Rock on, Andy!
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