March 06, 2008

F*ck it. You don't need my commentary anymore. I'll just list the headlines.


Everywhere you look, there's HousingPANIC.

And to think, it's gonna get worse. Much, much, much, much worse.

Be afraid. Be very afraid. And don't blame the messenger. We just told you what was to come, and then it came.

US Mortgage Foreclosures Rise as Owners `Give Up'

US Household Worth Fell for First Time Since 2002

Pending home sales below market forecast

Mortgage Defaults Reach a New High

Record Number of Americans Lost Homes in '07

Homeowner Equity Is Lowest Since 1945

33 comments:

DreadlocCowgirl said...

I feel really bad. I have a spare bedroom if anyone needs a place to stay in Lawrenceville NJ.

Anonymous said...

.
.
yeah, but we don't come here for the news... we come for the pissed off commentary and funny pictures.

Anonymous said...

The governments and banks couldn't have been so ignorant as to let the housing/credit bubble get to this point.

There must be a reason or master plan to purposely create this mess. Yes one can say greed, political gain, stupidity etc... But this is like a perfect storm wiping out trillions of dollars not mention peoples lives.

DOPES said...

.
IT'S 4 PM ON WALL STREET!!!
.
DO YOU KNOW WHERE YOUR MONEY WENT?
.
BOOOYAAAAA!!!!
.
DOPES!!!

Anonymous said...

Yes, we're getting into FUBAR mode.

Anonymous said...

S&P 500, Nasdaq Plunge to 52-Week Low- AP

Anonymous said...

My mining muni's are kicking butt. Up 18.9% in the past three months. A few big up's and down's recently though. Not for the faint of heart.

ryph said...

Anon @ March 06, 2008 8:52 PM
The governments and banks couldn't have been so ignorant as to let the housing/credit bubble get to this point.

There must be a reason or master plan to purposely create this mess.


ryphs.com/re_plan.txt

Anonymous said...

This is not my normal hemaroid feeling, this is getting real bad and faster and faster too!

Mark in San Diego said...

I am in Las Vegas to see the Bette Middler concert - even Bette had a joke about subprime mortgages, She said, "I was offered a mortgage on this stage with low payments and an adjustable mortgage, it sounded too good to be true at the time. . .I guess now I can't pay it off so I am fucked!". . .everyone in the audience laughed. . .a bit nervously!

eric in vegas said...

Can I hit some of that?

edd said...

Snorting cornstarch ?

Keith must be doing
really well.

John S said...

You need to add what the dollar has done in the last three days. It can't be good news when the words "record low" show up in headlines day after day.

Anonymous said...

Sweet Justice is all I see!!

Frank@Scottsdale-Sucks.com said...

It reminds me of the title of a Rich Dad book -

"Who Took My Money?"

LOL

Anonymous said...

How about this one from sfgate


The developer of the recently opened Eight Orchids condominium mid-rise in Oakland hopes to auction off nearly a third of the units, with some starting bids $300,000 below prior asking prices, as builders struggle to unload new properties in the current housing climate.

Anonymous said...

here's one for you from Forbes.com:
Housing Market Spirals, No End in Sight

Anonymous said...

what is it with people who always have to tell you how good there doin'...we don't care

Anonymous said...

I'm long on SDS!

Go, SDS, Go!!!

Anonymous said...

People are idiots. This crisis was by design. The REAL WEALTHY CLASS (that does not mean $35K a year millionaires) knew the loans would never be paid back. They wanted a means by which to grab land and property on a massive scale for pennies on the dollar.

When the market was booming the peons (everyone else) used equity to buy junk they did not need. Now the big dogs are grabbing whatever they want at fire sale prices.

So what if they crashed the dollar to get here...the dollar has been phoney money printed by the constitutinaly illegal private for profit Fed bank. It was somewhat phoney money since 1913 but 100% phoney since Nixon took us off of the gold standard.

In the 50s a nice house cost $10K and a nice car was $3K. In 08 a nice house costs $300K and a nice car $40K. In 2020 the numbers will be $1.5 million and $250K respectively; monopoly money will be more valuable.

The wealthy do not get hit by devaluation and inflation because they OWN (actually own completely...deed/title in their name) real assets.

Everyone else is in a rat race.

Anonymous said...

This Say's it all as to the mentality these days.
------------
Home equity, which is equal to the percentage of a home's market value minus mortgage-related debt, has steadily decreased even as home prices jumped earlier this decade due to a surge in cash-out refinances, home equity loans and lines of credit and an increase in 100 percent or more home financing.
------------

http://www.msnbc.msn.com/id/23489087/

Anonymous said...

Everyday I wake up a happy man because I know:

Many people are going to lose homes they never even owned and the numbers keep increasing everyday!

Financial companies are in trouble and are losing billions a month!

Ben can't mend the broken levy!

What a great time to be alive.

borkafatty said...

Keith I have to give credit where credit is due...you called this mess 2 years ago...and well look at where we are...you and your readers saved me a ton of money, and made me even more through smart investments many mentioned on this very blog..I am alot smarter today because of this place...and many others like it....

thanks again

The Tin Foil Hat Brigade :)

Anonymous said...

You forgot:

Massive margin call defaults!

The trigger for BLACK FRIDAY!

DOW down -1,900 point free fall on Friday......

Lost Cause said...

Carlyle Fund Misses Margin Calls

By JULIA WERDIGIER
Published: March 6, 2008

LONDON A fund linked to the private equity firm Carlyle Group became the latest investment firm to run into trouble amid deteriorating credit markets when it said on Thursday that it failed to meet some margin calls and had received a notice of default.

The Carlyle Capital Corporation, which is based in Guernsey, Channel Islands, and invests mainly in triple-A rated mortgage securities, missed four of seven margin calls worth a total of $37 million and said it expects to receive at least one more default notice as banks call in loans.

Lost Cause said...

Aversion to Risk Deepens Credit Woes

Thornburg Mortgage, the second-largest independent mortgage lender in the United States after Countrywide, said they had been unable to meet the demands and had defaulted on some obligations. Their stock prices plunged.

k.w. - southerm ca. said...

How about wiping out the middle-class?

So far, looks like that *is*
the master plan.

Anonymous said...
The governments and banks couldn't have been so ignorant as to let the housing/credit bubble get to this point.

There must be a reason or master plan to purposely create this mess. Yes one can say greed, political gain, stupidity etc... But this is like a perfect storm wiping out trillions of dollars not mention peoples lives.

Anonymous said...

OMG, It really is a panic now... If anyone ever doubted it. The US is up shit creek at this point.

abb said...

Keith, I'm wondering if you understand that this was engineered.

The goal is to eliminate the Constitution and the public's apetite for capitalism.

The goal is a one-world currency and to install a global socialist state.

You scoffed a year ago. Do you see it yet?

Planned. Deliberate. Calculated.

Prozac said...

Can we just hurry up and get this depression started.

Anonymous said...

Everthing is gonna be O.K. because Uncle Dave Ramsey said so. What a freakin' A-Hole!

Anonymous said...

Is that from Obama's stash?

Anonymous said...

Everthing is gonna be O.K. because Uncle Dave Ramsey said so. What a freakin' A-Hole!

That Snake Oil Salesman orders the stupid callers to be financially responsible, but advertises $5k mattresses on the air right after. Who's the idiot who pays $5k for a mattress? Only Ramseys's listeners.