June 30, 2008

HousingPANIC Quote of the Day

"The banks are in trouble -- I don't know how they bought all that garbage."

- Muriel Siebert, investment brokerage owner, June 2008

Posted by blogger at 6/30/2008

15 comments:

Anonymous said...

BIS, RBS, Barclays, and now Fortis are all saying the S is going to HTF...soon, like really soon.

June 30, 2008 1:02 AM
Anonymous said...

PURDENT BEAR
Credit Bubble Bulletin, by Doug Noland

http://www.prudentbear.com/index.php/CreditBubbleBulletinHome

If this doesn't scare you, nothing will. There's a lot in there and worth taking the time to read it.

June 30, 2008 1:20 AM
whitetower said...

"The banks are in trouble -- I don't know how they bought all that garbage."

Why, because they are greedy SOBs.

June 30, 2008 1:55 AM
Anonymous said...

So, who's goping to google and dig up the quotes of this retard recomending this junk?

I'd do it but I'm terminally lazy.

June 30, 2008 3:15 AM
Anonymous said...

The banks may have bought the bad debts. But guess whose retirement fund they are placing it in......

Kenduffelsniffenspotzen

June 30, 2008 5:08 AM
Anonymous said...

Muriel Siebert is a well thought of pioneer on street, and would be worth listing too.

June 30, 2008 5:12 AM
edd browne said...

From Appraisersforum.com
http://tinyurl.com/66orl8
"Beware of false MLS listings:
Some Realtors are now entering false
high priced 'listings' and even pendings
into MLS systems for appraisers to use."
……………
"Not new around here. I'm always a little
skeptical about the solds that say
"entered for comparable use only". "
……………..
"Folks, not a new one; this has been
happening for years. Beware of these high
sales/listings that do not appear in line … "
…………………
"Since the agents know that listings and
pendings are pretty much required by many
lenders now, there will be more "false listings".

June 30, 2008 6:23 AM
Anonymous said...

I guess economic studies render stupid bank directors or non-rational thinking. On the other hand, it may be sheer greed and short term vision.

Well, one quote says it all. Chuck Prince, former CEO Citi:
"When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing"

Greed it was. Now he can enjoy seeing his former employer going down the tubes. Nice performance, Chuck!

June 30, 2008 6:53 AM
Lost Cause said...

I have the popcorn in the microwave NOW!

June 30, 2008 8:35 AM
Anonymous said...

agent99,

PrudentBear is an excellent site. It's my first reading of the morning as those guys get up early and provide links to breaking news in the financial universe.

June 30, 2008 6:05 PM
Anonymous said...

If you gamble and win, you take home billions of dollars in bonuses; if you gamble and lose, you get the keep the previously received mentioned bonus, and the FED and Congress will make everyone else pay for your gambling loss . . . hmm, sounds like a no brainer!

June 30, 2008 8:13 PM
Anonymous said...

If Muriel had said that January-July of 2007, it would have meant something. Unfortunately, now all she is doing is piling on, like Cramer et al.
There was a dude in 2005, and IIRC, he worked for Pimco(somewhere in LA), who was on CNBC only because he sold his house and started renting. Everyone said he was crazy...now that was a guy w/ coconuts.

June 30, 2008 9:28 PM
Anonymous said...

This morning, ole Dick Bove was shilling the banks again, bless his pea-picking heart. His counterpart, a financial bear, finally admitted with a smile...'yea, two years from now, we'll probably wish we had bought buckets of the financials in 2008'.

And all you shorts and traders out there...I love you guys!!!
Thanks for the memories.

June 30, 2008 9:35 PM
Anonymous said...

Wachovia appears to be a prime candidate for bankruptcy.

July 01, 2008 7:13 PM
Anonymous said...

The entire US financial system is to come under the scrutiny of the IMF!!

THIS IS THE KILLER PART---"For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman."

Embarrassing Investigation

Some of Bernanke's personal adversaries are also contributing significantly to his current humiliation. In the past, the chairman of the Federal Reserve was a pope among the priests of the financial elite. But unlike his predecessor Alan Greenspan, Bernanke is finding that his policies are not universally accepted, even within the Fed.

The last seven decisions reached by the Federal Open Market Committee, which sets monetary policy, were accompanied by a growing number of dissenting votes. Bernanke's critics say that with his policy of cheap money -- in other words, recurring rate reductions -- he in fact helped fuel the inflation problem he is now trying to combat.

Another problem for Mr. Dollar is that it will be several months before his actions take effect. Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.

Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.

For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.

When the final report on the risks of the US financial system is released in 2010 -- and it is likely to cause a stir internationally -- only one of the people in positions of responsiblity today will still be in office: Ben Bernanke.

July 03, 2008 4:29 PM

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