July 15, 2008

HousingPANIC Quote of the Day


"This is a flare-up in the financial forest fire that is far beyond anything we've seen before"

- Christopher Low, chief economist FTN Financial, speaking about the insolvency of Fannie and Freddie, and bank collapses to come, July 2008

23 comments:

keith said...

Everyone watch this video of Jim Rogers on Bloomberg

http://tinyurl.com/6xj8ls

Then watch it again.

And again.

Attention Wal Mart Shoppers said...

George Bush said that "the economic fundamentals are strong".

What happened?

Doesn't the President tell the truth?

My money is gone. Now what do I do?

Lost Cause said...

It's different this time, indeed.

That huge sucking sound that you hear is the Bushes sucking the country dry for every last dollar.

The Housing Bubble Ate My Balls said...

Screw the implicit guarantee!!

The countries credit rating is screwed either way.

The government needs to take a clue from the people and mail back the keys..

Anonymous said...

"Operating the USA under a large group of executives who came directly from the oil and military industries has obviously resulted in a dark outcome for this country and many human beings."

k.w. - Southern Ca. said...

Very, very, good.

Tax-payer's (continually devaluating) dollars being used by the government to bail-out the crooks who put the *world* into a horrible financial crisis.

Bernanke, Paulson (and the other crooks) would rather debase the value of the US dollar, then to hold the ones who caused this problem in the first accountable for their own mistakes.


keith said...
Everyone watch this video of Jim Rogers on Bloomberg

http://tinyurl.com/6xj8ls

Then watch it again.

And again.

Paul E. Math said...

Tell me there is not a PPT, alive and active in supporting today's US stock market.

When you see the market start the day down a full percent based on legitimate bad news and negative sentiment like fannie and freddie needing a bailout, bernanke making gloomy forecasts then you see a rebound based on what? 138 dollar oil?

No, I know this is crazy talk, but the PPT is working full-time now, not just at the end of the day.

Anonymous said...

Ugh. I'm so tired of constant bad news. Enough already. Things just simply are not as bas as you folks make them out to be.

Get out and enjoy the warm sunshine and stop worrying about everything.

Anonymous said...

Keith

I think we need a discussion on what HPers should be doing to be prepared for a worst case scenario. If people plan for earthquakes, hurricanes and other disaters whether natural or not, should we not be taking soem things into consideration now such as, canned food, ammo, cold hard cash in the house a small personal reserve of fuel, etc.

k.w. - Southern Ca. said...

Our Goverment . . .

When wealthy people make financial mistakes, tax-payers are forced - without consent - to bail them out.

When the rest of the tax-paying citizens make financial mistakes, they go home empty handed, or only with part of their money.

Who will you be voting for, and does it really make any difference any more?

Just another Day in GWB's America said...

Police called to calm angry IndyMac bank customers in Los Angeles By Associated Press
Article Launched: 07/15/2008 09:39:57 AM PDT

LOS ANGELES — Police have been called in to tame an angry throng of IndyMac Bank customers trying to pull money out of the Encino branch on Day 2 of a federal bank takeover.

At least three police squad cars showed up early today as tensions got heated outside the San Fernando Valley branch of Pasadena-based IndyMac.

Federal regulators seized Pasadena-based IndyMac on Friday and they opened yesterday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.

People stood in line outside the bank for hours on Monday to withdraw money from their accounts. When it was clear they wouldn't get in before closing, FDIC employees apparently took down names and told them to return today.

Other customers began lining up at 1:30 a.m. and by dawn tensions escalated because people on the list were getting priority. By 8 a.m., about 50 people on the list waited in one line and many more waitied in another line. Five people were allowed in at a time.

Customers became infuriated, and police told them to behave or face arrest.

Police stood by at some other branches around Southern California but there were no reports of problems.

Knuckle Dragger to Liberal Elitists:

Fuck You.

k.w. - Southern Ca. said...

Many of us work at home, and enjoy the sunshine just fine, but we won't hide our heads in the sand and pretend everythings "OK" just because we might (at this point) still be doing financially well.

What's happening now is only the beginning of much bigger problems for the broader economy.

I'm still amazed at how short-sighted so many people are about what's happening, and rather self-absorbed with their own little world ... none of us live in a bubble, and regardless of schooling or where we live, this will effect the majority of people living in this country in a not so pleasant way.

The right thing to do now, as Schiff and other thinking people have mentioned, is to punish those first who started this mess, but our own government - who are paid to work in our interests - are giving refuge to these very same people.

Unfortunately, the trust in our financial system is completely wiped out, and trust will not be coming back anytime soon.

Sure enjoy the day, but don't miss what's going on around you ... it just may come knocking on your door unexpectedly.


Anonymous said...
Ugh. I'm so tired of constant bad news. Enough already. Things just simply are not as bas as you folks make them out to be.

Get out and enjoy the warm sunshine and stop worrying about everything.

k.w. - Southern Ca. said...

We've become a country full of Mamonites - money worshippers.

Many of these same people "clawing-and-scratching" for their share, wouldn't give someone on the street 50-cents, but would risk their entire life savings on a dream of becoming wealthier and greedier.

The ones who were just trying to save their money, are the real casualties in this growing mess - those are the people our government should be taking care of - reimbursing them all in full for the mistakes of the short-sighted and greedy individuals.

And when this "God" fails us, then what?

We'll find out the answer to that in the coming months/years ahead.

Maybe Phil Gramm is RIGHT said...

"Anonymous said...
Ugh. I'm so tired of constant bad news. Enough already. Things just simply are not as bas as you folks make them out to be.

Get out and enjoy the warm sunshine and stop worrying about everything.
July 15, 2008 6:06 PM"

Sorry George. I wanted to go to out and enjoy the sunshine and go on a trip to Disneyland with the kids but gas is $5.10/gal, all the planes are grounded b/c there is no fuel, the midwest in under water and cheese doodles have doubled and NASCAR has been cancelled. Wal Mart has trimmed the store hours down and has begun hiring cripples and retards for clerks - so no help there. My SUV needs tires and is always empty and we have to keep it inside or the repo man will get it, we're a little behind on the payments, ya know? We had a chance to sell the house recently, but felt we couldn't lower the price at all so we are going to give it back to IndyMac instead and move to the Super 8 for awhile. Stay in the same school district. We always have to think about the kids you know.

Oh, By The Way, thanks George for the $1200 stimulus rebate check. We bought beer and some ribs and fixins with it because all the credit cards are maxed out unless some new pre-approved ones came in today's mail along with news of our bankruptcy filing. I just don't know where I'll get the money for the diabetes medicine for the entire family. Momma may need to have a toe or two cut off because of her weight.

I'm thinking about committing a serious felony just to get to prison for a little rest and to stop worrying about everything...

Whiiine Whiine Whiine.

Maybe Phil Gramm IS RIGHT?

Anonymous said...

This crisis is no different than the 80's S&L crisis or the 73 price controls by Nixon. I was there.

The difference today is all sheeple and HP'ers are intantly and CONSTANTLY bombarded by decimination of data. Only real time reporting entity in 83 was CNN and in 73 it was the next day's WSJ. The data was there then but only the elite and few knew about it. Today the internet overdoes it. I have heard the same story since March. Didn't anyone listen? Back then, the talking heads and HPer's said cash out. The Street said invest in financials when things level out. Only the greedy, misguided fools bought in too early into the game. The falling knife at its best.

Same BS every day.

No one wants to listen to the old farts. They haven't taken as bad a hit and are too familiar with FDIC limitations.

Boastful people always get it in the end.

Anonymous said...

Hey k.w. -southern ca:

Could not agree with you more. We've been planning for this chaos for years now. My wife and I have cash squirreled away all over the place, including with relatives in Australia and Germany (in foreign currencies). Got gold and silver and platinum. Virtually no US exposure for the rest of my investments - ala Peter Schiff and my friends at Europac (up 7% this year already).

Armegoddon is coming, but Christ Almighty I am so tired of the bad news we hear, and it's always as if it's some sort of surprise!!

So I say get out there and enjoy the sunshine, and to clarify my earlier statement, only do so after you've planned for what we all know is coming.

Have fun in CA. I do love it there.

Ed in NH

Anonymous said...

Hey k.w. -southern ca:

Could not agree with you more. We've been planning for this chaos for years now. My wife and I have cash squirreled away all over the place, including with relatives in Australia and Germany (in foreign currencies). Got gold and silver and platinum. Virtually no US exposure for the rest of my investments - ala Peter Schiff and my friends at Europac (up 7% this year already).

Armegoddon is coming, but Christ Almighty I am so tired of the bad news we hear, and it's always as if it's some sort of surprise!!

So I say get out there and enjoy the sunshine, and to clarify my earlier statement, only do so after you've planned for what we all know is coming.

Have fun in CA. I do love it there.

Ed in NH

Head Start? No child left behind... said...

"So I say get out there and enjoy the sunshine, and to clarify my earlier statement, only do so after you've planned for what we all know is coming.
Ed in NH"

Since you are so good at PLANNING and GIVING advice, what not TAKE your own advice?

Log OFF HP and go out and enjoy the sunshine and do not worry about anything?

Anonymous said...

the sun makes my eyes hurt...on second thought I'm staying inside where it's safe. :)

Ed in NH

Anonymous said...

"...I'm so tired of constant bad news. Enough already. Things just simply are not as bad as you folks make them out to be..."

Sounds like you could use some cheering up.


"...Knuckle Dragger to Liberal Elitists:

Fuck You."


It. Ain't. Pretty. in there, is it?

Anonymous said...

Sell Clownifornia for $10 trillion and be done with it. We can get rid of most of the illegal aliens and pay off the national debt in one fell swoop.

Anonymous said...

Ugh. I'm so tired of constant bad news. Enough already. Things just simply are not as bas as you folks make them out to be.

Get out and enjoy the warm sunshine and stop worrying about everything.


Statistics show rate of dangerous melanoma up 50 percent since 1980...wah wah wah...

Hi folks, Debbie Downer here!

Anonymous said...

Wal Mart has trimmed the store hours down and has begun hiring cripples and retards for clerks - so no help there.

Oh, the humanity!