July 14, 2008

HousingPANIC Stupid Question of the Day


You, the American Taxpayer, are personally on the hook now for hundreds of billions if not trillions of dollars, because of the greed, fraud and criminal activity of toxic loan kingpins Michael Perry and Angelo Mozilo, enabled by an army of do-anything-for-a-commission mortgage brokers and realtors, all condoned by incompetent and corrupt leaders like Chris Dodd, George Bush and Alan Greenspan.

So, how does that make you feel?

61 comments:

Lydia said...

it makes me feel not to vote anymore.

Anonymous said...

It is interesting you let the Clinton administration off the hook on this issue. They felt it was really important to overturn the Glass-Steagall Act, a fail-safe law that would have helped prevent all this. They certainly succeeded at their goal.

Anonymous said...

Silly renters. You never bet against the fed. Anyone with 1/8 of a brain could see this round of bailouts coming. Last week I loaded on financial stocks. And lookey here, futures up huge this morning.

Andrew Hac said...

"So, how does that make you feel? "

Answer: It feels like being roasted as a snapper turtle skewered from head to ass on a green Chinese bamboo stick, sizzling, sputtering, popping, juices oozing and dripping with melted golden fat over a bed of white hot charcoal grill.

That is the feel of being an Americano at this moment of time.

This nation and most of its citizens, residents, dwellers, occupants have no ethic, no moral, no responsibility, no duty, no honor, and last but not least, no brain. What it has in plenty is greed, self-centerness, self-righteousness, ignorance, pompousness, lust, materialistic craze. An Easter-Island society comprising of no family value, no social ethic, no respect or caring for the world and the land they live in, the surrounding environment, no caring, husbandry for the long term future of the generation to come.

The housing bubble is a shiny mirror in which the Americano can look at itself and ponder what may the future brings upon this land of the Snapper Turtle AKA the land of the Skunk.

A nation that mostly comprises of wallowing, scabby pigs feeding, tearing, roosting, chomping, fighting each other in madness at the food trough.
A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee.
A nation where a Walmart cashier can buy a house for $500K.
A nation in which its citizen's brain IQ is lower than a snapper turtle.
A nation which rules by turkeys, skunks, and rats.

::: Yummy grilled Snapper Turtle :::
::: Yummy roasted the Americano nation and the Housing Bubble :::

Ducat said...

So in reality nothing has happened yet, congress has to approve all of this. My two questions are:

1) Will they approve this?

2) If so, will they do it in time, it is quite possible that Fannie and Freddie will fail anyway before any of this gets done.

I don't understand whay companies with a clearly borken business model, would be supported. Surely it is healthy for bad companies to fail. And yes, this may have catastrophic effects on the economy, but only because the current economy is a fantasy. America is a poor nation now, just like many other poor nations around the world. If artificicially supporting failing companies with imaginary money churned out from the printing press, is the way to make nations rich, then why are there any poor nations.

Also, people are not buying houses, so it really doesn't matter if Fannie and Freddie are there are not, anyway buying any kind of house right now needs their head examining

Anonymous said...

Keith,
Don't bother about tax payers losses. First look to cover your shorts. Never bet against Treasury/FED/China.

The Housing Bubble Ate My Balls said...

"So, how does that make you feel?"

Roasted like a Snapper Turtle?

Andrew Hac, stick a fork in me, I think I am done.

Anonymous said...

All the people crying for no bailouts ignore the fact that today's federal reserve is the most technologically advanced central bank that has ever existed and are capable of manipulating the market to fit their needs. Their central goal is to ensure the stability of the financial system and that is exactly what they are doing. Defending the taxpayer is not a part of this equation.

greyhound said...

very helpless

thingamajig said...

>You, the American Taxpayer, are personally on the hook now for hundreds of billions if not trillions of dollars, because of the greed, fraud and criminal activity of toxic loan kingpins Michael Perry and Angelo Mozilo, enabled by an army of do-anything-for-a-commission mortgage brokers and realtors, all condoned by incompetent and corrupt leaders like Chris Dodd, George Bush and Alan Greenspan.

Where the FUCK is this kind of rage in the MSM.

Anonymous said...

Hang them ALL !!!!!!

sundry vermin said...

And all the while this was building Alan Greenspan had nothing to say about it except things were getting a little frothy in some markets.

Anonymous said...

It gives me a warm feeling, oh... that me pissing my pants. Never mind, my bad.

consultant said...

Like we are totally screwed. No one will do significant business with us for a long time.

We sold TRILLIONS of dollars of worthless securitized bonds, paper, whatever, to countless central banks, investments houses and wealthy individuals here and mostly around the world. They want their money back, but it's gone.

It's not really gone, its just that the money that was loaned is not being used to repay mortgages. You can find the money in all those stainless steel appliances in those fancy new kitchens, in tricked out backyard pools and cabanas, new monsters SUVs and other toys.

Some of the money IS gone. Vacation trips to Fiji and other places, high end dinners, were paid for with home equity loans that are in foreclosure. You can't give back a vacation.

All the institutions and people who are now holding the bags are very mad. Historically, people die when this much money is involved. At the very least, they will not do business with the scammers for a long time. It usually takes new people, with new rules, and often new institutions to restore confidence.

Most of the people and institutions who committed this epic fraud are still in place. They include Republicans, Democrats and Independents. The American financial system is now considered a gangster organization.

It will take a completely different group of people with different values and few associations with the perpetrators of this epic fraud to restore confidence in our financial markets. No amount of Jim Cramer shouting or pretty young TV commentators is going to change that. That means the next generation. Folks, that is years from now.

The Housing Bubble, as we know it, is dead.

For those of you too young (Wow! under 50) to remember life before easy credit, get ready. We are returning to the days of living life within your means. A very different country.

Mark said...

It makes me feel like voting for a marxist (obama) who will greatly increase the size, cost and scope of government even MORE!

Anonymous said...

Keith, true story from yesterday.

I was at my brother-in-law's house for dinner. The oldest daughter just graduated from high school. The dinner discussion turned to the housing mess, and when the words "Fannie Mae and Freddie Mac" came up, the oldest daughter chimed in, asking if they were that "weird" couple that lives down the street.

On the one hand, God help us. On the other hand, perhaps it's better for us older folks that the younger generation is so ignorant. They'll be taxed to death to pay for our retirement, and won't know any better.

Anonymous said...

I am made as hell and I am not going to take it anymore. (yelling out my window)

RayNLA

Banana Republicrat said...

11:40, the act that repealed Glass-Steagall was the Gramm-Leach-Bliley Act: That's Gramm as in Sen. Phil Gramm (R-TX, McCain's recently oustered financial advisor) Leach as in Rep. James Leach (R-IA) and Bliley as in Rep. Tom Bliley(R-VA)

Clinton was a dope to sign it, but this was not the Clinton administration's legislation by any stretch of Sean Hannity's imagination.

Anonymous said...

Makes me feel like revolting.

wings said...

It makes me feel like...well...KAGUNGA!

Ha, ha! You know it!

Anonymous said...

I don't know what is meant by "Stocks Rally on news that Fanny Mae and Freddie Mac will be bailed out".
As of 10:09AM the "rally" has fallen to only 31 points. IS this a rally? I think not.
You would have to be a fool to dump your money now into either a house as someone stated previously, or to believe that Stocks will "rally", due to government intervention. We are going to be facing consequences for this action, it's called inflation. More at the gas pumps, more at the food stores. How much more can we take because big business is failing?

Zip said...

Anonymous said...

Silly renters. You never bet against the fed. Anyone with 1/8 of a brain could see this round of bailouts coming. Last week I loaded on financial stocks. And lookey here, futures up huge this morning.
July 14, 2008 11:43 AM


DOH! Not holding up.... FOOLS RALLY!!!

Gold up $5.40

FNM, FRE, LEH all bumping down into negative territory. IMB Down -0.13 (-48.04%).

Say it with me.... "CRISIS OF CONFIDENCE"

W., The Fed, The Reserve, and Congress are lying and the market isn't buying.

Anonymous said...

Silly renters. You never bet against the fed. Anyone with 1/8 of a brain could see this round of bailouts coming. Last week I loaded on financial stocks. And lookey here, futures up huge this morning.

What was that again Einstein???

i've had it said...

I'll be booking a 15 minute meeting with my congressman soon to tell him that due to these bailouts the "C" no longer stands for Congress but rather for Criminals.

It's now The Criminals of the United States, not The Congress of the United States. It has become an organized crime syndicate.

This will take about 5 minutes.

And then I'm going to walk out of the meeting and let him ponder for the next 10 minutes what I will have just told him.

I'm sure he'll just laugh it off, but at least I'll feel like I did something postive.

Anonymous said...

"So, how does that make you feel?"
----------------------
Let's just say that I am standing, not sitting, as I type this post.

monster meat said...

It makes me wish I had bought ten homes and a hummer so I could get laid.

I want dodd out.This bailout plan is a joke.

Anonymous said...

How about a little history lesson:

Vive la Révolution!
In 1789, France was bankrupt - it had run out of money.

Firstly, King Louis XVI and his government had spent too much money. In France, the Royal Family and the court had spent money on luxurious living; and abroad, France had been involved in wars.

Secondly, in France, bad weather had ruined the harvests and there was not enought wheat and food grown to feed everyone. This caused a famine. Combined with high prices for the food that was available, all these things made the hungry citizens of France very discontented.

Thirdly, there was a problem with the tax system. To help pay for the luxurious life at court and fighting overseas wars, the King had to raise taxes. The ordinary people paid 75% of their income in taxes to the nobles, the Church and the King. The Church and the rich nobles paid no tax at all. The ordinary people in France felt that this was very unfair.

This was why the people of Paris marched upon the Prison of the Bastille on JULY 14, 1789.

DEJA VU??

Kill your television/MSM said...

"consultant said...
For those of you too young (Wow! under 50) to remember life before easy credit, get ready. We are returning to the days of living life within your means. A very different country.
July 14, 2008 2:01 PM"

Thank you poster, hat tip. I couldn't have said it better (or without profanity and acusing the executive branch of high crimes, misdemeanor and treason).

Hang them all HIGH...

Anonymous said...

::: Yummy grilled Snapper Turtle :::
::: Yummy roasted the Americano nation and the Housing Bubble :::



Guess what? Andrew Hac was right all along.

HahahahahaHAHAHAHA!!!

DOPES!!!

Anonymous said...

I don't understand whay companies with a clearly borken business model, would be supported.
----------------------------

Congress has got it in their pea brains that helping achieve home ownership is a good thing, noble thing, a thing the government needs to do to help "the poor and down trodden" and that all that needs to be done is throw more money behind it.

And people actually think the government could run a single payer health care system.......

with a single payer system they will have complete and absolute control.

Anonymous said...

Makes me want to cheat and not pay taxes.

I'm retired and I think I am moving out of the country in a few years, when I am forced on Medicare.

Been around the world and there are better places then here.

F$%^ Senator Dodd. He said today that there will be sacrifices. Bailouts for the priveleged, paid for by the common taxpayer.

What the hell, corporations are moving out of the country, why should not a citizen like me?. Last person out pass the key to the Illegals.

douche inquisitor said...

I'm sure this makes most people feel....not so fresh.

Therefore I suggest that everyone should go out and obtain the finest douche products available to the masses.

Before you know it, you'll have forgotten about this financial mess. Instead you'll be dreaming about walking through a field full of wildflowers, with a thin white sheet blowing in the wind behind your outstretched arms.

bickerer said...

Once upon a time a man told a small village, 'I will buy monkeys for $10 each.'

Since there were many monkeys in the forest, the villagers caught them and sold them to the man.

As the supply of monkeys diminished, the villagers' efforts slowed, so the man offered them $20each.

They renewed their efforts but the supply of monkeys diminished further, so he increased his price to $25.

Soon no one could even find a monkey in the forest.

The man increased his price to $50, but announced, 'Since I must go to the city on business, I authorize my assistant to buy monkeys on my behalf.'

As soon as his boss was gone, the assistant told the villagers, 'My boss has collected lots of monkeys. I'll sell them to you for $35 and then, when he returns, you can sell them to him for $50.'

The villagers rounded up all the money they could and bought as many monkeys as possible. Then they had monkeys everywhere.. .

... but they never saw the man or his assistant again.

And now you understand the workings of the stock market!

ahead of the curve said...

Actually kinda glad we’re the first ones to experience the pain in this global economical slide, cause there is still lots of opportunity to adjust and take advantage of the ‘global hype’..

By the time it hits Europe, and the Arab states, there will be way less opportunity in the ‘rest of the Globe’ things are gonna get real ugly out there.

The BRIC economies will be bad too, but they are used to tough economic times, even today; large portions of their populations are still very poor.

Europe will be hit the hardest, cause the entire EU financial system is based on hype and not real fundamentals.. as well as the UAE..

I predict an American company will by back Anheuser Busch from InBev for pennies on the dollar within
5–8 years..

devestment said...

sad

tangelo mozilo said...

anon 11:43 said . . .

"Silly renters. You never bet against the fed. Anyone with 1/8 of a brain could see this round of bailouts coming. Last week I loaded on financial stocks. And lookey here, futures up huge this morning."

Nelson said . . .

"HA ha!"

area 51 said...

Dodd says not to panic, don't withdraw money from your banks.
Hmmmmmm...let me think......

GET YOUR F*CKING MONEY OUT NOW!!!!

Anonymous said...

Thanks Ducat!

We can all sleep much better now that you have set us straight on the fact that the feds would not bail out a broken business model. It never happened to Bear Serns just a halucination. I woke up from a bad dream about Indymac last week. I have got to really stop stressing myself out over nothing and having these dillusions. The feds would never bail out Freddie and Fannie. BofA aquired Countrywide because they wanted all those liabilities not because there friends who woork for the Federal Government would ever bail them out.

Ducat as you can tell I am being sarcastic. Maybe there was a sarcastic tone in your post that I overlooked or maybe you need to look at recent history referring to last week before you say that the feds would not bail out a failed business model.

Anonymous said...

Hey,...
Have you all noticed the amount of Airoplanes the UAE has been buying lately?

What is up with that?

Like drunken camels, blowing all that cash on depreciating assets..

guess at $150 a barrel why not buy more toys..

Mad_woman said...

I jumped up and down, and now sprained my vagina over this!

Anonymous said...

I feel like Jim Rogers. He was on a Bloomberg interview today, I thought he was going to pop a vessel over this.

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

You are correct Ducat ...
The economy of this country is purely a fantasy, with no substancial job growth base in the key areas we need most to have long-term stability.

Regardless of the final bail-out terms for Fanny Mae or Freddy Mac, it will do little to ease pressures on most American citizens.

The wellfare of the *majority* of US citizens is key to stability within our economy.

Whatever happened to "No Taxation without Representation"?

Besides, as some bloggers have already mentioned, a bail-out of this magnitude doesn't come without a heavy toll.


Ducat said...
So in reality nothing has happened yet, congress has to approve all of this. My two questions are:

1) Will they approve this?

2) If so, will they do it in time, it is quite possible that Fannie and Freddie will fail anyway before any of this gets done.

I don't understand whay companies with a clearly borken business model, would be supported. Surely it is healthy for bad companies to fail. And yes, this may have catastrophic effects on the economy, but only because the current economy is a fantasy. America is a poor nation now, just like many other poor nations around the world. If artificicially supporting failing companies with imaginary money churned out from the printing press, is the way to make nations rich, then why are there any poor nations.

Also, people are not buying houses, so it really doesn't matter if Fannie and Freddie are there are not, anyway buying any kind of house right now needs their head examining

Big Fat Slobbo Americano said...

All this talk of Fannie Mae and Freddie Mac makes me hungry.
I want a Big Mac!!!

Anonymous said...

Don't pay taxes on any income not supported by W2's. Vote with your feet.

Guy said...

Was this the "Biggest Transfer of Wealth in History" us baby boomers were promised? Great! Trickle Up Economics again!

Anonymous said...

"An Easter-Island society comprising of no family value, no social ethic, no respect or caring for the world and the land they live in, the surrounding environment, no caring, husbandry for the long term future of the generation to come."

NASCAR Dad: "What are you yammering about? You sound like some kind of faggot America-hating socialist! Free market rules baby! "

Rich Banker said...

CRIME PAYS

Anonymous said...

Same as all the times before...savings and loan bailouts in the 80s, airlines and manufacturers in the 90s, now homebuilders and banks in the 00s.

How is it supposed to make me feel, HPers? Good luck staying mad for 30+ years. After a while you see that it isn't good for you unless you like the idea of suicide or a heart attack. Then you understand it. Then you exploit it for your own gain.

You kiddies are in Inning 1 of the ball game of life. Good luck, and learn to read the coach's signals.

Lost Cause said...

I wonder how all those millions of people managed to live in houses before these guys changed the market for home loans. People seemed to manage. I think homes were much more affordable, and you really were gaining ownership, and not making the bank rich.

LibVet said...

Kudos to consultant for this post. True, true, true.


Blogger consultant said...

Like we are totally screwed. No one will do significant business with us for a long time.

We sold TRILLIONS of dollars of worthless securitized bonds, paper, whatever, to countless central banks, investments houses and wealthy individuals here and mostly around the world. They want their money back, but it's gone.

It's not really gone, its just that the money that was loaned is not being used to repay mortgages. You can find the money in all those stainless steel appliances in those fancy new kitchens, in tricked out backyard pools and cabanas, new monsters SUVs and other toys.

Some of the money IS gone. Vacation trips to Fiji and other places, high end dinners, were paid for with home equity loans that are in foreclosure. You can't give back a vacation.

All the institutions and people who are now holding the bags are very mad. Historically, people die when this much money is involved. At the very least, they will not do business with the scammers for a long time. It usually takes new people, with new rules, and often new institutions to restore confidence.

Most of the people and institutions who committed this epic fraud are still in place. They include Republicans, Democrats and Independents. The American financial system is now considered a gangster organization.

It will take a completely different group of people with different values and few associations with the perpetrators of this epic fraud to restore confidence in our financial markets. No amount of Jim Cramer shouting or pretty young TV commentators is going to change that. That means the next generation. Folks, that is years from now.

The Housing Bubble, as we know it, is dead.

For those of you too young (Wow! under 50) to remember life before easy credit, get ready. We are returning to the days of living life within your means. A very different country.

July 14, 2008 2:01 PM

Anonymous said...

People say export is going to be the future business in the states. But after ripping people off with worthless paper I'm not so sure.

Only business I see is selling resources. Sort of like Australia. Pretty lame.

Anonymous said...

Gang invading nort Dallas neighborhood.

http://www.dallasnews.com/sharedcontent/dws/news/localnews/stories/DN-invasiongang_14met.ART0.State.Edition2.4d79b8d.html

Anonymous said...

It's all so simple. In order for the gov't to completely swallow us up and totally enslave us, it must first make us weak, poor and utterly dependent on it. This is what's being played out now in so many ways.

Then it can introduce the "solution": a new "better" government (socialism, communism, or pick your favorite leftist flavor); and a new currency to once and for all solve the fiat paper currency issue using some kind of crap story like it being backed 10% (or whatever) by gold or possibly even adding an actual grain of gold to each bill.

There aren't enough strong American men with brass balls left to throw all these pigs back into the abyss from which they rose.

Or are there?

- We're All Freaking Doomed

Anonymous said...

Keith,

It's not just the taxpayers getting hit... Everyone who has savings in USD are getting wacked by real double digit inflation.

A buck is a buck is a buck... But when I was a kid for a penny you could get a gumball. Today, the same gumball costs a quarter. And within a few years it will cost more than a dollar.

Think about that! At the present rate of real inflation, a gumball is going to cost $1 or more within three years!!!!

Yes, Gen-X and Gen=Y you will get your monlthly Social Security check when you turn 65; if you are luckey you might be able to use it to cover the cost of a single night out - dinner & movie.

Heck, your going to need a night out cause one thing is for sure... you won't be able to afford to ever retire--- you will work till you drop dead!

Refuse to buy overpriced said...

To put it mildly, I'm not pleased.

My Congressman will be having a town-hall meeting in my home town next Monday.

I'll be sure to let him know.

Andrew Barak said...

The rules don't apply anymore.

Anonymous said...

Silly renters. You never bet against the fed. Anyone with 1/8 of a brain could see this round of bailouts coming. Last week I loaded on financial stocks. And lookey here, futures up huge this morning.

SKF (Ultrashort Financials) has moved from about 90 to 192 since the beginning of May. I made a bit (I am always chicken). This week, more bad news from the banks. SKF moved up huge today. I think you are at least 1/8 of a brain short of shit for brains. How is your house doing?

Paul E. Math said...

Makes me glad I have skills that are transportable across national boundaries. Sorry to say this but it makes me glad I'm not actually American.

So many people on this blog get it but there are just not enough of us and we just don't seem to be getting our ideas across effectively to our fellow taxpayers.

Anonymous said...

My next door neighbor told me that she played by the rules and did everything right (saved her money for her future). Now the government will bail out businesses and people that were not prudent. So she maxed out all of her credit cards, took a loan out against her home and is living like royalty. When the bill comes due, she will now DEMAND A BAILOUT. Besides, she can't pay it back so since there is no debtor's prison, she will be scott free!!!

Gibbon1 said...

Mark said...

It makes me feel like voting for a marxist (obama) who will greatly increase the size, cost and scope of government even MORE!


I kind of wonder though, what do we have when much of the value of the 'too large to fail' investment banks and Fannie Mae et all, is (was?) due to very fact that the US Taxpayer would bail them out when times got tough. Are we really practicing free market capitalism, or just socialism with smoke and mirrors?

Anonymous said...

Last week I loaded on financial stocks. And lookey here, futures up huge this morning.

how's that investment in financials doing now, genius? Bwahahaha...you're losing you shirt.

Enjoy your retirement in poverty.