September 18, 2008

30 comments:

Anonymous said...

$10 million starter home up in flames!

Aussie Girl said...

I remember about 18 months ago, being asked to attend a superannuation research group here in Australia. Everyone in the room was up to their eyeballs in mortgages and personal debt. When they asked me why I didn't own house, I commented on how I had been reading this blog and how I thought the global financial system would eventually implode so thought it wise to stay out of all forms of debt for the time being. I got laughed at. Today made me remember that day with gratitude, and this blog with even more gratitude. Thanks Keith. Job well done. Bloody scary though, wherever you are in the world at this point...

Anonymous said...

Want a secure job for the depression years? Fraud investigator or Insurance adjuster. The new bull markets will be in crime and fraud. It's goimg to be very very ugly. I'm convinced of that now

Anonymous said...

Drop a match , ooopppss.
The only other option is to MAIL in the keys.

Anonymous said...

Watch out
You might get what youre after
Cool babies
Strange but not a stranger
Im an ordinary guy
Burning down the house

Hold tight - wait till the partys over
Hold tight - we're in for nasty weather
There has got to be a way
Burning down the house

Heres your ticket pack your bag: time for jumpin overboard
The transportation is here
Close enough but not too far, maybe you know where you are
Fightin fire with fire

All wet
Hey you might need a raincoat
Shakedown
Dreams walking in broad daylight
Three hun-dred six-ty five de-grees
Burning down the house

britches in a bunch said...

Is that one of casey's homes?I imagine a lot of people are thinking about this stuff.

sundry vermin said...

The Federal Reserve, working with other central banks, pumped as much as $180 billion into money markets on Thursday to combat a seizing up of lending between banks that is intensifying the global financial crisis.

Is the adjective IDIOT firmly attached to Alan Greenspan in the MAIN STREAM MEDIA yet?

This needs to be MAIN STREAM thought. Like what they teach children in school.

To think he let this whole thing build and all he said was things were getting a little "frothy" in some areas. The guy should be hung.

Anonymous said...

Yep.

Just waiting for the vacant too late to the party flipper house down the road to meet the same fate when the new tax bills arrive.

Agent 99 said...

September 18,2008

With the financial markets in turmoil, President Bush canceled a planned trip to Alabama and Florida on Thursday to consult with his economic advisers in Washington.

Bush had planned to attend a Republican fundraiser in Jupiter, Fla., and tour a waste facility in Huntsville, Ala. He also was to have attended another fundraiser in Huntsville. Vice President Dick Cheney will attend the Huntsville fundraiser.

White House spokesman Tony Fratto said late Wednesday that the president "will continue to work with his economic advisers on the serious challenges confronting U.S. financial markets."

"The president remains focused on taking action to stabilize and strengthen the markets and to restore investor confidence," Fratto said.

I THINK HE SHOULD MAKE HIS REMARKS FROM THE "Waste Facility" in Alabama.

Anonymous said...

Over? Did you say "over"? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? Hell no!

bickerer said...

Wall St. invetment banking 101 (from a Time mag article).


>This is how it works. You bet big with someone else's money. If you win, you get a huge bonus based on the profits. If you lose, you lose someone else's money rather than your own, and you move on to the next job.


That sounds like a pretty kick-ass arrangement to me.

Anonymous said...

Can't sell it.... burn it, baby.

We don't need no water....

Let the Mutha F*cker Burn....

Burn Mutha F*cker, Burn....

RIP America said...

A visual metaphor for America.

America is Dead.

No one will ever trust anything or anyone in America for anything important ever again.

and Rightfully So.

RIP America said...

No fireman showed up?

The fireman union must have bankrupted the city with pensions, retirement and overtime.

Burn Baby, Burn.

Anonymous said...

The Republican party is going up in flames. Bush's ownership society, up in flames.

Ed said...

what's the problem? Since this taxpayer now owns the insurance on the house, this family is only cashing in on something they already own. You can't defraud yourself, can you?

Anonymous said...

Keith,
You really need to address this issue. It is really criminal what is happening with the media.
The Media Campaign To Blame The Poor For The Housing Crisis
Following the media coverage of the housing mortgage crisis gives me a headache. It's difficult to make sense of what's actually happening. But without a doubt there's one clear causal factor emerging from the media fog: subprime mortgages. A quick scroll through Dean Baker's blog shows just how often the media pins the crisis on subprime loans. Yet Baker, who was one of the few economists who saw all this coming, makes it clear that the subprime mortgages are just a chapter in a larger story about how housing prices got so out of line with their historical value. Why have they reduced such a complex story to this particular factor?

It's probably because "subprime" is code for minorities and poor people, always an easy target. What do you think the public hears when folks say "subprime?" You can almost see the thoughts taking shape in the public mind: "you know, if those poor people hadn't been so irresponsible with their money, we wouldn't be in this mess. They should have known better than to take out those loans." Personal responsibility being so powerful a cultural trope, it's probably trumping the narrative that places blame on Wall Street bankers.

Am I being paranoid here? I know there isn't much evidence, but in a circular way, that's the point of speaking in code. I'm open to contradictory evidence, though.

Always blame the liberals and poor..
I like to know what you think about this?

last resort said...

Desperate FBs are in a financial death spiral - falling into the depths of dispair...

What do we do?!?!


"FIRE IN THE HOLE!"

Anonymous said...

All you retards voting republican this fall - please martyr yourselves and go be with Jeebus.

vanilla ice said...

Someone said yesterday "September 15th should be known from now on as Free Market Day, because it was the one day in recent history allowing the free market."

vanilla ice said...

sum zero

Anonymous said...

My dad who was a fireman would always say " I have never lost a foundation " because that's all that will be left in that mess. I hear that all house fires are now investigated as arson if the owner is having problems paying on it.

Anonymous said...

Bring hot dogs and cold beer. Welcome to America.

Anonymous said...

Your right it is time to end this blog.
It all but over now.
http://biz.yahoo.com/ap/080918/wall_street.html

Towjam

Anonymous said...

What is a bank repository???? The market is way up. What's up here?

vanilla ice said...

"CNBC said Treasury Secretary Henry Paulson is considering creation of an entity like the Resolution Trust Corp. that was formed after the failure of savings and loan banks in the 1980s."

How many measures can the government come up with to save housing? I wouldn't be surprised if Paulson comes up with a new Housing Repository Department. Their job is to simply buy houses from people who want to sell, but whose asking price isn't being met.

How many times before the game is about to end and Paulson steps in and says, "oh no no no, housing can't lose, we're going to change the rules here and add 10 minutes to the game?"

We lose.

Anonymous said...

do you see the fire dripping off the front of the house? clearly an indication that thermite was used.

steely damn said...

" wouldn't be surprised if Paulson comes up with a new Housing Repository Department. Their job is to simply buy houses from people who want to sell, but whose asking price isn't being met."

They tried that in the last depression and the government buyouts were even extended to farm crops and some industries. It didn't work then and it won't work now.

Anonymous said...

What does a $247 billion cash infusion buy you? Not a whole lot just yet.

The TED spread, a closely watched gauge of credit risk that measures the spread between three-month treasuries and the interbank lending rate, jumped to 490 basis points Thursday even after global central banks agreed to pump $180 billion in liquidity into the financial system.

http://www.usnews.com/blogs/
the-ticker/2008/09/18/
credit-spreads-ignore-cash-
infusion.html

Anonymous said...

The gig is up man . Lets all the firms go insolvent that have to much toxic waste . Start all over again .